# EDGAR Filing Document

**Accession Number:** 0001841644
**File Stem:** 0001213900-26-001029
**Filing Date:** 2026-1
**Character Count:** 3258175
**Document Hash:** 0ed381df29a95a1adc6a35b2de00985a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-001029.hdr.sgml**: 20260105

**ACCESSION NUMBER**: 0001213900-26-001029

**CONFORMED SUBMISSION TYPE**: F-1

**PUBLIC DOCUMENT COUNT**: 221

**FILED AS OF DATE**: 20260105

**DATE AS OF CHANGE**: 20260105

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Picpay Holdings Netherlands B.V.
- **CENTRAL INDEX KEY:** 0001841644
- **STANDARD INDUSTRIAL CLASSIFICATION:** PERSONAL CREDIT INSTITUTIONS [6141]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** P7

**FILING VALUES:**
- **FORM TYPE:** F-1
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-292572
- **FILM NUMBER:** 26505397

**BUSINESS ADDRESS:**
- **STREET 1:** STROOMBAAN 10
- **CITY:** AMSTELVEEN
- **STATE:** P7
- **ZIP:** 1181VX
- **BUSINESS PHONE:** 55 (11) 97723-1925

**MAIL ADDRESS:**
- **STREET 1:** STROOMBAAN 10
- **CITY:** AMSTELVEEN
- **STATE:** P7
- **ZIP:** 1181VX

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PicS Ltd.
- **DATE OF NAME CHANGE:** 20210121

#### As filed with the Securities and Exchange Commission on January 5, 2026.

#### Registration No. 333-______

#### UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549

#### –––––––––––––––––––––––––––––––––––

#### FORM F-1<br> REGISTRATION STATEMENT <br> UNDER<br>THE SECURITIES ACT OF 1933

#### –––––––––––––––––––––––––––––––––––

#### Picpay Holdings Netherlands B.V.\*<br> (Exact Name of Registrant as Specified in its Charter)

#### –––––––––––––––––––––––––––––––––––

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| | | |
|:---|:---|:---|
|  **The Netherlands** | **7389** | **N/A** |
|  (State or other jurisdiction of <br>incorporation or organization) | (Primary Standard Industrial <br>Classification Code Number) | (I.R.S. Employer <br>Identification Number) |

---

**Avenida Manuel Bandeira, 291 <br>Block A, 2**<sup>nd</sup> **floor<br>São Paulo — SP, 05317-020, Brazil <br>+55 (11) 97723-1925**

(Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant's Principal Executive Offices)

#### Cogency Global Inc.<br> 122 East 42 <sup>nd</sup> Street, 18 <sup>th</sup> Floor<br>New York, NY 10168<br>(212) 947-7200 <br> (Name, address, including zip code, and telephone number, including area code, of agent for service)

#### –––––––––––––––––––––––––––––––––––
***Copies to:***

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| | |
|:---|:---|
|  **Donald Baker<br>John Guzman<br>Karen Katri<br>White & Case LLP<br>Avenida Brigadeiro Faria Lima, 2,277 — 4**<sup>th</sup> **Floor<br>São Paulo — SP 01452-000, Brazil<br>+55 (11) 3147-5600** | **Manuel Garciadiaz<br>Drew Glover<br>Davis Polk & Wardwell LLP<br>450 Lexington Avenue<br>New York, NY 10017<br>(212) 450**-4000 |

---

**Approximate date of commencement of proposed sale to the public:** As soon as practicable after the effective date of this registration statement.

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. ☐

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933.

Emerging growth company ☒

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

____________

† The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

**The Registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until the registration statement shall become effective on such date as the Commission, acting pursuant to such Section 8(a), may determine.**

**\*** The Registrant intends to convert its legal form under Dutch law from a private limited liability company (*besloten vennootschap met beperkte aansprakelijkheid*) to a public limited liability company (*naamloze vennootschap*) and to change its name to "PicS N.V." prior to the closing of the offering.

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**The information in this preliminary prospectus is not complete and may be changed. These securities may not be sold until the registration statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell nor does it seek an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.**

#### SUBJECT TO COMPLETION, DATED , 2026

#### PRELIMINARY PROSPECTUS
**Class A Common Shares**

**PicS N.V.**

*(a public limited liability company incorporated in the Netherlands with its statutory seat in Amsterdam, the Netherlands)*

#### ––––––––––––––––––––––––––––––––––––––
This is an initial public offering of the Class A common shares, each with a nominal value of €0.01, of PicS N.V. We are offering Class A common shares in this offering.

Prior to this offering, there has been no public market for our Class A common shares or our Class B common shares. It is currently estimated that the initial public offering price per Class A common share will be between US$ and US$ . We intend to apply to list our Class A common shares on the Nasdaq Global Select Market, or "Nasdaq," under the symbol "PICS." We will not seek a listing for our Class B common shares on Nasdaq or on any other exchange.

Upon consummation of this offering, we will have two classes of shares: our Class A common shares and our Class B common shares. Our Class B common shares will carry rights that are identical to the Class A common shares being sold in this offering, except that: (1) holders of our Class B common shares are entitled to 10 votes per Class B common share, whereas holders of our Class A common shares are entitled to one vote per Class A common share; and (2) our Class B common shares have certain conversion rights. Our Class A common shares and Class B common shares will carry the same dividend rights. For further information, see "Description of Share Capital." J&F Participações S.A., or "J&F Participações," will beneficially own 100% of our Class B common shares, which will represent approximately % of the combined voting power in our general meeting following this offering, assuming no exercise of the underwriters' option to purchase additional Class A common shares. For more information about our corporate structure immediately following this offering, see "Summary — Our Corporate Structure." Accordingly, we expect to be a "controlled company" within the meaning of the corporate governance standards of Nasdaq. J&F Participações is jointly controlled, pursuant to a shareholders' agreement, by Messrs. Joesley Mendonça Batista and Wesley Mendonça Batista, our ultimate controlling shareholders. As such, Messrs. Joesley Mendonça Batista and Wesley Mendonça Batista are expected to control or have the ability to control matters that require approval at a general meeting of shareholders pursuant to Dutch law and/or our articles of association, including, among other matters, the appointment of a majority of the members of our board of directors. See "Risk Factors — Risks Relating to Our Business and Industry — Our ultimate controlling shareholders are expected to have influence over the conduct of our business and may have interests that are different from yours" beginning on page 78 of this prospectus. Our ultimate controlling shareholders have been subject to civil and criminal actions and investigations in connection with matters unrelated to our company, as a result of which the reputation of our ultimate controlling shareholders has suffered and may continue to suffer. For more information about these matters, see "Principal Shareholders — Civil and Criminal Actions and Investigations involving our Ultimate Controlling Shareholders" beginning on page 343 of this prospectus and the related risk factor set forth in "Risk Factors — Risks Relating to Our Business and Industry" beginning on page 62 of this prospectus.

Bicycle Management Company, LLC, or the "anchor investor," has indicated to us that it intends to purchase an aggregate number of our Class A common shares in this offering equivalent to US$75,000,000, which would comprise % of the Class A common shares subject to this offering if such indication of interest becomes a confirmed order in full following effectiveness of the registration statement of which this prospectus forms a part. We refer to these Class A common shares throughout this prospectus as the "anchor investor shares." The anchor investor shares will be subject to a lock-up that will expire six months following the closing date of this offering. The underwriters, as a group, will receive the same discount on the Class A common shares purchased by the anchor investor as they will from any other Class A common shares sold to the public in this offering. If purchased, each anchor investor share will entitle the anchor investor to purchase in a private placement, concurrently with the closing of this offering, one warrant to be issued by J&F Participações, at a price of US$0.01 per warrant. We refer to these warrants throughout this prospectus as the "anchor investor warrants." Each anchor investor warrant will entitle the holder thereof to purchase one of our Class A common shares from J&F Participações, which we refer to throughout this prospectus as the "controlling shareholder shares," at an exercise price equal to the initial public offering price, subject to inflation adjustments. The anchor investor warrants may be exercised, in all or in part, during the period commencing on the first day of the 11<sup>th</sup> month following the closing date of this offering and ending on the business day preceding the date that is 14 months following the closing date of this offering. The controlling shareholder shares will be subject to a lock-up that will expire three months following the respective warrants exercise date. The anchor investor will

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be entitled to transfer or sell the anchor investor warrants, subject to prior written notice to J&F Participações, which will have a right of first refusal to acquire the anchor investor warrants on identical terms. We will not receive any proceeds from the sale or exercise of the anchor investor warrants or the sale of the controlling shareholder shares. Notwithstanding the foregoing, because indications of interest are not binding agreements or commitments to purchase public shares in this offering, the anchor investor may determine not to purchase any such shares. Further, no assurances can be given as to the amount of such shares the anchor investor actually purchases in this offering, if any, or retains or purchases following this offering. See "The Offering — Anchor investor" and "The Offering — Anchor investor warrants" for more information.

**We are an "emerging growth company" under the U.S. federal securities laws as that term is used in the Jumpstart Our Business Startups Act of 2012 and will be subject to reduced public company disclosure and reporting requirements. Investing in our Class A common shares involves risks. See "Risk Factors" beginning on page 62 of this prospectus.**

At our request, the underwriters have reserved up to 3% of the Class A common shares offered by this prospectus for sale, excluding the additional shares that the underwriters have an option to purchase within 30 days from the date of this prospectus, at the initial public offering price, to our eligible employees, including directors and officers. See "Underwriting — Directed Share Program."

#### –––––––––––––––––––––––––––––––––––

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| | | |
|:---|:---|:---|
|  | **Per Class A<br>common share** | **Total** |
|  Initial public offering price | US$  | US$  |
|  Underwriting discounts and commissions<sup>(1)</sup> | US$  | US$  |
|  Proceeds, before expenses, to us | US$  | US$  |

---

____________

(1) See "Underwriting" for a description of all compensation payable to the underwriters.

We have granted the underwriters an option for a period of 30 days from the date of this prospectus to purchase up to additional Class A common shares to cover the underwriters' option to purchase additional Class A common shares, if any, at the initial public offering price, less underwriting discounts and commissions.

**Neither the U.S. Securities and Exchange Commission, or the "SEC," nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.**

The underwriters expect to deliver the Class A common shares against payment in New York, New York on or about , 2026.

*Global Coordinators*

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| | | |
|:---|:---|:---|
|  **Citigroup** | **BofA Securities** | **RBC Capital Markets** |

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*Bookrunners*

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| | |
|:---|:---|
|  **Mizuho** | **Wolfe \| Nomura Alliance** |

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*Co-Manager*

 **FT Partners**<br>

The date of this prospectus is , 2026.

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#### table of contents

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| | |
|:---|:---|
|  | **Page** |
|  [**Presentation of Financial and Other Information**](#T9901) | xii |
|  [**Cautionary Statement Regarding Forward-Looking Statements**](#T9902) | xxiv |
|  [**Summary**](#T9903) | 1 |
|  [**The Offering**](#T9904) | 47 |
|  [**Summary Financial and Other Information**](#T9905) | 51 |
|  [**Risk Factors**](#T9906) | 62 |
|  [**Use of Proceeds**](#T9907) | 110 |
|  [**Dividends and Dividend Policy**](#T9908) | 111 |
|  [**Capitalization**](#T9909) | 112 |
|  [**Dilution**](#T9910) | 113 |
|  [**Market Information**](#T9911) | 114 |
|  [**Management's Discussion and Analysis of Financial Condition and Results of Operations**](#T9912) | 116 |
|  [**Our Unit Economics**](#T9913) | 185 |
|  [**Business**](#T9914) | 200 |
|  [**Industry Overview**](#T9915) | 268 |
|  [**Regulatory Overview**](#T9916) | 290 |
|  [**Management**](#T9917) | 330 |
|  [**Principal Shareholders**](#T9918) | 340 |
|  [**Related Party Transactions**](#T9919) | 346 |
|  [**Description of Share Capital**](#T9920) | 351 |
|  [**Class A Common Shares Eligible for Future Sale**](#T9921) | 383 |
|  [**Taxation**](#T9922) | 384 |
|  [**Underwriting**](#T9923) | 392 |
|  [**Expenses of the Offering**](#T9924) | 403 |
|  [**Legal Matters**](#T9925) | 404 |
|  [**Experts**](#T9926) | 404 |
|  [**Enforceability of Civil Liabilities**](#T9927) | 405 |
|  [**Where You Can Find More Information**](#T9928) | 408 |
|  [**Index to Financial Statements**](#T600) | F-1 |

---

________________

None of us, or the underwriters, or any of their respective agents, have authorized anyone to provide any information other than that contained in this prospectus or in any free writing prospectus prepared by or on behalf of us or to which we may have referred you. None of us, or the underwriters, or any of their respective agents, take responsibility for, and can provide any assurance as to the reliability of, any other information that others may give you. None of us, or the underwriters, or any of their respective agents, have authorized any other person to provide you with different or additional information. None of us, or the underwriters, or any of their respective agents, are making an offer to sell the Class A common shares in any jurisdiction where the offer or sale is not permitted. This offering is being made in the United States and elsewhere solely on the basis of the information contained in this prospectus. You should assume that the information appearing in this prospectus is accurate only as of the date on the front cover of this prospectus, regardless of the time of delivery of this prospectus or any sale of the Class A common shares. Our business, financial condition, results of operations and prospects may have changed since the date on the front cover of this prospectus.

For investors outside the United States: None of us, or the underwriters, or any of their respective agents, have done anything that would permit this offering or possession or distribution of this prospectus or any free writing prospectus we may provide to you in connection with this offering in any jurisdiction, other than the United States, where action for that purpose is required. Persons outside the United States who come into possession of this prospectus or any such free writing prospectus must inform themselves about, and observe any restrictions relating to, the offering of our Class A common shares and the distribution of this prospectus or any such free writing prospectus outside the United States and in their jurisdiction.

________________

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The issuer was incorporated on December 27, 2023 as a private limited liability company *(besloten vennootschap met beperkte aansprakelijkheid*) under Dutch law, with its corporate seat (*statutaire zetel*) in Amsterdam, the Netherlands, with the name "Picpay Holdings Netherlands B.V." Prior to the closing of this offering, the issuer will be converted into a public limited liability company (*naamloze vennootschap*) under Dutch law with the name "PicS N.V."

Unless otherwise indicated or the context otherwise requires, all references in this prospectus to: (1) "PicPay Netherlands" are to PicS N.V. (as Picpay Holdings Netherlands B.V. is expected to be known upon its renaming and conversion into a public limited liability company under Dutch law); (2) "PicPay," the "Company," "we," "our," "ours," "us" or similar terms are to PicPay Netherlands (or, when applicable, its predecessor for accounting purposes PicS Ltd.) together with its consolidated subsidiaries, including its indirect subsidiaries PicPay Brazil and PicPay Bank; (3) "PicPay Brazil" are to PicPay Instituição de Pagamentos S.A., a privately-held company (*sociedade anômina fechada*) incorporated in Brazil, and its consolidated subsidiaries; and (4) "PicPay Bank" are to PicPay Bank — Banco Múltiplo S.A. (formerly known as Banco Original de Agronegócio S.A.), a corporation (*sociedade anônima*) incorporated in Brazil.

In addition, in this prospectus, except where otherwise indicated or where the context requires otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Articles of Association" means PicPay Netherlands' articles of association that will be effective as per the conversion of the Company into a public limited liability company under Dutch law prior to the completion of this offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Banco Original" means Banco Original S.A., a Brazilian financial institution duly authorized by the Brazilian Central Bank and wholly-owned subsidiary of J&F Participações.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "BX" or "BX Blue" means BX Negócios Inteligentes Ltda., a limited liability company (*sociedade limitada*) organized under the laws of Brazil. BX is a wholly-owned subsidiary of Guiabolso.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Class A common shares" means Class A common shares in the capital of PicPay Netherlands, with a nominal value of €0.01 per Class A common share, whereby each Class A common share confers the right to one vote per share at the general meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Class B common shares" means Class B common shares in the capital of PicPay Netherlands, with a nominal value of €0.10 per Class B common share, whereby each Class B common share confers the right to ten votes per share at the general meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "common shares" means, collectively, Class A common shares and Class B common shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "conversion shares" means conversion shares in the share capital of the Company, with a nominal value of €0.09 per conversion share, whereby each such share confers the right to nine votes per share at a general meeting. Conversion shares are introduced to facilitate a 1:1 conversion of Class B common shares into Class A common shares under Dutch law. If a conversion share is held by anyone other than the Company, such shareholder shall be obliged to offer and transfer such conversion share to the Company unencumbered and for no consideration. For more information see "Description of Share Capital — Conversion."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Crednovo" means Crednovo Sociedade de Empréstimo entre Pessoas S.A., a corporation (*sociedade anônima*) incorporated under the laws of Brazil. Crednovo is a wholly-owned subsidiary of PicPay Holding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "EUR" or "€" means the Euro, the lawful currency of the European Economic and Monetary Union.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "FIDC FGTS" means *Fundo de Investimentos em Direitos Creditórios PicPay FGTS*, a Receivables Investment Fund (*Fundo de Investimento em Direitos Creditórios*) (*FIDC*) that began operating in December 17, 2024, with the purpose of acquiring receivables generated from FGTS consumer loans made by us. Such fund consists of a total of 825,674 quotas, of which 128,022 (approximately 18% of the total quotas) are subordinated quotas held solely by PicPay Bank and 697,652 senior quotas are held by accredited investors (third parties), including financial institutions, hedge funds and others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "FIDC Somacred Vega Sicilia Assistência Financeira" means a Receivables Investment Fund *(Fundo de Investimento em Direitos Creditórios) (FIDC)* with the purpose of acquiring receivables generated from Financial Assistance (*Assistência Financeira*) as defined by Article 2 of SUSEP Rule 600, of April 13, 2020. We intend to start operating the FIDC Somacred Vega Sicilia Assistência Financeira in December 2025.

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PicPay Bank intends to hold approximately 85% of the total outstanding equity capital (quotas) of this FIDC, represented by senior quotas. The subordinated quotas (approximately 5% of the total outstanding quotas) and Mezzanine quotas (approximately 10% of the total outstanding quotas) will be held by third parties. PicPay Bank intends to make capital contributions in the FIDC of up to R$200 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "FIDC PicPay I" means *Fundo de Investimentos em Direitos Creditórios Não*-Padronizados *PicPay I*, a Receivables Investment Fund (*Fundo de Investimento em Direitos Creditórios*) (FIDC) that began operating in May 2019 in order to facilitate our offering of installment payments to consumers. Currently, 100% of FIDC PicPay I's senior quotas are held by PicPay Bank and 100% of FIDC PicPay I's subordinated quotas are held by PicPay Brazil.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "general meeting" means the corporate body of PicPay Netherlands consisting of holders of Shares and all other persons with a right to attend and address a general meeting or, as the context requires, the physical meeting of holders of Shares and other persons with a right to attend and address a general meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Guiabolso" means Guiabolso Finanças Correspondente Bancário e Serviços Ltda., a limited liability company (*sociedade limitada*) organized under the laws of Brazil. Guiabolso is a wholly-owned subsidiary of PicPay Brazil.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Guiabolso Pagamentos" means Guiabolso Pagamentos Ltda. (formerly known as Just Correspondente Bancário e Serviços Ltda.), a limited liability company (*sociedade limitada*) organized under the laws of Brazil. Guiabolso Pagamentos is a wholly-owned subsidiary of Guiabolso.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "J&F International" means J&F International B.V., a private limited liability company incorporated under Dutch law. As of the date of this prospectus, J&F International directly owns % of our Class A common shares, % of our Class B common shares and % of our total capital stock. Immediately following the consummation of this offering, J&F International will directly own 100% of our Class B common shares, which will represent: (1) approximately % of the combined voting power in our general meeting following this offering (assuming no exercise of the underwriters' option to purchase additional Class A common shares); or (2) approximately % of the combined voting power in our general meeting following this offering (assuming the underwriters' option to purchase additional Class A common shares is exercised in full). J&F International is a wholly-owned subsidiary of J&F Participações.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "J&F Participações" means J&F Participações S.A., a corporation (*sociedade anônima*) incorporated under the laws of Brazil. J&F Participações is jointly controlled, pursuant to a shareholders' agreement, by our ultimate controlling shareholders. For more information about the shareholders' agreement of J&F Participações, see "Principal Shareholders — Shareholders' Agreement of J&F Participações."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Kovr Seguradora" means Kovr Seguradora S.A., a corporation organized under the laws of Brazil. Kovr Seguradora will be, upon closing of the Acquisition, a wholly-owned subsidiary of PicPay Participações.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Nosso Time iGaming" means Nosso Time iGaming Ltda., a limited liability company (*sociedade limitada*) organized under the laws of Brazil and which is a subsidiary of Picpay Participações.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "PicPay Holding" means PicPay Holding Ltda., a limited liability company (*sociedade limitada*) organized under the laws of Brazil and which is a subsidiary of PicPay Netherlands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "PicPay Invest" means PicPay Invest Distribuidora de Títulos e Valores Mobiliários Ltda. (formerly known as Liga Invest Distribuidora de Títulos e Valores Mobiliários Ltda.), a limited liability company (*sociedade limitada*) organized under the laws of Brazil. PicPay Invest is a wholly-owned subsidiary of PicPay Brazil.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Picpay Participações" means Picpay Participações e Investimentos Ltda., a limited liability company (*sociedade limitada*) organized under the laws of Brazil which directly holds approximately 100% of the shares of Nosso Time iGaming.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "PicS Ltd." means PicS Ltd., a Cayman Islands exempted company with limited liability. Effective as of December 30, 2023, J&F International, at that time the beneficial holder of 100% of the Class B common shares of PicS Ltd. (representing 99.615% of the total issued and outstanding common shares of PicS Ltd.), contributed the beneficial entitlement to these common shares to PicPay Netherlands, by way of a share premium contribution on the shares in the capital of PicPay Netherlands. The legal transfer of

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the Class B common shares of PicS Ltd. to PicPay Netherlands was effected on March 14, 2024. As of the date of this prospectus, PicPay Netherlands directly holds 100% of the Class B common shares of PicS Ltd. (representing 99.615% of the total issued and outstanding common shares of PicS Ltd.) and indirectly owns the beneficial entitlement to 100% of the Class A common shares of PicS Ltd. (representing 0.385% of the total issued and outstanding common shares of PicS Ltd.).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "PicS Holding" means PicS Holding Ltda., a limited liability company (*sociedade limitada*) organized under the laws of Brazil, which directly holds 100% of the shares of PicPay Brazil, PicPay Bank and Crednovo.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Shares" means, collectively, the Class A common shares, the Class B common shares and the conversion shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Stichting ACC Family" means Stichting ACC Family, a foundation (*stichting*) incorporated under Dutch law. As of the date of this prospectus, Stichting ACC Family directly owns % of our Class A common shares and % of our total capital stock. Immediately following the consummation of this offering, Stichting ACC Family will directly own: (1) % of our Class A common shares, which will represent approximately % of the combined voting power in our general meeting following this offering (assuming no exercise of the underwriters' option to purchase additional Class A common shares); or (2) % of our Class A common shares, which will represent approximately % of the combined voting power in our general meeting following this offering (assuming the underwriters' option to purchase additional Class A common shares is exercised in full). Mr. Anderson Chamon, PicPay Brazil's co-founder and its executive vice-president of new businesses has been appointed as beneficiary of Stichting ACC Family, and as such holds the beneficial entitlement to the shares in PicPay Netherlands held by Stichting ACC Family.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Stichting AGR" means Stichting AGR, a foundation incorporated under Dutch law. As of the date of this prospectus, Stichting AGR directly owns % of our Class A common shares and % of our total capital stock. Immediately following the consummation of this offering, Stichting AGR will directly own: (1) % of our Class A common shares, which will represent approximately % of the combined voting power in our general meeting following this offering (assuming no exercise of the underwriters' option to purchase additional Class A common shares); or (2) % of our Class A common shares, which will represent approximately % of the combined voting power in our general meeting following this offering (assuming the underwriters' option to purchase additional Class A common shares is exercised in full). Mr. Aguinaldo Gomes Ramos Filho, a nephew of Messrs. Joesley Mendonça Batista and Wesley Mendonça Batista and a cousin of Mr. José Antonio Batista Costa, has been appointed as beneficiary of Stichting AGR, and as such holds the beneficial entitlement to the shares in PicPay Netherlands held by Stichting AGR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Stichting ECS" means Stichting ECS, a foundation incorporated under Dutch law. As of the date of this prospectus, Stichting ECS directly owns % of our Class A common shares and % of our total capital stock. Immediately following the consummation of this offering, Stichting ECS will directly own: (1) % of our Class A common shares, which will represent approximately % of the combined voting power in our general meeting following this offering (assuming no exercise of the underwriters' option to purchase additional Class A common shares); or (2) % of our Class A common shares, which will represent approximately % of the combined voting power in our general meeting following this offering (assuming the underwriters' option to purchase additional Class A common shares is exercised in full). Mr. Eduardo Chedid Simões, our chief executive officer and executive director, has been appointed as beneficiary of Stichting ECS, and as such holds the beneficial entitlement to the shares in PicPay Netherlands held by Stichting ECS. For more information about Mr. Eduardo Chedid Simões, see "Management."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Stichting JAB" means Stichting JAB, a foundation incorporated under Dutch law. As of the date of this prospectus, Stichting JAB directly owns % of our Class A common shares and % of our total capital stock. Immediately following the consummation of this offering, Stichting JAB will directly own: (1) % of our Class A common shares, which will represent approximately % of the combined voting power in our general meeting following this offering (assuming no exercise of the underwriters' option to purchase additional Class A common shares); or (2) % of our Class A common shares,

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which will represent approximately % of the combined voting power in our general meeting following this offering (assuming the underwriters' option to purchase additional Class A common shares is exercised in full). Mr. José Antonio Batista Costa, our chairman and one of our non-executive directors, has been appointed as beneficiary of Stichting JAB, and as such holds the beneficial entitlement to the shares in PicPay Netherlands held by Stichting JAB. For more information about Mr. José Antonio Batista Costa, see "Management."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "ultimate controlling shareholders" means Messrs. Joesley Mendonça Batista and Wesley Mendonça Batista.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Zem Collection" means Zem Collection Ltda., a limited liability company (*sociedade limitada*) organized under the laws of Brazil and which is a subsidiary of PicPay Participações.

#### Glossary of Technical Terms
The following is a glossary of certain industry and other technical terms used in this prospectus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "ABECS" means the Brazilian Association of Credit Card Companies and Services (*Associação Brasileira das Empresas de Cartões de Crédito e Serviços*), a trade association that represents participants in the Brazil credit card market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "acquirer" means a payment institution that, without managing payment accounts, provides the following services: (1) accreditation of receivers (usually merchants) for the acceptance of payment instruments issued by a payment institution or financial institution participating in the same payment scheme; and (2) participation in the settlement process of payment transactions as a creditor with respect to the card issuer and a debtor with respect to the accredited merchant, in accordance with the rules of the payment scheme. The acquirer receives the transaction details from the merchant's terminal, passes them to the card issuer for authorization via the payment scheme, and completes the processing of the transaction. The acquirer arranges settlement of the transaction and credits the merchant's bank account with the funds in accordance with its service agreement with the merchant. The acquirer also processes any chargebacks that may be received via the card issuer regarding consumer transactions with merchants. The relationship between the acquirer and the merchant is governed by an accreditation agreement, which contains clauses about operational transaction rules, payment of fees and tariffs, confidentiality, intellectual property, prevention of money laundering and combating the financing of terrorism, use of brand and securitization of receivables. Brazilian acquirers include GetNet, Stone, Rede and Cielo.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "ANBIMA" means the Brazilian Financial and Capital Markets Association (*Associação Brasileira dos Mercados Financeiro e de Capitais*), a trade association of participants in the Brazilian financial market that, among other activities, publishes certain statistics regarding the Brazilian financial and capital markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "APIs" means application programming interfaces, a set of clearly defined methods of communication between different software components that enables developers and resellers to create apps that can easily connect and integrate with our platform.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "API calls" means requests by one software system to another to retrieve or send data. In the context of our operations, API calls represent the number of times our systems interact with third-party systems to authorize payment transactions through our Account Aggregator infrastructure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Applicable Anticorruption Laws" includes any laws, decrees or regulations aimed at preventing and combating corruption, administrative misconduct, fraud, bribery, money laundering and conflict of interests including, without limitation, Brazilian Federal Law No. 12,846/2013, Brazilian Federal Decree No. 11,129/2022, Brazilian Federal Law No. 14,230/2021, Brazilian Federal Law No. 14,133/21, Brazilian Federal Law No. 9,613/1998, the U.S. Foreign Corrupt Practices Act of 1977 (FCPA), the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions of 17 December 1997, the UK Bribery Act (UKBA) or any other applicable laws, whether domestic or foreign.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "BNPL" means buy now, pay later, which is a short-term loan product made available for certain PicPay consumers as a source of funding for purchases or other transactions in our ecosystem.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "*boleto*" (bank slips) means a printable document issued by merchants that is used to make payments in Brazil. *Boletos* can be used to pay bills for products or services, utilities or taxes. Each *boleto* refers to a specific merchant and consumer transaction, and includes the merchant's name, consumer information, expiration date and total amount due, plus a serial number that identifies the account to be credited and a barcode to enable the document to be read and processed by a Brazilian ATM, as well as by the mobile apps of many Brazilian banks. A *boleto* can be paid in cash at a bank teller, at an ATM or by bank transfer. Our payment platform can be used by our consumers to pay *boletos*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Brazil" means the Federative Republic of Brazil.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Brazilian government" means the federal government of Brazil.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Brazilian *real*," "Brazilian *reais*," "*real*," "*reais*" or "R$" means the Brazilian *real*, the official currency of Brazil.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Brazilian Central Bank" means the *Banco Central do Brasil*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "CAGR" means compound annual growth rate. CAGR is equal to the final amount divided by the initial amount, raised to the power of 1 divided by the number of years minus one and multiplied by 100 to convert the result to a percentage. Our historical growth rates do not guarantee future results, levels of activity, performance or achievements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "cardholder" means a holder (either an individual or an entity) for a credit or prepaid card. The cardholder may use the card at any merchant accredited by an acquirer or sub-acquirer for the acceptance of that type of card.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "card brand" means the name of the payment scheme settlor that is printed on the issued branded credit and/or prepaid cards (for example, Mastercard, American Express and Visa).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "card issuer" means a payment institution or a financial institution that acts as issuer of cards and administrator of prepaid/postpaid payment accounts or deposit accounts operated by such institutions in a certain payment scheme and that meets the brand qualification requirements to issue branded credit and/or prepaid cards. Card issuers are also responsible for collecting amounts spent with branded credit and/or prepaid cards from cardholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "cash-in" means to add funds to the balance of a digital wallet account from outside our platform via transfers from other financial institutions (wire transfers), including via the Brazilian Central Bank's instant payment system (Pix), via *boleto* (bank slip), through the receipt of funds via P2P payments, payroll portability, contracting loans or pulling funds from other banks in app through Open Finance (PicPay operating as a payment initiator).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "cash-out" means to remove funds from a digital wallet account on our platform via transfers to other financial institutions (wire transfers), including via the Brazilian Central Bank's instant payment system (Pix), PicPay prepaid card or cash withdrawal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "CDB" means Certificate of Bank Deposit (*Certificado de Depósito Bancário*), which is a fixed income security that represents a loan a consumer makes to the financial institution. The financial institution subsequently remunerates the consumer with interest on the amount invested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "CDI rate" means the Brazilian interbank deposit (*certificado de depósito interbancário*) rate, which is an average of interbank overnight deposit interest rates in Brazil.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "chargeback" means a claim where the consumer requests a reversal of the transaction amount from the card issuer on the basis of a commercial claim (for example, if the goods are not delivered, or are delivered damaged), fraud or error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "CMN" means the Brazilian National Monetary Council (*Conselho Monetário Nacional*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "CNSP" means the National Private Insurance Council (*Conselho Nacional de Seguros Privados*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Consumer Acquisition Costs" means the sum of marketing expenses such as performance media and member-get-member (MGM) expenses.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "cohort" means a selected group of consumers that we follow over time to analyze their behavior from different perspectives, such as retention and engagement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "CVM" means the Brazilian Securities Commission (*Comissão de Valores Mobiliários*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "deposits" mean the balance of the payment account and/or piggy banks (*cofrinhos*) held by consumers that have a payment account on our platform.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "digital wallet" means the tools and services made available to users of the PicPay app in connection with the payment services offered by PicPay.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "digital wallet account" means the payment account made available to consumers and merchants in connection with the payment services offered by PicPay.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "digital wallet business" means our business in connection with our digital wallet product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Exchange Act" means the United States Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "e-wallet" means an online prepaid payment account (*conta de pagamento pré*-paga) available to users of the PicPay app mainly used for e-commerce payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "FGTS" means the Severance Indemnity Fund for Employees in Brazil (*Fundo de Garantia do Tempo e Serviço*). Under current legislation, employees in Brazil can opt to receive part of their FGTS on an annual birthday basis and/or in specific situations, such as dismissal without just cause, retirement, acquiring a home or serious illnesses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "FGTS loans" means loans made through our app under which consumers can drawdown in advance up to seven annual payments of their FGTS. We receive repayment of these installments and interest directly from the FGTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "FIDC" means a Receivables Investment Fund (*Fundo de Investimento em Direitos Creditórios*), an investment fund legal structure established under Brazilian law designed specifically for investing in credit rights receivables. FIDCs (and quotas representing interests therein) are regulated by the rules and regulations of the CMN and the CVM; in particular Resolution No. 2,907/01 of the CMN, and CVM Resolution No. 175/2, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Financial institution partners" means partner financial services entities that are integrated into our app to distribute their products and services to our consumers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Financial transaction" means any payment, transfer, cash-in or cash-out in our ecosystem. It includes, without limitation: (1) P2P and P2M payments, bill payment (including *boleto* and utility bills) and purchases at the PicPay Shop or financial marketplace using our app or the PicPay Card; (2) money transfers between accounts; (3) any kind of cash-in, including via wire transfer from financial institutions, *boletos*, PicPay Cards or any credit card issued by other financial institutions, or loans issued by PicPay or third-party partners; and (4) any kind of cash-out, including via wire transfer to other institutions or cash withdrawals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "GMV" means gross merchandise volume, which is the total amount of sales from the PicPay Shop, including all taxes, fees and shipping costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "IBGE" means the Brazilian Institute of Geography and Statistics (*Instituto Brasileiro de Geografia e Estatística*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Income leverage ratio" means the credit limit exposure of each consumer cohort over their monthly income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "interchange fee" means a fee paid to the card issuer for transactions established in the scope of a payment scheme.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "JOBS Act" means the Jumpstart Our Business Startups Act of 2012.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "licensed merchants" means merchants that can receive payments through POS devices registered with our partner-acquirers. We have entered into agreements with the Brazilian acquirers GetNet, Stone, Rede and Cielo.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "lifetime value" or "LTV" is an estimate of the average revenue that a consumer will generate over their lifetime.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "merchant" means any entity or organization that accepts electronic payment transactions for the payment of goods or services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "merchant discount rate" or "MDR" means the fee or commission paid by merchants to acquirers or sub-acquirers for the service of capturing, processing, transmitting and settling transactions. The merchant discount rate is applied to the value of each cardholder's transaction and includes the interchange fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "monthly active consumer" means a consumer who has opened our app at least once and/or made a financial transaction and/or generated revenues during the preceding month. Accounts that were voluntarily closed during the preceding month are included in the calculation of total active consumers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "non-earmarked credit operations" correspond to loans and financing contracts agreed with all terms, including interest rates, freely negotiated between financial institutions and borrowers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "NPL" corresponds to non-performing loans, which means loans that are in default because the borrower has not made a scheduled payment for a specified period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "NPL over 90 days" corresponds to the balance overdue by more than 90 days divided by the total credit portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Open Banking" means the exchange of data and services between financial institutions and third-party providers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Open Finance" means the sharing of data, products and services between regulated entities, such as financial institutions, payment institutions and other entities licensed by the Brazilian Central Bank, at the consumer's discretion, in connection with individuals' or legal entities' own data. Open Finance is an extension of Open Banking, going beyond the scope of data and services available at consumers' banks, covering the entire financial footprint. The ultimate goal of the implementation of an open finance environment is to enhance the efficiency in credit and payments markets through the promotion of a more inclusive and competitive business environment, as well as preserving the safety of the National Financial System (*Sistema Financeiro Nacional*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "open platform" means a flexible platform that is open to be integrated to any external entity who complies with the platform's terms of use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "P2M" means person-to-merchant. We offer P2M payment solutions to our consumers. A P2M transaction occurs when a consumer pays an offline or online business affiliated with our PicPay network via QR Code, Pix or e-wallet or via licensed merchants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "P2P" means peer-to-peer or person-to-person. We offer P2P solutions to our consumers. A P2P transaction is a closed loop (origin and destination of the transaction are PicPay accounts), and it occurs when a consumer makes an electronic currency and instant transfer or payment to another person through an app.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "payment institution" means a legal entity (*instituição de pagamento*) that participates in one or more payment schemes and is dedicated to executing, as its principal or ancillary activity, those payment services described in Article 6, item III, of Brazilian Federal Law No. 12,865/13 to cardholders or merchants, including those activities related to the provision of payment services. Specifically, based on current regulations, the Brazilian Central Bank (BCB) has opted to narrow the definition of payment institutions as set out in Brazilian Federal Law No. 12,865/13 to include only those entities that can be classified into one of the following four categories, according to Article 3 of BCB Resolution 80/2021: (1) issuer of electronic currency (prepaid payment instruments); (2) issuer of post-paid payment instruments (e.g. credit cards); (3) acquirers; and (4) payment initiator service provider (PISP).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "payment scheme" means the collection of rules and procedures that govern payment services provided to the public, with direct access by its end consumers (i.e., payers and receivers). These payment services must be accepted by more than one receiver in order to qualify as a payment scheme. A payment scheme is established by and operated by a payment scheme settlor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "payment scheme settlor" means the entity responsible for the functioning of a payment scheme, for the associated card brand and for the authorization of card issuers and acquirers to participate in the payment scheme. Mastercard and Visa are major payment scheme settlors globally, including Brazil.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "payment initiator" means the entity licensed by the Brazilian Central Bank, which enables consumers to access and transact in app, transferring funds from other bank accounts or digital wallets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "payroll portability" means the ability of consumers to receive their salary in the financial or payment institution of their choice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "PicPay Card" means our combo prepaid and credit card (i.e., the Banco Original issued co-branded credit cards that our customers have been able to contract through our app since 2020), which was transferred to PicPay from Banco Original in January 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "PicPay Card TPV" means the total payment volume generated from transactions made with our PicPay Card.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "PicPay's payment network" means our responsibility for processing electronic payments between consumers and businesses through our payment acceptance solutions, such as QR Code, POS terminals, payment links, among others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "PicPay Shop" means our open e-Commerce platform that allows businesses to offer a wide range of products and services to our consumer base, including online shopping in-app or through our affiliate model that directs our consumers to our partners' websites, including Amazon, Shopee, AliExpress.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Pix" means the instant payments system launched by the Brazilian Central Bank in 2020, enabling consumers to make and receive instant payments and transfer funds to any bank or payment domicile instantaneously at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Pix Credit" means the tool available in the PicPay app that enables users to make an instant payment Pix transaction financed by their credit card, including in installments, registered with the PicPay app.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Pix Credit TPV" means the TPV from our Pix Credit product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Pix key" means a key that every consumer that makes and receives instant payments and transfer funds to any bank or payment domicile instantaneously at any time, needs to register. This "Pix key" is linked to the consumer's account and can be the consumer's mobile number, email address, social security number or a random password. According to the Brazilian Central Bank, consumers can have a limited number of five keys per account, while businesses can register up to 20 keys per account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "PNAD" means National Household Sample Survey, which is a survey conducted annually by IBGE, which provides information on the insertion of the population in the labor market, associated with education and demographic characteristics, as well as for the study of socioeconomic development of Brazil.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "POS" means a point of sale (merchant) where a transaction is completed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "POS device" means a device used to execute a card transaction, commonly known in Brazil as "*maquininha*." POS devices registered with our partner-acquirers may also receive payments from the PicPay app via QR Code. In January 2021, we entered into agreements with the acquirers GetNet, Stone, Rede and Cielo to execute card transactions using their POS devices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Principality" is the term we use to describe when PicPay becomes the primary financial services platform for its consumers.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "public payroll loan" means a loan for which the payments and interest are discounted either directly from the consumer's salary from the payroll of a government body or from their government pension or other benefit payments (*empréstimo consignado*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "QR Code" means Quick Response Code, which is an image that stores information, analogous to a two-dimensional bar code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "quarterly active business" means a business who has opened our app at least once and/or made a financial transaction and/or generated revenues during the preceding three-month period. Accounts that were voluntarily closed during the preceding three-month period are included in the calculation of total active business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "quarterly active client" means a client, which can be an individual or a business, who has opened our app at least once and/or made a financial transaction and/or generated revenues during the preceding three-month period. Accounts that were voluntarily closed during the preceding three-month period are included in the calculation of total active clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "quarterly active consumer" means a consumer who has opened our app at least once and/or made a financial transaction and/or generated revenues during the preceding three-month period. Accounts that were voluntarily closed during the preceding three-month period are included in the calculation of total active consumers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "quarterly average cost to serve per quarterly active client" means the sum of transaction expenses, technology expenses, marketing expenses (excluding customer acquisition expenses), personnel expenses and administrative expenses, divided by the average number of quarterly active clients during the period. The average number of quarterly active clients is defined as the average of the number of quarterly active clients on the end date of the immediately prior three-month period and the number of quarterly active clients on the end date of the current three-month period. We exclude credit loss allowance expenses from this definition because these expenses comprise the cost of risk related to our credit operations, which means the expected losses in connection with the likelihood that our consumers default on their credit obligations to us. We exclude these expenses due to our focus on measuring our operational efficiency in terms of unitary costs of our transaction activities and other expenses related to the maintenance of our daily activities, such as personnel and technology expenses. Moreover, only a small portion of our active consumers have our own credit products; and, therefore, we believe that credit loss allowance expenses should not be included in the calculation of quarterly average cost to serve per quarterly active client, which includes all of our active consumers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "quarterly average revenue per quarterly active client" or "Quarterly ARPAC" means the total quarterly revenue and financial income of clients divided by the average number of quarterly active clients during the period. The average number of quarterly active clients is defined as the average of the number of quarterly active clients on the end date of the immediately prior three-month period and the number of quarterly active clients on the end date of the current three-month period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "quotas" means equity securities (similar to shares or units) in limited liability companies (*sociedade limitada*) formed under the laws of Brazil. Quotas represent the amount in money, credits, rights or assets the quotaholders contributed when forming the company or that the quotaholder subsequently contributed or that the company otherwise accumulated. Each quotaholder's liability is limited to the equity amount of its respective quotas.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "secured loans" or "collateralized loans" include FGTS loans and payroll loans, together with loans secured by a specific form of collateral, including physical assets, such as property and vehicles, or liquid assets, such as cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Securities Act" means the United States Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "SELIC" means the interest rate established by the Brazilian Special Clearance and Custody System (*Sistema Especial de Liquidação e Custódia*).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "sub-acquirer" means an entity that: (1) provides the service of accreditation of receivers (usually merchants) for the acceptance of payment instruments issued by a payment institution or financial institution participating in the same payment scheme; and (2) participates in the settlement process of payment transactions as a creditor with respect to the acquirer and a debtor with respect to the accredited merchant, in accordance with the rules of the payment scheme. Sub-acquirers act as intermediaries between acquirers and merchants, and also can be a payment institution which manages payment accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "SMB TPV" means the total payment volume related to our business ecosystem. It considers payment volume from QR Code, e-wallet transactions, Pix transactions received and made by businesses in our app, payment links, PoS Terminals, as well as all payment volume transacted with third-party credit cards on the PicPay app (mainly P2P, Pix and bill payments), which are processed by our merchant acquiring platform.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "SMEs" means small and medium-sized enterprises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "SUSEP" means the Superintendence of Private Insurance (*Superintendência de Seguros Privados*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "total payment volume" or "TPV" means the aggregate amount of payments on-us (payments inside the PicPay ecosystem) and PicPay Card payments off-us (outside the PicPay ecosystem), outbound transfers (sending money) and cash-out, net of reversals, successfully completed on our platform.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "unitary margin" means the contribution margin per consumer, which is the incremental result we generate from our consumers after deducting the costs we incur from their transactions on a cumulative basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "U.S. dollar," "U.S. dollars" or "US$" means U.S. dollars, the official currency of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Wallet and Banking TPV" means the total payment volume generated from our wallet and banking product (P2P, cash-out Pix, bill payment, money withdrawal, wire transfers and international remittance & exchange).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "YoY growth" means the percentage of change in a financial or operational metric compared to the same period in the previous year.

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#### Presentation of Financial and Other Information

#### Financial Statements
PicPay Netherlands, the company whose Class A common shares are being offered in this prospectus, was incorporated on December 27, 2023, as a private limited liability company under Dutch law, with its corporate seat in Amsterdam, the Netherlands, with the name "Picpay Holdings Netherlands B.V." Prior to the closing of this offering, the issuer will be converted into a public limited liability company under Dutch law with the name "PicS N.V."

Effective as of December 30, 2023, J&F International, at that time the beneficial holder of 100% of the Class B common shares of PicS Ltd. (representing 99.615% of the total issued and outstanding common shares of PicS Ltd.), contributed the beneficial entitlement to these common shares to PicPay Netherlands, by way of a share premium contribution on the shares in the capital of PicPay Netherlands. The legal transfer of the Class B common shares of PicS Ltd. to PicPay Netherlands was effected on March 14, 2024. As of the date of this prospectus, PicPay Netherlands directly holds 100% of the Class B common shares of PicS Ltd. (representing 99.615% of the total issued and outstanding common shares of PicS Ltd.) and indirectly owns the beneficial entitlement to 100% of the Class A common shares of PicS Ltd. (representing 0.385% of the total issued and outstanding common shares of PicS Ltd.). Prior to the contribution of PicS Ltd. shares to PicPay Netherlands, PicPay Netherlands had not commenced operations and had only nominal assets and liabilities and no material contingent liabilities or commitments.

We present in this prospectus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the unaudited condensed consolidated interim financial statements of PicPay Netherlands (successor of PicS Ltd.) as of September 30, 2025, and for the three months and the nine months ended September 30, 2025 and 2024, including the notes thereto, which we refer to herein as our "unaudited condensed consolidated interim financial statements;" and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the audited consolidated financial statements of PicPay Netherlands (successor of PicS Ltd.) as of and for the years ended December 31, 2024, and 2023, including the notes thereto, which we refer to herein as our "audited consolidated financial statements."

All references herein to our "consolidated financial statements" are to both our audited consolidated financial statements and our unaudited condensed consolidated interim financial statements. Our results of operations for the three and nine months ended September 30, 2025, are not necessarily indicative of the results of operations that may be expected for the entire year ended December 31, 2025, or any other period.

Our audited consolidated financial statements were prepared in accordance with International Financial Reporting Standards Accounting Standards, or "IFRS Accounting Standards," as issued by the International Accounting Standards Board, or "IASB." Our unaudited condensed consolidated interim financial statements were prepared in accordance with IAS 34 — Interim Financial Reporting as issued by the IASB, or "IAS 34."

We maintain our books and records in Brazilian *reais*, the presentation currency for our financial statements and also our functional currency. Unless otherwise noted, our financial information presented herein is stated in Brazilian *reais*, our reporting currency.

This financial information should be read in conjunction with "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our consolidated financial statements, including the notes thereto, included elsewhere in this prospectus.

Our fiscal year ends on December 31. References in this prospectus to a fiscal year, such as "fiscal year 2024," relate to our fiscal year ended December 31 of that calendar year. Our consolidated financial statements have been reissued to reflect a change in reportable segments subsequent to the previously issued December 31, 2024, consolidated financial statements. For more information, see note 31 to our audited consolidated financial statements included elsewhere in this prospectus.

During the third quarter of 2025, specifically effective as of September 8, 2025, we changed our internal reporting structure whereby "Wallet and Banking" and "Financial Services" segments are now reported on a combined basis as a single operating segment denominated as Consumer Banking. This change reflects a realignment of our internal reporting process and decision-making framework, where information on the combined retail customer business is now reviewed and managed on a unified basis by our VP/Head of Consumer Banking in a manner that affects how

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our Chief Operating Decision Maker (CODM) reviews operating results and makes decisions about resources to be allocated to our segments. This restructuring consolidates our operations into a single line of business focused on individual customers, ensuring consistency with our current management and governance framework. Our other operating segments (Small and Medium-Sized Businesses, Audiences and Ecosystem Integration, and Institutional) remained unchanged.

#### Corporate Events

#### Liga Invest Acquisition
On January 23, 2023, J&F Participações transferred all of its shares in Liga Invest Distribuidora de Títulos e Valores Mobiliários Ltda., or "Liga Invest," a brokerage firm and securities dealer, to PicPay Brazil for R$27.4 million. As a result of this transaction, Liga Invest became a wholly-owned subsidiary of PicPay Brazil. On January 24, 2023, PicPay Brazil made a capital contribution of R$25.0 million to Liga Invest in exchange for 25,000,000 common shares of Liga Invest. On May 3, 2023, Liga Invest changed its name to PicPay Invest Distribuidora de Títulos e Valores Mobiliários Ltda.

#### BX Acquisition
On February 2, 2023, our subsidiary Guiabolso acquired all of the quotas in BX Negócios Inteligentes Ltda., or "BX" (also known as BX Blue), from BX Business LLC. The purchase price was R$9.5 million with earn-out consideration in an amount equal to 25% of BX's future net profit for each of the years in the five-year period ending December 31, 2027, up to a maximum amount of R$70.0 million, subject to certain terms and conditions. BX is active in the Brazilian public payroll loan market and business process outsourcing for back-office payroll loans.

#### Transfer of Banco Original Retail Business
In 2023, J&F Participações announced its plan to integrate Banco Original's retail operations with PicPay, allowing both companies to focus on their respective strengths (PicPay in retail and Banco Original in wholesale, corporate and agribusiness). This is expected to allow each company to focus on its core businesses while benefiting from operational and financial synergies. The integration of Banco Original's retail operations began with the transfer of its personal checking accounts and associated assets to the PicPay platform in July 2023. We also began originating personal loans in October 2023, and the PicPay credit card portfolio was transferred to PicPay from Banco Original in January 2024, fully internalizing our credit card operations at the start of 2024.

For more information, see "Business — Our History — Recent Acquisitions and Corporate Transactions" and "Management's Discussion and Analysis of Financial Condition and Results of Operations — Principal Factors Affecting our Financial Condition and Results of Operations — Acquisitions and New Lines of Business and Other Developments."

#### J&F Corporate Transactions
Between June 28, 2024, and September 23, 2025, over a number of transactions, J&F Participações and J&F International made several investments in PicS Holding and PicPay Netherlands. For more information, see "Description of Share Capital — Share Capital — History of Share Capital."

#### Kovr Acquisition
On September 19, 2025, we entered into an equity purchase agreement for the acquisition of shares representing 100% of the total share capital of Kovr Participações S.A. and as a consequence, the acquisition of its subsidiaries (including Kovr Seguradora S.A., Kovr Previdência S.A. and Kovr Capitalização S.A.) (collectively "Kovr") from its controlling shareholders Thiago Coelho Leão de Moura, Eduardo Viegas Silva, Rrennó Participações Ltda. and Renato Agrícola Rennó, and quotas representing 53% of the total share capital of Estrutural from its controlling quotaholders Katia Regina Nigri Zendron Viegas, Marina Peres Leão de Moura, and Sarah Grawer Rennó. We were also granted an option to purchase the remaining 47% of Estrutural's total share capital. Kovr Participações S.A. is a full-service digital insurance company that offers services for multiple partners, with products such as affinity, surety, life, financial lines, among others. Estrutural is specialized in the operation of major company's captive insurances. The completion of this transaction is conditioned on the approval of CADE and SUSEP. Furthermore, the sellers

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of Kovr acquired the majority of their interest in Kovr from a subsidiary of Banco Master S.A. ("Banco Master") a short time before we entered into the agreement to acquire Kovr. Banco Master is currently undergoing extrajudicial liquidation. For additional information, see "Summary — The Kovr Acquisition" and "Risk Factors — Risks Relating to Our Business and Industry — Any acquisitions, partnerships, joint ventures or divestitures that we consummate, such as the Guiabolso acquisition, the BX acquisition and the Kovr Acquisition, could disrupt our business and harm our financial condition."

#### Financial Information in U.S. Dollars
For the sole convenience of the reader, certain amounts originally expressed in *reais* and included in this prospectus have been translated into U.S. dollars. Such translations should not be construed as statements or representations that the amounts in question actually correspond to the amount indicated in U.S. dollars, nor that they could be converted into U.S. dollars at exchange rate referred to herein or at any other applicable rate. Unless otherwise stated, conversions from *reais* into U.S. dollars have been made at the rate of R$5.3186 per US$1.00, corresponding to the commercial selling rate for U.S. dollars in effect on September 30, 2025, as reported by BACEN.

#### Non-IFRS Accounting Standards Measures
This prospectus presents our: (1) Adjusted Gross Profit; (2) Adjusted Profit Before Income Taxes; (3) Adjusted Profit; (4) Net Interest Income (NII); (5) Net Interest Margin After Losses (NIMAL); (6) Quarterly Annualized Net Interest Income (QANII); (7) Quarterly Annualized Net Interest Margin (QANIM); (8) Efficiency Ratio; (9) Annual Return on Equity; and (10) the last twelve-month ("LTM") Return on Equity, which are Non-IFRS Accounting Standards measures. A Non-IFRS Accounting Standards measure is generally defined as one that purports to measure financial performance but excludes or includes amounts that would not be so adjusted in the most comparable IFRS Accounting Standards measure.

#### Adjusted Gross Profit
We calculate Adjusted Gross Profit as our Profit before income taxes, adjusted to exclude the following items of income and expense which are not variable expenses that fluctuate with payment and lending volume levels and with the sale of our products and services: (i) technology expenses; (ii) marketing expenses; (iii) personnel expenses; (iv) administrative expenses; (v) depreciation and amortization; (vi) other expenses; and (vii) other income.

Our management believes that Adjusted Gross Profit, along with comparable IFRS Accounting Standards measures, provide useful information to potential investors, financial analysts, and the public in their review of our ability to generate revenue while managing direct expenses associated with generating such revenue. Therefore, Adjusted Gross Profit includes only variable expenses, which fluctuate with payment and lending volume levels and with the sale of our products and services. Such variable expenses that compose our gross margins and are directly related to our revenue generation include the following: (1) transaction expenses, which includes processing fees, risk prevention expenses, PicPay card costs, chargeback, operating losses, and others; (2) interest and other financial expenses, which includes bank fees, cost of funding, and others; and (3) credit loss allowance expenses.

Our management believes that Adjusted Gross Profit provides an indication of our profitability before indirect expenses are taken into consideration and may indicate when our Company may need to adjust pricing or reduce expenses to improve our profitability. Our management believes that Adjusted Gross Profit is an important financial performance measure to potential investors, financial analysts, and the public in general to compare us with our main competitors, such as fintechs and digital banks. Our management uses Adjusted Gross Profit, along with comparable IFRS Accounting Standards measures, in evaluating our operating performance. However, Adjusted Gross Profit is not a measure under IFRS Accounting Standards and should not be considered as a substitute for profit before taxes for the period/year or any other measure of operating performance determined in accordance with IFRS Accounting Standards.

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Adjusted Gross Profit is not intended to represent funds available for dividends or other discretionary uses by us because those funds are required for debt service, capital expenditures, working capital needs and other commitments and contingencies.

For a reconciliation of Adjusted Gross Profit to profit before income taxes, see "Summary Financial and Other Information — Other Financial Data."

#### Adjusted Profit Before Income Taxes
We calculate Adjusted Profit Before Income Taxes as our profit before income taxes, adjusted to include or exclude certain non-recurring and/or non-cash items of income and expense, such as: (i) initial recognition of share-based long-term incentive plan expenses; and (ii) expenses related to one-time provision for contingencies. Our management believes this measure, along with comparable IFRS Accounting Standards measures, provides a meaningful view of our underlying operating performance. However, Adjusted Profit Before Taxes is not a measure under IFRS Accounting Standards and should not be considered as a substitute for profit before taxes for the period/year or any other measure of operating performance determined in accordance with IFRS Accounting Standards.

#### Adjusted Profit for the Period/Year
We calculate Adjusted Profit for the Period/Year as our profit for the period/year, adjusted to include or exclude certain non-recurring and/or non-cash items of income and expense, such as: (i) initial recognition of share-based long-term incentive plan expenses; (ii) expenses related to one-time provision for contingencies; and (iii) initial recognition of certain tax assets. Our management believes this measure, along with comparable IFRS Accounting Standards measures, provides meaningful view of our underlying operating performance. However, Adjusted Profit for the Period/Year is not a measure under IFRS Accounting Standards and should not be considered as a substitute for profit for the period/year or any other measure of operating performance determined in accordance with IFRS Accounting Standards.

#### Net Interest Income (NII) and Net Interest Margin After Losses (NIMAL)
We calculate Net Interest Income (NII) as financial income *less* interest and other financial expenses. We calculate Net Interest Margin After Losses (NIMAL) as Net Interest Income *less* the credit loss allowance. Net Interest Income and Net Interest Margin After Losses are not measures under IFRS Accounting Standards and should not be considered as substitutes for financial income for the period/year or any other measure of operating performance determined in accordance with IFRS Accounting Standards.

Our management believes that Net Interest Income and Net Interest Margin After Losses, along with comparable IFRS Accounting Standards measures, provide useful information to potential investors, financial analysts, and the public in assessing the earnings generated by our credit operations. Our management uses Net Interest Income and Net Interest Margin After Losses, along with comparable IFRS Accounting Standards measures, to evaluate our performance on our core business of lending and borrowing, as it reflects the spread between the interest earned on loans and the interest paid on deposits.

For a reconciliation of Net Interest Income and Net Interest Margin After Losses to profit before income taxes, see "Summary Financial and Other Information — Other Financial Data."

#### Quarterly Annualized Net Interest Income (QANII) and Quarterly Annualized Net Interest Margin (QANIM)
We calculate Quarterly Annualized Net Interest Income (QANII) as the NII for the three months ended September 30, 2025, multiplied by four.

We calculate Quarterly Annualized Net Interest Margin (QANIM) as Quarterly Annualized Net Interest Income (QANII) divided by the sum of the following balance sheet metrics: (i) cash and cash equivalents; (ii) financial assets at fair value through profit or loss; (iii) financial assets at fair value through other comprehensive income, or OCI; (iv) interest-earning portfolio; (v) other receivables; and (vi) other financial assets at amortized cost. The average of the aforementioned balance sheet metrics is the sum of such metrics as of June 30, 2025, and as of September 30, 2025, divided by two. We consider Quarterly Annualized Net Interest Income (QANII) to be a performance measure.

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Our management believes that Quarterly Annualized Net Interest Income (QANII) and Quarterly Annualized Net Interest Margin (QANIM), along with comparable IFRS Accounting Standards measures, provide useful information to potential investors, financial analysts, and the public in assessing the earnings generated by our credit operations. Our management uses Quarterly Annualized Net Interest Income (QANII) and Quarterly Annualized Net Interest Margin (QANIM), along with comparable IFRS Accounting Standards measures, to evaluate our performance on our core business of lending and borrowing, as it reflects the spread between the interest earned on loans and the interest paid on deposits.

However, Quarterly Annualized Net Interest Income (QANII) and Quarterly Annualized Net Interest Margin (QANIM) are not measures under IFRS Accounting Standards and should not be considered as substitutes for the financial income for the period/year or any other measure of operating performance determined in accordance with IFRS Accounting Standards.

For a reconciliation of Quarterly Annualized Net Interest Income (QANII) and Quarterly Annualized Net Interest Margin (QANIM) to financial income, see "Summary Financial and Other Information — Other Financial Data."

#### Efficiency Ratio
We calculate Efficiency Ratio as the sum of transaction expenses, technology expenses, marketing expenses, personnel expenses, administrative expenses, depreciation and amortization, and other expenses divided by the sum of net revenue from transaction activities and other services, financial income net of interest and other financial expenses, and other income. We consider Efficiency Ratio to be a performance measure.

Our management believes that Efficiency Ratio, along with comparable IFRS Accounting Standards measures, provide useful information to potential investors, financial analysts, and the public in assessing our operational performance, cost management effectiveness and overall profitability relative to our peers. Our management uses Efficiency Ratio, along with comparable IFRS Accounting Standards measures, to evaluate our ability to manage operating expenses relative to revenue and to monitor our overall operational efficiency.

However, Efficiency Ratio is not a measure under IFRS Accounting Standards and should not be considered a substitute for any revenue or expense measure determined in accordance with IFRS Accounting Standards.

For a reconciliation of our Efficiency Ratio, see "Summary Financial and Other Information — Other Financial Data."

#### Annual Return on Equity and LTM Return on Equity
We calculate Annual Return on Equity as our profit for the year divided by the average equity for the year. The average equity for the year is defined as the average of equity on the year-end date of the immediately prior year and the equity on the year-end date of the current year. For the year ended December 31, 2024, the average of equity consists of the sum of equity as of December 31, 2024 and December 31, 2023 divided by two. For the year ended December 31, 2023, the average of equity consists of the sum of equity as of December 31, 2023 and December 31, 2022 divided by two. We calculate the last twelve-month ("LTM") Return on Equity as the profit for the period for the last twelve months divided by the average equity for the period. For the last twelve-month period ended September 30, 2025, we consider the sum of profit for the year ended December 31, 2024, plus the nine-month period ended September 30, 2025 minus the nine-month period ended September 30, 2024, divided by the average equity for the period, which consists of the sum of equity as of September 30, 2024 and September 30, 2025, divided by two. For the last twelve-month period ended September 30, 2024, we consider the sum of profit for the year ended December 31, 2023, plus the nine-month period ended September 30, 2024 minus the nine-month period ended September 30, 2023, divided by the average equity for the period, which consists of the sum of equity as of September 30, 2023 and September 30, 2024, divided by two.

Our management uses Annual Return on Equity and LTM Return on Equity, along with comparable IFRS Accounting Standards measures, to evaluate our ability to earn profit from our equity. However, Annual Return on Equity and LTM Return on Equity are not measures under IFRS Accounting Standards and should not be considered as substitutes for profit (loss) for the period/year or any other measure of operating performance determined in accordance with IFRS Accounting Standards. For a reconciliation of our Annual Return on Equity and LTM Return on Equity, see "Summary Financial and Other Information — Other Financial Data."

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#### Key Performance Indicators
In connection with our management's analysis of our ongoing business operations, including comparing our performance with that of our competitors, our management uses certain indicators to measure our performance, including our: (1) total accounts; (2) number of quarterly active clients; (3) deposits; (4) total payment volume (TPV); (5) total cash-in; (6) quarterly average revenue per quarterly active client (ARPAC); (7) quarterly average cost to serve per quarterly active client (CTS); (8) Wallet and Banking TPV; (9) PicPay Card TPV; (10) Own and Third-Party Loan Originations; (11) Total Credit Portfolio; and (12) SMB TPV. For more information about our key performance indicators, see "Summary Financial and Other Information — Operating Data."

#### Total Accounts
We define total accounts as the number of PicPay accounts opened by individuals, excluding accounts that have been charged-off, blocked or voluntarily closed by our consumers. Our management uses total accounts data to measure the growth of our brand and to evaluate our market positioning as a financial institution among our main competitors.

#### Number of Quarterly Active Clients
We define a quarterly active client as a client who has opened our app at least once and/or made a financial transaction and/or generated revenues during the preceding three-month period. Accounts that were voluntarily closed during the preceding three-month period are included in the calculation of total quarterly active clients. Quarterly active clients have not necessarily engaged in any financial transactions, and may have simply viewed their balances or opened our app. Our management uses quarterly active client data to gauge client engagement with our platform. This metric does not have a standard meaning, and our definition may not be comparable with the definition adopted by other companies.

#### Deposits
We define deposits as the balance of the payment account, CDBs below and above 30 days of maturity, fixed-term CDBs offered by our PicPay Invest platform, and piggy banks (*cofrinhos*) held by consumers on our platform. Additionally, deposits also include CDBs distributed through third-party platforms. These amounts are recognized in our consolidated statement of financial position as "financial liabilities measured at amortized cost — third party funds." These consumers earn interest on their balances and are able to conduct transactions with greater ease. Our management uses deposits data to identify consumers who maintain a balance in their accounts. This metric does not have a standard meaning, and our definition may not be comparable with the definition adopted by other companies.

#### Total Payment Volume (TPV)
We define total payment volume, or "TPV," as the aggregate amount of payments, outbound transfers (sending money) and cash-out, net of reversals, successfully completed on our platform. TPV represents the total amount of payments that pass through our ecosystem, and we generate revenue from certain payment transactions as a percentage of TPV. Our management uses TPV to measure the evolution of the products contracted within our ecosystem. This metric does not have a standard meaning, and our definition may not be comparable with the definition adopted by other companies.

#### Total Cash-In
We define total cash-in as total cash inflows into our digital wallet. To "cash in" means to add funds to the balance of a digital wallet account from outside our platform via transfers from other financial institutions (wire transfers), including via the Brazilian Central Bank's instant payment system (Pix), via *boleto* (bank slip), through the receipt of funds via P2P payments, payroll portability, contracting loans or pulling funds from other banks in app through Open Finance (PicPay operating as a payment initiator). Our management uses total cash-in to measure the total money inflow into our ecosystem, which brings us insights about our consumers' engagement as they are adding more funds to their digital wallet to make transactions. This metric does not have a standard meaning, and our definition may not be comparable with the definition adopted by other companies.

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#### Quarterly Average Revenue per Quarterly Active Client (ARPAC)
We define quarterly average revenue per quarterly active client, or "ARPAC," as the total quarterly revenue and financial income of consumers divided by the average number of quarterly active clients during this period. The average number of quarterly active clients is defined as the average of the number of quarterly active clients on the end date of the immediately prior three-month period and the number of quarterly active clients on the end date of the current three-month period. Our management uses ARPAC to measure the financial evolution per quarterly active client. This metric does not have a standard meaning, and our definition may not be comparable with the definition adopted by other companies.

#### Quarterly Average Cost to Serve per Quarterly Active Client (CTS)
We define quarterly average cost to serve per quarterly active client, or "CTS," as the sum of transaction expenses, technology expenses, marketing expenses (excluding customer acquisition expenses), personnel expenses and administrative expenses during the applicable three-month period divided by the average number of quarterly active clients during the applicable three-month period. The average number of quarterly active clients is defined as the average of the number of quarterly active clients on the end date of the immediately prior three-month period and the number of quarterly active clients on the end date of the current three-month period. This metric does not have a standard meaning, and our definition may not be comparable with the definition adopted by other companies.

We believe that CTS is a useful performance indicator to investors because it reflects our efficiency in managing costs and operational expenses per active client on our platform as we scale our businesses and generate positive operating leverage. Our management uses CTS to monitor our operational efficiency.

#### Wallet and Banking TPV
We define Wallet and Banking TPV as the total payment volume generated from our wallet and banking product (P2P, Pix, bill payment, money withdrawal, wire transfers and international remittance & exchange). Our management uses Wallet and Banking TPV to measure the evolution of our wallet and banking product within our ecosystem. This metric does not have a standard meaning, and our definition may not be comparable with the definition adopted by other companies.

#### PicPay Card TPV
We define PicPay Card TPV as the total payment volume generated from transactions made with our PicPay Card. Our management uses PicPay Card TPV to measure the evolution of the PicPay Card within our ecosystem. This metric does not have a standard meaning, and our definition may not be comparable with the definition adopted by other companies.

#### Own and Third-Party Loan Originations
We define Own and Third-Party Loan Originations as loans we originate in our app. The loans we originate include personal loans, FGTS loans, public payroll loans, P2P lending and auto-secured loans. Prior to October 2023, all of the loans originated in our financial marketplace were "off-balance" and financed by other entities connected in our platform (i.e., we acted as an agent for other financial services providers). Beginning in October 2023, we began to originate personal and FGTS loans "on-balance" for certain consumers who meet our credit performance criteria. Our management uses own and third-party loan originations to measure the evolution of our multi-funding strategy within our ecosystem, which involves the distribution of loan products from third-party financial partners and credit origination on balance for some specific and strategic products, offering secured and unsecured loans, and balancing profitability and risk costs. This metric does not have a standard meaning, and our definition may not be comparable with the definition adopted by other companies.

#### Total Credit Portfolio
We define Total Credit Portfolio as the outstanding end-of-period balance of our credit product receivables, including secured and unsecured consumer loans (such as FGTS loans, payroll loans, and personal loans), and secured and unsecured credit cards (gross of credit loss allowance). Our management uses this metric to evaluate the size of our credit operations, as well as to conduct risk management activities.

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#### SMB TPV
We define SMB TPV as the total payment volume related to our business ecosystem. It considers payment volume from QR Code and e-wallet transactions, Pix transactions received and made by businesses in our app, as well as all payment volume transacted with third-party credit cards on the PicPay app (mainly P2P, Pix and bill payments), which are processed by our merchant acquiring platform. Our management uses SMB TPV to measure the aggregate amount of payments successfully processed through our merchant acquiring platform as well as the volume captured through other PicPay payment solutions for businesses, such as QR Code, e-wallet and Pix. This metric does not have a standard meaning, and our definition may not be comparable with the definition adopted by other companies.

#### Market Share and Other Information
This prospectus contains data related to economic conditions in the market in which we operate. The information contained in this prospectus concerning economic conditions is based on publicly available information from third-party sources that we believe to be reasonable. Market data and certain industry forecast data used in this prospectus were obtained from internal reports and studies, where appropriate, as well as estimates, market research, publicly available information (including information available from the SEC website) and industry publications. We are responsible for all of the disclosure in this prospectus, and we obtained the information included in this prospectus relating to the industry in which we operate, as well as the estimates concerning market shares, through internal research, public information and publications on the industry prepared by official public sources and trade associations, such as IBGE, ABECS, SUSEP, the Brazilian Central Bank, the Brazilian Federation of Banks (*Federação Brasileira dos Bancos*, or "Febraban"), the Brazilian Ministry of Labor and Employment and ACI Worldwide, as well as private sources, such as Data.ai, a Sensor Tower Company and Ipsos Group S.A., or "IPSOS." For the study conducted by IPSOS commissioned by PicPay, 800 online interviews were conducted between July 3, 2025 and July 22, 2025, with a national sample of people between 18 and 65 years old.

Industry publications, governmental publications and other market sources, including those referred to above, generally state that the information they include has been obtained from sources believed to be reliable, but that the accuracy and completeness of such information is not guaranteed. In addition, the data that we compile internally and our estimates have not been verified by an independent source. Except as disclosed in this prospectus, none of the publications, reports or other published industry sources referred to in this prospectus were commissioned by us or prepared at our request. Except as disclosed in this prospectus, we have not sought or obtained the consent of any of these sources to include such market data in this prospectus.

#### Total Addressable Market
This prospectus includes estimates of the net revenue pool of the total addressable market of various sectors of our business. We have made these estimates on the basis of publicly available information from the sources described in "— Market Share and Other Information" and internal data. None of the publicly available information used to calculate our total addressable market was commissioned by us or prepared at our request, and neither the data that we compile internally nor our estimates have been verified by an independent source. In order to estimate our total addressable market, we were required to make certain assumptions, judgments and estimates that can have a significant impact on our conclusions. We base our assumptions, judgments and estimates on historical experience and various other factors that we believe to be reasonable under the circumstances. The actual size of our total addressable market could differ materially from these estimates under different assumptions or conditions.

Our estimated total addressable market is forward-looking information and is based on our management's beliefs and assumptions and on information currently available to our management. Such statements are subject to risks and uncertainties, and actual size of our total addressable market may differ materially from those expressed or implied in our estimated total addressable market due to various factors. Our estimates of the total addressable market speak only as of the date they are made, and we do not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these estimates in order to reflect later events or circumstances or to reflect the occurrence of unanticipated events. See "Cautionary Statement Regarding Forward-Looking Statements."

Our total addressable market, or TAM, represents the total potential net revenue generation from products and services offered to consumers and small and medium-sized businesses (SMBs) in Brazil.

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For consumers, our TAM is based on the following: (i) instant payments and bill payments with credit cards as a source of funds ("Wallet and Banking"); (ii) debit, prepaid, and credit card transactions, including the financing of credit card bills through installment refinancing and revolving credit ("Cards"); (iii) personal loans and other types of consumer lending ("Consumer Loans"); and (iv) investments and insurance products (presented as "Others").

For SMBs, our TAM is based on: (i) instant payments and bill payments offered to businesses accounts, including credit cards and other products, such as businesses' insurance and investments ("SMB Banking"); (ii) acquiring activities ("Acquiring"); (iii) businesses loans, such as working capital and other similar credit lines offered to businesses customers ("Business Loans"); and (iv) cards with flexible corporate benefits allocation, salary advance and other services offered to businesses ("Corporate Benefits").

As an initial step to calculate TAM, we estimate the addressable market for each sector in terms of volume, as volume growth is a key driver of net revenue potential. Our estimates are based on a combination of publicly available information and internal data. Using our estimates of the total volume of our addressable markets, we can then calculate the potential net revenue of the addressable market for each sector. In order to do so, we make several assumptions, such as market adoption rates, pricing strategies and competitive dynamics, using both public and internal data. Our TAM is calculated as the aggregate of these net revenues.

We believe that this measure is helpful for investors since it offers a view of the market's potential scale and growth trajectory, which is essential for assessing our business's long-term viability and profitability. Moreover, we believe that the calculation of TAM enables investors to measure our market penetration and growth potential.

In addition, our strategic decisions must be informed by a clear understanding of the markets in which we operate in order to capture opportunities and increase our market penetration. We continuously monitor and update our TAM to reflect changes in the market landscape, with the aim of ensuring that our business strategies are aligned with current and future market opportunities. Our management uses TAM estimates to assess our penetration potential in each of the markets in which we operate. These estimates help us understand the size and opportunity of each market segment, providing a clear view of our growth and expansion potential across our different areas of operation.

Below we present the main data sources and assumptions that we adopted for the calculation of our TAM for each sector.

#### Wallet and Banking
We define the wallet and banking sector as Pix transactions and bill payments using credit cards as a source of funding.

We estimate the volume for Pix transactions based on historical data provided by the Brazilian Central Bank for P2P (person-to-person) and P2B (person-to-business) total volumes, as well as on the main following assumptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• growth projections for real-time payment transactions, as publicly disclosed in the ACI Worldwide 2024 Real-Time Payments Report; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• estimates of Pix installment payments using credit cards, based on Open Finance data from major market players (leading banks), with an additional rate derived from internal data that reflects consumer transactional behavior involving Pix installments using a credit card as the source of funding.

For bill payments funded through credit cards, we estimate the volume taking into consideration historical data provided by the Brazilian Central Bank, as well as the following main assumption: to estimate the increase in bill payments, we considered the future household projection from the Focus Report, published by the Brazilian Central Bank (real projection), and the inflation growth projection, since our figures are in nominal value.

Considering that our consumers' behavior for the payment of bills with a credit card and making Pix installment payments is similar, we assume that both products have the same installment penetration rate. In both scenarios, net revenue is reported after deducting interchange and card scheme fees and funding costs related to receivables prepayment, given Brazil's current credit cycle. In addition, we also considered PicPay's wallet and banking business economics to estimate net revenue, based on internal data and considering the increased competitive scenario, which reduces consumer fees over time.

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***Cards***

We define the cards sector as revenues from interchange fees charged by card issuers and the net interest income from credit card operations, including revolving and balance financing products.

We estimate the volume for debit, prepaid, and credit card transactions through the evaluation of historical data from 2024 and projections provided by ABECS for 2025. According to internal estimates, aligned with external sources, we considered a compounded average decrease of 0.3% in debit card transactions from 2025 to 2030 given the fact that Pix transactions are increasingly replacing the use of debit cards in Brazil. In addition, we considered that credit card transactions would grow at the same pace for the following years as historically observed when compared to 2024, with a growth rate of approximately 13%. For prepaid card transactions, we estimate a growth of 4.8% for 2025 onwards, which is lower than the growth rate registered for 2024 (14.8% when compared to 2023), as a result of the interchange fees cap imposed by the Brazilian Central Bank. Regarding the credit market, in order to estimate our revenue pool from interest-bearing products, such as revolving and credit card bill financing, we relied on historical data for credit card outstanding balances from the Brazilian Central Bank and projections provided by Febraban.

The Brazilian Central Bank reports interchange fee data on a monthly basis, which is used to calculate the revenue pool of our debit, prepaid, and credit card transaction activities. In addition, in order to estimate the revenue pool of card transactions, we also consider the Brazilian Central Bank data for the average annual fees charged by card issuers and the number of cards in the market. With respect to credit revenues from balance financing and revolving credit, the Brazilian Central Bank also discloses the average interest rates, which are considered in our calculation (net of funding costs).

#### Consumer Loans
The consumer loans sector is comprised of non-earmarked credit operations for consumers, excluding credit card balances.

For such credit market, we considered historical data for non-earmarked outstanding loans from the Brazilian Central Bank and projections provided by Febraban. Moreover, we estimated net revenues considering market data for interest rates as reported by the Brazilian Central Bank and calculated such revenues net of funding costs.

#### Others
We define the "Others" as net revenues from the insurance and investment sectors offered to consumers in Brazil.

We estimate the volume for insurance policies based on the total insurance premium historical data provided by the Superintendence of Private Insurance, or "SUSEP," as well as projections provided by the National Confederation of Insurers, or "CNSEG."

We estimate insurance revenues based on the distribution of insurance policies to consumers, including automobile, assistance and other coverages, as well as voluntary third-party liability. In our estimates, we also considered constant commercial fee ratios, which are fees paid to insurance distributors.

For the investment sector, we estimate the volume for the fixed income market and funds distribution based on data provided by the Brazilian Financial and Capital Markets Association, or "ANBIMA," as well as on internal projections for gross take rate for funds and fixed income markets.

We define the investment revenue pool as net revenues originating from take rates regarding the distribution of fixed-income investment products, such as CDBs, real estate credit bills (LCI), agribusiness credit bills (LCA), fixed-income funds and other similar categories offered to our current consumer base. In our estimates, we considered constant yield and gross take rate ratios to estimate volume of their respective markets.

#### SMB Banking
We define the SMB Banking sector as revenues from financial products and services offered to small and medium-sized businesses, which include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• interchange and annual fees from card issuers and net interest income from corporate credit card operations, such as revolving and installment financing;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• commission fees from bill issuances; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial income from Pix or payment of bills funded via credit card.

We estimate the volume for Pix transactions based on historical data provided by the Brazilian Central Bank for B2P (*business*-to-person) and B2B (*business*-to-business) total volumes, as well as on the main following assumptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• growth projections for real-time payment transactions, as publicly disclosed in the ACI Worldwide 2024 Real-Time Payments Report; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• estimates of Pix installment payments using credit cards, based on Open Finance data from major market players (leading banks), with an additional rate derived from internal data that reflects consumer transactional behavior involving Pix installments using a credit card as the source of funding.

For bill payments funded through credit cards, we estimate the volume taking into consideration historical data provided by the Brazilian Central Bank, as well as the following main assumptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to estimate the increase in bill payments, we considered the future household consumption projection from the Focus report, published by the Brazilian Central Bank (real projection) and the inflation growth projection, since our figures are in nominal value.

Considering that our consumers' behavior for the payment of bills with a credit card and making Pix installment payments is similar, we assume that both products have the same installment penetration rate. In addition, for SMB banking we also consider in our estimates business insurance and investment segments, which are composed by revenues from distribution of insurance policies to businesses, including loss of profits, engineering risks, miscellaneous risks, group life insurance, general liabilities and other coverages, such as guaranteed insurance for public and private sectors. For the investments segment, we define the management of middle fixed income portfolios from companies as income from administration fee. For these sectors, we considered the following main assumptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• constant commercial fee ratios, which are fees paid to insurance distributors. We estimate the volume of insurance policies based on total volumes historical data provided by the Superintendence of Private Insurance, or "SUSEP," as well as projections provided by the National Confederation of Insurers, or "CNSEG"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• constant yield and administration fee ratios for the estimation of volume of revenues of their respective markets for the investment segment. We estimate the volume for the fixed income market and funds distribution based on data provided by the Brazilian Financial and Capital Markets Association, or "ANBIMA", as well as on internal projections for gross take rate for funds and fixed income markets.

#### Payment Acceptance
The payment acceptance sector consists of revenues from transactions using credit and prepaid cards, Pix at POS terminals, equipment rental, and prepayment of receivables. For our payment acceptance TAM, as contrasted with our cards TAM described above, revenue comes from the merchant discount rate (MDR) charged by acquirers for processing transactions, instead of revenue from interchange fees. The MDR is calculated as a percentage of the transaction value and is paid by merchants to acquirers in exchange for payment processing services. In addition, we also consider financial income from the prepayment of credit card receivables, through which acquirers earn revenue by providing merchants with early access to transaction funds before the final settlement.

We estimated the volume for credit and prepaid cards considering historical data from 2024 from the Brazilian Central Bank. From 2025 to 2030, we considered the same premises for volume growth used for the calculation of our cards TAM. As reported by acquirers, the volume from Pix transactions through POS terminals was estimated based on its penetration within the card market volume. For the prepayment of receivables, we used data from internal estimates and projections from Febraban.

Moreover, we calculated net revenues taking into consideration market data, such as the average Merchant Discount Rate (MDR), average interchange fees, interest rate and funding costs, as reported by the Brazilian Central Bank. In addition, we took into consideration the relationship between rental revenue and Total Payment Volume (TPV), as shared by our competitors, as well as internal data. Net revenues were also calculated after discounting interchange fees and funding costs.

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#### Business Loans
We define the business loans sector as non-earmarked credit operations for small and medium-sized businesses, excluding prepayment of credit card receivables. For the credit market, our calculations used historical data for non-earmarked outstanding loans provided by the Brazilian Central Bank and projections from Febraban. We define the business loans sector as non-earmarked credit operations for small and medium-sized businesses. For the credit market, our calculations used historical data for non-earmarked outstanding loans provided by the Brazilian Central Bank and projections from Febraban.

In addition, we estimated net revenue considering market data for interest rates as reported by the Brazilian Central Bank, net of funding costs.

#### Corporate Benefits
The corporate benefits sector is comprised of (i) interchange fees (where transactions with corporate benefit cards are conducted in the open-loop, which means that the benefits can be used through a credit card), or (ii) MDR fees (considering transactions that are performed in the closed-loop, which means that both acquiring and issuance activities are conducted by the same company) paid by merchants to issuers of corporate benefit cards, plus financial income from account balance floating and settlements scheduled floating (i.e., revenue generated through financial investments using the corporate benefits balance held by employees as a source of funding).

The volume of corporate benefits is closely related to workforce dynamics and economic indicators. Therefore, we considered data from IBGE with respect to the number of formal workers, data from the Brazilian Ministry of Labor and Employment (*Ministério do Trabalho e Emprego*) regarding the penetration of corporate benefits among formal workers and information from private companies that offer corporate benefits, such as Swile and Alelo.

In addition, we estimated net revenues considering PicPay's Corporate Benefits business economics, which is based entirely on internal data. For such analysis, we included a distinction between open-loop arrangements (flexible benefits such as Caju, PicPay and Flash) and closed-loop arrangements (such as Alelo, Ticket, Ben and Sodexo) in order to estimate the merchant discount rate (MDR) revenue.

#### Brands
This prospectus includes trademarks, trade names and trade dress of other companies. Use or display by us of other parties' trademarks, trade names or trade dress or products is not intended to and does not imply a relationship with, or endorsement or sponsorship of us by, the trademark, trade name or trade dress owners. Solely for the convenience of investors, in some cases we refer to our brands in this prospectus without the® and™ symbols, but these references are not intended to indicate in any way that we will not assert our rights to these brands to the fullest extent permitted by law.

#### Rounding
We have made rounding adjustments to some of the figures included in this prospectus. Accordingly, numerical figures shown as totals in some tables may not be an arithmetic aggregation of the figures that preceded them.

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#### Cautionary Statement Regarding Forward-Looking Statements
This prospectus contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this prospectus can be identified by the use of forward-looking words such as "anticipate," "believe," "could," "expect," "should," "plan," "intend," "may," "predict," "continue," "estimate" and "potential", among others.

Forward-looking statements appear in a number of places in this prospectus and include, but are not limited to, statements regarding our intent, belief or current expectations. Forward-looking statements are based on our management's beliefs and assumptions and on information currently available to our management. These statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including, but not limited to, those identified under the section entitled "Risk Factors" in this prospectus. These risks and uncertainties include factors relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to compete and conduct our business in the future;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to grow our user base and maintain active consumers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to implement our business strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to adapt to technological changes in our industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to maintain, protect and enhance our brands and intellectual property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the inherent risks related to the digital payments market, such as the interruption, failure or breach of our computer or information technology systems, cyberattacks, fraudulent transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the availability of qualified personnel and our ability to retain such personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in government regulations applicable to our industry in Brazil;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our acquisitions (including the Kovr Acquisition), joint ventures, strategic alliances and divestment plans and our ability to integrate newly acquired companies or companies that may eventually be acquired, as well as take advantage of the benefits and synergies expected in recent or future potential acquisitions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• government interventions in our industry that affect the economic or tax regime, or the regulatory framework applicable to our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the global trade and tariff environment, including new trade restrictions, tariff escalations, and policy shifts affecting cross-border commerce and supply chains, such as recent U.S. tariff increases on imports from Brazil and certain other countries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any increases in our costs, including, but not limited to: (1) operating and maintenance costs; (2) regulatory and environmental costs; and (3) social contribution charges, income tax and other taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks associated with macroeconomic uncertainty and geopolitical risk, including the potential impact of the ongoing conflicts along Israel's border with the Gaza Strip, elsewhere in the Middle East and between Russia and Ukraine, which could limit our ability to grow our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to efficiently predict, and react to, temporary or long-lasting changes in consumer behavior, such as changes resulting from the COVID-19 pandemic and its aftermath;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• global and Brazilian economic conditions in general, including risks associated with pandemics or epidemics and potential wars;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the interests of our controlling shareholder(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general economic, financial, political, demographic and business conditions in Brazil, as well as any other countries we may serve in the future and their impact on our business;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fluctuations in interest, inflation and exchange rates in Brazil and any other countries we may serve in the future;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other factors that may affect our financial condition, liquidity and results of operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the fact that we have identified material weakness in our internal control over financial reporting which, if not corrected, could affect the reliability of our consolidated financial statements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other risk factors discussed under "Risk Factors."

Forward-looking statements speak only as of the date they are made, and we do not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances or to reflect the occurrence of unanticipated events.

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#### Summary
*This summary highlights information contained elsewhere in this prospectus. This summary does not contain all the information that you should consider before making an investment decision, and we urge you to read this entire prospectus carefully, including the sections "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" as well as our consolidated financial statements included elsewhere in this prospectus, before deciding to invest in our Class A common shares.*

#### Overview

#### Our Mission and Vision
At PicPay, we believe financial services should be mobile, frictionless, and instantaneous. Our mission is to empower consumers and businesses across Brazil with innovative solutions to redefine the way people manage their traditional daily finances. We break down the barriers to traditional financial services and are driven by a vision of a future where financial services are accessible for all. We are committed to simplifying financial transactions, fostering economic inclusion and providing the tools and resources for people to achieve their financial goals.

We believe technology is a force for positive change, and we leverage it to create a more inclusive and equitable financial ecosystem. Since our inception, we have been dedicated to making payments and banking seamless and secure for both consumers and businesses. We believe we are paving the way for the future of finance in Brazil, inspired by the meaningful improvements we have brought to the daily financial lives of millions of people, such as increased access to banking services, reduced costs, and greater financial autonomy, driven by our commitment to promoting financial empowerment for all.

#### Our Journey
PicPay Brazil was founded more than ten years ago in the city of Vitória, in the State of Espírito Santo, Brazil, as a peer-to-peer (P2P) transfer platform to provide a seamless digital payment solution in a country where making payments historically was cumbersome, slow and costly. Our user-friendly solution allowed individuals to send money easily via their mobile phones any time of day, which caught the attention of millions of consumers. In just a few short years, we became one of Brazil's leading digital wallets by number of consumers, according to information provided by the Brazilian Central Bank.

After our early success with P2P payments, we noticed a gap in the broader payments ecosystem and broadened our lens to focus on improving the relationship between consumers and businesses within our platform, which led us to build a two-sided ecosystem, servicing both consumer and business customers. We were one of the first financial services companies to provide QR Code payments for businesses in Brazil, allowing our consumers to seamlessly make payments by scanning a QR Code, either in-store or online.

As we grew as a company, so did the financial needs of both our consumer and business customers. We continued to innovate and deliver new solutions to address their respective needs, launching various payments, credit, insurance and investment products, making PicPay a complete financial platform, and, in the process, further expanding our addressable market in Brazil, comprising both financial and non-financial services.

Eventually our ambitions grew beyond payments, leading us to seek to revolutionize how Brazilians manage and interact with their finances. We launched and scaled products and services for consumers to address several needs, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Consumer Banking segment:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Wallet & Banking:* we offer a wide range of transactional products for our consumers, including Pix (the instant payment system developed by the Brazilian Central Bank), peer-to-peer (or "P2P", between PicPay accounts), bill payments, payroll portability, global account and a payment assistant that helps consumers organize, centralize, and settle all their bills through an integrated hub. In addition, we provide a series of solutions that go beyond digital payments, such as an underage account, an account aggregator (which allows consumers to consolidate multiple bank accounts in one place) and PicPay's piggy banks, designed to help consumers save money in a simple and personalized way.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Credit:* our offering includes multipurpose cards (prepaid and credit) available in Gold, Platinum, and Black versions; personal loans; buy-now-pay-later (installment payments without the need for a physical or digital card); payroll loans for public servants, retirees, and pensioners; private payroll loans for formally employed workers; and early access to the FGTS annual birthday withdrawal program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Insurance:* in addition to credit solutions, we provide a fully digital insurance distribution platform, with products such as digital wallet insurance, PicPay Card bill protection, credit life insurance, smartphone protection, life insurance, home insurance, among others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Investments:* in the investment space, through PicPay Invest, we provide a wide range of products tailored to different investor profiles and financial goals, including daily-liquidity and fixed term CDBs with varying rates and maturities; real estate and agribusiness credit bills (LCI and LCA); private pension plans; P2B Lending (enabling consumers to invest in debt securities issued by companies within the J&F group); cryptocurrencies, among others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Small and Medium*-Sized *Businesses segment:* we offer a comprehensive portfolio of products beyond QR Code payments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Acquiring: We offer a wide range of payment acceptance solutions, including* a proprietary QR Code technology that can be displayed at the point of sale or digitally integrated into e-commerce checkouts. In addition, we provide payment links that enable merchants to receive payments via WhatsApp or social media, without the need for a website. We also offer our own POS terminals, smart POS devices, and Tap on Phone solutions, which are part of an integrated cross-selling strategy designed for small and medium-sized businesses. Our acquiring solutions also involve the offer of automatic and manual prepayment of receivables from credit card transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Banking:* our strategy is to extend our consumer ecosystem into the SMBs segment, enabling small and medium-sized businesses to use the same familiar PicPay experience, but with tools tailored for managing and growing their businesses. We rely on the fact that almost 10 million PicPay consumers are also entrepreneurs and we began to offer banking and financial services, such as a SMB accounts, Pix and bill payments, debit and credit cards, certificate of deposits, secured and unsecured loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Corporate Benefits and Salary Advances: we offer flexible corporate benefits cards that companies can use to distribute meals, food, transportation and other flexible benefits to employees through the PicPay app. These cards are integrated into PicPay's ecosystem, allowing consumers to manage benefits alongside their personal balance. Additionally, PicPay provides salary advance solutions, enabling, in partnership with the human resources department of companies that contract our services, to offer employees early access to their salaries.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Audiences and Ecosystem Integration segment: includes solutions aiming to engage and monetize both the consumer and SMB audiences in our ecosystem:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *PicPay Shop:* we offer our consumers the ability to purchase a wide range of products and services through our PicPay Shop. Consumers are able to buy items such as mobile phones, TVs, and home appliances, all without the need of leaving the app to complete their checkout. In addition, through PicPay Shop, users can also access everyday services, such as mobile top-ups, public transportation cards, and gift cards. PicPay Shop also includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• PicPay Travel: a travel hub within the PicPay app, developed in partnership with CVC Corp, which enables our consumers to browse and purchase travel*-services*, such as flight tickets, hotel accommodations, and travel packages directly in our app. Launched in October 2025, this service aims to make travel more accessible for a wide range of consumers by combining competitive offers, payment flexibility, and the existing convenience of the PicPay ecosystem.*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• PicPay Experience:* available within PicPay Shop, it allows consumers to book restaurant reservations and purchase tickets for movies, concerts, sports events, amusement parks, and various other activities, all with just a few taps in the app. This hub brings together a wide range of dining and entertainment options, as well as tickets with discounts of up to 60%. It is an important tool for driving consumer engagement, offering special prices and cashback of up to 15% at restaurants, while also serving as a strategic way to embed PicPay's diverse payment methods directly into the consumer checkout experience.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *iGaming:* as of October 2025, we started offering a fully digital solution that gives our consumers access to monthly raffles and instant prizes featured in each campaign, encouraging them to return to the app more frequently and strengthening ongoing engagement with our ecosystem.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *PicPay Ads:* advertising platform designed to enable brands to reach a highly engaged consumer base through contextualized placements within the app. This offering covers the full marketing funnel (from awareness to conversion) with formats such as display banners, video, CRM integrations (push and emails), and high-impact takeovers. This solution brings several benefits to merchants such as customer acquisition, re-engagement of old customers, and promoting increased customer spending.

The graphic below illustrates our evolution of total revenue and financial income and profit (loss) from 2018 to September 30, 2025 in *reais*:

![](timage_pg34.jpg)

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*Note:* (1) The Total Revenue and Financial Income and the Profit (loss) for the period expressed in dollars are based on the *real*/U.S. dollar exchange rate of R$5.3186 per US$1.00 as of September 30, 2025.

We are one of the largest digital wallet providers in Brazil in terms of number of consumers registered, based on data provided by the Brazilian Central Bank as of June 30, 2025, and one of the leading payment platforms in Latin America, with 42 million quarterly active consumers as of September 30, 2025, compared to 37 million quarterly active consumers as of September 30, 2024, an increase of 12.0% year over year, and a consolidated TPV of R$141 billion

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for the three-month period ended September 30, 2025, compared to R$109 billion for the three-month period ended September 30, 2024, an increase of 29.1% year over year. For the nine months ended September 30, 2025, our consolidated TPV reached R$392 billion, compared to R$298 billion for the nine months ended September 30, 2024, representing an increase of 31.8% year over year. Out of our 42 million quarterly active consumers as of September 30, 2025, 13.45% are consumers who only opened our app at least one time, compared to 15.00% as of September 30, 2024. To achieve these results, we invested heavily in marketing to build a nationally recognized brand and grow our customer base, as well as in technology to expand our portfolio of products and services, totaling R$2.6 billion in marketing expenses and technology expenses from January 1, 2020 to December 31, 2022, which contributed to significant operating losses during each of these years. Our average cost of acquiring a new customer, which includes performance media (such as Google and Facebook) and member-get-member (MGM) (referrals), was R$13.6 per new customer from January 1, 2020 to December 31, 2022.

During the three-month period and the nine-month period ended September 30, 2025, our marketing expenses totaled R$94.7 million and R$347.2 million, respectively, an increase of 31.4% and 53.3%, respectively, compared to the corresponding periods of 2024. These increases were mainly due to higher advertising expenses related to sponsorships. Moreover, for the three-month period and the nine-month period ended September 30, 2025, our technology expenses totaled R$129.4 million and R$367.7 million, respectively, remaining stable and consistent with the corresponding periods in 2024.

Our total revenue and financial income increased by 94%, to R$2.7 billion in the three months ended September 30, 2025 from R$1.4 billion in the corresponding period in 2024, leading to a net profit of R$105.4 million in the three months ended September 30, 2025 compared to R$110.2 million in the corresponding period in 2024. For the nine months ended September 30, 2025, our total revenue and financial income increased by 92%, to R$7.3 billion from R$3.8 billion during the corresponding period in 2024, resulting in a net profit of R$313.8 million for the nine months ended September 30, 2025 compared to R$172.0 million in the corresponding period in 2024.

Nevertheless, this trend of improving results can only be maintained if our platform continues to be attractive to our consumers and businesses. The attractiveness of our platform depends upon several factors, including the mix of products and services we make available to consumers and businesses through our platform, our brand and reputation, customer experience and satisfaction, customer trust and perception of our solutions, technological innovation and products and services offered by competitors. To grow effectively, we must continue to offer new products and services, strengthen our existing platform, develop and improve our internal controls, create and improve our reporting systems and timely address issues as they arise. These efforts may require substantial financial expenditures, commitment of resources, development of our processes and other investments and innovations and may not result in the long-term benefits that we expect. If we are unable to generate adequate revenue growth and manage our expenses, our results of operations and operating metrics may fluctuate and we may incur losses. For more information about the challenges that might impact our ability to continue to profitably grow our business, see "Risk Factors — Risks Relating to Our Business and Industry — A decline in the use of our payment platform or adverse developments with respect to the payment processing industry in general could have a material adverse effect on our business, financial condition and results of operations" and "— A decline in the use of credit or prepaid cards as a payment mechanism for consumers or adverse developments with respect to the payment processing industry in general could have a material adverse effect on our business, financial condition and results of operations."

We believe we have built a well-known brand in Brazil. In the financial institutions market, our brand was known by 97% of banked Brazilian adults belonging to the high, upper-middle, and lower-middle income brackets, based on an August 2025 brand tracking study commissioned by us and conducted by IPSOS, a global market research company. We operate a two-sided ecosystem that connects our consumers and small and medium-sized businesses, and our mission is to develop a marketplace to democratize access to financial services for everyone.

As of September 30, 2025, we had R$26.7 billion in deposits (comprised of the sum of "user balance — payment accounts" and "user balance — CDB" from third-party funds in our consolidated financial statements), compared to R$16.6 billion as of September 30, 2024. Cash-in totaled R$125 billion in the three months ended September 30, 2025, compared to R$97 billion in the corresponding period in 2024, representing an increase of 29%. For the nine-month period ended September 30, 2025, cash-in totaled R$344 billion, compared to R$264 billion for the corresponding period in 2024, an increase of 30%. As of September 30, 2025, approximately 812,000 active businesses accepted PicPay's payments network, corresponding to a SMB TPV of R$9.8 billion in the three months

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ended September 30, 2025, compared to R$6.9 billion in the corresponding period in 2024, representing an increase of 43%. For the nine-month period ended September 30, 2025, our SMB TPV totaled R$28.8 billion compared to R$19.0 billion for the corresponding period in 2024, representing an increase of 52%. For the three-month period ended September 30, 2025, revenue and financial income generated from our small and medium-sized businesses segment totaled R$105.1 million, as compared to R$54.5 million in the corresponding period in 2024, an increase of 93.0%. For the nine months ended September 30, 2025, revenues generated from our small and medium-sized businesses segment totaled R$272.5 million, an increase of 122.2%, from R$122.7 million for the corresponding period in 2024.

The graphics below highlight certain of our operating achievements:

#### 9M25
![](timage_pg36.jpg)

____________

(1) Consumers and businesses who opened the PicPay app and/or made at least one financial transaction and/or generated revenues in the third fiscal quarter of 2025 (including those that voluntarily closed their accounts in that quarter).

(2) Deposits held by consumers on September 30, 2025.

Unit standard: M (million); B (billion).

#### 2024
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____________

(1) Consumers and businesses who opened the PicPay app and/or made at least one financial transaction and/or generated revenues in the fourth quarter of 2024 (including those that voluntarily closed their accounts in that quarter).

(2) Deposits held by consumers on December 31, 2024.

Unit standard: M (million); B (billion).

We operate across a range of highly competitive and rapidly evolving industries. As a dual-sided financial services platform, we face competition from a variety of participants in Brazil, including financial institutions and payment companies. We expect competition to intensify in the future, both as emerging technologies continue to enter the marketplace and as traditional banks increasingly seek to innovate the services that they offer to compete with our platform.

In order to remain competitive, we are constantly involved in projects to develop new products and services. These projects carry risks, such as cost overruns, delays in delivery, performance problems and lack of consumer adoption. If we are unable to successfully compete, the demand for our platform and products could stagnate or substantially decline, and we could fail to retain or increase the number of consumers or businesses using our platform, which could reduce the attractiveness of our platform to other consumers and businesses, materially and adversely affecting our business, results of operations, financial condition and future prospects. See "Risk Factors — Risks Relating to Our Business and Industry — If we are unable to grow our consumer base and maintain quarterly active clients or otherwise implement our growth strategy, our business, results of operations, financial condition and future prospects would be materially and adversely affected."

Additionally, following this offering, J&F Participações, which is jointly controlled, pursuant to a shareholders' agreement, by Messrs. Joesley Mendonça Batista and Wesley Mendonça Batista, our ultimate controlling shareholders, will beneficially own 100% of our Class B common shares. Accordingly, our ultimate controlling shareholders will control approximately % of the voting power in our general meeting following this offering, assuming no exercise of the underwriters' option to purchase additional Class A common shares. As a result, our

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ultimate controlling shareholders will have the ability to control matters submitted to a vote of shareholders; appoint a substantial majority of the members of our board of directors; and exercise overall control over us. See "Risk Factors — Risks Relating to Our Business and Industry — Our ultimate controlling shareholders are expected to have influence over the conduct of our business and may have interests that are different from yours."

#### Our Unique Approach
We believe that we have adopted a unique approach in building our business that will help us expand our ecosystem of consumers, businesses, and third-party affiliate partners, as highlighted below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Open Platform**. We take a flexible open platform approach, enabling integration with any external party who complies with our platform's terms of use. For consumers, our platform has a multi-funding strategy which allows them to leverage various funding sources for transactions, including not only their deposits and PicPay credit card, but also third-party credit cards registered in our app, and balances pulled directly from other bank accounts or digital wallets through our payment initiation model. Additionally, financial institutions can connect to our open platform to distribute their products and services, such as credit, insurance, and investment products, benefiting from our data-based consumer behavior metrics to provide more relevant and customized offerings targeted at individual consumers' needs. Similarly, our open platform also allows merchants to integrate their websites to sell products and services to our consumer base at the PicPay Shop.

As our business evolved beyond the digital wallet, we have incorporated multiple partners to distribute products and services through our platform, including loans, insurance, foreign exchange, bill payments and e-commerce, among others. The figure below illustrates the evolution of our product portfolio and includes logos of some of our partners that are integrated into our app in order to offer their products and services to our consumers.

#### Evolution of our Open Platform

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Two**-Sided **Ecosystem**. At its core, PicPay is a two-sided ecosystem creating a bridge between both consumers and businesses. Our platform enables consumers to make payments, investments, and leverage a broad array of essential financial services all in a single app. At the same time, we also enable payment acceptance, as well as other essential financial and non-financial solutions for businesses, such as a complete digital account and prepayment of receivables. The graphics below illustrate our two-sided ecosystem encompassing solutions for both consumers and businesses:

![](timage_pg38.jpg)

This flexibility, combined with our user-friendly interface transforms the way consumers interact with financial services. Whether it is a consumer looking for streamlined payment alternatives or a business eager to tap into new revenue streams, our two-sided ecosystem propels growth and financial possibilities for all, due principally to the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Consumers** can access a wide range of products and services, including day-to-day payments, financial services, such as cards, loans, insurance, and investments, as well as other services including gift cards, cell phone recharge credits (top-ups), online shopping and others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Businesses** can receive payments through various modalities (QR Code, Pix, payment link, POS terminals and PicPay e-wallet), access financial services (such as prepayment of receivables, loans, prepaid and credit cards), have access to a complete digital account for day-to-day payments, offer their products and services on the PicPay Shop, and advertise their products and services within our app.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Financial and non**-financial **institutions** can connect to our open platform to distribute their products and services, such as credit, insurance, and investment products, benefiting from a large amount of data that we have collected to provide more relevant and customized offerings targeted at individual consumers' needs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Open Finance**. Open Finance is one of our core strategic pillars, enabling us to simplify financial management and improve engagement for our consumers and businesses. In 2021, we acquired Guiabolso, a forerunner of Open Banking in Brazil, which provided a complete platform that facilitated and improved consumers' financial management by organizing their budgets, coordinating payment schedules, categorizing expenses, and offering financial products. After our integration of Guiabolso in 2022, we have been leveraging Open Finance initiatives within all the business units of our ecosystem to improve our product offering across our digital wallet, financial marketplace, investments, services for consumers and financial and non-financial solutions for businesses. Through the consents received, we

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collect valuable data from consumers including account information, credit card information and financial services contracted with other financial institutions (such as loans), which allows us to provide more financial and non-financial options at competitive rates and send personalized product and service offers. Since we adopted phase 2 of Open Finance in October 2022, we have received approximately 13.7 million active consents from consumers, meaning consumers who opted in to share their financial information from other institutions with PicPay as of September 30, 2025. According to September 30, 2025 data from Openfinance.org, we are the third largest player in terms of market share of active consents received (12.3%), 10.0 percentage points behind Nubank (22.3%) and 0.7 percentage points behind Mercado Pago (13.0%). On the other hand, we are ahead of Caixa Econômica (6.5%), Santander (6.2%), Banco do Brasil (6.1%), Itaú (5.8%), and Bradesco (4.4%) in terms of active consents. In the first half of 2023, we launched our Account Aggregator product, which enables consumers to integrate and consolidate all of their bank accounts from other financial institutions through Open Finance, on the PicPay app.

In February 2023, we received a license from the Brazilian Central Bank to operate as a payment initiator institution, enabling consumers to transfer their money from other financial and payment institutions to PicPay without leaving our app. Since we obtained this license, we have seen an increase in the number of consents received to authorize payments in our ecosystem through the Account Aggregator. We are one of the leaders in payment initiation, with a cumulative volume of more than 3.2 million Application Programming Interface, or "API" requests from our consumers from April 2023 to September 2025, when we activated payment initiation in the Account Aggregator, based on information provided by Open Finance.org. API requests allow consumers to connect apps to the platform, which then initiates payments directly from their bank account to another bank account, which occurs through the transmission of account information to the API, which then initiates payment on the consumer's behalf. This allows consumers to complete transactions in the PicPay app including paying bills and making payments via instant payments without having to exit the app. According to our internal estimates and data, when we compare the usage of our consumers who use our Account Aggregator product and our other consumers, there is an increase in both frequency and volume of usage of the app, in terms of number of transactions and total payment volume (TPV). Most of these consumers access our app more than 10 times a month and transact on a monthly basis. Open Finance and the potential products and services we may be able to offer are a potentially significant avenue of growth and a key driver of our strategic decisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Social Network**. Connecting people has been a part of our DNA since our inception, when we launched our P2P payments platform. Since our inception, we have added other social features to our platform, including profiles, direct messaging (including voice messages) and payments (P2P, P2M and bill split) straight from the direct messaging feature. Our social platform is fully integrated with our financial and non-financial services offerings. By analyzing our consumers' financial behavior and combining this data with their social interactions, we believe we can offer personalized financial recommendations and targeted promotions, enhancing user engagement and satisfaction, increasing our ability to cross-sell additional products and diversifying our revenue streams. Some examples of the integration between our social platform and services offerings are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our consumer support function, which is one of our primary interfaces for client interactions and which also leverages Artificial Intelligence, or "AI," to solve issues and demands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cross-selling of products and services into the ecosystem, such as offering extended warranty insurance or a BNPL checkout to a consumer buying a TV on the PicPay Shop, product promotion, such as discounts offered by partners like Amazon at the PicPay Shop or our new Black PicPay credit card;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• connection through our two-sided platform by enabling a real time interaction between consumers and online and in-store businesses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• online or in-store businesses using the direct message to promote its catalog of products and sell directly through the messaging platform; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• daily marketing and investment content for our PicPay Invest consumers.

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![](timage_pg40.jpg)

#### Our Two-Sided Ecosystem

#### Our Consumer Platform
Our consumer platform includes a comprehensive portfolio of products and services catering to the diverse day-to-day needs of our consumers and consists of our consumer banking, acquiring & banking, corporate benefits & payroll, and audiences & ecosystem integration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Consumer Banking.** At the heart of our consumer ecosystem is our digital wallet, which empowers millions of consumers to manage their money effortlessly and conduct various forms of payments via Pix, P2P, bill payments, P2M and BNPL. Consumers can fund their digital wallets in different ways, such as electronic funds transfers from their accounts held with other financial institutions (wire transfers or Pix), via *boleto* (bank slip), by receiving funds via P2P payments, payroll portability, contracting loans, or via credit card (including our PicPay Card or any credit card from a third-party issuer registered on file).

Our digital wallet was introduced with our P2P payments' functionality, and we believe it helped revolutionize the way Brazilians transfer money in real time. Subsequently, the implementation of Pix introduced more people in Brazil to instant digital payments, and this became a cornerstone of our digital wallet. By leveraging Brazil's instant payment system, we enable consumers to engage in swift, secure, and real-time transactions. This feature was quickly adopted and has been favorable to our platform, mainly as a result of the following factors: (i) higher number of people included in digital payments for the first time, since Pix is free of charge for consumers; (ii) better and frictionless experience in onboarding clients versus traditional banking; (iii) higher engagement and cross-selling opportunities, and (iv) potential monetization coming from new products using the Pix infrastructure, expanding our TAM.

Over ten years of relentless work and almost US$1.0 billion of invested capital, we built one of the largest digital wallet providers in Brazil in terms of number of consumers registered, based on data provided by the Brazilian Central Bank as of September 30, 2025. We have 42 million quarterly active consumers, which we expect to continue growing due to the popularity of our digital wallet among Brazilians. Additionally, we have one of the largest numbers of registered Pix keys in our platform, with approximately 89 million Pix keys registered as of September 30, 2025.

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We strive to provide a complete and open payments platform that allows people to send, transfer, receive and manage their own money in a simple and innovative way, and we charge fees in connection with certain payment transactions and fund transfers carried out by our consumers through our platform.

We believe we have redefined the way consumers manage their finances by offering our own and third-party financial services within the PicPay platform, providing a holistic integrated experience for consumers without having to leave the app to access these services. We distribute products and services from third-party partners (without credit or underwriting risk to us) and our own credit products for select consumers. Through partnerships with financial institutions, we facilitate the distribution of loans and insurance offerings, empowering consumers to gain access to financial products that best suit their needs. The convenience of applying for loans or insurance products within the PicPay app has resulted in significant adoption, with consumers using one or more of these products and originating R$7.0 billion in own and third-party loans in the nine months ended September 30, 2025, an increase of 46% compared to R$4.8 billion in the corresponding period in 2024, and 7.8 million active insurance policies as of September 30, 2025, an increase of 83% compared to September 30, 2024.

Currently, we offer, directly and through third parties, the following products in our financial ecosystem: personal loans, buy-now-pay-later (BNPL), FGTS loans (*Fundo de Garantia do Tempo e Serviço*, which is the Severance Indemnity Fund for Employees in Brazil), auto-secured loans, public and private payroll loans, PicPay cards (credit, prepaid and secured credit cards), insurance (digital wallet, mobile, life insurance, personal loan and BNPL insurance, public and private payroll loan insurance, public payroll loan (available margin insurance), income loss insurance (FGTS), income loss insurance (credit card invoice), property insurance, home assistance, health assistance, auto repairs assistance, and car insurance deductible coverage), investment products through the PicPay Invest platform, and consortium.

We distribute our own issued credit and prepaid cards and personal loans for select consumers that we believe have a favorable credit profile, as well as FGTS and public and private payroll loans. We are able to leverage the user data that we collect from transactions within our ecosystem and from Open Finance consents to offer credit to those consumers who meet our strict credit underwriting criteria. We believe that as one of the largest digital wallets in the market, we are able to develop a credit history based on the everyday payments of our consumers, and also generate user credit scores based on our proprietary algorithm. Combining that with AI models and machine learning, we provide more relevant personalized offerings targeted at our consumers' needs, increasing engagement and enhancing user experience. Since the launch of our PicPay combo card product we have processed more than 3.1 billion transactions and R$137.9 billion in PicPay Card TPV.

We intend to continue to broaden the range of financial services that we offer to our consumer base over time. In February 2023, we acquired BX Blue, a Brazilian fintech specialized in offering payroll loans to public sector employees through its fully digital financial marketplace. Through this acquisition, we have entered a market that accounted for 18% of the consumer credit market in Brazil as of December 2022, based on outstanding credit balances, according to data from the Brazilian Central Bank.

Data plays a significant role in personalizing the insurance products we offer, since it helps us design our solutions, adjusting coverage for consumers on an individual basis. Our Pix insurance coverage limit, for example, which is an additional protection included in the digital wallet insurance, is based on the average value of transactions that the consumer makes with their wallet balance. Therefore, we are able to deliver a product that aligns with consumers' needs and affordability. Consumer acquisition and monitoring are conducted directly through the PicPay app. Consumers can access their insurance policies, understand coverage, ask questions and also participate in monthly giveaways offered by the insurer.

On September 19, 2025, we entered into an equity purchase agreement for the acquisition of Kovr, which is a full-service digital insurance company that offers services for multiple partners, with products such as affinity, surety, life, financial lines, among others. Kovr has innovation, customization, and commercial approach in its DNA, with differentiated go-to-market results in win-win partnerships with reference channels. Kovr has a high capacity and fit to reach each distribution channel (bancassurance, affinity, and brokers), customize and launch products, supported by the capacity of internal processes and embedded technology. Additionally, it has a great ability to serve the market with monthly launch of new products, agile, straightforward customer journey and tech enabled B2B, B2C, B2B2C. Kovr's senior executive partners have an average track record of 20 years in the insurance market.

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Currently, we distribute digital wallet protection, mobile protection, auto repairs assistance, car insurance deductible coverage, home assistance, and property insurance services from Kovr in our app. This acquisition will give us more autonomy to develop new insurance products faster, in line with our strategy of expanding our portfolio of products and services to meet the daily needs of our consumers. The completion of this transaction is conditioned on the approval of CADE and SUSEP. For more information, see "Business — Our History — Recent Acquisitions and Corporate Transactions."

Our investments empower consumers to grow their wealth within the PicPay ecosystem. We offer several investment products, such as CDBs (Certificates of Bank Deposits), equities, fixed income and person-to-business, or "P2B," lending.

One of our investment products that has gained substantial traction is our Piggy Bank (*Cofrinho*), which allows consumers to invest their savings for a predetermined period while yielding attractive returns. We offer a wide range of PicPay Bank CDBs on our platform, from daily-liquidity CDBs yielding 102% of the CDI to fixed-term CDBs with different remuneration rates.

Our consumers can also lend to corporations with attractive yields through our P2B lending product. Additionally, we have recently introduced other fixed income products and equity and multimarket funds, which enable our consumers to diversify their investment portfolio.

#### Our Small and Medium-Sized Businesses Platform
Our offerings for small and medium-sized businesses are designed to streamline financial operations for enterprises, offering several tools and features that cater to diverse business needs. These solutions encompass payments acceptance through a comprehensive merchant acquiring platform for online and brick-and-mortar businesses, as well as multiple financial and non-financial services.

*Acquiring & Banking*

We offer complete digital and physical payment solutions to businesses, allowing them to facilitate checkout and payment processes on their e-commerce websites or in-store. There are five primary channels that businesses can receive payments from consumers within our system using (1) a proprietary QR Code, (2) in-app, Pix or a payment link, (3) point-of-sale terminals owned by third-party merchant acquirer partners, (4) e-commerce captured through our online payment checkout (e-wallet) directly integrated with consumers' PicPay e-wallet, and (5) our own point-of-sale terminals. We believe that our platform offers comprehensive analytics and reporting features, allowing businesses to gain insights into their financial performance, track past transactions, and analyze consumer behavior. We believe that these data-driven insights empower our business customers to make informed decisions, optimize their operations, and tailor marketing strategies.

We intend to strengthen and grow our payments solutions suite for businesses. In 2023, we introduced key initiatives beginning with the roll-out of our own merchant acquiring platform, allowing PicPay to operate as a full merchant acquirer in order to capture, process and settle all card transactions done in app, eliminating our need to rely on other acquirers and driving more cost efficiencies upfront. We expect to grow our merchant acquiring capabilities for both online and in-store purchases and sign up with more sellers. In the first quarter of 2024, we launched our first POS solution in the Brazilian market, including Pix payments. We plan to expand our portfolio with Smart POS, mPOS (mobile point of sale) and Tap on Phone solutions, enhancing our commercial offerings.

Additionally, we are focused on leveraging and improving the user experience for our online checkouts to leverage our PicPay e-wallet usage and expanding adoption nationally by partnering with leading global companies such as Uber, Google Play, and AliPay (AliExpress, Kwai) and several other online sellers and online platforms across various categories. Our business ecosystem is still under development, and our relationships with these providers have not generated any material revenues.

We offer a comprehensive and holistic suite of solutions to empower businesses to conduct their operations more efficiently and seamlessly, such as business accounts, cards, prepayment options, and working capital solutions. We provide businesses with a dedicated digital wallet for day-to-day payments and banking transactions, which serves as a centralized hub for their financial activities. Businesses can manage transactions, track revenues, and simplify reconciliation, reducing administrative burden and ensuring financial data accuracy. We believe that our prepayment and working capital solutions help businesses to manage their cash flows, by funding their accounts in advance.

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Moreover, businesses are able to receive their consumers' receivables in advance as well as access credit lines for short-term liquidity. These solutions are either funded through our financial institution partners or with our own balance sheet, providing capital for expansion, inventory restocking or other growth initiatives.

*Corporate Benefits & Payroll*

We have entered the corporate benefits business as part of our services for businesses. This mainly includes providing corporate benefits cards to employees for meals, transportation and other benefits, as well as payroll advances and payroll accounts. These features offer advantages for both employees and employers on a single platform.

#### Audiences & Ecosystem Integration

In addition to the use cases that we directly monetize through the aforementioned products, we also have a business line exclusively dedicated to engagement within our ecosystem. Our PicPay Shop is an open e-Commerce platform that allows businesses to offer a wide range of products and services to our consumer base, including online shopping in-app or through our affiliate model that directs our consumers to our partners' websites, including Amazon, Shopee and AliExpress, which qualifies our consumers for a merchant funded cashback deposited directly in their digital wallet, increasing their engagement within our ecosystem.

Online shopping through PicPay has gained popularity, enabling consumers to make secure and convenient purchases from a wide range of affiliated stores totaling R$1.0 billion in GMV at the PicPay Shop for the nine months ended September 30, 2025, reflecting the trust of our consumers in PicPay as a preferred platform to procure products, services, and experiences.

With the purpose of increasing business engagement, we offer a platform that allows brands to deliver digital promotions to millions of consumers through our PicPay network, which includes several benefits for merchants, such as customer acquisition, re-engagement of old customers and promoting increased customer spending. Travel is also an engagement driver for our customers, combining exclusive deals and discounts with attractive payments and financing conditions, such as buy-now pay-later, credit card, and cross-selling other financial products, such as travel insurance.

#### Our Market and Trends in Our Favor

#### Overview
We currently operate in Brazil, a large and dynamic country with a total population of 213.4 million, according to the estimate provided by IBGE on August 28, 2025. Brazil's GDP is R$11.7 trillion, and household consumption is R$7.5 trillion, or 64% of GDP, all according to information provided by the IBGE as of December 31, 2024.

Despite the size of its economy and its relatively high penetration rate of internet and mobile connectivity, Brazil remains significantly underpenetrated with respect to financial services compared to developed economies and also has relatively low levels of household and corporate debt, with aggregate debt of 35% of its GDP as of December 2023, compared to more developed economies, such as the United States (73%) and Japan (66%), based on information provided by the International Monetary Fund.

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In summary, Brazil offers a conducive environment for disruptors, such as PicPay, due to its large population, expanding digital infrastructure, and continuously growing demand for financial services. The nation has a sizeable under-served population which presents a potential opportunity, while recent regulatory developments are positive for promoting innovation. Additionally, there is a strong culture of adopting digital solutions which further enhances Brazil's appeal as an attractive market for us.

#### Our Market Opportunity
Our addressable markets include various sectors, as further described under "Industry Overview." Based on internal data and public data, we estimate there will be a TAM with a net revenue pool of R$596 billion for the year 2026 for sectors within our consumers' ecosystem, including wallet and banking (R$20 billion), cards (R$184 billion), consumer loans (R$353 billion) and others, including insurance and investments (R$39 billion). We believe that we have the opportunity to penetrate in all of our businesses, since we are noting a substantial change in consumers' behavior in recent years, as they are increasingly adopting more digital solutions for their daily payments, as well as exploring new use cases regarding payments with a credit card as a source of funding and demanding more personalized loans and digitalized financial services with the purpose to improve their financial lives.

Regarding the TAM of our small and medium-sized businesses ecosystem, we estimate a net revenue pool of R$129 billion for 2026, as we expect to observe growth in services, such as SMB Banking, as well as in payment acceptance services, credit, and corporate benefit solutions, given a higher demand especially from SMBs that are increasingly demanding new financial and non-financial solutions to manage their businesses. We estimate that the net revenue pool for the SMB banking market will reach R$15 billion for 2026, while the corporate benefits market will reach R$10 billion for the same period. Also based on our internal estimates, the TAM of payment acceptance and businesses loan industry are expected to achieve, respectively, R$21 billion and R$83 billion for the same year.

We calculate our TAM by analyzing information of each of the following sectors in which we operate: wallet and banking, cards, consumer loans, insurance, investments, corporate benefits, payment acceptance and business loans. As an initial step to calculate TAM, we estimate the addressable market for each sector in terms of volume, as volume growth is a key driver of net revenue potential. Our estimates are based on a combination of publicly available information and internal data. Using our estimates of the total volume of our addressable markets, we can then calculate the potential net revenue of the addressable market for each sector. In order to do so, we make several assumptions, such as market adoption rates, pricing strategies and competitive dynamics, using both public and internal data. Our TAM is calculated as the aggregate of these net revenues.

We believe that this measure is helpful for investors since it offers a view of the market's potential scale and growth trajectory, which is essential for assessing our business's long-term viability and profitability. Moreover, we believe that the calculation of TAM enables investors to measure our market penetration and growth potential.

In addition, our strategic decisions must be informed by a clear understanding of the markets in which we operate in order to capture opportunities and increase our market penetration. We continuously monitor and update our TAM to reflect changes in the market landscape, with the aim of ensuring that our business strategies are aligned with current and future market opportunities. Our management uses TAM estimates to assess our penetration potential in each of the markets in which we operate. These estimates help us understand the size and opportunity of each market segment, providing a clear view of our growth and expansion potential across our different areas of operation.

For more information related to the assumptions and estimates used for our calculation of TAM for each segment see "Presentation of Financial and Other Information — Total Addressable Market" and "Business — Our Opportunity."

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#### Our Consumers
According to our internal data as of September 30, 2025, our consumer base primarily consists of a younger demographic, with an average age of 37 years. In addition, 86% of our consumers are lower-middle to low-income, and approximately 71% are located in the Southeastern and Northeastern regions of Brazil. We had approximately 1.4 million high-income consumers as of September 30, 2025, consisting of consumers with monthly gross income above R$15,000 and/or deposits/investments above R$40,000. Moreover, we also have a meaningful penetration amongst the more affluent demographic, with 3.7 million consumers with a monthly gross income above R$10,000, where we expect to enhance our value proposition with the new banking and investment products, and approximately 6.5 million consumers with a monthly gross income above R$5,000. The graphic below illustrates certain information about our consumers:

![](timage_pg46.jpg)

____________

(1) High income: monthly gross income above R$15,000 and/or deposits/investments above R$40,000. Upper-Middle Income: monthly gross income between R$4,000 to R$15,000. Lower-Middle & Low Income: monthly gross income between R$0 to R$4,000.

(2) Census (*Censo*) 2022 from IBGE.

We believe we are leading the digital transformation wave in Brazil, and we possess a national footprint, covering all demographic segments in Brazil. Our ecosystem was built to be a one-stop-shop, aiming to reach the highest number of Brazilians that have access to smartphones and internet, across all ages and social classes. In addition, we believe our strong traction with younger and tech-savvy consumers helps us to achieve higher retention and greater lifetime value (LTV), as we grow with our consumers throughout their lives while they accumulate wealth and reach certain milestones in lives that expand their financial needs.

#### Key Tailwinds

#### Increasing Digitization of Financial Services.
We believe that Brazil's growing digital landscape provides us with a significant growth opportunity, particularly in the instant payments category, which has been enhanced by Pix rails in recent years. According to information provided by ACI Worldwide, Brazil is expected to be the second largest country in terms of real-time payment transactions per individual per month by the end of 2027, reaching approximately 51.8 transactions per individual

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per month, only behind Bahrain (83.3 transactions per individual per month) and ahead of countries in which instant payments were launched and became widespread among the population years ago, such as India which launched the Unified Payments Interface (UPI) in 2016 and is expected to achieve an average number of 18.2 transactions per individual per month in 2027.

In terms of all real-time payments conducted globally and according to ACI Worldwide data, Brazil accounted for a 15% share by the end of 2022, second only to India, which achieved a 46% share. Additionally, Brazil is expected to have a CAGR of 31% from 2022 to 2027 in terms of the number of real-time payments. This is the highest growth rate compared to Latin America (29%), the Middle East, Africa and South Asia (21%), Asia Pacific (14%), Europe (21%), and North America (27%).

#### Favorable Regulatory Initiatives.
The COVID-19 pandemic in 2020 led to a significant shift in consumer behavior, when the interest in and adoption of digital accounts and financial platforms increased substantially. According to information provided by the Brazilian Central Bank, the average banking relationships, or number of bank accounts, per individual in Brazil reached 6.0 at the end of 2023, which almost tripled over the last ten years, when Brazilians had an average number of 2.1 accounts per individual. This trend is indicative of a strong tailwind driving the expansion of Open Finance coverage among Brazilians. Since the launch of Open Finance in 2021 as one of the key regulatory initiatives developed by the Brazilian Central Bank to improve consumers' banking experience, we are experiencing a more innovative environment as financial institutions start to provide a wide range of new products and solutions. We are positioned to capture this opportunity as, at the end of September 2025, according to data available from Open Finance (openfinancebrasil.org), we were the third largest Open Finance player in terms of active consents, reaching 12.3%, behind Nubank (22.3%) and Mercado Pago (13.0%).

As part of the Brazilian Central Bank's agenda of innovation, payment initiation is key to enhancing digitization and fostering engagement among consumers. It allows third-party providers to initiate payments on behalf of consumers, making it easier for them to transfer funds and make payments using different financial services providers without having to switch between different mobile apps and bank accounts, reducing time and friction (for further details, see "Business — Our Products and Solutions — Businesses Ecosystem — Direct Message). We started operating as a payment initiator in February 2023, providing the ability to complete Pix transactions from other financial institutions through our Account Aggregator. We have observed that transactions initiated by PicPay are growing, which we believe allows us to increase overall spending across both financial and non-financial products and services offered through our open platform.

#### Our Strengths and Competitive Advantages.
As a result of our unique approach and scale, we believe we are favorably positioned to continue to grow our business with attractive unit economics and expand our addressable market. We expect that our competitive advantages will continue to strengthen as we scale further and compound over time on the back of our large consumer base, our broad product offering and holistic ecosystem. We believe that the keys to our success are based on the main factors described below.

#### Significant Scale of Customer Base.
Our open platform approach combined with a multitude of cash-in (funding) sources and cash-out (payments) methods has allowed us to become one of the largest day-to-day payments apps in Brazil according to the Brazilian Central Bank. We believe that the scale of both our consumer and business customer base provides a sizable opportunity for up-selling and cross-selling our products and services. Our scale also enables us to establish favorable partnerships with financial institutions to provide attractive pricing for our consumers.

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#### Our Unique Wallet and Banking Business Model.
We have a unique and scaled wallet and banking business model, providing a complete hub for day-to-day payments, offering a wide range of payment use cases (bills, Pix, P2P, P2M, top ups) and a multitude of sources of funds, such as account balance, credit cards, payment initiation and buy now, pay later, for both consumers and businesses, allowing us to (i) use our complete wallet to add new users with a very low cost to acquire and serve, and (ii) increase customer engagement and collect substantial critical financial and non-financial data, helping us to cross-sell and upsell new products and services, such as credit products (i.e. PicPay credit cards, collateralized and unsecured loans, BNPL, among others). We collect a massive amount of data from our consumers and businesses through our day-to-day payment app, for example, types of credit cards registered on file (multiple categories), average ticket of payment transactions, source of funds used to pay transactions, deposits, investments, bill payments (utilities, credit card invoices, taxes, consumer bills), among others, in combination with our Open Finance capabilities — such as our account aggregator product, where we consolidate in app all other banking accounts from institutions that our consumers have a relationship with.

We ended the third fiscal quarter of 2025 with 42 million quarterly active consumers in our ecosystem and approximately 52 million credit cards registered on file, capturing a total Wallet and Banking TPV of R$127 billion, with an average monthly cash-in of R$42 billion, R$27 billion in deposits (comprised of the sum of "user balance — payment accounts" and "user balance — CDB" from third-party funds in our consolidated financial statements) as of September 30, 2025, and 11% of Pix coverage (which takes into consideration Pix transactions where PicPay was the sending or receiving account for another financial institution and excludes transactions between PicPay accounts), in terms of number of transactions in September 2025. We have presence in almost 100% of all Brazilian municipalities, being present in 5,568 municipalities as of May 16, 2024, according to internal data we collect from our customers, out of a total 5,570 municipalities, based on IBGE's data for 2022. Additionally, our PicPay app has been installed on 37.4 million Android phones in Brazil as of September 30, 2025, according to Data.ai, a Sensor Tower Company, out of an estimated 128.1 million smartphones used in Brazil, according to Android.com, meaning at least one in four Android phones in Brazil has the PicPay app installed.

Our Wallet and Banking business unit is the foundation of our business model, being the main engine for our business diversification strategy leveraging complementary new businesses and services, mainly (i) our own digital banking business, offering digital credit products such as PicPay credit cards, BNPL, consumer loans and collateralized products such as FGTS, public and private payroll loans, investment products such as CDBs issued by PicPay Bank, investment funds and other fixed income alternatives through the PicPay Invest platform, and also distributing other products and services from third-party partners such as insurance and (ii) our small and medium-sized businesses' ecosystem, which was designed to make the lives of millions of entrepreneurs easier through a wide range of products and services, such as payment acceptance (Pix via QR Code, payment slips, POS terminals, smart POS, payment links, and online checkouts for the e-commerce), as well as payment tools including Pix and payment assistant and other banking and credit products, such as a small and medium-sized businesses' digital account (which can be linked through the Account Aggregator for entrepreneurs who also have a consumer account), prepayment of credit card receivables (including receivables captured by other acquirers), and working capital and other similar credit lines.

We believe that our scaled and widely adopted digital wallet is a unique asset compared to other relevant digital challengers, and puts us in a unique position to diversify our business model and to accelerate digital financial services distribution for both consumers and sellers.

#### Our One-Stop -Shop Model.
We believe that we offer a holistic financial platform that is designed to address the daily financial, shopping and communication needs of our consumers, connecting them to each other and to businesses and third-party financial institutions through a simple, intuitive and seamless platform that leverages social features and user experience. By being a one-stop shop for our consumers, we believe that we position ourselves in all stages of their daily lives, boosting engagement, retention and cross-selling opportunities while improving user experience.

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![](timage_pg49.jpg)

#### Our Strong Brand Recognition.
We believe we have built a well-known brand in Brazil. In the financial institutions market, our brand was known by 97% of banked Brazilian adults belonging to the high, upper-middle, and lower-middle income brackets, based on an August 2025 brand tracking study commissioned by us and conducted by IPSOS, a global market research company. Additionally, we were honored to be recognized as the best digital bank in Brazil through a popular vote conducted by the general public during the annual iBest Awards 2024, held in February 2025. The criteria considered in this vote are the following: digital metrics (engagement, impressions, growth); content suitability and quality; audience mobilization; technical evaluation by academy experts; relevance and impact in the sector; and history and performance in previous phases. The iBest Awards is a reputable digital excellence awards in Brazil, aiming to identify and reward the best players of the Brazilian online ecosystem across various online and innovation categories. This recognition not only validates our value proposition but also highlights our commitment to consistently delivering innovative and customer-centric solutions.

#### Our Powerful Network Effects.
We believe that our platform benefits from strong network effects: as more consumers join our app, it becomes more attractive for businesses, and as more businesses join it, the perception of value proposition for consumers increases. This mutually reinforcing dynamic fuels accelerated growth of our consumer and business customer base at low costs and driving higher engagement and retention. The two-sided nature of our ecosystem is complementary with each side reinforcing the growth of the other side, building a virtuous value cycle for both consumers and businesses, who are drawn to our platform's convenience. As more consumers join the platform, more businesses and third-party financial institutions are incentivized to come onboard, which further attracts more consumers. Furthermore, we believe our social network drives user engagement by allowing consumers to connect, interact, and transact with friends, families, and businesses. We believe this reinforces the flywheel effect, as more consumers join the social network, it becomes increasingly valuable to each participant, and motivates them to bring their contacts into the ecosystem.

#### Our Differentiated Approach to Product Development.
We believe that our decentralized organizational structure and playbook of product development enables us to launch and scale new products and services faster than our peers. PicPay is structured into different business units, in which each unit has full responsibility, autonomy and dedicated squads to run its business on a day-to-day basis, prioritizing the

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launch of products and services aligned with our corporate strategy, while at the same time being committed to driving increased profitability for the overall company. The chart below shows the evolution of products and services launched since 2021:

![](timage_pg50.jpg)

#### Our Innovative Technology.
We leverage cutting-edge proprietary technology, including AI-driven models, robust security features, and a user-friendly interface, intended to continually enhance the user experience and maintain our competitive edge. Our approach also allows us to embrace new technologies, such as instant payments (P2P, Pix and P2M) and Open Finance without any conflicts of interest. We process many types of transactions, including Pix, which processes over 20,000 payments every minute from the approximately 89 million Pix keys registered on PicPay as of September 30, 2025.

#### Our World-Class Management Team.
We believe that we have attracted highly talented and experienced executives from the most successful companies across payments, banking, e-commerce, and technology, who have brought deep expertise and creative ideas in technology development, data analytics, product design, branding, business and people management, corporate strategy and credit underwriting, and are closely aligned with our mission and vision. This is supported by a robust governance structure, consisting of executive committees, including risk, compliance, ethics, anti-money laundering, data security and privacy committees.

***We believe that our*** team boasts a deep understanding of the technology and financial services landscape, enabling us to identify strategic acquisition targets that align with our products and services portfolio.

#### Our Advantaged Unit Economics.
We believe that we operate with favorable unit economics, as evidenced by our ability to recover our consumer acquisition costs, or "CAC," with cumulative contribution margins, which is the incremental result we generate from our consumers after deducting the costs we incur from their transactions on a cumulative basis, in 9 months on average, while continuing to expand revenue and contribution margins significantly thereafter. We believe our favorable payback dynamics and strong revenue retention rates are supported by our ability to deliver high consumer engagement, low churn, and the strong ability to scale and monetize new products and services.

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Additionally, we have been able to maintain our average cost to serve per quarterly active client at low levels (R$5.9, or US$1.1, on a monthly basis, based on the *real*/U.S. dollar exchange rate of R$5.3186 per US$1.00 as of September 30, 2025). This is due to our ability to scale our platform and leverage sustainable cost advantages.

#### Our Vision for the Future
Our growth strategy is centered on a multi-faceted approach designed to solidify our position as a leading financial services platform in Brazil. We believe that through the initiatives below, we are poised for sustainable growth and are confident in our ability to create long-term value for our investors and stakeholders.

#### Grow within our consumers' financial lives.
By adding new products and services to our platform and using our digital wallet to access millions of consumers, we bring more usage with product depth, and our app becomes part of our consumers' daily routine. During the last 12 months, we launched, on average, one product per month, driving higher engagement and decreasing the average time our consumers take to adopt more products. As we further improve our platform and user experience, and expand our ecosystem by introducing new products and services, not only do older cohorts increase the adoption of new products and services, but new cohorts onboard at more mature levels and adopt new products and services faster.

#### Business diversification.
We are continuously expanding our portfolio of products and services with the goal of becoming the primary financial partner for our individual and business clients, who use our platform daily to make payments, save, invest, access credit, shop, and manage their financial activities. We began as a digital wallet, offering fully digital payment solutions that enabled consumers to make instant transfers and payment, including the ability to use credit cards as a funding source, unlocking new use cases for credit cards among Brazilian consumers.

On top of a consolidated digital wallet, which we view as a powerful data-collection machine due to its transactional robustness and the insights it provides into our consumers' transactional behavior, we are diversifying our business into a broader ecosystem. We have expanded our financial services offerings, through a fully digitalized suite of credit cards, loans, insurance and investment products. In addition, we are broadening our non-financial services through our Audiences and Ecosystem integration segment, creating greater engagement and monetization opportunities for both individual and business clients, with a particular focus on e-commerce and solutions for everyday life.

Finally, we are expanding our SMB businesses, delivering the same seamless experience we provided to individuals, through tailored solutions such as wallet and banking services, as well as credit solutions such as credit card and prepayment of receivables.

#### Continuously improving our financial services platform.
We are actively expanding our network of partners, by forging strategic alliances with banks, financial institutions, and investors. In tandem with partner expansion, we expect to increase the share of PicPay credit proprietary products (PicPay credit card, personal loans, secured loans, among others) in our digital wallet amongst our consumers. The low penetration of our own credit products presents an opportunity for us to enhance the PicPay Card, BNPL, personal loans and secured loans on our open platform and engage our consumer base. As we evolved in our strategy from a digital wallet to a broader platform, we observed that our own credit products were crucial for consumer engagement and are key products to drive growth and profitability in our ecosystem. Accordingly, we decided to adopt a multi-funding strategy approach for our financial services marketplace, including "on balance" credit for core and selected products, such as PicPay credit cards, personal and secured loans, which accelerated our move to fully internalize our credit operations, including origination, underwriting, collection, and consumer support. We began originating loans on our balance sheet in October 2023, and the PicPay credit card portfolio was transferred to PicPay from Banco Original in January 2024, fully internalizing our credit card operations at the start of 2024. We believe that by offering our own products and increasing credit exposure to selected consumers and businesses, we foster the growth of our entire ecosystem and significantly improve engagement within our app, expand up-selling and cross-selling opportunities, which should enhance our unit economics.

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#### Principality.
Our strategic vision includes a clear commitment to becoming our consumers' primary financial services platform, and we believe our consumers are increasingly choosing PicPay as their primary financial services provider relationship as they become more comfortable with our solutions and user experience, increasing engagement and usage of our products. As of September 30, 2025, an average of 32% of our quarterly active consumers use PicPay as their primary financial services platform, and we aim to grow this level of engagement over the next few years. We consider ourselves to be the primary financial services provider relationship for those of our quarterly active consumers who have: (1) deposited at least 50% of their post-tax monthly income into their PicPay digital wallet; (2) utilized at least 50% of their drawdown credit card limit in the market on our platform; or (3) invested at least three times their post-tax monthly income in any of our investment products.

#### Customized and personalized approach.
We aim to have a more comprehensive and tailored portfolio of products and services, further enhancing our value proposition beyond the digital wallet and day-to-day payments services, becoming a much broader and deeper two-sided financial ecosystem. We have moved from a one size fits all approach to more targeted and personalized marketing communication and product offerings by analyzing and understanding the financial needs of the various segments of our consumer base. In line with this approach, we are investing in new ads to enhance brand awareness, communicate our new positioning and deliver a more target value proposition.

#### Open Finance and instant payments.
We continue to strengthen our core strategy to embrace Open Finance and instant payments as independent partners to our consumer and business customers. By focusing on providing the best user experience and transparency, we are committed to leveraging these core principles not only to revolutionize the way consumers and businesses manage their finances, but also to become their financial services platform of choice capable of centralizing all their financial activities in a single hub and having our consumers' best interests at heart. As of September 30, 2025, PicPay has one of the highest market shares for Open Finance and Pix adoption, with a market share of 12.3% of consumer consents (i.e. consents received from consumers to share their data with PicPay) and 11% of Pix coverage as of September 30, 2025, according to information provided by the Brazilian Central Bank.

#### Accretive Inorganic Growth Opportunities.
We intend to accelerate our growth by acquiring companies that will expand our product portfolio, improve our capabilities, increase our presence along the value chain or shorten our path to new markets. For instance, our acquisition of Guiabolso accelerated our entry into Open Finance, bringing new technology and expertise to position us as one of the leading players in the market. In February 2023, we acquired BX Blue, a digital marketplace focused on public payroll loans, enabling us to enter a new industry vertical for collateralized products and helping to further diversify our credit portfolio.

Building on this strategy, in September 2025 we signed an agreement to acquire Kovr Participações S.A., a Brazilian company operating in the insurance, capitalization and pension fund segments. Kovr develops and distributes a wide range of insurance products at scale, including life, personal accident, directors and officers ("D&O") and errors and omissions ("E&O") insurance, surety, affinity, and travel insurance, among others. Kovr's capitalization business offers financial products that allow customers to save while making philanthropic donations and competing for cash prizes, whereas its pension fund business focuses on financial assistance and long-term saving solutions.

The Kovr acquisition unlocks several new opportunities for PicPay, such as the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Product development:* faster ability to create and launch from scratch digital insurance products in the market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Increasing economics:* access to additional insurer margin over written premium sold through PicPay's channels with Kovr, as well as the migration of all other products from current insurers partners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Additional revenue streams:* growing our insurance footprint by utilizing Kovr's broader partner network, which currently drives most of Kovr's overall revenue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Seasoned executive team:* proven track record of Kovr executives that will remain operating the business on an independent structure.

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The acquisition of Kovr is subject to certain conditions precedent, including regulatory approval. Furthermore, the sellers of Kovr acquired the majority of their interest in Kovr from a subsidiary of Banco Master a short time before we entered into the agreement to acquire Kovr. Banco Master is currently undergoing extrajudicial liquidation. See "Risk Factors — Risks Relating to Our Business and Industry — Any acquisitions, partnerships, joint ventures or divestitures that we consummate, such as the Guiabolso acquisition, the BX acquisition and the Kovr Acquisition, could disrupt our business and harm our financial condition."

#### Recent Developments
***On November 17, 2025, PicPay Bank completed the issuance of four series of nominative, book***-entry ***and non***-convertible ***Tier 2 Subordinated Debt, all with a fixed interest rate of 17.69% per annum and without early redemption provision, which were duly registered with the Brazilian stock exchange (B3). The nominal amount issued totaled R$501.6 million, with maturities between December 28, 2033 and December 28, 2039.***

***On November 25, 2025, J&F International invested R$360.0 million in PicPay Netherlands without the issuance of new shares. On the same day, PicPay Netherlands invested the same amount in PicS Ltd., without the issuance of new shares, and PicS Ltd. invested the same amount in PicS Holding, through the issuance and subscription of 360,000,000 quotas, all nominative and with a par value of R$1.00 each.***

***On November 26, 2025, we approved a disproportional partial spin***-off ***of PicS Holding, which involved the transfer of equity in the amount of R$360.0 million to J&F Participações S.A. As a result, J&F Participações S.A. no longer holds a direct interest in PicS Holding. Following the completion of this transaction, PicS Ltd. became the holder of 100% of the share capital of PicS Holding.***

On December 10, 2025, and December 19, 2025, through our subsidiary PicPay Bank, we entered into certain non-recourse credit rights assignment agreements with J&F S.A. for the acquisition of credit rights held against certain electric power distributors arising from the sale of electric power by J&F subsidiaries, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on December 10, 2025, Mauá III assigned receivables in the total amount of R$1,097 million, with an annual discount rate of 19.86%, for a total purchase price of R$581 million; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on December 19, 2025, Âmbar Energia assigned receivables in the total amount of R$376 million, with an annual discount rate of 19.11%, for a total purchase price of R$325 million.

These agreements provide for the full, irrevocable and irreversible transfer of such credit rights to PicPay Bank, including all related ancillary rights and guarantees. These agreements establish provisions for the reimbursement of amounts to PicPay Bank in the event of disqualification of the credits, as well as specific conditions for the collection, settlement, and transfer of any excess amounts to J&F S.A.

A credit against J&F was recorded on PicPay's December balance sheet at the amount of the purchase price of the receivables. The value of this asset will change over time due to the accrual of interest and the receipt of the proceeds from the credit rights. The credit rights acquired by PicPay are credits that the power generation companies (Ambar and Mauá III, both J&F subsidiaries and related parties) will have against the power distributors as a result of the delivery of electric power to the distributors. They entitle PicPay to receive the payment from the electric power distributors at the due date of the receivables.

***On December 22, 2025, PicPay Bank invested R$100.0 million in FIDC Somacred Vega Sicilia Assistência Financeira. FIDC Somacred Vega Sicilia Assistência Financeira invests in receivables arising from the financial assistance product, which is an advance taken by customers on future withdrawals from their pension plans, originated by Kovr Previdência. PicPay Bank holds approximately 85% of the total outstanding equity capital (quotas) of FIDC Somacred Vega Sicilia Assistência Financeira, represented by senior quotas. The subordinated quotas, equivalent to approximately 5% of the total outstanding quotas, and Mezzanine quotas, equivalent to approximately 10% of the total outstanding quotas, are held by third parties. We expect that additional senior quotas of this FIDC will be offered to third***-party ***investors as well.***

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On December, 29, 2025, the Executive Committee of Picpay Bank approved the initiation of the process to constitute a second FIDC with the purpose of acquiring receivables from FGTS consumer loans that we generate in a similar structure and terms to the existing FIDC FGTS created in December 2024. Our goal with the second FDIC FGTS is to generate funding for the growth of our credit portfolio. We expect to complete the establishment and placement of the senior quotas of the second FIDC FGTS during the first quarter of 2026, subject to market conditions.

#### Selected Preliminary Estimated Results for Fourth Quarter 2025 and Full Year 2025
The following section contains our selected preliminary estimated results relating to certain financial information as of and for the three-month period and year ended December 31, 2025. This information is preliminary and has not been audited or reviewed by our independent auditors. Our actual results as of and for the three-month period and year ended December 31, 2025, may vary from these selected preliminary estimated results and will not be finalized until after we close this offering. Therefore, our financial statements as of and for December 31, 2025 are not available. Factors that could cause actual results to differ from those described below are set forth in "Risk Factors" and "Cautionary Statement Regarding Forward-Looking Statements" in this prospectus.

*Three-Month Period Ended December 31, 2025, Compared to Three-Month Period Ended December 31, 2024*

---

| | | | |
|:---|:---|:---|:---|
|  | **For the three-month period ended <br>December 31,** | **For the three-month period ended <br>December 31,** | **For the three-month period ended <br>December 31,** |
|  | **2025<sup>(1)</sup>** | **2024** | **Variation** |
|  | ***(in millions of R$)*** | ***(in millions of R$)*** | ***(%)*** |
|  Total revenue and financial income | 2810.9 | 1786.3 | 57.4**%** |
|  Profit (loss) before income taxes | (80.1) | 62.8 | n.m. |
|  Profit for the period | 675.9 | 79.8 | 747.0**%** |
|  Adjusted Gross Profit<sup>(2)</sup> | 965.3 | 731.9 | **31.9%** |
|  Adjusted Profit Before Income Taxes<sup>(3)</sup> | 204.3 | 62.8 | **225.6%** |
|  Adjusted Profit<sup>(4)</sup> | 135.9 | 79.8 | **70.3%** |

---

____________

n.m. = not meaningful.

(1) Preliminary estimates relating to this financial information relate to the midpoint range of our management's estimates, except for the adjustments to profit before income taxes and profit for the period, for which an expected value, subject to variation, is shown but no range is given.

(2) For a reconciliation of Adjusted Gross Profit to profit before income taxes, see "— Adjusted Gross Profit."

(3) For a reconciliation of Adjusted Profit Before Income Taxes to profit before income taxes, see "— Adjusted Profit Before Income Taxes."

(4) For a reconciliation of Adjusted Profit to financial income, see "— Adjusted Profit."

We expect our Total revenue and financial income to be between R$2,738.9 million and R$2,883.0 million for the three-month period ended December 31, 2025, representing an expected increase ranging between R$952.6 million and R$1,096.7 million compared to R$1,786.3 million for the three-month period ended December 31, 2024.

We expect our loss before income taxes to be between R$75.8 million and R$84.3 million for the three-month period ended December 31, 2025, compared to a profit before income taxes of R$62.8 million for the three-month period ended December 31, 2024.

We expect our Profit for the period to be between R$640.3 million and R$711.5 million for the three-month period ended December 31, 2025, representing an expected increase ranging between R$560.5 million and R$631.7 million compared to R$79.8 million for the three-month period ended December 31, 2024.

We expect our Adjusted Gross Profit, a Non-IFRS Accounting Standards Measure, to be between R$940.5 million and R$990.0 million for the three-month period ended December 31, 2025, representing an expected increase ranging between R$208.6 million and R$258.1 million compared to R$731.9 million for the three-month period ended December 31, 2024.

We expect our Adjusted Profit Before Income Taxes, a Non-IFRS Accounting Standards Measure, to be between R$193.5 million and R$215.0 million for the three-month period ended December 31, 2025, representing an expected increase ranging between R$130.7 million and R$152.2 million compared to R$62.8 million for the three-month period ended December 31, 2024.

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We expect our Adjusted Profit, a Non-IFRS Accounting Standards Measure, to be between R$128.7 million and R$143.0 million for the three-month period ended December 31, 2025, representing an expected increase ranging between R$48.9 million and R$63.2 million compared to R$79.8 million for the three-month period ended December 31, 2024.

<u><u>Adjusted Gross Profit</u></u>

We calculate Adjusted Gross Profit as our Profit before income taxes, adjusted to exclude the following items of income and expense which are not variable expenses that fluctuate with payment and lending volume levels and with the sale of our products and services: (i) technology expenses; (ii) marketing expenses; (iii) personnel expenses; (iv) administrative expenses; (v) depreciation and amortization; (vi) other expenses; and (vii) other income. We consider Adjusted Gross Profit to be a performance measure. However, Adjusted Gross Profit is not a measure under IFRS Accounting Standards and should not be considered as a substitute for Profit (loss) for the period or any other measure of operating performance determined in accordance with IFRS Accounting Standards. For more information, see "Presentation of Financial and Other Information — Non-IFRS Accounting Standards Measures."

The following table sets forth a reconciliation of Adjusted Gross Profit to our Profit before income taxes for the periods shown:

---

| | | |
|:---|:---|:---|
|  | **For the three-month period ended <br>December 31,** | **For the three-month period ended <br>December 31,** |
|  | **2025<sup>(1)</sup>** | **2024** |
|  | **(*in millions of R$*)** | **(*in millions of R$*)** |
|  **Profit before income taxes** | **(80.1)** | **62.8** |
|  Adjustments: |  |  |
|  Technology expenses | 132.0 | 127.0 |
|  Marketing expenses | 69.6 | 106.7 |
|  Personnel expenses | 581.6 | 304.4 |
|  Administrative expenses | 153.1 | 60.5 |
|  Depreciation and amortization | 105.3 | 85.3 |
|  **Other expenses** | 25.2 | 4.6 |
|  **Other income** | (21.4) | (19.3) |
|  **Adjusted Gross Profit** | **965.3** | **731.9** |

---

____________

n.m. = not meaningful.

(1) Preliminary estimates relating to this financial information relate to the midpoint range of our management's estimates.

<u>Adjusted Profit Before Income Taxes</u>

We calculate Adjusted Profit Before Income Taxes as our Profit Before Income Taxes, adjusted to include or exclude certain non-recurring and/or non-cash items of income and expense, such as: (i) initial recognition of share-based long-term incentive plan expenses; and (ii) expenses related to one-time provisions for contingencies. Our management believes this measure along with comparable IFRS Accounting Standards measure, provides a meaningful view of our underlying operating performance. A Non-IFRS Accounting Standards measure is generally defined as one that purports to measure financial performance but excludes or includes amounts that would not be so adjusted in the most comparable IFRS Accounting Standards measure.

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The following table sets forth a reconciliation of Adjusted Profit Before Income Taxes to our Profit before income taxes for the periods shown:

---

| | | |
|:---|:---|:---|
|  | **For the three-month period <br>ended December 31,** | **For the three-month period <br>ended December 31,** |
|  | **2025<sup>(1)</sup>** | **2024** |
|  | **(*in millions of R$*)** | **(*in millions of R$*)** |
|  **Profit before income taxes** | **(80.1)** | **62.8** |
|  Adjustments: |  |  |
|  Expenses related to share-based long-term incentive plan<sup>(2)</sup> | 232.0 |  |
|  Expenses related to provisions for contingencies<sup>(3)</sup> | 67.3 |  |
|  **Adjusted Profit Before Income Taxes** | **204.3** | **62.8** |

---

____________

n.m. = not meaningful.

(1) Preliminary estimates relating to this financial information relate to the midpoint range of our management's estimates, except for the adjustments to profit before income taxes and profit for the period, for which an expected value, subject to variation, is shown but no range is given.

(2) Refers to the recognition of estimated non-cash expenses in the amount of R$232.0 million related to one-time initial expenses of the share-based long-term incentive plan as a result of this offering. This initial recognition of LTIP expenses results from the imminent expectation of the initial public offering, and is not expected to recur in the future. The actual financial impact of this recognition is dependent on the ultimate pricing of this offering and will therefore vary in accordance therewith.

(3) Refers to the recognition of estimated expenses related to the establishment of provisions for the following contingencies: (i) estimated expenses in the amount of R$33.5 million related to labor taxes payable on bonuses awarded for employee performance in 2023 and 2024 for which our assessment of the expected outcome has been updated; and (ii) estimated expenses in the amount of R$33.7 million related to Contribution for Intervention in the Economic Domain ("CIDE") dispute for which our assessment of the expected outcome has been updated. From the total amount of this provision, R$28.1 million corresponds to years prior to 2025 and R$5.6 million corresponds to 2025. CIDE is a Brazilian federal levy designed to fund government initiatives that regulate, promote, or develop specific sectors of the economy. We do not expect provisions for these contingencies to recur in the future, as the practices that gave rise to the contingencies have been discontinued.

<u><u>Adjusted Profit</u></u>

We calculate Adjusted Profit as our profit for the period/year, adjusted to include or exclude certain non-recurring and/or non-cash items of income and expense, such as: (i) initial recognition of share-based long-term incentive plan expenses; (ii) expenses related to one-time provision for contingencies; and (iii) initial recognition of certain tax assets. Our management believes this measure, along with comparable IFRS Accounting Standards measure, provides a meaningful view of our underlying operating performance. However, Adjusted Profit is not a measure under IFRS Accounting Standards and should not be considered as a substitute for profit before taxes for the period/year or any other measure of operating performance determined in accordance with IFRS Accounting Standards.

The following table sets forth a reconciliation of Adjusted Profit to our profit for the periods shown:

---

| | | |
|:---|:---|:---|
|  | **For the three-month <br>period ended December 31,** | **For the three-month <br>period ended December 31,** |
|  | **2025<sup>(1)</sup>** | **2024** |
|  | **(*in millions of R$*)** | **(*in millions of R$*)** |
|  **Profit for the period** | **675.9** | **79.8** |
|  Adjustments: |  |  |
|  Expenses related to share-based long-term incentive plan<sup>(2)</sup> | 153.1 |  |
|  Expenses related to provision for contingencies<sup>(3)</sup> | 51.0 |  |
|  Recognition of deferred tax assets<sup>(4)</sup> | (772.6) |  |
|  **Adjusted Profit** | **135.9** | **79.8** |

---

____________

n.m. = not meaningful.

(1) Preliminary estimates relating to this financial information relate to the midpoint range of our management's estimates, except for the adjustments to profit before income taxes and profit for the period, for which an expected value, subject to variation, is shown but no range is given.

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(2) Refers to the recognition of estimated after-tax non-cash expenses in the amount of R$153.1 million related to one-time initial expenses of the share-based long-term incentive plan as a result of this offering. This initial recognition of LTIP expenses results from the imminent expectation of the initial public offering, and is not expected to recur in the future. The actual financial impact of this recognition is dependent on the ultimate pricing of this offering and will therefore vary in accordance therewith.

(3) Refers to the recognition of estimated expenses related to the establishment of provisions for the following contingencies: (i) estimated expenses in the after-tax amount of R$24.4 million related to unpaid labor taxes on bonuses awarded for employee performance in 2023 and 2024 for which our assessment of the expected outcome has been updated; and (ii) estimated expenses in the amount of R$26.6 million related to Contribution for Intervention in the Economic Domain ("CIDE"), a dispute for which our assessment of the expected outcome has been updated. From the total after-tax amount of this provision, R$22.1 million corresponds to years prior to 2025 and R$4.5 million corresponds to 2025. CIDE is a Brazilian federal levy designed to fund government initiatives that regulate, promote, or develop specific sectors of the economy. We do not expect provisions for these contingencies to recur in the future, as the practices that gave rise to the contingencies have been discontinued.

(4) Refers to the recognition of previously unrecognized estimated deferred tax assets in the amount of R$772.6 million based on expectations that Picpay Payment Institution will generate sufficient taxable profit in the future against which the asset can be realized. We do not expect the recognition of a previously unrecognized material DTA to recur in the future.

*Year Ended December 31, 2025, Compared to Year Ended December 31, 2024*

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **2025<sup>(1)</sup>** | **2024** | **Variation** |
|  | ***(in millions of R$)*** | ***(in millions of R$)*** | ***(%)*** |
|  Total revenue and financial income | 9760.7 | 5570.1 | 75.2% |
|  Profit before income taxes | 220.1 | 346.0 | (36.4)% |
|  Profit for the year | 958.0 | 251.8 | 280.5% |
|  Adjusted Gross Profit | 3405.7 | 2750.8 | 23.8% |
|  Adjusted Profit Before Income Taxes | 504.5 | 346.0 | 45.8% |
|  Adjusted Profit for the Year | 418.0 | 251.8 | 66.0% |

---

____________

(1) Preliminary estimates relating to this financial information relate to the midpoint range of our management's estimates, except for the adjustments to profit before income taxes and profit for the period, for which an expected value, subject to variation, is shown but no range is given.

We expect our total revenue and financial income to be between R$9,510.5 million and R$10,011.0 million for the year ended December 31, 2025, representing an expected increase ranging between R$3,940.4 million and R$4,440.9 million compared to R$5,570.1 million for the year ended December 31, 2024.

We expect our profit before income taxes to be between R$208.6 million and R$231.7 million for the year ended December 31, 2025, representing an expected decrease ranging between R$137.4 million and R$114.3 million compared to R$346.0 million for the year ended December 31, 2024.

We expect our profit for the year to be between R$907.6 million and R$1,008.5 million for the year ended December 31, 2025, representing an expected increase ranging between R$655.8 million and R$756.7 million compared to R$251.8 million for the year ended December 31, 2024.

We expect our Adjusted Gross Profit, a Non-IFRS Accounting Standards Measure, to be between R$3,318.4 million and R$3,493.0 million for the year ended December 31, 2025, representing an expected increase ranging between R$567.6 million and R$742.2 million compared to R$2,750.8 million for the year ended December 31, 2024.

We expect our Adjusted Profit Before Income Taxes, a Non-IFRS Accounting Standards Measure, to be between R$477.9 million and R$531.0 million for the year ended December 31, 2025, representing an expected increase ranging between R$131.9 million and R$185.0 million compared to R$346.0 million for the year ended December 31, 2024.

We expect our Adjusted Profit for the Year, a Non-IFRS Accounting Standards Measure, to be between R$396.0 million and R$440.0 million for the year ended December 31, 2025, representing an expected increase ranging between R$144.2 million and R$188.2 million compared to R$251.8 million for the year ended December 31, 2024.

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<u><u>Adjusted Gross Profit</u></u>

We calculate Adjusted Gross Profit as our Profit before income taxes, adjusted to exclude the following items of income and expense which are not variable expenses that fluctuate with payment and lending volume levels and with the sale of our products and services: (i) technology expenses; (ii) marketing expenses; (iii) personnel expenses; (iv) administrative expenses; (v) depreciation and amortization; (vi) other expenses; and (vii) other income. A Non-IFRS Accounting Standards measure is generally defined as one that purports to measure financial performance but excludes or includes amounts that would not be so adjusted in the most comparable IFRS Accounting Standards measure.

The following table sets forth a reconciliation of Adjusted Gross Profit to our Profit before income taxes for the periods shown:

---

| | | |
|:---|:---|:---|
|  | **For the year ended <br>December 31,** | **For the year ended <br>December 31,** |
|  | **2025<sup>(1)</sup>** | **2024** |
|  | **(*in millions of R$*)** | **(*in millions of R$*)** |
|  **Profit before income taxes** | **220.1** | **346.0** |
|  Adjustments: |  |  |
|  Technology expenses | 505.3 | 508.6 |
|  Marketing expenses | 397.2 | 333.2 |
|  Personnel expenses | 1456.9 | 1090.8 |
|  Administrative expenses | 417.9 | 234.4 |
|  **Depreciation and amortization** | 425.3 | 292.9 |
|  **Other expenses** | 76.0 | 33.0 |
|  **Other income** | (93.0) | (88.2) |
|  **Adjusted Gross Profit** | **3405.7** | **2750.8** |

---

____________

(1) Preliminary estimates relating to this financial information relate to the midpoint range of our management's estimates, except for the adjustments to profit before income taxes and profit for the period, for which an expected value, subject to variation, is shown but no range is given.

<u>Adjusted Profit Before Income Taxes</u>

We calculate Adjusted Profit Before Income Taxes as our profit before income taxes, adjusted to include or exclude certain non-recurring and/or non-cash items of income and expense, such as: (i) initial recognition of share-based long-term incentive plan expenses; and (ii) expenses related to one-time provision for contingencies. Our management believes this measure, along with comparable IFRS Accounting Standards measure, provides a meaningful view of our underlying operating performance. However, Adjusted Profit Before Taxes is not a measure under IFRS Accounting Standards and should not be considered as a substitute for profit before taxes for the period/year or any other measure of operating performance determined in accordance with IFRS Accounting Standards.

The following table sets forth a reconciliation of Adjusted Profit Before Income Taxes to our Profit before income taxes for the years shown:

---

| | | |
|:---|:---|:---|
|  | **For the year ended <br>December 31,** | **For the year ended <br>December 31,** |
|  | **2025<sup>(1)</sup>** | **2024** |
|  | **(*in millions of R$*)** | **(*in millions of R$*)** |
|  **Profit before income taxes** | **220.1** | **346.0** |
|  Adjustments: |  |  |
|  Expenses related to share-based long-term incentive plan<sup>(2)</sup> | 232.0 |  |
|  Expenses related to provision for contingencies<sup>(3)</sup> | 67.3 |  |
|  **Adjusted Profit Before Income Taxes** | **504.5** | **346.0** |

---

____________

n.m. = not meaningful.

(1) Preliminary estimates relating to this financial information relate to the midpoint range of our management's estimates, except for the adjustments to profit before income taxes and profit for the period, for which an expected value, subject to variation, is shown but no range is given.

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(2) Refers to the recognition of estimated non-cash expenses in the amount of R$232.0 million related to one-time initial expenses of the share-based long-term incentive plan as a result of this offering. This initial recognition of LTIP expenses results from the imminent expectation of the initial public offering, and is not expected to recur in the future. The actual financial impact of this recognition is dependent on the ultimate pricing of this offering and will therefore vary in accordance therewith.

(3) Refers to the recognition of estimated expenses related to the establishment of provisions for the following contingencies: (i) estimated expenses in the amount of R$33.5 million related to labor taxes payable on bonuses awarded for employee performance in 2023 and 2024 for which our assessment of the expected outcome has been updated; and (ii) estimated expenses in the amount of R$33.7 million related to Contribution for Intervention in the Economic Domain ("CIDE") dispute for which our assessment of the expected outcome has been updated. From the total amount of this provision, R$28.1 million corresponds to years prior to 2025 and R$5.6 million corresponds to 2025. CIDE is a Brazilian federal levy designed to fund government initiatives that regulate, promote, or develop specific sectors of the economy. We do not expect provisions for these contingencies to recur in the future, as the practices that gave rise to the contingencies have been discontinued.

<u><u>Adjusted Profit for the Year</u></u>

We calculate Adjusted Profit for the Year as our profit for the year, adjusted to include or exclude certain non-recurring and/or non-cash items of income and expense, such as: (i) initial recognition of share-based long-term incentive plan expenses; (ii) expenses related to one-time provision for contingencies; and (iii) recognition of tax assets. Our management believes this measure, along with comparable IFRS Accounting Standards measure, provides a meaningful view of our underlying operating performance. A Non-IFRS Accounting Standards measure is generally defined as one that purports to measure financial performance but excludes or includes amounts that would not be so adjusted in the most comparable IFRS Accounting Standards measure.

The following table sets forth a reconciliation of Adjusted Profit for the Year to our Profit for the years shown:

---

| | | |
|:---|:---|:---|
|  | **For the year ended <br>December 31,** | **For the year ended <br>December 31,** |
|  | **2025<sup>(1)</sup>** | **2024** |
|  | **(*in millions of R$*)** | **(*in millions of R$*)** |
|  **Profit for the year** | **958.0** | **251.8** |
|  Adjustments: |  |  |
|  Expenses related to share-based long-term incentive plan<sup>(2)</sup> | 153.1 |  |
|  Expenses related to provision for contingencies<sup>(3)</sup> | 51.0 |  |
|  Recognition of deferred tax assets<sup>(4)</sup> | (772.6) |  |
|  **Adjusted Profit for the Year** | **418.0** | **251.8** |

---

____________

(1) Preliminary estimates relating to this financial information relate to the midpoint range of our management's estimates, except for the adjustments to profit before income taxes and profit for the period, for which an expected value, subject to variation, is shown but no range is given.

(2) Refers to the recognition of estimated after-tax non-cash expenses in the amount of R$153.1 million related to one-time initial expenses of the share-based long-term incentive plan as a result of this offering. This initial recognition of LTIP expenses results from the imminent expectation of the initial public offering, and is not expected to recur in the future. The actual financial impact of this recognition is dependent on the ultimate pricing of this offering and will therefore vary in accordance therewith.

(3) Refers to the recognition of estimated expenses related to the establishment of provisions for the following contingencies: to certain provisions for contingencies, including (i) estimated expenses in the after-tax amount of R$24.4 million related to unpaid labor taxes payable on bonuses awarded for employee performance in 2023 and 2024 for which our assessment of the expected outcome has been updated; and (ii) estimated expenses in the amount of R$26.6 million related to Contribution for Intervention in the Economic Domain ("CIDE"), a dispute for which our assessment of the expected outcome has been updated. From the total after-tax amount of this provision, R$22.1 million corresponds to years prior to 2025 and R$4.5 million corresponds to 2025. CIDE is a Brazilian federal levy designed to fund government initiatives that regulate, promote, or develop specific sectors of the economy. We do not expect provisions for these contingencies to recur in the future, as the practices that gave rise to the contingencies have been discontinued.

(4) Refers to the recognition of previously unrecognized estimated deferred tax assets in the amount of R$772.6 million based on expectations that Picpay Payment Institution will generate sufficient taxable profit in the future against which the asset can be realized. We do not expect the recognition of a previously unrecognized material DTA to recur in the future.

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*Expected Capital Ratios*

Until the end of September 2025, we disclosed a single Capital Adequacy Ratio, as our common equity capital ratio, our Tier I capital ratio and our total capital ratio were identical. That will no longer be the case after the issuance of Tier 2 Subordinated Debt that occurred during the fourth quarter of 2025. We will, therefore, begin to disclose our Common Equity Capital Ratio, our Tier 1 Capital Ratio and our Total Capital Ratio, for which we present below our expected preliminary ratios for December 2025.

We expect our common equity capital ratio to be between 8.6% and 8.9% for the year ended December 31, 2025, which is 1.6 p.p. and 1.9 p.p. above the 7% threshold consisting of the minimum regulatory requirement of 4.5% plus the capital conservation buffer of 2.5%. This represents an expected decrease ranging between 1.09 p.p. and 0.79 p.p., compared to 9.69% in our Capital Adequacy Ratio for the year ended December 31, 2024. The expected common equity capital ratio incorporates the anticipated impact of additional provisions for credit losses to be recorded in our financial statements prepared according to standards issued by BACEN, estimated between R$142.4 million and R$192.7 million for the year ended December 31, 2025. These additional provisions resulted from an update of the estimates for the determination of expected credit losses according to BACEN requirements.

We expect our Tier I capital ratio to be between 8.6 p.p. and 8.9 p.p. for the year ended December 31, 2025, which is 0.1 p.p. and 0.4 p.p. above the 8.5% threshold consisting of the minimum regulatory requirement of 6% plus the capital conservation buffer of 2.5%. It represents an expected decrease ranging between 1.09 p.p. and 0.79 p.p., compared to 9.69% in our Capital Adequacy Ratio for the year ended December 31, 2024.

We expect our total capital ratio to be between 11.2% and 11.5% for the year ended December 31, 2025, which is 0.7 p.p. and 1.0 p.p. above the 10.5% threshold consisting of the minimum regulatory requirement of 8% plus the capital conservation buffer of 2.5%. It represents an expected increase ranging between 1.51 p.p. and 1.81 p.p., compared to 9.69% compared to our Capital Adequacy Ratio for the year ended December 31, 2024.

The expected total capital ratio also incorporates, in addition to the aforementioned impact of additional provisions, the impact of the issuance of Tier II Subordinated Debt in the amount of R$501.6 million on November 17, 2025, as mentioned as an event after the reported period in our unaudited condensed consolidated interim financial statements as of and for the nine-month period ended September 30, 2025. For more information, see "— Recent Developments."

*Cautionary Statement Regarding Selected Preliminary Estimated Results*

Our selected preliminary estimated results for the three months ended December 31, 2025 and for the year ended December 31, 2025 are preliminary and subject to completion, have not been audited or reviewed by our independent auditors, and reflect our management's current views. While we have prepared these selected preliminary estimated results in good faith and based on information available at the time of preparation, no assurance can be made that actual results and other information presented will not change as a result of our management's review of results and other factors. These selected preliminary estimated results are subject to finalization and closing of our accounting books and records (which have yet to be performed) and should not be viewed as a substitute for full quarterly or annual financial statements prepared in accordance with IFRS Accounting Standards. These selected preliminary estimated results depend on several factors, including weaknesses in our internal controls and financial reporting process (as described under "Risk Factors") and our ability to timely and accurately report our financial results. In addition, the estimates and assumptions underlying these selected preliminary estimated results include, among other things, economic, competitive, regulatory and financial market conditions and business decisions that may not be accurately reflected and that are inherently subject to significant uncertainties and contingencies, including, among others, risks and uncertainties described in the section entitled "Risk Factors" and "Cautionary Statement Regarding Forward-Looking Statements," all of which are difficult to predict and many of which are beyond our control.

There can be no assurance that the underlying assumptions or estimates will be realized; in particular, while we do not expect that our selected preliminary estimated results will differ materially from our actual results for the three months ended December 31, 2025 and for the year ended December 31, 2025, we cannot assure you that our selected preliminary estimated results will be indicative of our financial results for future interim or year-end periods. As a result, the selected preliminary estimated results cannot necessarily be considered predictive of actual operating results for the periods described above, and this information should not be relied on as such. You should read this information together with the sections entitled

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"Management's Discussion and Analysis of Financial Condition and Results of Operations" and our audited consolidated financial statements and unaudited condensed consolidated interim financial statements, including the notes thereto, included elsewhere in this prospectus.

The selected preliminary estimated results presented above were prepared by and are the responsibility of our management. No independent registered public accounting firm has examined, compiled or otherwise performed any procedures with respect to the financial information contained in these selected preliminary estimated results. Accordingly, no independent registered public accounting firm has expressed any opinion or given any other form of assurance with respect thereto, and no independent registered public accounting firm assumes any responsibility for these selected preliminary estimated results. The report of the independent registered public accounting firm included elsewhere in this prospectus relates to our historical financial information. Such report does not extend to these selected preliminary estimated results and should not be read to do so.

By including in this prospectus a summary of selected preliminary estimated results regarding our financial and operating results, neither we nor any of our respective advisors or other representatives has made or makes any representation to any person regarding our ultimate performance compared to the information contained in these selected preliminary estimated results, and actual results may materially differ from those described above. We do not undertake any obligation unless required by applicable law to update or otherwise revise these selected preliminary estimated results set forth herein to reflect circumstances existing since their preparation or to reflect the occurrence of unanticipated events or to reflect changes in general economic or industry conditions, even in the event that any or all of the underlying assumptions are shown to be in error.

**Our Corporate Structure**

The following chart reflects our corporate structure as of the date of this prospectus:

![](timage_pg60.jpg)

____________

(1) All of the issued and outstanding capital stock of J&F Participações is jointly controlled, pursuant to a shareholders' agreement, by Messrs. Joesley Mendonça Batista and Wesley Mendonça Batista, our ultimate controlling shareholders. For more information about the shareholders' agreement of J&F Participações, see "Principal Shareholders — Shareholders' Agreement of J&F Participações."

(2) Mr. José Antonio Batista Costa is our chairman and one of our non-executive directors. He is a nephew of Messrs. Joesley Mendonça Batista and Wesley Mendonça Batista, our ultimate controlling shareholders. Mr. José Antonio Batista Costa has been appointed as beneficiary of Stichting JAB, and as such holds the beneficial entitlement to the shares in PicPay Netherlands held by Stichting JAB. For more information about Mr. José Antonio Batista Costa, see "Management."

(3) Mr. Anderson Chamon is PicPay Brazil's co-founder and its executive vice-president of new businesses. Mr. Anderson Chamon has been appointed as beneficiary of Stichting ACC Family, and as such holds the beneficial entitlement to the shares in PicPay Netherlands held by Stichting ACC Family.

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(4) Other shareholders refers to: (i) Stichting AGR, which directly owns % of our Class A common shares, and % of our total common shares; and (ii) Stichting ECS, which directly owns % of our Class A common shares and % of our total common shares. Mr. Aguinaldo Gomes Ramos Filho, a nephew of Messrs. Joesley Mendonça Batista and Wesley Mendonça Batista and a cousin of Mr. José Antonio Batista Costa, has been appointed as beneficiary of Stichting AGR, and as such holds the beneficial entitlement to the shares in PicPay Netherlands held by Stichting AGR. Mr. Eduardo Chedid Simões, our chief executive officer and executive director, has been appointed as beneficiary of Stichting ECS, and as such holds the beneficial entitlement to the shares in PicPay Netherlands held by Stichting ECS. For more information about Mr. Eduardo Chedid Simões, see "Management."

(5) As of the date of this prospectus, PicPay Netherlands directly holds 100% of the Class B common shares of PicS Ltd. (representing 99.615% of the total issued and outstanding common shares of PicS Ltd.) and indirectly owns the beneficial entitlement to 100% of the Class A common shares of PicS Ltd. (representing 0.385% of the total issued and outstanding common shares of PicS Ltd.). Prior to the closing of this offering, PicS Ltd. is expected to be eliminated from our corporate structure by way of dissolution, merger or other corporate transaction.

(6) On December 31, 2023, J&F International and Banco Original entered into agreements for the sale and transfer of shares of PicPay Netherlands, equivalent to 9.5% of the share capital of PicPay Netherlands. After the totality of the transfer was effected, Banco Original became the owner of 9.5% of the share capital of PicPay Netherlands.

(7) The FIDC FGTS began operating on December 17, 2024, with the purpose of acquiring receivables generated from FGTS consumer loans that we generate. PicPay Bank is required to hold at least 15% of the total quotas of the FIDC FGTS as a guarantee for senior investors. This minimum threshold may vary upon the occurrence of certain defaults or liquidation events, but it must not be below 15%. This structure ensures that PicPay Bank bears the subordinated risk, prioritizing lower risk for the holders of senior quotas. The roles that PicPay Bank and PicPay Brazil have in the FIDC PicPay I are not applicable to the FIDC FGTS, since this fund is structured for PicPay Bank to hold all of the subordinated quotas.

(8) "JAB Capital SP Fund, Belami Capital SP Fund and AGR Capital SP Fund" refer to private investment funds organized within a segregated portfolio company in the Cayman Islands.

The following chart reflects our corporate structure, after giving effect to this offering (assuming no exercise of the underwriters' option to purchase additional Class A common shares).

![](timage_pg61.jpg)

____________

(1) All of the issued and outstanding capital stock of J&F Participações is jointly controlled, pursuant to a shareholders' agreement, by Messrs. Joesley Mendonça Batista and Wesley Mendonça Batista, our ultimate controlling shareholders. For more information about the shareholders' agreement of J&F Participações, see "Principal Shareholders — Shareholders' Agreement of J&F Participações."

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(2) Mr. José Antonio Batista Costa is our chairman and one of our non-executive directors. He is a nephew of Messrs. Joesley Mendonça Batista and Wesley Mendonça Batista, our ultimate controlling shareholders. For more information about Mr. José Antonio Batista Costa, see "Management." Mr. José Antonio Batista Costa has been appointed as beneficiary of Stichting JAB, and as such holds the beneficial entitlement to the shares in PicPay Netherlands held by Stichting JAB.

(3) Mr. Anderson Chamon is PicPay Brazil's co-founder and its executive vice-president of new businesses. Mr. Anderson Chamon has been appointed as beneficiary of Stichting ACC Family, and as such holds the beneficial entitlement to the shares in PicPay Netherlands held by Stichting ACC Family.

(4) Other shareholders refers to: (i) Stichting AGR, which will directly own % of our Class A common shares, and % of our total common shares; (ii) Stichting ECS, which will directly own % of our Class A common shares and % of our total common shares; and (iii) investors purchasing our Class A common shares in this offering, who will own % of our Class A common shares, and % of our total common shares. Mr. Aguinaldo Gomes Ramos Filho, a nephew of Messrs. Joesley Mendonça Batista and Wesley Mendonça Batista and a cousin of Mr. José Antonio Batista Costa, has been appointed as beneficiary of Stichting AGR, and as such holds the beneficial entitlement to the shares in PicPay Netherlands held by Stichting AGR. Mr. Eduardo Chedid Simões, our chief executive officer and executive director, has been appointed as beneficiary of Stichting ECS, and as such holds the beneficial entitlement to the shares in PicPay Netherlands held by Stichting ECS. For more information about Mr. Eduardo Chedid Simões, see "Management."

#### Our Ultimate Controlling Shareholders and the Batista Family
Following this offering, J&F Participações, which is jointly controlled, pursuant to a shareholders' agreement, by Messrs. Joesley Mendonça Batista and Wesley Mendonça Batista, our ultimate controlling shareholders, will beneficially own 100% of our Class B common shares, which will represent approximately % of the combined voting power in our general meeting following this offering, assuming no exercise of the underwriters' option to purchase additional Class A common shares. As a result, our ultimate controlling shareholders will have the ability to control matters submitted to a vote of shareholders; appoint a substantial majority of the members of our board of directors; and exercise overall control over us. See "Risk Factors — Risks Relating to Our Business and Industry — Our ultimate controlling shareholders are expected to have influence over the conduct of our business and may have interests that are different from yours."

On March 31, 2021, J&F S.A., or "J&F," and Messrs. Joesley Mendonça Batista and Wesley Mendonça Batista entered into a Share Purchase Agreement, pursuant to which they each purchased 12,499,999 common shares and 25,000,000 preferred shares of J&F Participações S.A. held by J&F. Subsequently, on September 10, 2021, Mr. José Batista Sobrinho, JBJ Agropecuária Ltda., Mr. Joesley Mendonça Batista and Mr. Wesley Mendonça Batista entered into a Share Purchase Agreement, pursuant to which Mr. Joesley Mendonça Batista purchased 12,500,001 shares of J&F Participações S.A. held by Mr. José Batista Sobrinho and Mr. Wesley Mendonça Batista purchased 12,500,001 shares of J&F Participações S.A. held by JBJ Agropecuária Ltda. As a result of these transactions, Messrs. Joesley Mendonça Batista and Wesley Mendonça Batista became owners of the totality of the capital stock of J&F Participações S.A. On March 4, 2022, Messrs. Joesley Mendonça Batista and Wesley Mendonça Batista entered into a shareholders' agreement in respect of their interest in J&F Participações' capital stock and pursuant to which they jointly control J&F Participações. Messrs. José Batista Sobrinho and José Batista Júnior are not shareholders of, or parties to the shareholders' agreement of J&F Participações. For more information about the shareholders' agreement of J&F Participações, see "Principal Shareholders — Shareholders' Agreement of J&F Participações."

Our ultimate controlling shareholders and our affiliate J&F S.A., or "J&F," which is controlled by our ultimate controlling shareholders, are subject to ongoing obligations under agreements entered into in 2017 to settle investigations and proceedings initiated by enforcement authorities in Brazil involving matters unrelated to our company. As a consequence of these agreements and other proceedings related to the matters set forth therein, the reputation of our ultimate controlling shareholders suffered. For more information, see "Risk Factors — Risks Relating to Our Business and Industry — We are subject to reputational risk in connection with U.S. and Brazilian civil and criminal actions and investigations involving our ultimate controlling shareholders, which may materially adversely impact our business and prospects and damage our reputation and image" and the cover page of this prospectus. However, Messrs. Joesley Mendonça Batista and Wesley Mendonça Batista do not currently intend to have a management position in or serve as a member of the board of directors of PicPay Netherlands or any of its subsidiaries, including PicPay Brazil. For more information about our board of directors, see "Management — Board of Directors."

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Other members of the Batista family and affiliated entities serve on our management team and/or hold a portion of our Class A common shares. For example, Mr. José Antonio Batista Costa is our chairman and a non-executive director. He is a nephew of Messrs. Joesley Mendonça Batista and Wesley Mendonça Batista. Immediately following the consummation of this offering, Mr. José Antonio Batista Costa will beneficially own % of our Class A common shares, which will represent approximately % of the combined voting power in our general meeting following this offering (assuming no exercise of the underwriters' option to purchase additional Class A common shares). In addition, immediately following the consummation of this offering, Mr. Aguinaldo Gomes Ramos Filho will beneficially own % of our Class A common shares, which will represent approximately % of the combined voting power in our general meeting following this offering (assuming no exercise of the underwriters' option to purchase additional Class A common shares). Mr. Aguinaldo Gomes Ramos Filho is a nephew of Messrs. Joesley Mendonça Batista and Wesley Mendonça Batista and a cousin of Mr. José Antonio Batista Costa. Finally, Banco Original, which is a Brazilian financial institution duly authorized by the Brazilian Central Bank and wholly-owned subsidiary of J&F Participações, will beneficially own % of our Class A common shares, which will represent approximately % of the combined voting power in our general meeting following this offering (assuming no exercise of the underwriters' option to purchase additional Class A common shares).

During the period covered by the financial statements included in this prospectus, we have engaged in transactions with related parties that have had a material impact on our results of operations and financial position, such as certain agreements with Banco Original, which is controlled by our ultimate controlling shareholders. In 2023, J&F Participações announced its plan to integrate Banco Original's retail operations with PicPay, and we entered into a Cost Sharing Agreement (*Contrato de Compartilhamento de Despesas*) with Banco Original to regulate the terms and conditions governing the sharing of support areas between PicPay Brazil and Banco Original. The integration of Banco Original's retail operations began with the transfer of its personal checking accounts and associated assets to the PicPay platform in July 2023. We also began originating personal loans in October 2023, and the PicPay credit card portfolio was transferred to PicPay from Banco Original in January 2024, fully internalizing our credit card operations at the start of 2024. For more information, see "Related Party Transactions," "Risk Factors — Risks Relating to Our Business and Industry — We have entered into material transactions with related parties" and "Related Party Transactions," "Business — Our History — Recent Acquisitions and Corporate Transactions" and "Management's Discussion and Analysis of Financial Condition and Results of Operations — Principal Factors Affecting our Financial Condition and Results of Operations — Acquisitions and New Lines of Business and Other Developments."

#### Corporate Information
The registered office address of PicPay Netherlands is at Stroombaan 10, 1181 VX Amstelveen, the Netherlands. Prior to the closing of this offering, we intend to convert Picpay Holdings Netherlands B.V., a Dutch private company with limited liability, into a Dutch public limited liability company and to change the name of the company to PicS N.V. Our principal executive offices are located at Av. Manuel Bandeira, 291, Block A, 1<sup>st</sup> floor (22 and 23), 2<sup>nd</sup> floor and 3<sup>rd</sup> floor, São Paulo, SP, 05317-020, Brazil. We are registered with the trade register of the Dutch chamber of commerce (*Kamer van Koophandel*) under number 92410456. Our principal website is *www.picpay.com*. The information contained in, or accessible through, our website is not incorporated by reference in, and should not be considered part of, this prospectus.

#### Summary of Risk Factors
Investing in our Class A common shares involves risks. You should carefully consider the risks described in the "Risk Factors" before making a decision to invest in our Class A common shares. If any of these risks actually occur, our business, financial condition or results of operations would likely be materially adversely affected. In this case, the trading price of our Class A common shares would likely decline, and you may lose all or part of your investment. The following is a summary of some of the principal risks we face.

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#### Risks Relating to Our Business and Industry
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A decline in the use of our payment platform or adverse developments with respect to the payment processing industry in general could have a material adverse effect on our business, financial condition and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A decline in the use of credit or prepaid cards as a payment mechanism for consumers or adverse developments with respect to the payment processing industry in general could have a material adverse effect on our business, financial condition and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We rely on payment card networks to process the majority of our transactions. If we fail to comply with the applicable requirements of the payment card networks, we could be fined, suspended or terminated from the networks, which would have a material adverse effect on our business, financial condition and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our systems and our third party providers' systems may fail due to factors beyond our control, which could interrupt our provision of services, cause us to lose business, increase our costs and impair our ability to provide our services and products effectively to our consumers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our ability to remain competitive and achieve further growth will depend in part on our ability to upgrade our information technology systems and expand our capacity on a timely and cost-effective basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Inadequacy or disruption of our disaster recovery plans and procedures in the event of a catastrophe would adversely affect our operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unauthorized disclosure, destruction or modification of data, through cybersecurity breaches, computer viruses or otherwise or disruption of our services could expose us to liability, protracted and costly litigation and damage our reputation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our historical loan losses may not be indicative of future loan losses, and changes in our business may materially adversely affect the quality of our loan portfolio.

#### Risks Relating to Legal and Regulatory Matters
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our business is subject to extensive government regulation and oversight in Brazil, and our status under these regulations may change. Any failure to comply with current or future regulations could result in significant costs, expose us to substantial liability, or require adjustments to our business practices. Any of these outcomes may materially and adversely affect our business and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Funding of digital wallets via credit card is a relevant business for us, and this product is being challenged by incumbent institutions, and Brazilian authorities are conducting an inquiry of certain players, including us. If funding of digital wallets via credit card transactions is deemed incompatible with the applicable legal and regulatory framework in Brazil, we could be required to change our products to comply with new understandings of the Brazilian authorities, which could adversely affect the results of our operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are subject to costs and risks associated with increased or changing laws and regulations affecting our business, including those relating to the sale of consumer products. Specifically, developments in data protection and privacy laws could harm our business, financial condition or results or operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in tax laws, tax incentives, benefits or differing interpretations of tax laws may adversely affect our results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are subject to anti-corruption, anti-bribery, anti-terrorism and anti-money laundering laws and regulations, and any failure to comply with these regulations may lead to criminal liability, administrative and civil lawsuits, significant fines and penalties, loss of key banking and other relationships, forfeiture of significant assets, as well as reputational harm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Misconduct of our directors, officers, employees, consultants or third-party service providers could harm us by impairing our ability to attract and retain consumers and subjecting us to legal liability and reputational harm.

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#### Risks Relating to Brazil
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Brazilian government has exercised, and continues to exercise, significant influence over the Brazilian economy. This involvement, as well as Brazil's political and economic conditions, could harm us and the price of our Class A common shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Political instability in Brazil may harm us and the price of our Class A common shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Inflation and certain measures by the Brazilian government to curb inflation have historically harmed the Brazilian economy and Brazilian capital markets, and high levels of inflation in the future could harm our business and the price of our Class A common shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exchange rate instability may have adverse effects on the Brazilian economy, us and the price of our Class A common shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fluctuations in interest rates may have a material adverse effect on our business.

#### Risks Relating to Being a Foreign Private Issuer, an Emerging Growth Company and a Controlled Company
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As a foreign private issuer and an "emerging growth company" (as defined in the JOBS Act), we will have different disclosure and other requirements than U.S. domestic registrants and non-emerging growth companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As a foreign private issuer, we are permitted to, and we will, rely on exemptions from certain Nasdaq corporate governance standards. As a result, you may not have the same protections afforded to shareholders of U.S. domestic companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As a "controlled company" within the meaning of the corporate governance standards of Nasdaq, we will qualify for, and may rely on, exemptions from certain Nasdaq corporate governance requirements. As a result, you may not have the same protections afforded to shareholders of companies that are not "controlled companies."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may lose our foreign private issuer status, which would then require us to comply with the Exchange Act's domestic reporting regime and cause us to incur significant legal, accounting and other expenses.

#### Risks Relating to Our Class A Common Shares and this Offering
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There is no existing market for our Class A common shares, and we do not know whether one will develop to provide you with adequate liquidity. If our share price fluctuates after this offering, you could lose a significant part of your investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sales of substantial amounts of our Class A common shares in the public market, or the perception that these sales may occur, could cause the market price of our Class A common shares to decline.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have granted the holders of our Class B common shares preemptive rights to acquire shares that we may issue in the future, which may impair our ability to raise funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Anti-takeover provisions in our Articles of Association could deter potential acquirers and make an acquisition of us difficult, limit attempts by our shareholders to replace or remove our current directors, and limit the market price of our common shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We do not anticipate paying any cash dividends in the foreseeable future.

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#### Implications of Being an Emerging Growth Company
As a company with revenues below US$1.235 billion during our last fiscal year, we qualify as an "emerging growth company" as defined in the JOBS Act. An emerging growth company may take advantage of specified exemptions from various requirements that are otherwise applicable generally to public companies in the United States. These provisions include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability to present more limited financial data for our IPO, including presenting only two years of audited consolidated financial statements and only two years of selected financial data, as well as only two years of related management's discussion and analysis of financial condition and results of operations disclosure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exemption from the independent auditor attestation requirement in the assessment of our internal control over financial reporting pursuant to the Sarbanes-Oxley Act of 2002; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to the extent that we no longer qualify as a foreign private issuer, (1) reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements and (2) exemptions from the requirements of holding a nonbinding advisory vote on executive compensation, including golden parachute compensation.

We may take advantage of certain of these provisions for up to five years or such earlier time that we are no longer an emerging growth company. We would cease to be an emerging growth company if we have more than US$1.235 billion in annual revenue, have more than US$700 million in market value of our ordinary shares held by non-affiliates or issue more than US$1.0 billion of non-convertible debt over a three-year period. We may choose to take advantage of some but not all of the above-described provisions. For example, Section 107 of the JOBS Act provides that an emerging growth company can use the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. Given that we currently report and expect to continue to report under IFRS Accounting Standards, as issued by the IASB, we have irrevocably elected not to avail ourselves of any extended transition period provided for by IFRS Accounting Standards and, as a result, we will adopt new or revised accounting standards on the relevant dates on which adoption of such standards is required by the IASB. We have taken advantage of reduced reporting requirements in this prospectus. Accordingly, the information contained herein may be different than the information you receive from other public companies. References to an "emerging growth company" in this prospectus shall have the meaning associated with that term in the JOBS Act.

#### Dutch Law
PicPay Netherlands is subject to the Dutch Civil Code *(Burgerlijk Wetboek)*. In addition, a company having its corporate seat in the Netherlands with its shares admitted to listing on a stock exchange, including a company with shares listed on Nasdaq, is required under Dutch law to disclose in its management report whether it complies with the provisions of the Dutch Corporate Governance Code and, if not, to explain the reasons for such deviations. The Dutch Corporate Governance Code contains, *inter alia*, principles and best practice provisions that regulate relations between a company's board of directors and its shareholders (e.g., the general meeting) and its audit and financial reporting functions.

#### Dutch Corporate Governance Code
The Dutch Corporate Governance Code ("DCGC") contains both principles and best practice provisions that regulate relations between the board of directors and the general meeting/shareholders. The principles and provisions are aimed at defining responsibilities for sustainable long-term value creation, risk control, effective management and supervision, remuneration and the relationship with shareholders (including the general meeting of shareholders) and stakeholders. The DCGC is divided into five chapters which address the following topics: (i) sustainable long-term value creation; (ii) effective management and supervision; (iii) remuneration; (iv) the general meeting; and (v) one-tier governance structure.

As a Dutch company with its shares listed on a stock exchange, we are subject to the DCGC and are required to disclose in our annual management report to what extent we comply with the principles and best practice provisions of the DCGC, and where we do not (for example, because of a conflicting Nasdaq requirement or otherwise), we must explain why and to what extent we deviate in our management report. We intend to comply with the relevant

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best practice provisions of the Dutch Corporate Governance Code from the date that our Class A Common Shares are listed on Nasdaq, except as may be noted from time to time in our management report. As of the date that our Class A Common Shares will be listed on Nasdaq, we will not comply with the following provisions of the DCGC.

The DCGC includes a recommendation that the chairman of our board of directors should be "independent" within the meaning of the DCGC. Our chairman, Mr. José Antonio Batista Costa, who has led our board of directors since October, 2024, does not meet the independence criteria set out in the DCGC. Nevertheless, we believe that his in-depth institutional knowledge regarding our company's business and culture, as well as the competitive and regulatory environment in which we operate, outweighs any potential disadvantage arising from his lack of independence.

The DCGC recommends that the chairman of the board of directors not be appointed as chairman of the compensation committee. Given his specific expertise, we believe that Mr. Batista is best suited to act as chairman of the compensation committee. The board of directors regularly evaluates the composition of its compensation committee and that of its other committees. The DCGC recommends against providing equity awards as part of the compensation of a non-executive director. However, we may deviate from this recommendation and grant equity awards to our non-executive directors, consistent with U.S. market practice.

The DCGC provides that a general meeting may resolve upon the dismissal of a director with an absolute majority of the votes cast, and that it may be provided that this majority should represent a given proportion of the issued share capital not exceeding one-third. It further provides that if an absolute majority is reached but the quorum of one-third of the issuer's share capital is not, then a new meeting may be convened at which the resolution may be adopted by an absolute majority of the votes cast without any quorum being required. In deviation from this DCGC provision, a dismissal of a director requires a majority of at least two-thirds of the votes cast which represent more than half of our issued capital. We believe the continuity of our company is better served by applying the above provision, which is consistent with Dutch corporate law.

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#### The Offering
*This summary highlights information presented in greater detail elsewhere in this prospectus. This summary is not complete and does not contain all the information you should consider before investing in our Class A common shares. You should carefully read this entire prospectus before investing in our Class A common shares including "Risk Factors" and our consolidated financial statements.*

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| | |
|:---|:---|
|  Issuer | PicS N.V. |
|  Number of Class A common shares offered | Class A common shares. |
|  Offering price range | Between US$ and US$ per Class A common share. |
|  Voting rights | The Class A common shares will be entitled to one vote per Class A common share, whereas the Class B common shares (which are not being sold in this offering) will be entitled to 10 votes per Class B common share. See "Description of Share Capital — Voting Rights." |
|  Pre-emptive rights | Holders of our Class B common shares are entitled to pre-emptive rights to subscribe for additional Class B common shares in the event that we issue common shares, upon the same economic terms and at the same price as Class A common shares, in order to allow them to maintain their proportional ownership interests. This pre-emptive right does not apply to: (1) shares issued to employees of PicPay Netherlands or a group company (*groepsmaatschappij*) of PicPay Netherlands as referred to in Section 2:24b Dutch Civil Code; (2) shares that are issued against payment other than in cash; and (3) shares issued to a person exercising a previously granted right to subscribe for shares. <br> The general meeting may resolve to limit or exclude pre-emptive rights. If the general meeting has designated this authority to the board of directors for a period not exceeding five years, the board of directors may limit or exclude pre-emptive rights, but only if the board of directors has also been designated the authority to issue shares. The pre-emptive rights will be excluded with respect to the issuance of shares following the exercise of the underwriters' option to purchase additional Class A common shares. For more information, see "Description of Share Capital — Preemptive or Similar Rights." <br> In addition, see "Risk Factors — Risks Relating to Our Class A Common Shares and this Offering — We have granted the holders of our Class B common shares pre-emptive rights to acquire shares that we may issue in the future, which may impair our ability to raise funds." |
|  Option to purchase additional Class A common shares | <br>We have granted the underwriters the right to purchase up to an additional Class A common shares from us within 30 days of the date of this prospectus, at the public offering price, less underwriting discounts and commissions payable to us, on the same terms as set forth in this prospectus. |
|  Listing | We intend to apply to list our Class A common shares on Nasdaq, under the symbol "PICS." |

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|:---|:---|
|  Anchor investor shares | Bicycle Management Company, LLC, or the "anchor investor," has indicated to us that it intends to purchase an aggregate number of our Class A common shares in this offering equivalent to US$75,000,000, which would comprise % of the Class A common shares subject to this offering if such indication of interest becomes a confirmed order in full following effectiveness of the registration statement of which this prospectus forms a part. We refer to these Class A common shares throughout this prospectus as the "anchor investor shares." |
|  | The anchor investor shares will be subject to a lock-up that will expire six months following the closing date of this offering. The anchor investor will be entitled to pledge or otherwise incur a lien or other encumbrance on all or a portion of the anchor investor shares, and such pledge, lien or encumbrance will not be deemed to breach the anchor investor shares lock-up; *provided*, that upon any enforcement of such pledge, lien or encumbrance on such anchor investor shares, the number of anchor investor warrants (as defined below) corresponding to the anchor investor shares subject to such enforcement will no longer be exercisable and therefore will be worthless. |
|  | Notwithstanding the foregoing, because indications of interest are not binding agreements or commitments to purchase public shares in this offering, the anchor investor may determine not to purchase any such shares. Further, no assurances can be given as to the amount of such shares the anchor investor actually purchases in this offering, if any, or retains or purchases following this offering. |
|  Anchor investor warrants | If purchased, each anchor investor share will entitle the anchor investor to purchase in a private placement, concurrently with the closing of this offering, one warrant to be issued by J&F Participações, at a price of US$0.01 per warrant. We refer to these warrants throughout this prospectus as the "anchor investor warrants." |
|  | Each anchor investor warrant will entitle the holder thereof to purchase one of our Class A common shares from J&F Participações, which we refer to throughout this prospectus as the "controlling shareholder shares," at an exercise price equal to the initial public offering price, as adjusted annually according to the Consumer Price Index for All Urban Consumers (CPI U) published by the United States Bureau of Labor Statistics. |
|  | The anchor investor warrants may be exercised on a business day, or the "warrants exercise date," in all or in part, during the period commencing on the first day of the 11<sup>th</sup> month following the closing date of this offering and ending on the business day preceding the date that is 14 months following the closing date of this offering, or the "exercise period." Following the end of the exercise period, the anchor investor warrants will no longer be exercisable and therefore will be worthless. The controlling shareholder shares will be subject to a lock-up that will expire three months following the respective warrants exercise date. |

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|:---|:---|
|  | The anchor investor will be entitled to transfer or sell the anchor investor warrants, subject to prior written notice to J&F Participações, which will have a right of first refusal to acquire the anchor investor warrants on identical terms. |
|  | We will not receive any proceeds from the sale or exercise of the anchor investor warrants or the sale of the controlling shareholder shares. |
|  Use of proceeds | We estimate that the net proceeds to us from the offering will be approximately US$(or US$ million if the underwriters exercise in full their option to purchase additional Class A common shares), assuming an initial public offering price of US$ per share, which is the midpoint of the price range set forth on the cover page of this prospectus, and after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us.<br> We intend to use the net proceeds we receive from this offering for general corporate purposes, including working capital, operating expenses, meeting regulatory capital requirements, as well as capital expenditures. We also intend to use a portion of the net proceeds for the Kovr acquisition, after the transaction is approved by CADE and SUSEP. Additionally, we may use a portion of the net proceeds we receive from this offering to acquire or invest in businesses, products, services, or technologies. We cannot specify with certainty the particular uses of the net proceeds that we will receive from this offering. Accordingly, we will have broad discretion in using these net proceeds. Pending our use of net proceeds from this offering as described above, we may invest the net proceeds that we receive in this offering in interest-earnings instruments. See "Use of Proceeds." |
|  Share capital before and after offering | Immediately prior to the completion of this offering, Class A common shares and Class B common shares of our authorized share capital will be issued, fully paid and outstanding. Upon the completion of this offering, we will have Class A common shares and Class B common shares of our authorized share capital issued and outstanding (assuming the underwriters do not elect to exercise their option to purchase additional Class A common shares) or Class A common shares and Class B common shares of our authorized share capital issued and outstanding (assuming the underwriters' option to purchase additional Class A common shares is exercised in full). |
|  Dividend policy | The amount of any distributions will depend on many factors, such as our results of operations, financial condition, cash requirements, prospects and other factors deemed relevant by our board of directors and, where applicable, our shareholders. We do not anticipate paying any cash dividends in the foreseeable future. See "Dividends and Dividend Policy." |

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|:---|:---|
|  Lock-up agreements | We, our executive officers and directors, the anchor investor, the participants of our directed share program, and all of our existing shareholders intend to enter into lock-up agreements that restrict us and them, subject to specified exceptions, from selling or otherwise transferring any of our Class A common shares or securities convertible into, exchangeable for, exercisable for, or repayable with our Class A common shares, including our Class B common shares, for 180 days after the date of this prospectus without first obtaining the written consent of Citigroup Global Markets Inc. and BofA Securities, Inc. For more information about these lock-up agreements and the exceptions thereto, see "Underwriting." |
|  Directed share program | At our request, the underwriters have reserved up to 3% of the Class A Common Shares offered by this prospectus for sale, excluding the additional shares that the underwriters have an option to purchase within 30 days from the date of this prospectus, at the initial public offering price, to our eligible employees, including directors and officers, under the directed share program. The number of our Class A Common Shares available for sale to the general public will be reduced to the extent these individuals purchase such reserved shares. Shares purchased through the directed share program will also be subject to a 180-day lock-up restriction. The directed share program does not constitute, and should not be construed as, an offer to sell or the solicitation of an offer to purchase any securities to the general public of investors resident or domiciled in Brazil. The shares offered pursuant to the directed share program have not been, and will not be, registered with the CVM, nor have they been submitted for approval under Brazilian securities laws. Accordingly, the directed share program may not be offered, sold, solicited or distributed, directly or indirectly, in Brazil, except in circumstances that do not constitute a public offering under applicable Brazilian securities legislation and regulations. See "Underwriting — Directed Share Program." |
|  Risk factors | See "Risk Factors" and the other information included in this prospectus for a discussion of factors you should consider before deciding to invest in our Class A common shares. |

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#### Summary Financial and Other Information
*The summary financial information presented below has been derived from our audited consolidated financial statements, prepared in accordance with IFRS Accounting Standards, as issued by the IASB; and from our unaudited condensed consolidated interim financial statements, prepared in accordance with IAS 34.*

*This information should be read in conjunction with "Presentation of Financial and Other Information," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our consolidated financial statements, included elsewhere in this prospectus.*

#### Financial Data

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the nine months ended <br>September 30,** | **For the nine months ended <br>September 30,** | **For the nine months ended <br>September 30,** | **For the year ended <br>December 31,** | **For the year ended <br>December 31,** | **For the year ended <br>December 31,** |
|  | **2025<sup>(1)</sup>** | **2025** | **2024** | **2024<sup>(1)</sup>** | **2024** | **2023** |
|  | ***(in US$ <br>thousands)*** | ***(in R$ thousands)*** | ***(in R$ thousands)*** | ***(in US$ <br>thousands)*** | ***(in R$ thousands)*** | ***(in R$ thousands)*** |
|  **Statement of Profit or Loss Data** |  |  |  |  |  |  |
|  Net revenue from transaction activities and other services | 243512 | 1295142 | 1005112 | 286551 | 1524048 | 1059936 |
|  Financial income | 1122217 | 5968625 | 2778708 | 760745 | 4046096 | 2398710 |
|  **Total revenue and financial income** | **1365729** | **7263767** | **3783820** | **1047295** | **5570144** | **3458646** |
|  Transaction expenses | (89917) | (478233) | (356108) | (92821) | (493676) | (438539) |
|  Interest and other financial expenses | (472311) | (2512032) | (1005343) | (270497) | (1438664) | (1212478) |
|  **Total transaction and financial expenses** | **(562228)** | **(2990265)** | **(1361451)** | **(363317)** | **(1932340)** | **(1651017)** |
|  Credit loss allowance expenses | (324951) | (1728283) | (403498) | (166778) | (887025) | (14290) |
|  Technology expenses | (69148) | (367770) | (381621) | (95627) | (508600) | (312098) |
|  Marketing expenses | (65287) | (347235) | (226513) | (62644) | (333180) | (312560) |
|  Personnel expenses | (165826) | (881960) | (786395) | (205098) | (1090833) | (879362) |
|  Administrative expenses | (55138) | (293257) | (173900) | (44076) | (234423) | (136659) |
|  Depreciation and amortization | (61253) | (325779) | (207659) | (55073) | (292911) | (169823) |
|  Other expenses | (9761) | (51915) | (28391) | (6207) | (33013) | (4638) |
|  Other income | 13778 | 73282 | 68829 | 16574 | 88153 | 23468 |
|  **Profit before income taxes** | **65917** | **350585** | **283221** | **65049** | **345972** | **1667** |
|  Current income tax and social contribution | (147946) | (786865) | (325751) | (102584) | (545603) | (50815) |
|  Deferred income tax and social contribution | 141024 | 750050 | 214513 | 84876 | 451419 | 86503 |
|  **Profit for the period/year** | **58995** | **313770** | **171983** | **47341** | **251788** | **37355** |
|  **Profit attributable to the Company's shareholders** | **50835** | **270373** | **150848** | **40908** | **217574** | **34523** |
|  **Profit attributable to non-controlling interests** | **8159** | **43397** | **21135** | **6433** | **34214** | **2832** |
|  **Earnings per share – basic and diluted (R$ or US$, as the case may be)**<sup>(2)</sup> | **254** | **1352** | **754240** | **204541** | **1087872** | **172615** |

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(1) For convenience purposes only, amounts in *reais* have been translated into U.S. dollars at the selling rate as of September 30, 2025 of R$5.3186 to US$1.00, as reported by the Brazilian Central Bank. These translations should not be considered representations that any such amounts have been, could have been or could be converted at that or any other exchange rate.

(2) Calculated by dividing profit for the year/period by the weighted average number of shares outstanding during the year/period of 200 in the nine months ended September 30, 2025 and in the years ended December 31, 2024 and 2023. Amounts for the nine months ended September 30, 2025 and the year ended December 31, 2024 reflect the shares issued by the successor Picpay Holdings Netherlands B.V. Amounts for the year ended December 31, 2023 reflect the shares issued by the predecessor PicS Ltd.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **As of September 30,** | **As of September 30,** | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2025<sup>(1)</sup>** | **2025** | **2024<sup>(1)</sup>** | **2024** | **2023** |
|  | ***(in US$ <br>thousands)*** | ***(in R$ <br>thousands)*** | ***(in US$ <br>thousands)*** | ***(in R$ thousands)*** | ***(in R$ thousands)*** |
|  **Statement of Financial Position Data** |  |  |  |  |  |
|  Cash and cash equivalents | 1220942 | 6493701 | 1404820 | 7471673 | 7379049 |
|  Financial assets | 5068004 | 26954687 | 3172923 | 16875509 | 6867599 |
|  **Financial assets measured at fair value through other comprehensive income** | **751389** | **3996336** | **582687** | **3099077** | **2574863** |
| &nbsp;&nbsp;&nbsp; Financial investments | 751389 | 3996336 | 582687 | 3099077 | 2574863 |
|  **Financial assets at fair value through profit or loss** | **13320** | **70842** | **18812** | **100051** | **176717** |
| &nbsp;&nbsp;&nbsp; Financial investments | 7701 | 40958 | 8623 | 45864 | 176717 |
| &nbsp;&nbsp;&nbsp; Derivative financial instruments | 5619 | 29884 | 10188 | 54187 |  |
|  **Financial assets measured at amortized cost** | **4303296** | **22887509** | **2571425** | **13676381** | **4116019** |
| &nbsp;&nbsp;&nbsp; Financial investments | 176700 | 939797 |  |  |  |
| &nbsp;&nbsp;&nbsp; Trade receivables | 745897 | 3967128 | 728983 | 3877167 | 3429602 |
| &nbsp;&nbsp;&nbsp; Consumer loans | 3053661 | 16241200 | 1800878 | 9578148 | 560459 |
| &nbsp;&nbsp;&nbsp; Other receivables | 327038 | 1739384 | 41565 | 221066 | 125958 |
|  Prepaid expenses | 48947 | 260329 | 26662 | 141805 | 72189 |
|  Other assets | 4055 | 21568 | 822 | 4371 | 7573 |
|  **Tax assets** | **492905** | **2621562** | **334459** | **1778853** | **608498** |
| &nbsp;&nbsp;&nbsp; Current income tax assets | 249772 | 1328438 | 227995 | 1212615 | 515169 |
| &nbsp;&nbsp;&nbsp; Deferred tax assets | 243132 | 1293124 | 106464 | 566238 | 93329 |
|  Legal deposits | 223 | 1184 | 125 | 667 | 457 |
|  Property, plant and equipment | 20781 | 110526 | 13976 | 74334 | 30117 |
|  Right of use assets – leases | 6813 | 36238 | 8091 | 43032 | 48653 |
|  Intangible assets | 210449 | 1119293 | 174372 | 927414 | 768747 |
|  **Total assets** | **7073118** | **37619088** | **5136250** | **27317658** | **15782882** |
|  **Financial liabilities measured at fair value through profit or loss** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Derivative financial instruments | 2894 | 15391 | **—** | **—** | **—** |
|  **Financial liabilities measured at amortized cost** | **6207967** | **33017691** | **4563985** | **24274008** | **13960888** |
| &nbsp;&nbsp;&nbsp; Third-party funds | 5218077 | 27752865 | 3798742 | 20203988 | 13312290 |
| &nbsp;&nbsp;&nbsp; Trade payables | 841540 | 4475812 | 632735 | 3365265 | 648598 |
| &nbsp;&nbsp;&nbsp; Obligations to FIDC quota holders | 148350 | 789014 | 132508 | 704755 |  |
|  Labor obligations | 115881 | 616325 | 100672 | 535434 | 437665 |
|  Taxes payable | 179175 | 952962 | 121875 | 648205 | 111141 |
|  Lease liability | 8670 | 46114 | 9991 | 53136 | 58652 |
|  Provision for legal and administrative claims | 7207 | 38331 | 3287 | 17484 | 11063 |
|  Other liabilities | 3934 | 20924 | 4799 | 25524 |  |
|  **Total liabilities** | **6525728** | **34707739** | **4804609** | **25553791** | **14579409** |
|  **Equity** | **547390** | **2911349** | **331641** | **1763867** | **1203473** |
|  Share capital |  |  |  |  | 1687 |
|  Share premium reserve | 415535 | 2210067 | 264461 | 1406563 |  |
|  Additional paid-in capital |  |  |  |  | 1749566 |
|  Capital reserve |  |  |  |  | 529027 |
|  Fair value reserve | 738 | 3925 | (4251) | (22610) | (113) |
|  Other reserve |  |  |  |  | 194910 |
|  Retained earnings | 93071 | 495006 | 42235 | 224633 | (1167125) |
|  Non-controlling interests | 38046 | 202351 | 29196 | 155281 | (104479) |
|  **Total equity and liabilities** | **7073118** | **37619088** | **5136250** | **27317658** | **15782882** |

---

____________

(1) For convenience purposes only, amounts in *reais* have been translated into U.S. dollars at the selling rate as of September 30, 2025 of R$5.3186 to US$1.00, as reported by the Brazilian Central Bank. These translations should not be considered representations that any such amounts have been, could have been or could be converted at that or any other exchange rate.

[**Table of Contents**](#TOC001)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the nine months ended <br>September 30,** | **For the nine months ended <br>September 30,** | **For the nine months ended <br>September 30,** | **For the year ended <br>December 31,** | **For the year ended <br>December 31,** | **For the year ended <br>December 31,** |
|  | **2025<sup>(1)</sup>** | **2025** | **2024** | **2024<sup>(1)</sup>** | **2024** | **2023** |
|  | ***(in US$ <br>thousands)*** | ***(in R$ thousands)*** | ***(in R$ thousands)*** | ***(in US$ <br>thousands)*** | ***(in R$ thousands)*** | ***(in R$ thousands)*** |
|  **Statement of Cash Flow Data** |  |  |  |  |  |  |
|  Net cash from (used in) operating activities | (230890) | (1228012) | (454537) | 430667 | 2290544 | 1566968 |
|  Net cash used in investing activities | (102742) | (546443) | (2219768) | (474763) | (2525075) | (537075) |
|  Net cash from (used in) financing activities | 149754 | 796483 | 223952 | 61511 | 327154 | (12245) |

---

____________

(1) For convenience purposes only, amounts in *reais* have been translated into U.S. dollars at the selling rate as of September 30, 2025 of R$5.3186 to US$1.00, as reported by the Brazilian Central Bank. These translations should not be considered representations that any such amounts have been, could have been or could be converted at that or any other exchange rate.

#### Other Financial Data

#### Adjusted Gross Profit
We calculate Adjusted Gross Profit as our Profit before income taxes, adjusted to exclude the following items of income and expense which are not variable expenses that fluctuate with payment and lending volume levels and with the sale of our products and services: (i) technology expenses; (ii) marketing expenses; (iii) personnel expenses; (iv) administrative expenses; (v) depreciation and amortization; (vi) other expenses; and (vii) other income. However, Adjusted Gross Profit is not a measure under IFRS Accounting Standards and should not be considered as a substitute for profit (loss) for the period/year or any other measure of operating performance determined in accordance with IFRS Accounting Standards. For more information, see "Presentation of Financial and Other Information — Non-IFRS Accounting Standards Measures."

The following table sets forth a reconciliation of Adjusted Gross Profit to our profit before income taxes for the years shown:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the three months ended <br>September 30,** | **For the three months ended <br>September 30,** | **For the three months ended <br>September 30,** | **For the nine months ended <br>September 30,** | **For the nine months ended <br>September 30,** | **For the nine months ended <br>September 30,** | **For the year ended <br>December 31,** | **For the year ended <br>December 31,** | **For the year ended <br>December 31,** |
|  | **2025<sup>(1)</sup>** | **2025** | **2024** | **2025<sup>(1)</sup>** | **2025** | **2024** | **2024<sup>(1)</sup>** | **2024** | **2023** |
|  | ***(in US$ <br>thousands)*** | ***(in R$ thousands)*** | ***(in R$ thousands)*** | ***(in US$ <br>thousands)*** | ***(in R$ thousands)*** | ***(in R$ thousands)*** | ***(in US$ <br>thousands)*** | ***(in R$ thousands)*** | ***(in R$ thousands)*** |
|  **Profit before income taxes** | **31570** | **167910** | **122963** | **65917** | **350585** | **283221** | **65049** | **345972** | **1667** |
|  Adjustments: |  |  |  |  |  |  |  |  |  |
|  Technology expenses | 24399 | 129770 | 159503 | 69148 | 367770 | 381794 | 95627 | 508600 | 312098 |
|  Marketing expenses | 17809 | 94721 | 72110 | 65287 | 347235 | 226513 | 62644 | 333180 | 312560 |
|  Personnel expenses | 55733 | 296421 | 261882 | 165826 | 881960 | 786395 | 205098 | 1090833 | 879362 |
|  Administrative expenses | 24676 | 131243 | 30083 | 55138 | 293257 | 173900 | 44076 | 234423 | 136659 |
|  Depreciation and amortization | 21611 | 114942 | 85719 | 61253 | 325779 | 207659 | 55073 | 292911 | 169823 |
|  Other expenses | 5723 | 30440 | 28298 | 9761 | 51915 | 28391 | 6207 | 33013 | 4638 |
|  Other income | (4586) | (24392) | (16287) | (13778) | (73282) | (68829) | (16574) | (88153) | (23468) |
|  **Adjusted Gross Profit** | **176937** | **941055** | **739272** | **478551** | **2545219** | **2018871** | **517200** | **2750779** | **1793339** |

---

____________

(1) For convenience purposes only, amounts in *reais* have been translated into U.S. dollars at the selling rate as of September 30, 2025 of R$5.3186 to US$1.00, as reported by the Brazilian Central Bank. These translations should not be considered representations that any such amounts have been, could have been or could be converted at that or any other exchange rate.

[**Table of Contents**](#TOC001)

#### Adjusted Gross Profit Composition
The expenses in our statement of profit or loss are presented by nature rather than function and, therefore, we are not permitted to present an IFRS Accounting Standards measure of gross profit in our audited consolidated financial statements. With the purpose to help investors better understand how this non-IFRS Accounting Standards measure relates to our audited consolidated financial statements, we present below a table showing the composition of the Adjusted Gross Profit based on the captions from our audited consolidated financial statements.

Our Adjusted Gross Profit calculation is derived from our net revenue from transaction activities and other services, and financial income; and excludes transaction expenses, interest and other financial expenses, and credit loss allowance expenses.

The following table presents the composition of our Adjusted Gross Profit for the periods shown:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the three months ended <br>September 30,** | **For the three months ended <br>September 30,** | **For the three months ended <br>September 30,** | **For the nine months ended <br>September 30,** | **For the nine months ended <br>September 30,** | **For the nine months ended <br>September 30,** | **For the year ended <br>December 31,** | **For the year ended <br>December 31,** | **For the year ended <br>December 31,** |
|  | **2025<sup>(1)</sup>** | **2025** | **2024** | **2025<sup>(1)</sup>** | **2025** | **2024** | **2024<sup>(1)</sup>** | **2024** | **2023** |
|  | ***(in US$ <br>thousands)*** | ***(in R$ thousands)*** | ***(in R$ thousands)*** | ***(in US$ <br>thousands)*** | ***(in R$ thousands)*** | ***(in R$ thousands)*** | ***(in US$ <br>thousands)*** | ***(in R$ thousands)*** | ***(in R$ thousands)*** |
|  Net revenue from transaction activities and other services | 81526 | 433606 | 375548 | 243512 | 1295142 | 1005112 | 286551 | 1524048 | 1059936 |
|  Financial income | 431986 | 2297562 | 1034602 | 1122217 | 5968625 | 2778708 | 760745 | 4046096 | 2398710 |
|  Total revenue and financial income | 513513 | 2731169 | 1410150 | 1365729 | 7263767 | 3783820 | 1047295 | 5570144 | 3458646 |
|  Transaction expenses | (25502) | (135637) | (122913) | (89917) | (478233) | (356108) | (92821) | (493676) | (438539) |
|  Interest and other financial expenses | (191973) | (1021029) | (357302) | (472311) | (2512032) | (1005343) | (270497) | (1438664) | (1212478) |
|  Credit loss allowance expenses | (119100) | (633447) | (190663) | (324951) | (1728283) | (403494) | (166778) | (887025) | (14290) |
|  **Adjusted Gross Profit** | **176937** | **941055** | **739272** | **478551** | **2545219** | **2018868** | **517200** | **2750779** | **1793339** |

---

____________

(1) For convenience purposes only, amounts in *reais* have been translated into U.S. dollars at the selling rate as of September 30, 2025 of R$5.3186 to US$1.00, as reported by the Brazilian Central Bank. These translations should not be considered representations that any such amounts have been, could have been or could be converted at that or any other exchange rate.

#### Net Interest Income (NII) and Net Interest Margin After Losses (NIMAL)
We calculate Net Interest Income (NII) as the financial income *less* interest and other financial expenses. We calculate Net Interest Margin After Losses (NIMAL) as Net Interest Income (NII) *less* the credit loss allowance expenses. We consider Net Interest Income and Net Interest Margin After Losses to be performance measures. However, Net Interest Income and Net Interest Margin After Losses are not measures under IFRS Accounting Standards and should not be considered as substitutes for financial income for the period/year or any other measure of operating performance determined in accordance with IFRS Accounting Standards. For more information, see "Presentation of Financial and Other Information — Non-IFRS Accounting Standards Measures."

[**Table of Contents**](#TOC001)

The following table sets forth a reconciliation of Net Interest Income and Net Interest Margin After Losses to profit before income taxes for the periods shown:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the three months ended <br>September 30,** | **For the three months ended <br>September 30,** | **For the three months ended <br>September 30,** | **For the nine months ended <br>September 30,** | **For the nine months ended <br>September 30,** | **For the nine months ended <br>September 30,** | **For the year ended <br>December 31,** | **For the year ended <br>December 31,** | **For the year ended <br>December 31,** |
|  | **2025<sup>(1)</sup>** | **2025** | **2024** | **2025<sup>(1)</sup>** | **2025** | **2024** | **2024<sup>(1)</sup>** | **2024** | **2023** |
|  | ***(in US$ <br>thousands)*** | ***(in R$ thousands)*** | ***(in R$ thousands)*** | ***(in US$ <br>thousands)*** | ***(in R$ thousands)*** | ***(in R$ thousands)*** | ***(in US$ <br>thousands)*** | ***(in R$ thousands)*** | ***(in R$ thousands)*** |
|  **Profit before income taxes** | **31571** | **167911** | **122963** | **65917** | **350584** | **283221** | **65049** | **345972** | **1667** |
|  Adjustments: |  |  |  |  |  |  |  |  |  |
|  Net revenue from transaction activities and other services | 81526 | 433606 | 375548 | 243512 | 1295142 | 1005112 | 286551 | 1524048 | 1059936 |
|  Transaction expenses | (25502) | (135637) | (122913) | (89917) | (478233) | (356108) | (92821) | (493676) | (438539) |
|  Technology expenses | (24399) | (129770) | (159504) | (69148) | (367770) | (381621) | (95627) | (508600) | (312098) |
|  Marketing expenses | (17809) | (94721) | (72110) | (65287) | (347235) | (226513) | (62644) | (333180) | (312560) |
|  Personnel expenses | (55733) | (296421) | (261882) | (165826) | (881960) | (786395) | (205098) | (1090833) | (879362) |
|  Administrative expenses | (24676) | (131243) | (30083) | (55138) | (293257) | (173900) | (44076) | (234423) | (136659) |
|  Depreciation and amortization | (21611) | (114942) | (85719) | (61253) | (325779) | (207659) | (55073) | (292911) | (169823) |
|  Other expenses | (5723) | (30440) | (23298) | (9761) | (51915) | (28391) | (6207) | (33013) | (4638) |
|  Other income | 4586 | 24392 | 16287 | 13778 | 73281 | 68829 | 16574 | 88153 | 23468 |
|  Financial income | 431986 | 2297562 | 1034602 | 1122217 | 5968625 | 2778708 | 760745 | 4046096 | 2398710 |
|  Interest and other financial expenses | (191973) | (1021029) | (357302) | (472311) | (2512032) | (1005343) | (270497) | (1438664) | (1212478) |
|  **Net Interest Margin after Losses (NIMAL)** | **120913** | **643086** | **486637** | **324956** | **1728310** | **1369867** | **323470** | **1720407** | **1171942** |
|  Credit loss allowance expenses | 119100 | 633447 | 190663 | 324951 | 1728283 | 403498 | 166778 | 887025 | 14290 |
|  **Net Interest Income (NII)** | **240013** | **1276533** | **677300** | **649907** | **3456593** | **1773365** | **490248** | **2607432** | **1186232** |

---

____________

(1) For convenience purposes only, amounts in *reais* have been translated into U.S. dollars at the selling rate as of September 30, 2025 of R$5.3186 to US$1.00, as reported by the Brazilian Central Bank. These translations should not be considered representations that any such amounts have been, could have been or could be converted at that or any other exchange rate.

#### Quarterly Annualized Net Interest Income (QANII) and Quarterly Annualized Net Interest Margin (QANIM)
We calculate Quarterly Annualized Net Interest Margin (QANIM) as Quarterly Annualized Net Interest Income (QANII) divided by the sum of the following balance sheet metrics: (i) cash and cash equivalents; (ii) financial assets at fair value through profit or loss; (iii) financial assets at fair value through OCI; (iv) interest-earning portfolio; (v) other receivables; and (vi) other financial assets at amortized cost. The average of the aforementioned balance sheet metrics is the sum of such metrics as of June 30, 2025 and as of September 30, 2025, divided by two.

We consider Quarterly Annualized Net Interest Income (QANII) and Quarterly Annualized Net Interest Margin (QANIM) to be a performance measure. Our management uses Quarterly Annualized Net Interest Income (QANII) and Quarterly Annualized Net Interest Margin (QANIM), along with comparable IFRS Accounting Standards measure, to evaluate our performance on our core business of lending and borrowing, as it reflects the spread between the interest earned on loans and the interest paid on deposits.

[**Table of Contents**](#TOC001)

The following table sets forth a reconciliation of Quarterly Annualized Net Interest Income (QANII) and Quarterly Annualized Net Interest Margin (QANIM) to financial income for the periods shown:

---

| | | |
|:---|:---|:---|
|  | **For the three months ended <br>September 30,** | **For the three months ended <br>September 30,** |
|  | **2025<sup>(1)</sup>** | **2025** |
|  | ***(in US$ thousands)*** | ***(in R$ thousands)*** |
|  Financial income | 431986 | 2297562 |
|  Interest and other financial expenses | (191973) | (1021029) |
|  **Net Interest Income (NII)** | **240013** | **1276533** |
|  **Quarterly Annualized Net Interest Income (QANII)** | **960052** | **5106132** |
|  Total as of June 30, 2025: |  |  |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents | 960102 | 5106399 |
| &nbsp;&nbsp;&nbsp; Financial assets at fair value through profit or loss | 13036 | 69331 |
| &nbsp;&nbsp;&nbsp; Financial assets at fair value through other comprehensive income | 961176 | 5112110 |
| &nbsp;&nbsp;&nbsp; Interest-earning portfolio | 2380615 | 12661539 |
| &nbsp;&nbsp;&nbsp; Other receivables | 190126 | 1011204 |
| &nbsp;&nbsp;&nbsp; Other financial assets at amortized cost |  |  |
| &nbsp;&nbsp;&nbsp; Total on June 30, 2025 | 4505055 | 23960583 |
|  Total as of September 30, 2025: |  |  |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents | 1220942 | 6493701 |
| &nbsp;&nbsp;&nbsp; Financial assets at fair value through profit or loss | 13320 | 70842 |
| &nbsp;&nbsp;&nbsp; Financial assets at fair value through other comprehensive income | 751389 | 3996336 |
| &nbsp;&nbsp;&nbsp; Interest-earning portfolio | 2830026 | 15051776 |
| &nbsp;&nbsp;&nbsp; Other receivables | 327038 | 1739384 |
| &nbsp;&nbsp;&nbsp; Other financial assets at amortized cost | 176700 | 939797 |
| &nbsp;&nbsp;&nbsp; Total on September 30, 2025 | 5319414 | 28291836 |
|  **Average for the period** | **4912234** | **26126210** |
|  **Quarterly Annualized Net Interest Margin (QANIM)** | **19.5%** | **19.5%** |

---

____________

(1) For convenience purposes only, amounts in *reais* have been translated into U.S. dollars at the selling rate as of September 30, 2025 of R$5.3186 to US$1.00, as reported by the Brazilian Central Bank. These translations should not be considered representations that any such amounts have been, could have been or could be converted at that or any other exchange rate.

#### Efficiency Ratio
We calculate Efficiency Ratio as the sum of transaction expenses, technology expenses, marketing expenses, personnel expenses, administrative expenses, depreciation and amortization, and other expenses divided by the sum of net revenue from transaction activities and other services, financial income net of interest and other financial expenses, and other income. We consider Efficiency Ratio to be a performance measure. However, Efficiency Ratio is not a measure under IFRS Accounting Standards and should not be considered a substitute for any revenue or expense measure determined in accordance with IFRS Accounting Standards. For more information, see "Presentation of Financial and Other Information — Non-IFRS Accounting Standards Measures."

[**Table of Contents**](#TOC001)

The following table sets forth a reconciliation of our Efficiency Ratio for the periods shown:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the three months ended <br>September 30,** | **For the three months ended <br>September 30,** | **For the three months ended <br>September 30,** | **For the nine months ended <br>September 30,** | **For the nine months ended <br>September 30,** | **For the nine months ended <br>September 30,** | **For the year ended <br>December 31,** | **For the year ended <br>December 31,** | **For the year ended <br>December 31,** |
|  | **2025<sup>(1)</sup>** | **2025** | **2024** | **2025<sup>(1)</sup>** | **2025** | **2024** | **2024<sup>(1)</sup>** | **2024** | **2023** |
|  | **(*in US$ <br>thousands*)** | **(*in R$ <br>thousands*)** | **(*in R$ <br>thousands*)** | **(*in US$ <br>thousands*)** | **(*in R$ <br>thousands*)** | **(*in R$ <br>thousands*)** | **(*in US$ <br>thousands*)** | **(*in R$ <br>thousands*)** | **(*in R$ <br>thousands*)** |
|  Transaction expenses | 25502 | 135637 | 122913 | 89917 | 478233 | 356108 | 92821 | 493676 | 438539 |
|  Technology expenses | 24399 | 129770 | 159504 | 69148 | 367770 | 381621 | 95627 | 508600 | 312098 |
|  Marketing expenses | 17809 | 94721 | 72110 | 65287 | 347235 | 226513 | 62644 | 333180 | 312560 |
|  Personnel expenses | 55733 | 296421 | 261882 | 165826 | 881960 | 786395 | 205098 | 1090833 | 879362 |
|  Administrative expenses | 24676 | 131243 | 30083 | 55138 | 293257 | 173900 | 44076 | 234423 | 136659 |
|  Depreciation and amortization | 21611 | 114942 | 85719 | 61253 | 325779 | 207659 | 55073 | 292911 | 169823 |
|  Other expenses | 5723 | 30440 | 23298 | 9761 | 51915 | 28391 | 6207 | 33013 | 4638 |
|  Net revenue from transaction activities and other services | 81526 | 433606 | 375548 | 243512 | 1295142 | 1005112 | 286551 | 1524048 | 1059936 |
|  Financial income | 431986 | 2297562 | 1034602 | 1122217 | 5968625 | 2778708 | 760745 | 4046096 | 2398710 |
|  Interest and other financial expenses | (191973) | (1021029) | (357302) | (472311) | (2512032) | (1005343) | (270497) | (1438664) | (1212478) |
|  Other income | 4586 | 24393 | 16287 | 13778 | 73281 | 68829 | 16574 | 88153 | 23468 |
|  **Efficiency Ratio** | **53.8%** | **53.8%** | **70.7%** | **56.9%** | **56.9%** | **75.9%** | **70.8%** | **70.8%** | **99.3%** |

---

____________

(1) For convenience purposes only, amounts in *reais* have been translated into U.S. dollars at the selling rate as of September 30, 2025 of R$5.3186 to US$1.00, as reported by the Brazilian Central Bank. These translations should not be considered representations that any such amounts have been, could have been or could be converted at that or any other exchange rate.

#### Annual Return on Equity and LTM Return on Equity
We calculate Annual Return on Equity as our profit for the year divided by the average equity for the year. The average equity for the year is defined as the average of equity on the year-end date of the immediately prior year and the equity on the year-end date of the current year. For the year ended December 31, 2024, the average of equity consists of the sum of equity as of December 31, 2024 and December 31, 2023 divided by two. For the year ended December 31, 2023, the average of equity consists of the sum of equity as of December 31, 2023 and December 31, 2022 divided by two. We calculate LTM Return on Equity as the profit for the period for the last twelve months divided by the average equity for the period. For the last twelve-month period ended September 30, 2025, we consider the sum of profit for the year ended December 31, 2024, plus the nine-month period ended September 30, 2025 minus the nine-month period ended September 30, 2024, divided by the average equity for the period, which consists of the sum of equity as of September 30, 2024 and September 30, 2025, divided by two. For the last twelve-month period ended September 30, 2024, we consider the sum of profit for the year ended December 31, 2023, plus the nine-month period ended September 30, 2024 minus the nine-month period ended September 30, 2023, divided by the average equity for the period, which consists of the sum of equity as of September 30, 2023 and September 30, 2024, divided by two.

Our management uses Annual Return on Equity and LTM Return on Equity, along with comparable IFRS Accounting Standards measure, to evaluate our ability to earn profit from our equity. However, Annual Return on Equity and LTM Return on Equity are not measures under IFRS Accounting Standards and should not be considered as substitutes for profit (loss) for the period/year or any other measure of operating performance determined in accordance with IFRS Accounting Standards. Our management uses Annual Return on Equity and LTM Return on Equity to evaluate our ability to earn profit from our equity. We consider these factors when interpreting the results of this metric. This metric does not have a standard meaning, and our definition may not be comparable with the definition adopted by other companies.

[**Table of Contents**](#TOC001)

The following tables set forth a reconciliation of Annual Return on Equity and LTM Return on Equity as of and for the periods shown:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of and for the year ended December 31,** | **As of and for the year ended December 31,** | **As of and for the year ended December 31,** |
|  | **2024<sup>(1)</sup>** | **2024** | **2023** |
|  | ***(in US$ thousands)*** | ***(in R$ thousands)*** | ***(in R$ thousands)*** |
| &nbsp;&nbsp;&nbsp; Profit for the year | 47341 | 251788 | 37355 |
| &nbsp;&nbsp;&nbsp; Average equity for the year<sup>(2)</sup> | 278959 | 1483670 | 1182851 |
|  **Annual Return on Equity** | **17.0%** | **17.0%** | **3.2%** |

---

____________

(1) For convenience purposes only, amounts in *reais* have been translated into U.S. dollars at the selling rate as of September 30, 2025 of R$5.3186 to US$1.00, as reported by the Brazilian Central Bank. These translations should not be considered representations that any such amounts have been, could have been or could be converted at that or any other exchange rate.

(2) Equity as of December 31, 2024, 2023, and 2022 was R$1,763,867, R$1,203,473, and R$1,162,228, respectively.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of September 30,** | **As of September 30,** | **As of September 30,** | **As of September 30,** |
|  | **2025<sup>(1)</sup>** | **2025** | **2024** | **2023** |
|  | ***(in US$ <br>thousands)*** | ***(in R$ thousands)*** | ***(in R$ thousands)*** | ***(in R$ thousands)*** |
|  Equity | 547390 | 2911349 | 1604933 | 1178616 |
|  Average equity for the period | 424574 | 2258141 | 1391775 | n.a. |

---

____________

(1) For convenience purposes only, amounts in *reais* have been translated into U.S. dollars at the selling rate as of September 30, 2025 of R$5.3186 to US$1.00, as reported by the Brazilian Central Bank. These translations should not be considered representations that any such amounts have been, could have been or could be converted at that or any other exchange rate.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Last Twelve-Month <br>Period Ended** | **For the Last Twelve-Month <br>Period Ended** | **For the Last Twelve-Month <br>Period Ended** | **For the Nine-Month <br>Period Ended** | **For the Nine-Month <br>Period Ended** | **For the Nine-Month <br>Period Ended** | **For the Fiscal <br>Year Ended <br>December 31,** | **For the Fiscal <br>Year Ended <br>December 31,** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** | **September 30,** | **September 30,** | **For the Fiscal <br>Year Ended <br>December 31,** | **For the Fiscal <br>Year Ended <br>December 31,** |
|  | **2025<sup>(1)</sup>** | **2025** | **2024** | **2025** | **2024** | **2023** | **2024** | **2023** |
|  |  | **A+D-B** | **B+E-C** | **A** | **B** | **C** | **D** | **E** |
|  | ***(in US$ thousands)*** | ***(in US$ thousands)*** | ***(in US$ thousands)*** | ***(in US$ thousands)*** | ***(in US$ thousands)*** | ***(in US$ thousands)*** | ***(in million of R$)*** | ***(in million of R$)*** |
|  Profit for the <br>period/year  | 74000 | 393575 | 197343 | 313770 | 171983 | 11995 | 251788 | 37355 |

---

____________

(1) For convenience purposes only, amounts in reais have been translated into U.S. dollars at the selling rate as of September 30, 2025 of R$5.3186 to US$1.00, as reported by the Brazilian Central Bank. These translations should not be considered representations that any such amounts have been, could have been or could be converted at that or any other exchange rate.

---

| | | | |
|:---|:---|:---|:---|
|  | **As of and for the last twelve-month period ended <br>September 30,** | **As of and for the last twelve-month period ended <br>September 30,** | **As of and for the last twelve-month period ended <br>September 30,** |
|  | **2025<sup>(1)</sup>** | **2025** | **2024** |
|  | ***(in US$ thousands)*** | ***(in R$ thousands)*** | ***(in R$ thousands)*** |
|  Profit  | 74000 | 393575 | 197343 |
|  Average equity for the period | 424574 | 2258141 | 1391775 |
|  **LTM Return on Equity** | **17.4%** | **17.4%** | **14.2%** |

---

____________

(1) For convenience purposes only, amounts in *reais* have been translated into U.S. dollars at the selling rate as of September 30, 2025 of R$5.3186 to US$1.00, as reported by the Brazilian Central Bank. These translations should not be considered representations that any such amounts have been, could have been or could be converted at that or any other exchange rate.

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#### Operating Data
In connection with our management's analysis of our ongoing business operations, including comparing our performance with that of our competitors, our management uses certain indicators to measure our performance, including our: (1) total accounts; (2) deposits; (3) total payment volume (TPV); (4) total cash-in; (5) Wallet and Banking TPV; (6) PicPay Card TPV; (7) Own and Third-Party Loan Originations; (8) Total Credit Portfolio; (9) SMB TPV; (10) number of quarterly active clients; (11) quarterly average revenue per quarterly active client (ARPAC); and (12) quarterly average cost to serve per quarterly active client (CTS).

For more information about our key performance indicators, see "Presentation of Financial and Other Information — Key Performance Indicators."

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of and for the <br>nine months ended <br>September 30,** | **As of and for the <br>nine months ended <br>September 30,** | **As of and for the <br>year ended <br>December 31,** | **As of and for the <br>year ended <br>December 31,** |
|  | **2025** | **2024** | **2024** | **2023** |
|  **Consolidated** |  |  |  |  |
|  Total accounts (in millions) | 65.6 | 58.7 | 60.2 | 52.8 |
|  Deposits (R$ million)<sup>(1)</sup> | 26657 | 16616 | 19983 | 13038 |
|  Total payment volume (TPV) (R$ million)<sup>(2)</sup> | 392456 | 297748 | 421037 | 271164 |
|  Total cash-in (R$ million) | 344045 | 264346 | 374212 | 238258 |
|  **Consumer Banking** |  |  |  |  |
|  Wallet and Banking TPV (R$ million) | 355352 | 270882 | 382509 | 241460 |
|  PicPay Card TPV (R$ million) | 41024 | 26783 | 39227 | 27104 |
|  Own and Third-Party Loan Originations (R$ million) | 7007 | 4808 | 6836 | 2381 |
|  Total Credit Portfolio (R$ million)<sup>(3)</sup> | 18662 | 8290 | 10571 | 575 |
|  **Small & Medium-Sized Businesses** |  |  |  |  |
|  SMB TPV (R$ million) | 28801 | 18972 | 27095 | 23484 |

---

____________

(1) Comprised of the sum of "user balance — payment accounts" and "user balance — CDB" from third-party funds in our consolidated financial statements.

(2) The sum of Wallet and Banking TPV, PicPay Card TPV, PicPay Shop GMV, and SMB TPV is greater than Total TPV due to transactions that are counted in more than one category of TPV. To calculate Total TPV, the sum of Wallet and Banking TPV, PicPay Card TPV, PicPay Shop GMV, and SMB TPV is adjusted to eliminate multiple entries.

(3) Total credit portfolio refers to the consumer loans balance from our consolidated financial statements, which includes the balances of both the credit card and loan portfolios.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of and for the <br>three months ended <br>September 30,** | **As of and for the <br>three months ended <br>September 30,** | **As of and for the <br>year ended <br>December 31,** | **As of and for the <br>year ended <br>December 31,** |
|  | **2025** | **2024** | **2024** | **2023** |
|  **Consolidated** |  |  |  |  |
|  Number of quarterly active clients (in millions) | 42.1 | 37.5 | 39.0 | 34.6 |
|  Quarterly average revenue per quarterly active client (R$)<sup>(1)</sup> | 65.4 | 38.1 | 37.9 | 26.0 |
|  Quarterly average cost to serve per quarterly active client (R$)<sup>(2)</sup> | 17.8 | 16.8 | 17.3 | 14.8 |

---

____________

(1) Quarterly average revenue per quarterly active client for the three months ended September 30, 2025 and for the three months ended September 30, 2024 is, in each case, the total revenue and financial income in the last three months divided by the average number of quarterly active consumers during the period (for the three-month period ended September 30, 2025, the average number of quarterly active consumers is defined as the average between the second quarter and third quarter of 2025; for the three-month period ended September 30, 2024, the average quarterly active consumers is defined as the average between the second quarter and third quarter of 2024). Quarterly average revenue per quarterly active client for the years ended December 31, 2024 and 2023 is, in each case, the sum of the total revenue and financial income in the last twelve months divided by four and then divided by the average number of quarterly active consumers during the period (for the twelve month period ended December 31, 2024, the average number of quarterly active consumers is defined as the average between the fourth quarter of 2024 and the fourth quarter of 2023; for the twelve month period ended December 31, 2023, the average number of quarterly active consumers is defined as the average between the fourth quarter of 2023 and the fourth quarter of 2022).

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(2) Quarterly average cost to serve per quarterly active client for the three months ended September 30, 2025 and for the three months ended September 30, 2024 is, in each case, the sum of the total cost to serve in the referred three months divided by the average number of quarterly active consumers considering the number of quarterly active consumers at the beginning of the period, and the number of quarterly active consumers at the end of the period. For the years ended December 31, 2024 and 2023, we consider the sum of the total cost to serve in the last twelve months divided by four and then divided by the average number of quarterly active consumers during the period, considering the number of quarterly active consumers on the end date of the prior three-month period and the number of quarterly active consumers on the end date of the current three-month period. For 2024, the average quarterly active consumers is defined as the average between the fourth quarter of 2024 and the fourth quarter of 2023. For 2023, the average quarterly active consumers is defined as the average between the fourth quarter of 2023 and the fourth quarter of 2022.

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------

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#### Risk Factors
*An investment in our Class A common shares involves a high degree of risk. You should carefully consider the risks and uncertainties described below and the other information in this prospectus before you decide to purchase our Class A common shares. In particular, investing in the securities of issuers whose operations are located in emerging market countries such as Brazil involves a higher degree of risk than investing in the securities of issuers whose operations are located in the United States or other more developed countries. If any of the risks discussed in this prospectus actually occur, alone or together with additional risks and uncertainties not currently known to us, or that we currently deem immaterial, our business, financial condition, results of operations and prospects may be materially adversely affected. If this were to occur, the value of our Class A common shares may decline and you may lose all or part of your investment.*

#### Risks Relating to Our Business and Industry
***A decline in the use of our payment platform or adverse developments with respect to the payment processing industry in general could have a material adverse effect on our business, financial condition and results of operations.***

Our business, financial condition and results of operations may be materially adversely affected if consumers do not continue to use our platform for their payment transactions generally or if there is a change in the mix of payments between cash, credit and prepaid cards that is adverse to us. We believe future growth in the use of credit and prepaid cards and other electronic payments will be driven by the cost, ease-of-use and quality of services offered to consumers and businesses. In order to consistently increase and maintain our profitability, consumers and businesses must continue to use electronic payment methods, including credit and prepaid cards. Moreover, an adverse development in the payments industry or Brazilian market in general, such as new legislation or regulation that makes it more difficult for our consumers to do business or utilize electronic payment mechanisms or make interest-free purchase installments more beneficial to consumers, may adversely affect our business, financial condition and results of operations. For instance, Febraban filed a notice with the Brazilian National Consumer Office (*Secretaria Nacional do Consumidor*) and Public Prosecutor's Office of the State of São Paulo (*Ministério Público do Estado de São Paulo*) challenging the legal and regulatory feasibility of some of the payments industry's most common practices, including interest-free purchase installments businesses. According to Febraban, charging credit card fees from customers within an interest-free installment purchase could be considered a harmful practice. For more details, please see "— Risks Relating to Legal and Regulatory Matters — Funding of digital wallets via credit card is a relevant business for us, and this product is being challenged by incumbent institutions, and Brazilian authorities are conducting an inquiry of certain players, including us. If funding of digital wallets via credit card transactions is deemed incompatible with the applicable legal and regulatory framework in Brazil, we could be required to change our products to comply with new understandings of the Brazilian authorities, which could adversely affect the results of our operations."

***A decline in the use of credit or prepaid cards as a payment mechanism for consumers or adverse developments with respect to the payment processing industry in general could have a material adverse effect on our business, financial condition and results of operations.***

Our business, financial condition and results of operations may be materially adversely affected if consumers do not continue to use credit or prepaid cards as a payment mechanism for their transactions generally or if there is a change in the mix of payments between cash, alternative currencies and technologies, credit and prepaid cards, or the corresponding methodologies used for each, which is adverse to us. In 2020, the Brazilian Central Bank launched Pix, which has led and may continue to lead to a decrease in the use of other payment methods, such as credit and prepaid cards, and may also increase competitive pressures within the payments industry. Therefore, any increase in the use of Pix-based payments or other alternative payment methods may adversely affect our financial results. Moreover, an adverse development in the payments industry in general, such as new legislation or regulation that makes it more difficult for our consumers to do business, may adversely affect our business, financial condition and results of operations.

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***We rely on payment card networks to process the majority of our transactions. If we fail to comply with the applicable requirements of the payment card networks, we could be fined, suspended or terminated from the networks, which would have a material adverse effect on our business, financial condition and results of operations.***

We rely on payment card networks, primarily those managed by Visa and Mastercard, to process the majority of our payment card transactions. A significant portion of our revenue comes from processing transactions through these payment card networks. We must pay fees for these services, and from time to time, the payment card networks may increase the fees that they charge us for each transaction using one of their cards, subject to certain limitations.

We are required to comply with payment card network operating rules, including special operating rules for payment service providers to merchants. We may also be directly liable to the payment card networks for rule violations. The payment card networks could adopt new operating rules or interpret or re-interpret existing rules that we or our merchants might find difficult or even impossible to follow, or costly to implement. As a result, we could lose our ability to give consumers the option of using certain payment cards to fund their payments. If we are unable to accept certain payment cards or are limited in our ability to do so, our business would be adversely affected.

We have implemented specific business processes for merchants to comply with payment card network operating rules for providing services to merchants. Any failure to comply with these rules could result in fines. We are also subject to penalties from payment card networks if we fail to detect that merchants are engaging in activities that are illegal or considered "high risk" under their network operating rules, including the sale of certain types of digital content. We are required to either prevent "high risk" merchants from using our services or register these merchants with the payment card networks and conduct additional monitoring of them. To date, we have not identified any high risk merchants utilizing our services. Although the amount of these fines has not been material to date, we could be subject to significant additional fines in the future, which could result in a termination of our ability to accept payment cards or require changes in our process for registering new consumers, which would adversely affect our business. Payment card network rules may also increase the cost of, impose restrictions on, or otherwise negatively impact the development of, our retail point-of-sale solutions, which may negatively impact their deployment and adoption.

We are subject to monitoring by the payment card networks to ensure compliance with applicable rules and standards, and may be directly liable to the payment card networks for rule violations. If we do not comply with the payment card requirements, the payment card networks could seek to fine us or suspend or terminate our registrations that allow us to process transactions on their networks, and we could lose our ability to make payments using virtual cards or any other payment form factor enabled by the network. If we are unable to recover amounts relating to fines or pass through costs to our consumers or other associated participants, we would experience a financial loss. The termination of our registration due to failure to comply with the applicable requirements of the payment cards networks, or any changes in the networks rules that would impair our registration, could require us to stop using the payment cards networks to process the majority of our transactions, which would have a material adverse effect on our business, financial condition and results of operations.

***Our systems and our third party providers' systems may fail due to factors beyond our control, which could interrupt our provision of services, cause us to lose business, increase our costs and impair our ability to provide our services and products effectively to our consumers.***

We create apps and other software that enable us to provide the majority of our services. We depend on the efficient and uninterrupted operation of numerous systems, including our computer and operating systems, software, and telecommunications networks, as well as the systems of third parties, such as credit and prepaid card transaction authorization providers, national financial system network infrastructure providers. Our systems and operations or those of our third-party providers, could be exposed to damage or interruption from, among other things, infrastructure changes, the implementation of new functionalities, human or software errors, capacity constraints due to an overwhelming number of consumers accessing our products and platform capabilities simultaneously, attacks that impact our ability to provide services or other security-related incidents, fire, natural disaster, power loss, terrorist attacks, hostilities, telecommunications failure, unauthorized entry and computer viruses. We do not maintain insurance policies specifically for property and business interruptions. Any changes in, failures of or defects in, our systems or those of third parties, errors or delays in the processing of payment transactions, telecommunications failures, changes in mobile networks offered by telecommunications operators and mobile devices developed by third parties or other difficulties could result in, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• loss of revenues;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• loss of consumers;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• loss of merchant and cardholder data;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• loss of licenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• loss of our Brazilian Central Bank authorization to operate as a payment institution (*instituição de pagamento*), as a financial institution (commercial bank) or as a security/stock broker company (*distribuidora de títulos e valores mobiliários*), or "DTVM," in Brazil;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fines and/or other penalties imposed by the Brazilian Central Bank, as well as other measures taken by the Brazilian Central Bank, including intervention, temporary special management systems, the imposition of insolvency proceedings, and/or the out-of-court liquidation of PicPay, and any of our subsidiaries to whom licenses may be granted in the future;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fines or other penalties imposed by the Brazilian National Data Protection Authority (*Autoridade Nacional de Proteção de Dados*), or the "ANPD";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• harm to our business or reputation resulting from negative publicity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• delays in consumer payments to us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failures or delays in the market acceptance of our platform and products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• legal claims against us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exposure to fraud losses or other liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• additional operating and development costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• usage of our products and services; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• diversion of technical and other resources.

In the event that it is difficult for our merchants to access and use our products and services, our business may be materially and adversely affected.

Our business is highly dependent on the ability of our information technology systems to accurately process a large number of highly complex transactions and products in a timely manner and at high processing speeds, and on our ability to rely on our digital technologies, computer and email services, software and networks, as well as on the secure processing, storage and transmission of confidential data and other information on our computer systems and networks. Specifically, the proper functioning of our financial control, risk management, accounting, consumer service and other data processing systems is critical to our business and our ability to compete effectively. Any failure to deliver an effective and secure service, or any performance issue that arises with a service, could result in significant processing or reporting errors or other losses.

We do not operate all of our systems on a real-time basis and cannot assure that our business activities would not be materially disrupted if there were a partial or complete failure of any of these primary information technology systems or communication networks. In particular, because most of our consumer transactions occur on our mobile app, any failure of our mobile app would cause our platform and services to be unavailable to our consumers. Such failures could be caused by, among other things, major natural catastrophes, software bugs, computer virus attacks, conversion errors due to system upgrading, security breaches caused by unauthorized access to information or systems or malfunctions, loss or corruption of data, software, hardware or other computer equipment. Any such failures would disrupt our business and impair our ability to provide our services and products effectively to our consumers, which could adversely affect our reputation as well as our business, results of operations and financial condition.

***Our ability to remain competitive and achieve further growth will depend in part on our ability to upgrade our information technology systems and expand our capacity on a timely and cost-effective basis.***

We must continually make significant investments and improvements in our information technology infrastructure in order to remain competitive. We cannot guarantee that in the future we will be able to maintain the level of capital expenditures necessary to support the improvement or upgrading of our information technology systems. Any substantial failure to improve or upgrade our information technology systems effectively or on a timely basis would materially and adversely affect our business, financial condition or results of operations.

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In particular, we rely heavily on Amazon Web Services, or "AWS," to provide cloud computing, storage, processing and other related services. Any disruption of or interference with our use of these services could negatively affect our operations and seriously harm our business. AWS has experienced, and may experience in the future, interruptions, delays or outages in service availability due to a variety of factors, including infrastructure changes, human or software errors, hosting disruptions and capacity constraints. Capacity constraints could arise from a number of causes such as technical failures, natural disasters, fraud or security attacks. The level of service provided by AWS, or regular or prolonged interruptions in the services provided by AWS, could also impact the use of, and our clients' satisfaction with, our products and services and could harm our business and reputation.

#### Inadequacy or disruption of our disaster recovery plans and procedures in the event of a catastrophe would adversely affect our operations.
We have made a significant investment in our infrastructure, and our operations are dependent on our ability to protect the continuity of our infrastructure against damage from catastrophe or natural disaster, breach of security, cyber-attack, loss of power, telecommunications failure or other natural or man-made events. A catastrophic event could have a direct negative impact on us by adversely affecting our consumers, partners, third-party service providers, employees or facilities, or an indirect impact on us by adversely affecting the financial markets or the overall economy. If our business continuity and disaster recovery plans and procedures were disrupted, inadequate or unsuccessful in the event of a catastrophe, we could experience a material adverse interruption of our operations.

We serve our consumers using third-party data centers and cloud services. While we have electronic access to the infrastructure and components of our platform that are hosted by third parties, we do not control the operation of these facilities. Consequently, we may be subject to service disruptions as well as failures to provide adequate support for reasons that are outside of our direct control. These data centers and cloud services are vulnerable to damage or interruption from a variety of sources, including earthquakes, floods, fires, power loss, system failures, cyber-attacks, physical or electronic break-ins, human error or interference (including by employees, former employees or contractors), and other catastrophic events. Our data centers may also be subject to local administrative actions, changes to legal or permitting requirements and litigation to stop, limit or delay operations. Despite precautions taken at these facilities, such as disaster recovery and business continuity arrangements, the occurrence of a natural disaster or an act of terrorism, a decision to close the facilities without adequate notice or other unanticipated problems at these facilities could result in interruptions or delays in our services, impede our ability to scale our operations or have other adverse impacts upon our business.

***Unauthorized disclosure, destruction or modification of data, through cybersecurity breaches, computer viruses or otherwise or disruption of our services could expose us to liability, protracted and costly litigation and damage our reputation.***

Our business involves the collection, storage, processing and transmission of consumers' personal data, including names, addresses, identification numbers, credit or prepaid card numbers and expiration dates and bank account numbers. An increasing number of organizations, including large merchants and businesses, other large technology companies, financial institutions and government institutions, have disclosed breaches of their information technology systems, some of which have involved sophisticated and highly targeted attacks, including on portions of their websites or infrastructure. Although we have not experienced any significant cyber security attacks that have caused information leakage or operational losses, we could also be subject to breaches of security by hackers or human errors. Threats may derive from human error, fraud or malice on the part of employees or third parties, or may result from accidental technological failure. Concerns about security are increased when we transmit information. Electronic transmissions can be subject to attack, interception or loss. Also, computer viruses and malware can be distributed and spread rapidly over the internet and could infiltrate our or third party systems, which can impact the confidentiality, integrity and availability of information, and the integrity and availability of our products, services and systems, among other effects. Denial of service or other attacks could be launched against us for a variety of purposes, including interfering with our services or creating a diversion for other malicious activities. These types of actions and attacks could disrupt our delivery of products and services or make them unavailable, which could damage our reputation, force us to incur significant expenses in remediating the resulting impacts, expose us to uninsured liability, subject us to lawsuits, fines or sanctions, distract our management or increase our costs of doing business.

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In the scope of our activities, we share information with third parties through non-disclosure agreements, including with commercial partners, third-party service providers and other agents, which we refer to collectively as "associated participants," who collect, process, store and transmit personal data. We may be held responsible for any failure or cybersecurity breaches attributed to these third parties insofar as they relate to the information we share with them. The loss, destruction or unauthorized modification of data of our consumers or employees by us or our associated participants or through systems we provide could result in significant fines, sanctions and proceedings or actions against us by governmental bodies, third parties or the data subject itself, which could have a material adverse effect on our business, financial condition and results of operations. Any such proceeding or action, and any related indemnification obligation, could damage our reputation, force us to incur significant expenses in defense of these proceedings, distract our management, increase our costs of doing business or result in the imposition of financial liability.

Our encryption of data and other protective measures and associated costs, such as firewall, security operation center infrastructure, virtual private network and third party services, may not prevent unauthorized access or use of personal data. A breach of our system or that of one of our associated participants may subject us to material losses or liability, including assessments and claims for unauthorized purchases with misappropriated credit or prepaid card information, impersonation or other similar fraud claims. A misuse of such data or a cybersecurity breach could harm our reputation and deter merchants from using electronic payments generally and our products and services specifically, thus reducing our revenue. In addition, any such misuse or breach could cause us to incur costs to correct the breaches or failures, expose us to uninsured liability, increase our risk of regulatory scrutiny, subject us to lawsuits and result in the imposition of material penalties and fines under applicable laws or regulations.

In addition, a significant cybersecurity breach of our systems or communications could result in the loss of Brazilian Central Bank authorization to operate as a payment institution (*instituição de pagamento*), as a financial institution (commercial bank) or as a DTVM in Brazil, which could materially impede our ability to conduct business. We do not maintain insurance policies specifically for cyber-attacks.

We cannot guarantee that there are written agreements in place with every associated participant or that such written agreements will prevent the unauthorized use, modification, destruction or disclosure of data or enable us to obtain reimbursement from associated participants in the event we should suffer incidents resulting in unauthorized use, modification, destruction or disclosure of data. In addition, many of our associated participants are small and medium-sized agents that have limited competency regarding data security and handling requirements and may thus experience data losses. Any unauthorized use, modification, destruction or disclosure of data could result in protracted and costly litigation, which could have a material adverse effect on our business, financial condition and results of operations.

Cybersecurity incidents are increasing in frequency and evolving in nature and include, but are not limited to, installation of malicious software, unauthorized access to data and other electronic security breaches that could lead to disruptions in systems, unauthorized release of confidential or otherwise protected information and the corruption of data. Given the unpredictability of the timing, nature and scope of information technology disruptions, there can be no assurance that the procedures and controls we employ will be sufficient to prevent security breaches from occurring, and we could be subject to manipulation or improper use of our systems and networks or financial losses from remedial actions, any of which could have a material adverse effect on our business, financial condition and results of operations.

***Our risk management framework is still evolving and may not be fully effective in identifying, assessing, monitoring, and mitigating all types of risks to which we are exposed, including credit, liquidity, capital, operational, and third-party risks.***

We operate in a rapidly changing industry and the management of risk is an integral part of our activities. We seek to monitor and manage our risk exposure through a variety of separate but complementary financial, credit, market, operational, compliance and legal policies, procedures and reporting systems, among others. We employ a broad and diversified set of risk monitoring and risk mitigation techniques, which may not be fully effective in mitigating our risk exposure in all economic market environments or against all types of risk, including risks that we may fail to identify or anticipate. Some of our risk evaluation methods depend upon information provided by others and public information regarding markets, clients or other matters that are otherwise inaccessible by us. In some cases, however, that information may not be accurate, complete or up-to-date. If our policies and procedures are not fully effective or we are not always successful in mitigating all risks to which we are or may be exposed, our business, financial condition and results of operations may be materially and adversely affected.

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In addition to credit-related risks, we also face a range of risks associated with the payments services and other products we provide to a large number of clients. We are responsible for vetting and monitoring these clients and ensuring that the transactions we process for them are lawful and legitimate.

When our products and services are used to process illicit or otherwise improper transactions, and the resulting funds are settled with merchants, account holders, or consumer accounts at other financial institutions without recovery, we may incur significant losses and become exposed to legal liability. These transactions can also expose us to governmental and regulatory sanctions.

The highly automated nature of, and liquidity offered by, our payments services make our operations an attractive target for misuse, including fraudulent or illegal sales of goods or services, money laundering, and terrorist financing. Identity theft and fraud involving stolen or fabricated credit card or bank account numbers, and other deceptive or malicious practices, can also lead to substantial financial harm for businesses like ours.

In configuring our payments services, we must constantly balance security and client convenience. Our risk management policies, procedures and tools may be insufficient to identify all risks to which we are exposed, to mitigate the risks we have identified, or to anticipate new risks that may emerge over time. As a greater number of larger merchants use our services, we expect our exposure to material losses from a single merchant, or from a small number of merchants, to increase. In addition, when we introduce new services, focus on new business types, or expand into markets where we have limited historical experience with fraud losses, our ability to forecast and appropriately reserve for such losses may be reduced. If our risk management policies and processes contain errors or prove ineffective, we may experience substantial financial losses, face civil and criminal liability, and suffer material adverse effects on our business.

***Our risk management policies and procedures may not be fully effective in mitigating our credit risk and risk exposure in all market environments, which could expose us to losses and otherwise have a material adverse effect on our business.***

Our business may be materially adversely affected if we fail to effectively identify, assess and mitigate credit risk. An important feature of our credit risk management system is our internal credit score system that assesses the particular risk profile of a consumer. We utilize quantitative and qualitative data to define a credit score that reflects the creditworthiness of our consumers as we seek to appropriately balance risk and return and mitigate our risks, including credit risks attributable to our consumers. We have established policies and procedures intended to regularly identify and assess each consumer's creditworthiness, including analyzing the behavioral and transactional information that we collect from our consumers and with information provided by third parties and public sources.

Our credit risk assessment depends, in part, upon the quality and availability of information about our consumers, which is subject to error and may be ineffective and our internal "credit scoring" models may be inadequate and lead us to take risks that are inconsistent with our credit risk appetite policies. Our credit risk model is predicated upon a credit portfolio and credit and collection processes that are relatively new and untested in periods of economic or financial crisis. Consequently, the limited operating history of our model may impair our ability to adequately identify, measure, and mitigate emerging risks, particularly under adverse market conditions. Moreover, our credit risk model also incorporates assumptions from recently adopted regulations issued by BACEN. The adoption of these new regulatory standards may introduce transitional risks and uncertainties, which could adversely affect the efficacy of our credit risk management practices. There can be no assurance that BACEN's interpretation of these new standards will fully coincide with ours or that BACEN's interpretation will not change over time, which may adversely impact our capital ratios and our business in general. Additionally, our allowance for expected credit losses is based on complex models, estimates and our management's judgment that rely on limited historical data and macroeconomic assumptions, and as a result our actual credit losses may differ materially from our estimates. There can be no assurance also that our current credit risk management processes will fully and adequately address all risks arising from the implementation of these standards. The credit quality of our consumers may also be adversely impacted for reasons beyond our control. Additionally, there may be risks that exist, or that develop in the future, that we have not appropriately anticipated, identified or mitigated.

Our credit risk management processes comprise our credit concession and portfolio management activities as well our credit recovery activities. If our processes fail in accurately assessing customer creditworthiness, in establishing adequate product offerings and limits, in setting pricing, or in portfolio management or credit recovery, we could suffer unexpected losses, which could have a material adverse effect on our business.

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***Our historical loan losses may not be indicative of future loan losses, and changes in our business may materially adversely affect the quality of our loan portfolio.***

As of September 30, 2025, our loan portfolio was R$18.7 billion, compared to R$10.6 billion as of December 31, 2024. Our allowance for loan losses was R$2.4 billion, representing 12.8% of our total loan portfolio, as of September 30, 2025, compared to R$864.2 million, representing 8.2% of our total loan portfolio, as of December 31, 2024.

Our historical loan loss experience may not be indicative of our future loan losses. It is important to note that our expected loss model and related projections are based on methodologies and assumptions that do not have a significant history of use or validation due to the relatively short age of our portfolio. This data history limitation is more significant for newer products that we offer, such as private payroll loans (*Crédito do Trabalhador*) as well as for installment products with longer maturities, such as public payroll loans and products offered following renegotiation. The limited historical data supporting these approaches could impair our ability to reliably assess future losses and may result in unforeseen deviations from projected outcomes.

The quality of our loan portfolio is associated with the default risk of our customers. A default by or a significant downgrade in the credit scores of a borrower or other counterparty, or a decline in the credit quality, exposes us to credit risk. Additionally, despite our credit risk management policies, various macroeconomic, geopolitical, market and other factors, among other things, can increase our credit risk and credit costs.

Changes in the Brazilian economic and political conditions may have a significant impact on our customers as they are highly exposed to adverse macroeconomic conditions, such as economic downturns, recessions, and higher prevailing debt levels. Also, an increase in market competition, changes in regulation and in the tax regimes applicable to the sectors in which we operate, as well as other related changes in Brazil, may also materially adversely affect the quality of our loan portfolio.

A decrease in the performance of our credit portfolio or other liabilities, including inadequate provisions for non-performing accounts, could have a material adverse effect on our business, financial condition, and results of operations.

Our results of operations and financial condition depend on our ability to evaluate losses associated with the risks to which we are exposed. We recognize an allowance for loan losses based on our current assessment and expectations regarding various factors that affect the quality of our loan portfolio. We cannot guarantee that our assessment will result in fully sufficient provisions for the risks we are exposed to.

In addition, our loan loss model depends on important assumptions and the veracity of financial information available from our customers. Accordingly, any fraud or misstatement in this information may lead us to not record adequate provisions.

***Our business has generated losses in the past and we intend to continue to make significant investments in our business. Thus, our results of operations and operating metrics may fluctuate and materially and adversely affect our financial condition and results of operations, which may cause the market price of our Class A common shares to decline.***

We generated profit for the period of R$313.8 million in the nine months ended September 30, 2025, as compared to profit for the period of R$172.0 million in the nine months ended September 30, 2024. In addition, we generated profit for the year of R$251.8 million in the year ended December 31, 2024, as compared to profit for the year of R$37.4 million in the year ended December 31, 2023. However, prior to that we generated a loss for the year of R$692.9 million in the year ended December 31, 2022. We intend to continue to make significant investments in our business, including expenses relating to: (1) the development of new products, services and features; (2) marketing and advertising to increase our brand awareness; (3) general administration, including legal, finance and other compliance expenses related to being a public company; and (4) marketing and growth expenses related to new customers. For example, in 2024, we launched several products and features in connection with our platform, including POS/ECR (electronic cash register) terminals, new insurance modalities (loan, home, health care, home care, and credit card insurance), underage account, safe mode, extra limit feature for our PicPay Card, among others. However, these improvements, which required us to incur significant up-front costs, may not result in the long-term benefits that we expect, which is to increase our revenue by increasing our base of quarterly active clients. In addition, increases in our

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consumer base could cause us to incur losses, because costs associated with new consumers are generally incurred up front, while revenue is recognized thereafter as consumers utilize our services. If we are unable to generate adequate revenue growth and manage our expenses, our results of operations and operating metrics may fluctuate and we may incur losses, which could cause the market price of our Class A common shares to decline.

#### Our quarterly results may fluctuate significantly and may not fully reflect the underlying performance of our business.
Our quarterly results, including revenue, expenses, total payment volume, consumer metrics, and other key metrics, have fluctuated significantly in the past and may do so in the future. Accordingly, the results for any one quarter are not necessarily an indication of future performance. Our quarterly results may fluctuate due to a variety of factors, some of which are outside of our control, and as a result, may not fully reflect the underlying performance of our business. Fluctuations in quarterly results may adversely affect the price of our Class A common shares. In addition, many of the factors that affect our quarterly results are difficult for us to predict. If our revenue, expenses, or key metrics in future quarters fall short of the expectations of our investors and financial analysts, the price of our Class A common shares will be adversely affected.

#### We have experienced rapid growth, which may be difficult to sustain and which may place significant demands on our operational, administrative, and financial resources.
We have experienced and expect in the near term to continue to experience rapid growth. As a result of our growth, we have faced, and will continue to face, significant challenges in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increasing the number of consumers with, and the volume of, payments facilitated through our platform;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• maintaining and developing relationships with existing merchants and additional merchants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securing funding to maintain our operations and future growth;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• maintaining adequate financial, business, and risk controls;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• implementing new or updated information and financial and risk controls and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• navigating complex and evolving regulatory and competitive environments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• attracting, integrating and retaining an appropriate number and technological skill level of qualified employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expanding within existing markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• entering into new markets and introducing new solutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• continuing to develop, maintain, protect, and scale our platform;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• effectively using limited personnel and technology resources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• maintaining the security of our platform and the confidentiality of the information (including personally identifiable information) provided and utilized across our platform; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• continuing to increase our infrastructure to ensure that it is capable of supporting an increase in the number of our consumers.

We may not be able to manage our expanding operations effectively, and any failure to do so could adversely affect our ability to generate revenue and control our expenses, and would materially and adversely affect our business, results of operations, financial condition, and future prospects. Any evaluation of our business and prospects should be considered in light of the limited history of our growth, and the risks and uncertainties inherent in investing in early-stage companies.

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***If we are unable to grow our client base and maintain quarterly active clients or otherwise implement our growth strategy, our business, results of operations, financial condition and future prospects would be materially and adversely affected.***

We generate revenue primarily from our electronic payment and financial intermediation services, in particular by: (1) charging fees in connection with certain payment transactions and fund transfers carried out by our consumers through our platform; (2) fees from the use of the PicPay Card; (3) offering a range of financial products to our consumers, including loans and credit cards; and (4) earning commissions from the sale of third-party goods on the PicPay Shop, as well as earning interest income. Our success depends on our ability to generate repeat use and increase transaction volume from existing consumers and to attract new consumers to our platform. If we are not able to continue to grow our consumer base and maintain quarterly active clients, we will not be able to continue to grow our business.

The attractiveness of our platform to consumers depends upon, among other things, the mix of products and services available to consumers through our platform, our brand and reputation, consumer experience and satisfaction, consumer trust and perception of our solutions, technological innovation and products and services offered by competitors. In order to grow effectively, we must continue to offer new products and services, strengthen our existing platform, develop and improve our internal controls, create and improve our reporting systems and timely address issues as they arise. These efforts may require substantial financial expenditures, commitment of resources, development of our processes and other investments and innovations.

Our ability to maintain and expand our consumer base depends on a number of factors, including our ability to provide relevant and timely services and products to meet our consumers' changing needs at a reasonable cost. We have invested and will continue to invest in improving our platform and our suite of products and services. For example, we recently acquired BX Blue, a digital marketplace focused on public payroll loans, enabling PicPay to enter a new industry vertical for collateralized products and helping to further diversify our credit portfolio. However, if new or improved features, products and services fail to meet shifting consumer demands and fail to attract new consumers or encourage existing consumers to expand their engagement with our products and services, the pace of our growth may decline. Further, these and other new products and services must achieve high levels of market acceptance before we are able to recoup our up-front investment costs, which may never occur if such products and services fail to attract new consumers and/or retain existing consumers.

Our existing and new products and services, including our payments, investments, insurance, and credit solutions, could fail to attract new consumers and/or retain existing consumers for many reasons, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we may fail to predict market demand accurately and provide products and services that meet this demand in a timely fashion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• consumers may not like, find useful or agree with any changes we make to our products or services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the reliability, performance or functionality of our products and services could be compromised or the quality of our products and services could decline;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we may fail to provide sufficient consumer support;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• consumers may dislike our pricing, particularly in comparison to the pricing of competing products and services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• competing products and services may be introduced by our competitors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• there may be negative publicity about our products and services or our platform's performance or effectiveness, including negative publicity on social media platforms.

If we fail to retain our relationship with existing consumers, if we do not attract new consumers to our platform and products or if we do not continually expand usage and volume from consumers on our platform, our business, results of operations, financial condition and prospects would be materially and adversely affected.

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***If we cannot keep pace with rapid developments and change in our industry, the use of our products and services could decline, reducing our revenues.***

The technology-enabled industry in which we operate is subject to rapid and significant changes, new product and service introductions, evolving industry standards, changing client needs and increased competition from new competitors, including nontraditional competitors. These changes include those relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• artificial intelligence and machine learning (including in relation to fraud and risk assessment);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payment technologies (including real-time payments, payment card tokenization and proximity payment technology, such as near-field communication and other contactless payments);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• mobile and internet technologies (including mobile phone app technology);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• commerce technologies, including for use in-store, online and via mobile, virtual, augmented or social-media channels; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• digital banking features (including balance and fraud monitoring and notifications).

In order to remain competitive, we are continually involved in a number of projects to develop new products and services or compete with these new competitors, and other new offerings emerging in our industry. These projects carry risks, such as cost overruns, delays in delivery, performance problems and lack of consumer adoption. Any delay in the delivery of new products or services, performance problems or the failure to differentiate our products and services or to accurately predict and address market demand could render our products and services less desirable, or even obsolete, to our consumers. Furthermore, even though the market for our products and services is evolving, it may not continue to develop rapidly enough for us to recover the costs we have incurred in developing new products and services targeted at this market.

***While we take precautions to prevent consumer identity fraud, it is possible that identity fraud may still occur or has occurred, which may adversely affect our business.***

There is risk of fraudulent activity associated with our platform and third parties handling consumer information. Our resources, technologies, and fraud prevention tools may be insufficient to accurately detect and prevent fraud.

We bear the risk of consumer fraud in a transaction involving us, a consumer, and a merchant, and we generally have limited recourse to the merchant to collect the amount owed by the consumer. In the event that a billing dispute between a cardholder and a merchant is not resolved in favor of the merchant, including in situations in which the merchant is engaged in fraud, the transaction is typically "charged back" to the merchant and the purchase price is credited or otherwise refunded to the cardholder. If we are unable to collect chargeback or refunds from the merchant's account, or if the merchant refuses to or is unable to reimburse us for a chargeback or refunds due to closure, bankruptcy, or other reasons, we may bear the loss for the amounts paid to the cardholder. Our financial results would be adversely affected to the extent these merchants do not fully reimburse us for the related chargebacks. Historically, chargebacks occur more frequently in online transactions than in in-person transactions, and more frequently for goods than for services. In addition, the risk of chargebacks is typically greater with those of our merchants that promise future delivery of goods and services, which we allow on our service. Significant amounts of fraudulent cancellations or chargebacks could adversely affect our business or financial condition.

In addition, changes in the payment card network rules regarding chargebacks may affect our ability to dispute chargebacks and the amount of losses we incur from chargebacks. If we fail to make such changes or otherwise resolve the issue with the payment card networks, the networks could disqualify us from processing transactions if satisfactory controls are not maintained, which would have a material adverse effect on our business, financial condition and results of operations.

High profile fraudulent activity or significant increases in fraudulent activity could also lead to regulatory intervention, negative publicity, and the erosion of trust from our consumers and merchants, and could materially and adversely affect our business, results of operations, financial condition, future prospects, and cash flows.

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#### Fraud by merchants or others could have a material adverse effect on our business, financial condition, and results of operations.
We may be subject to potential liability for fraudulent electronic payment transactions or credits initiated by merchants or others. Examples of merchant fraud include when a merchant or other party knowingly uses a stolen or counterfeit credit or prepaid card, card number, or other credentials to record a false sales transaction, processes an invalid card, or intentionally fails to deliver the merchandise or services sold in an otherwise valid transaction. Criminals are using increasingly sophisticated methods to engage in illegal activities such as counterfeiting and fraud. It is possible that incidents of fraud could increase in the future. Failure to effectively manage risk and prevent fraud would increase our chargeback liability or other liability. Increases in chargebacks or other liability could have a material adverse effect on our business, financial condition, and results of operations.

#### Real or perceived inaccuracies in our key business metrics may harm our reputation and negatively affect our business.
We track certain key business metrics, such as total payment volume and quarterly active consumers and businesses, with internal systems and tools that are not independently verified by any third party. While the metrics presented in this prospectus are based on what we believe to be reasonable assumptions and estimates, our internal systems and tools have a number of limitations, and our methodologies for tracking these metrics may change over time. In addition, limitations or errors with respect to how we measure data or with respect to the data that we measure may affect our understanding of certain details of our business, which could affect our long-term strategies. If the internal systems and tools we use to track these metrics understate or overstate performance or contain algorithmic or other technical errors, the key operating metrics we report may not be accurate. If investors do not perceive our operating metrics to be accurate, or if we discover material inaccuracies with respect to these figures, our reputation may be significantly harmed, and our results of operations and financial condition could be adversely affected.

#### Real or perceived software errors, failures, bugs, defects, or outages could adversely affect our business, results of operations, financial condition, and future prospects.
Our platform and our internal systems rely on software that is highly technical and complex. In addition, our platform and our internal systems depend on the ability of such software to store, retrieve, process, and manage large amounts of data. As a result, undetected errors, failures, bugs, or defects may be present in such software or occur in the future in such software, including open source software and other software we license in from third parties, especially when updates or new products or services are released.

Any real or perceived errors, failures, bugs, or defects in the software may not be found until our consumers use our platform and could result in outages or degraded quality of service on our platform that could adversely impact our business (including through causing us not to meet contractually required service levels), as well as negative publicity, loss of or delay in market acceptance of our products and services, and harm to our brand or weakening of our competitive position. In such an event, we may be required, or may choose, to expend significant additional resources in order to correct the problem. Any real or perceived errors, failures, bugs, or defects in the software we rely on could also subject us to liability claims, impair our ability to attract new consumers, retain existing consumers, or expand their use of our products and services, which would adversely affect our business, results of operations, financial condition, and future prospects.

***Degradation of the quality of the products and services we offer, including support services, could adversely impact our ability to attract and retain merchants and partners.***

Our clients expect a consistent level of quality in the provision of our products and services through our platform. The support services that we provide are also a key element of the value proposition to our clients. If the reliability or functionality of our products and services is compromised or the quality of those products or services is otherwise degraded, or if we fail to continue to provide a high level of support, we could lose existing clients and find it harder to attract new merchants and partners. If we are unable to scale our support functions to address the growth of our merchant and partner network, the quality of our support may decrease, which could adversely affect our ability to attract and retain merchants and partners.

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#### We may not be able to secure financing on favorable terms, or at all, to meet our future capital needs.
We have funded our operations primarily through equity financings. Although we currently fund part of our operations through time deposits, we may need additional capital to fund our operations. In addition, we may require additional capital to respond to business opportunities, refinancing needs, challenges, acquisitions, to comply with regulatory capital adequacy requirements or unforeseen circumstances and may decide to raise equity or debt financings, and we may not be able to secure any such additional debt or equity financing or refinancing on favorable terms, in a timely manner, or at all. For example, disruptions in the credit markets or other factors could adversely affect the availability, diversity, cost, and terms of our funding arrangements. In addition, our funding sources may reassess their exposure to our industry and either curtail access to uncommitted financing capacity, fail to renew or extend facilities, or impose higher costs to access our funding.

Any debt financing obtained by us in the future could also include restrictive covenants relating to our capital-raising activities and other financial and operational matters, which may make it more difficult for us to obtain additional capital and to pursue business opportunities, including potential acquisitions. If we are unable to obtain adequate financing or financing on terms satisfactory to us when we require it, our ability to continue to grow or support our business and to respond to business challenges could be significantly limited.

In the future, we may also seek to further access the capital markets to obtain capital to finance growth and/or to comply with regulatory capital requirements and adequacy to meet regulatory obligations and to maintain our ability to continue to offer products that are subject to Brazilian regulatory oversight and restrictions.

Nonetheless, our future access to the capital markets could be restricted due to a variety of factors, including a deterioration of our earnings, cash flows, balance sheet quality, or overall business or industry prospects, adverse regulatory changes, a disruption to or volatility or deterioration in the state of the capital markets, or a negative bias toward our industry by market participants. Future prevailing capital market conditions and potential disruptions in the capital markets may adversely affect our efforts to arrange additional financing on terms that are satisfactory to us, if at all. If adequate funds are not available, or are not available on acceptable terms, we may not have sufficient liquidity to fund our operations, make future investments, take advantage of acquisitions or other opportunities, or respond to competitive challenges and this, in turn, could adversely affect our ability to advance our strategic plans. In addition, if the capital and credit markets experience volatility, and the availability of funds is limited, third parties with whom we do business may incur increased costs or business disruption and this could adversely affect our business relationships with such third parties, which in turn could have a material adverse effect on our business, results of operations, financial condition, cash flows, and future prospects.

***If securities or industry analysts do not publish research, or publish inaccurate or unfavorable research, about our business, the price of our Class A common shares and our trading volume could decline.***

The trading market for our Class A common shares will depend in part on the research and reports that securities or industry analysts publish about us or our business. Securities and industry analysts do not currently, and may never, publish research on our company. If no or too few securities or industry analysts commence coverage of our company, the trading price for our Class A common shares would likely be negatively affected. In the event securities or industry analysts initiate coverage, if one or more of the analysts who cover us downgrade our Class A common shares or publish inaccurate or unfavorable research about our business, the price of our Class A common shares would likely decline. If one or more of these analysts cease coverage of our company or fail to publish reports on us regularly, demand for our Class A common shares could decrease, which might cause the price of our Class A common shares and trading volume to decline.

#### We use open source software in our platform, which may subject us to litigation or other actions that could harm our business.
We use open source software in our platform, and we may use more open source software in the future. In the past, companies that have incorporated open source software into their products have faced claims challenging the ownership of open source software or compliance with open source license terms. Accordingly, we could be subject to suits by parties claiming ownership of open source software with restrictive licenses or claiming noncompliance with open source licensing terms. Some open source software licenses require consumers who use, distribute or make available across a network software or services that include open source software to publicly disclose all or part of the source code to such software or make available any derivative works of the open source code on terms unfavorable to

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the developer or at no cost. Additionally, if a third-party software provider has incorporated open source software into software that we license from such provider, we could be required to disclose any of our source code that incorporates or is a modification of our licensed software. If we were to use open source software subject to such licenses, we could be required to release our proprietary source code, pay damages, re-engineer our platform or solutions, discontinue sales, or take other remedial action, any of which could harm our business. In addition, if the license terms for updated or enhanced versions of the open source software we utilize change, we may be forced to expend substantial time and resources to re-engineer our components of our platform.

In addition, the use of third-party open source software typically exposes us to greater risks than the use of third-party commercial software because open source licensors generally do not provide warranties or controls on the functionality or origin of the software. Use of open source software may also present additional security risks because the public availability of such software may make it easier for hackers and other third parties to determine how to compromise our platform. Any of the foregoing could harm our business and could help our competitors develop products and services that are similar to or better than ours.

#### Our business depends on our ability to attract and retain highly skilled employees.
Our future success depends on our ability to identify, hire, develop, motivate, and retain highly qualified personnel for all areas of our organization, in particular, a highly experienced sales force, data scientists, and engineers. Competition for these types of highly skilled employees in Brazil is extremely intense. Trained and experienced personnel are in high demand and may be in short supply. Many of the companies with which we compete for experienced employees have greater resources than we do and may be able to offer more attractive terms of employment. In addition, we invest significant time and expense in training our employees, which increases their value to competitors that may seek to recruit them. We may not be able to attract, develop, and maintain the skilled workforce necessary to operate our business, and labor expenses may increase as a result of a shortage in the supply of qualified personnel. If we are unable to continue to attract or retain highly skilled employees, our business, results of operations, financial condition, and future prospects could be materially and adversely affected.

#### If we lose key personnel our business, financial condition and results of operations may be adversely affected.
We are dependent upon the ability and experience of a number of key personnel who have substantial experience with our operations, the rapidly changing payment processing industry and the markets in which we offer our services. Many of our key personnel have worked for us for a significant amount of time or were recruited by us specifically due to their industry experience. It is possible that the loss of the services of one or a combination of our senior executives or key managers could have a material adverse effect on our business, financial condition and results of operations.

#### Changes in financial accounting standards or practices may cause adverse, unexpected financial reporting fluctuations and affect our results of operations.
A change in accounting standards or practices may have a significant effect on our results of operations and may even affect our reporting of transactions completed before the change is effective. New accounting pronouncements and varying interpretations of accounting pronouncements have occurred and may occur in the future. Changes to existing rules or the questioning of current practices may adversely affect our reported results of operations or the way we conduct our business.

Our adoption of changes in accounting standards or practices and any difficulties we experience in the implementation of such changes, including any resulting modifications to our accounting systems, could cause us to fail to meet our financial reporting obligations, potentially resulting in regulatory action and weakening investors' confidence in us.

#### We have entered, or may enter in the future, into significant transactions with related parties.
We are dependent on, and expect from time to time in the future to engage in, commercial and financial transactions with our shareholders and other related parties. During the period covered by the financial statements included in this prospectus, we have engaged in transactions with related parties that have had a material impact on our results of operations and financial position, such as certain agreements with Banco Original, which is controlled by our ultimate controlling shareholders.

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In 2023, J&F Participações announced its plan to integrate Banco Original's retail operations with PicPay, and on November 16, 2023, PicPay Brazil entered into a Cost Sharing Agreement (*Contrato de Compartilhamento de Despesas*) with Banco Original to regulate the terms and conditions governing the sharing of support areas between PicPay Brazil and Banco Original, as well as the reimbursement by Banco Original of certain costs incurred by PicPay Brazil in the contracting of suppliers who provide products and/or services that are also shared between PicPay Brazil and Banco Original. Such agreement is retroactively effective as of January 1, 2023, and will remain valid for an undetermined period. Either party may terminate this agreement for any reason and without penalty at any time, provided that 30 days' prior written notice is sent to the other party.

Moreover, on January 10, 2024, PicPay Bank entered into a Cost Sharing Agreement (*Contrato de Compartilhamento de Despesas*) with Banco Original to regulate the terms and conditions governing the sharing of support areas between PicPay Bank and Banco Original, as well as the reimbursement by Banco Original of certain costs incurred by PicPay Bank in the contracting of suppliers who provide products and services that are also shared between PicPay Bank and Banco Original. Such agreement will remain valid for an undetermined period. Either party may terminate this agreement for any reason and without penalty at any time, provided that 30 days' prior written notice is sent to the other party.

These agreements involve the sharing of certain expenses, such as technology and administrative expenses. We may be adversely affected if Banco Original fails to reimburse us for any such shared costs in the future.

The integration of Banco Original's retail operations began with the transfer of its personal checking accounts and associated assets to the PicPay platform in July 2023. We also began originating personal loans in October 2023, and the PicPay credit card portfolio was transferred to PicPay from Banco Original in January 2024, fully internalizing our credit card operations at the start of 2024. We may not be successful in capturing the expected synergies related to the integration of Banco Original's retail operations and we may be subject to the following risks, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risk of misallocation of human and financial resources for the purposes of knowledge integration, which, in turn, can have an impact on the stipulated deadlines and, consequently, on the time expected for capturing synergies and quick wins;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risk of possible over-sizing of synergies and under-sizing of the integration schedule, which may cause the implicit multiple of the integration to be different from the one that was communicated; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risk of our exposure to contingencies, known or unknown, which may adversely affect our operational results and reputation.

The risks described above may adversely affect our expectations and intended results with the integration, as well as our business. All of those issues prevent our achievement of potential synergies, benefits derived from the integration or the expected cost reduction, adversely affecting our results.

For more information about our related party transactions, see "Related Party Transactions," "Business — Our History — Recent Acquisitions and Corporate Transactions" and "Management's Discussion and Analysis of Financial Condition and Results of Operations — Principal Factors Affecting our Financial Condition and Results of Operations — Acquisitions and New Lines of Business and Other Developments."

In addition, our ultimate controlling shareholders will have the ability to exercise overall control over us and may have interests that are different from ours. We cannot assure you that we will be able to address these potential conflicts of interests or others in an impartial manner. For more information, see "— Our ultimate controlling shareholders are expected to have influence over the conduct of our business and may have interests that are different from yours."

Moreover, we may engage in the future in additional related party transactions that are not part of our ordinary financial products offerings, including with entities owned or controlled by our ultimate controlling shareholders, or with other officers, directors or significant shareholders. For more information, see "Related Party Transactions — Related Party Transaction Policy."

For example, in September 2024, PicPay Bank originated a transaction to J&F in the total amount of R$300 million, with a maturity of 30 days, at an interest rate of 1.76%. J&F assigned credit rights that J&F had against our affiliate JBS S.A. derived from the right to receive interim dividends from JBS S.A. as a collateral. Such transaction was settled on October 7, 2024. For more information, see "Related Party Transactions — Agreements with Banco Original — Prepayment of Receivables (PicPay Bank)."

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Moreover, PicPay Bank is developing the acquisition of future receivables as one of its product offerings, actively seeking to strengthen its corporate governance framework and exploring the adoption of the best practices in this area, and, as a result, all of its products are priced in accordance with the prevailing market conditions.

If any entity under the direct or indirect control of our ultimate controlling shareholders or their affiliates require any temporary financing, PicPay Bank may offer its financial products to such entities as a financial institution, provided that such arrangements are conducted and agreed at arms-length conditions and according to fair market terms.

If we enter into transactions with our shareholders and other related parties other than on an arms' length basis, our results of operations and financial condition may be adversely impacted. Future conflicts of interests may arise between us and any of our related parties, or among our related parties, which may not be resolved in our favor.

#### Our insurance policies may not be sufficient to cover all claims.
Our insurance policies may not adequately cover all risks to which we are exposed, especially due to certain risks that are not usually covered by insurance policies. A significant claim not covered by our insurance, in full or in part, may result in significant expenditures by us. Moreover, we may not be able to purchase, maintain or renew insurance policies in the future at reasonable costs or on acceptable terms, which may adversely affect our business, financial condition and the trading price of our Class A common shares.

#### If we are unable to attract, maintain and expand our merchant relationships, our businesses may be adversely affected.
Our growth is derived in part from acquiring new merchant relationships, developing new and enhanced product and service offerings, and cross-selling or up-selling our products and services through existing merchant relationships. We rely on the continuing growth of our merchant relationships and our distribution channels in order to expand our revenues. There can be no guarantee that this growth will continue. Similarly, our growth also will depend on our ability to retain and maintain existing relationships with merchants that use our services. Furthermore, merchants with which we have relationships may experience bankruptcy, financial distress, or otherwise be forced to contract their operations. The loss of existing merchant relationships, any failure in maintaining such relationships on similarly attractive economic terms, the contraction of our existing merchants' operations or any inability to acquire new merchant relationships could adversely affect our revenue and our business and results of operations.

***Any acquisitions, partnerships, joint ventures or divestitures that we consummate, such as the Guiabolso acquisition, the BX acquisition and the Kovr Acquisition, could disrupt our business and harm our financial condition.***

Acquisitions, partnerships and joint ventures are part of our growth strategy. We evaluate, and expect in the future to evaluate, potential strategic acquisitions of, and partnerships or joint ventures with, complementary businesses, services or technologies. We may not be successful in identifying acquisition, partnership and joint venture targets.

Moreover, new acquisitions may involve several risks that could have a material adverse effect on our business such as (1) our investments in acquisitions may not generate the expected returns, and we may mismanage administrative and financial resources as part of the integration process, or be required to invest additional capital, (2) a future acquisition or divestment may be subject to approval by the Brazilian Administrative Council for Economic Defense (*Conselho Administrativo de Defesa Econômica*) or other regulatory authorities, which may deny the necessary approvals for, or impose conditions or restrictions on, the transaction, (3) we may face contingent and/or successor liabilities (either currently known or unknown to us) in connection with, among other things, (i) judicial and/or administrative proceedings of the acquired institutions, including but not limited to, regulatory, tax, labor, social security, environmental and intellectual property proceedings, and (ii) financial, reputational and technical issues, including with respect to accounting practices, financial statement disclosures and internal controls, as well as other regulatory matters, all of which may not be sufficiently indemnifiable under the relevant acquisition agreement, (4) we may not be able to integrate efficiently and successfully the operations of the institutions we acquire, including their personnel, corporate cultures, financial systems, distribution or operating procedures and (5) the acquisition and divestiture process may require additional funds and/or may be time-consuming, and past and future acquisitions or divestments and the subsequent integration or separation of new assets and businesses require significant attention from our management and could result in a diversion of resources from our existing business, which in turn could have a material adverse effect on our business operations.

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We may not be successful in capturing the expected synergies related to acquired companies or companies in the process of being acquired. Our inorganic growth, which is increasing, especially considering the Kovr Acquisition, may subject us to risks related to the integration processes of the assets acquired by us, as described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may not be able to integrate efficiently and successfully the operations of the institutions we acquire, including their personnel, corporate cultures, financial systems, distribution or operating procedures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The business model of the institutions we acquire may differ from ours, and we may be unable to adapt them to our business model or do so efficiently.

The acquisition of Kovr is subject to certain conditions precedent, including regulatory approval. Furthermore, the sellers of Kovr are executives of Kovr and acquired the majority of their interest in Kovr from a subsidiary of Banco Master a short time before we entered into the agreement to acquire Kovr. Banco Master is currently undergoing extrajudicial liquidation and is subject to fraud investigations. See "— Risks Relating to Our Business and Industry — Any acquisitions, partnerships, joint ventures or divestitures that we consummate, such as the Guiabolso acquisition, the BX acquisition and the acquisition of Kovr, could disrupt our business and harm our financial condition."

The Kovr Acquisition might be subject to heightened scrutiny by interested third-party creditors in light of the extrajudicial liquidation of Banco Master and certain of its subsidiaries decreed by BACEN. Should any investigation determine that the Kovr Acquisition constitutes a fraud against creditors of Banco Master or entities within its economic group, a court may issue an order to prevent the closing of the Kovr Acquisition or to unwind the transaction.

In addition, we may not be able to successfully finance or integrate any businesses, services or technologies that we acquire or with which we form a partnership or joint venture, and we may lose merchants as a result of any acquisition, partnership or joint venture. Furthermore, the integration of any acquisition, partnership or joint venture may divert management's time and resources from our core business and disrupt our operations.

For example, we are exposed to these and other risks by virtue of our Guiabolso acquisition, the BX acquisition and the Kovr Acquisition. These and future acquisitions may expose us to successor liability relating to actions involving the acquired entities, their respective management or contingent liabilities incurred before the acquisition. The due diligence we conducted in connection with these acquisitions may not be sufficient to protect us from, or compensate us for, actual liabilities. A material liability associated with these acquisitions, or our failure to successfully integrate them into our business, could adversely affect our reputation and have a material adverse effect on us.

In addition, non-compete arrangements which we may enter into in connection with acquisitions, partnerships and joint ventures may prevent us from competing for certain clients or in certain lines of business, and may lead to a loss of clients. We may spend time and money on projects that do not increase our revenue. To the extent we pay the purchase price of any acquisition in cash, it would reduce our cash reserves, and to the extent the purchase price is paid with our common shares, it could be dilutive to our shareholders. To the extent we pay the purchase price with proceeds from the incurrence of debt, it would increase our level of indebtedness and could negatively affect our liquidity and restrict our operations. Our competitors may be willing or able to pay more than us for acquisitions, which may cause us to lose certain acquisitions that we would otherwise desire to complete. We cannot ensure that any acquisition, partnership or joint venture we make will not have a material adverse effect on our business, financial condition and results of operations.

We may from time to time assess divestment opportunities and conduct divestments where we believe such transactions would be beneficial to our business strategy. Divestments may require us to expend significant time, funds and other resources, and may not always be completed within the expected time frame or on the terms and conditions that we expect. We may also be unable to reap the benefits of any divestments we undertake. Our asset base, total revenue, cash flows and profit may also be reduced significantly following a divestment, which could adversely affect our business, financial condition, results of operations, our ability to make distributions to our shareholders and result in a decrease in the price of our Class A common shares. Any divestiture, irrespective of whether it is consummated, may involve a number of risks, including diverting our management's attention, adverse effects on our consumer relationships, costs associated with maintaining the business of the targeted divestiture during the disposition process, and other costs associated with winding down and divesting the affected business or transferring remaining portions of the operations of the business to other facilities. Furthermore, to the extent that we are not successful in completing desired divestitures, as such may be determined by future strategic plans and business performance, we may have to expend substantial amounts of cash, incur debt, or continue to absorb the costs of any loss-making or under-performing assets.

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#### Historical financial statements or related financial information of Kovr have not been disclosed to investors and will not be made available.
We have not included historical financial statements or related financial information of Kovr in this prospectus, and investors in this offering will not have the benefit of such historical financial statements or related financial information in making their investment decision. Based on the insignificance of the acquisition, we are not required to include Kovr's financial statements or related pro forma financial information in this prospectus. Once we have consummated the Kovr acquisition and the financial results of Kovr have been consolidated in our financial results, our future financial statements will differ from our historical financial statements included elsewhere in this prospectus.

#### Our holding company structure makes us dependent on the operations of our subsidiaries.
We are a Dutch public limited liability company. Our material assets are our direct and indirect equity interests in our subsidiaries. We are, therefore, dependent upon payments, dividends and distributions from our subsidiaries for funds to pay our holding company's operating and other expenses and to pay future cash dividends or distributions, if any, to holders of our Class A common shares, and we may have tax costs in connection with any dividend or distribution. Furthermore, exchange rate fluctuation will affect the U.S. dollar value of any distributions our subsidiaries make with respect to our equity interests in those subsidiaries. See "— Risks Relating to Brazil — Exchange rate instability may have adverse effects on the Brazilian economy, us and the price of our Class A common shares" and "Dividends and Dividend Policy."

#### Our ultimate controlling shareholders are expected to have influence over the conduct of our business and may have interests that are different from yours.
Following this offering, J&F Participações, which is jointly controlled, pursuant to a shareholders' agreement, by Messrs. Joesley Mendonça Batista and Wesley Mendonça Batista, our ultimate controlling shareholders, will beneficially own 100% of our Class B common shares. Accordingly, our ultimate controlling shareholders will control approximately % of the voting power in our general meeting following this offering, assuming no exercise of the underwriters' option to purchase additional Class A common shares. As a result, our ultimate controlling shareholders will have the ability to control matters submitted to a vote of shareholders; appoint a substantial majority of the members of our board of directors; and exercise overall control over us. For more information about our ultimate controlling shareholders, see "Principal Shareholders."

Our ultimate controlling shareholders may have an interest in causing us to pursue transactions that may enhance the value of their equity investments in us, even though such transactions may involve increased risks to us or the holders of our common shares. Furthermore, our ultimate controlling shareholders own, through J&F Participações or other entities, equity investments in other businesses and may have an interest in causing us to pursue transactions that may enhance the value of those other equity investments, even though such transactions may not benefit us. Our ultimate controlling shareholders may also pursue new business opportunities through other entities that they control that would otherwise be available to us. We cannot assure you that we will be able to address these potential conflicts of interests or others in an impartial manner.

In addition, there is no restriction on our shareholders or board of directors that would prevent the appointment of our ultimate controlling shareholders as a member of the board of directors or executive officer of PicPay Netherlands or PicPay Brazil (subject to the prior approval of the Brazilian Central Bank, in the case of PicPay Brazil). However, Messrs. Joesley Mendonça Batista and Wesley Mendonça Batista do not currently intend to have a management position in or serve as a member of the board of directors of PicPay Netherlands or any of its subsidiaries, including PicPay Brazil. See "— We are subject to reputational risk in connection with U.S. and Brazilian civil and criminal actions and investigations involving our ultimate controlling shareholders, which may materially adversely impact our business and prospects and damage our reputation and image."

Given the degree of control over our company that is expected to be held by our ultimate controlling shareholders following the consummation of this offering, there can be no assurance that the future actions or decisions of our ultimate controlling shareholders will not impact our company, our prospects or the value of our Class A common shares in ways that differ from your interests.

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***We are subject to reputational risk in connection with U.S. and Brazilian civil and criminal actions and investigations involving our ultimate controlling shareholders, which may materially adversely impact our business and prospects and damage our reputation and image.***

Our ultimate controlling shareholders and our affiliate J&F S.A., or "J&F," which is controlled by our ultimate controlling shareholders, are subject to ongoing obligations under agreements entered into in 2017 to settle proceedings initiated by enforcement authorities in Brazil involving matters unrelated to our company.

As further described elsewhere in this prospectus (see "Principal Shareholders — Civil and Criminal Actions and Investigations involving our Ultimate Controlling Shareholders"), in 2017, our ultimate controlling shareholders, among others, entered into collaboration agreements (*acordos de colaboração premiada*), or the "Collaboration Agreements," with the Brazilian Attorney General's Office (*Procuradoria*-Geral *da República*), and J&F on behalf of itself and its subsidiaries, entered into a leniency agreement, or the "Leniency Agreement," with the Brazilian Federal Prosecution Office (*Ministério Público Federal*) following disclosure of illicit payments made to Brazilian politicians from 2009 to 2015. Pursuant to the Leniency Agreement, J&F agreed to pay a fine of R$8.0 billion and contribute an additional R$2.3 billion to social projects in Brazil, each adjusted for inflation, over a 25-year period. The total fine was subsequently reduced to R$3.5 billion (equivalent to approximately US$658.1 million, converted using the foreign exchange rate as of September 30, 2025). In December 2023, the Brazilian Supreme Court (*Supremo Tribunal Federal*) justice overseeing the case suspended J&F's obligation to make any additional installment payments under the Leniency Agreement based upon potential misconduct by enforcement authorities in connection with entering into the Leniency Agreement, which otherwise remains in effect. Although the Leniency Agreement involved matters unrelated to our company, we acceded to it as an affiliated company of J&F, as a result of which an annual independent audit of our compliance program is conducted. For more information about our compliance program, see "Business — Compliance Program." Our management and leadership teams are strongly committed to operating our business in full compliance with anti-corruption principles and applicable law. However, no assurance can be given that our policies, practices and personnel will be effective to detect or prevent illicit activities in all cases.

In 2020, J&F, our affiliate JBS S.A., which is controlled by our ultimate controlling shareholders, and our ultimate controlling shareholders, or collectively the "Respondents," entered into a settlement with the SEC relating to the circumstances and payments that were the subject of the Collaboration Agreements and Leniency Agreement. Pursuant to the SEC settlement and related order, the Respondents undertook, among other things, to enhance anti-bribery and anti-corruption compliance programs, make progress reports to the SEC over a three-year period, and pay disgorgement and civil penalties. JBS S.A. was ordered to pay disgorgement to the SEC in the amount of US$26.9 million, and each of our ultimate controlling shareholders was ordered to pay a civil penalty of US$550,000, each of which payments has been made in full. Also in 2020, J&F reached a plea agreement with the U.S. Department of Justice, or "DOJ," in which J&F pled guilty to one count of conspiracy to violate the U.S. Foreign Corrupt Practices Act, or the FCPA, in relation to the circumstances and payments that were the subject of the Collaboration Agreements and Leniency Agreement and agreed to pay a criminal penalty of US$256.5 million, payable in two installments of approximately US$128.2 million each. J&F paid a single installment of US$128.2 million to the U.S. government, with the remaining balance deemed to have been offset by payments made by J&F to Brazilian authorities under the Leniency Agreement. The DOJ plea agreement also required J&F to implement a compliance program and improve its internal policies and to make progress and other reports to the DOJ over a three-year period.

In addition, our ultimate controlling shareholders and J&F were under investigation by the CVM in Brazil for alleged violations of Brazilian securities and corporate law, including possible violations of insider trading law involving shares of controlled companies, and foreign exchange futures contracts. These investigations have been concluded, with full or partial exonerations of the investigated parties or settlement agreements, as the case may be. Our ultimate controlling shareholders are also subject to ongoing criminal proceedings by the Brazilian Federal Prosecution Office based on similar allegations. For more information about these investigations and proceedings, see "Principal Shareholders — Civil and Criminal Actions and Investigations involving our Ultimate Controlling Shareholders — Other Investigations and Proceedings."

Our ultimate controlling shareholders' and their affiliates' reputation suffered as a consequence of these agreements and proceedings and related negative publicity. Although, to our knowledge, our ultimate controlling shareholders and their affiliates are currently in compliance with our and their respective obligations under the Brazilian Collaboration Agreements and Leniency Agreement, the SEC order and the DOJ plea agreement, and while we understand that these agreements resolved all related Brazilian criminal exposure of our ultimate controlling shareholders and J&F in relation to the illicit conduct that was the subject of these agreements, any breach of the obligations under these legacy

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agreements could result in additional negative publicity that could have a material adverse effect on our reputation and the reputation of our ultimate controlling shareholders. In addition, if future events or actions were to give rise to new investigations, allegations or proceedings involving our ultimate controlling shareholders or affiliates, our reputation and our ability to implement our business strategies, enter into beneficial transactions, partnerships or acquisitions, and the value of our Class A common shares may be materially adversely affected.

***Negative publicity about us, our directors, our employees, our ultimate controlling shareholders or our industry and damage to our reputation and image or the reputation of our directors, our employees and ultimate controlling shareholder could adversely affect our business, financial condition, results of operations and future prospects.***

Our credibility with the market is of great importance to enable us to conduct our business, and to attract and retain our customers, employees and investors. We can be subject to negative publicity based on a number of factors, including, without limitation, allegations or complaints, even if inaccurate, relating to our governance, our customer service, our relationships with suppliers or other third parties, our non-compliance with legal and regulatory obligations, our risk management practices, our financial results, health or work safety, social and environmental events, or unethical or corrupt behavior by our employees, directors, officers, our ultimate controlling shareholders, affiliates or suppliers. Any negative impact on our reputation and image may have a material adverse effect on our business, results of operations, financial condition and prospects. See, for example, "— We are subject to reputational risk in connection with U.S. and Brazilian civil and criminal actions and investigations involving our ultimate controlling shareholders, which may materially adversely impact our business and prospects and damage our reputation and image" above.

Furthermore, we cannot guarantee that our company, our ultimate controlling shareholders or our affiliates will not be the subject of future negative publicity, even if inaccurate. We also cannot be certain that any actions we take in response to a reputational crisis will be effective or sufficient to mitigate any harm arising out of any such crisis. Actions or allegations (whether grounded or unfounded) regarding actions taken by our ultimate controlling shareholders or our affiliates, or by our suppliers or other third parties, including, but not limited to, illegal acts or corruption, actions contrary to health or worker safety, or actions contrary to socio-environmental regulations, may materially adversely impact our reputation and image with our customers, suppliers and the market, which may have a material adverse effect on our business, results of operations, financial condition and future prospects and the value of our Class A common shares.

***We rely on third parties maintaining open marketplaces to distribute our mobile device app. If such third parties interfere with the distribution of our platform, our business would be adversely affected.***

We rely on third parties maintaining open marketplaces, including the Apple App Store and Google Play, which make our mobile device app available for download. We cannot assure you that the marketplaces through which we distribute our mobile device app will maintain their current structures or that such marketplaces will not charge us fees to list our app for download. We are also dependent on these third-party marketplaces to enable us and our consumers to timely update our mobile device app, and to incorporate new features, integrations, and capabilities.

In addition, Apple Inc. and Google, among others, for competitive or other reasons, could stop allowing or supporting access to our mobile device app through their products, could allow access for us only at an unsustainable cost, or could make changes to the terms of access in order to make our mobile app less desirable or harder to access.

***If we are unable to integrate our products with a variety of operating systems, software apps, platforms and hardware that are developed by others, our solutions may not operate effectively, our products may become less marketable, less competitive or obsolete and our business, financial condition and results of operations may be harmed.***

Our products must integrate with a variety of network, hardware and software platforms, and we need to continuously modify and enhance our products to adapt to changes in hardware, software, networking, browser and database technologies. In particular, we have developed our technology platform to easily integrate with third-party apps through the interaction of application programming interfaces, or "APIs." Our business could be harmed if any provider of such software or other technologies or systems:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• discontinues or limits our access to its APIs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• modifies its terms of service or other policies, including fees charged to or other restrictions on us or other app developers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes how consumer information is accessed by us, our partners or our consumers;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establishes more favorable relationships with one or more of our competitors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• develops or otherwise favors its own competitive offerings over ours.

Although we actively monitor our partners and multi-source venders, we cannot prevent our providers of software or other technologies from changing the features of their APIs, discontinuing their support of such APIs, restricting our access to their APIs or altering the terms governing their use in a manner that is adverse to our business. If our partners or multi-source vendors were to take such actions, our capabilities that depend on such APIs would be impaired until we are able to find a replacement partner or develop an in-house solution, which could significantly diminish the value of our platform and harm our business, operating results and financial condition. In addition, third-party services and products are constantly evolving, and we may not be able to modify our platform to maintain its compatibility with such services and products as they continue to develop, or we may not be able to make such modifications in a timely and cost-effective manner, any of which could adversely affect our business, operating results and financial condition.

***We have identified material weaknesses in our internal control over financial reporting, and if we fail to establish and maintain effective internal controls over financial reporting we may be unable to timely and accurately report our results of operations, meet our reporting obligations and/or prevent fraud. In addition, our accounting and other management systems and resources may not be immediately prepared to meet the reporting requirements applicable to U.S. public reporting companies, which may strain our resources.***

Our accounting resources and internal control framework were originally put into place to meet Brazilian regulatory and private-company reporting requirements and have not yet been fully scaled to address the internal control over financial reporting requirements applicable to U.S. public companies under the Sarbanes-Oxley Act. Management is conducting, but has not yet completed, an assessment of the effectiveness of our internal controls over financial reporting under the Sarbanes-Oxley Act of 2002. Moreover, our independent registered public accounting firm has not conducted an audit of our internal control over financial reporting.

We have identified material weaknesses in internal control over financial reporting, which relate to: (a) change management; (b) access management; and (c) financial reporting related to the financial reporting close process. A material weakness is a deficiency or combination of deficiencies in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of our financial statements would not be prevented or detected on a timely basis. These deficiencies could result in additional material misstatements to our consolidated financial statements that could not be prevented or detected on a timely basis.

As of December 31, 2024, and 2023, our management identified a material weakness in our internal control over financial reporting related to controls related to the "change management" to our IT systems. All planned investments and actions to address the risk related to "change management" were executed, and the process is now more robust. The design tests concluded that the process is functional and addresses the risks initially identified. However, the effectiveness tests could not be conducted due to the timing of the implementations. Therefore, this material weakness has not yet been remediated and will continue until we can carry out an assessment of the maturity of the implemented controls with a broader data set.

As of December 31, 2024, our management also identified a material weakness in our internal control over financial reporting related to the effectiveness tests on "access management controls" for specific systems in the periodic review process of some users. To address this, we are conducting periodic reviews at shorter intervals, which has resulted in a large number of cancellations of access rights, as well as enhancing the segregation of duties matrices of our most critical systems. This material weakness has not yet been remediated and will continue until we can carry out an assessment of the effectiveness of the controls.

In addition, during 2025, our management identified a material weakness in our internal control over financial reporting related to the financial reporting closing process. Specifically, deficiencies were noted in the timely and accurate completion of period-end financial closing procedures, which could result in errors in the preparation of our financial statements. This material weakness has not yet been remediated, and our management is actively implementing corrective actions to strengthen the controls and procedures over the financial closing processes. To remediate this material weakness, management has developed and is implementing a comprehensive remediation plan. Key actions include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) enhancing oversight and precision of controls activities within the month-end and quarter-end close processes;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) enhancing the preparation and review procedures for our financial reports, including our financial statements, by implementing more structured drafting and documentation protocols to strengthen the accuracy of accounting reconciliations and reliability of our external reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) expanding the finance and accounting team with personnel possessing the requisite technical expertise.

These actions are intended to promote more rigorous oversight of complex and non-routine transactions and to improve consistency in the application of our financial reporting processes.

After the completion of this offering, we will become subject to certain reporting requirements of the Exchange Act and the other rules and regulations of the SEC and Nasdaq. We will also be subject to various other regulatory requirements, including the Sarbanes-Oxley Act of 2002, or the "Sarbanes-Oxley Act." Section 404 of the Sarbanes-Oxley Act requires that we include a report of management on our internal control over financial reporting in our annual report on Form 20-F subject to phase-in accommodations for newly-listed companies. In addition, once we cease to be an "emerging growth company" as such term is defined in the JOBS Act, which may be up to five full fiscal years following the date of this offering, our independent registered public accounting firm must attest to and report on the effectiveness of our internal control over financial reporting. Our management may conclude that our internal control over financial reporting is not effective. Moreover, even if our management concludes that our internal control over financial reporting is effective, our independent registered public accounting firm, after conducting its own independent testing, may issue a report that is qualified if it is not satisfied with our internal controls or the level at which our controls are documented, designed, operated or reviewed, or if it interprets the relevant requirements differently from us. In addition, after we become a public company, our reporting obligations may place a significant strain on our management, operational and financial resources and systems for the foreseeable future. We may be unable to timely complete our evaluation testing and any required remediation.

During the course of documenting and testing our internal control procedures, in order to satisfy the requirements of Section 404 of the Sarbanes-Oxley Act, we may identify weaknesses and deficiencies in our internal control over financial reporting. In addition, if we fail to maintain the adequacy of our internal control over financial reporting, as these standards are modified, supplemented or amended from time to time, we may not be able to conclude on an ongoing basis that we have effective internal control over financial reporting in accordance with Section 404 of the Sarbanes-Oxley Act. If we fail to achieve and maintain an effective internal control environment, we could suffer material misstatements in our financial statements and fail to meet our reporting obligations, which would likely cause investors to lose confidence in our reported financial information. This could, in turn, limit our access to capital markets, harm our results of operations, and lead to a decline in the trading price of our Class A common shares. Additionally, ineffective internal control over financial reporting could expose us to increased risk of fraud or misuse of corporate assets and subject us to potential delisting from the stock exchange on which we list, regulatory investigations and civil or criminal sanctions.

In addition, we expect these rules and regulations to increase our legal, accounting and financial compliance costs and to make some activities more time-consuming and costly. For example, we expect these rules and regulations to make it more difficult and more expensive for us to obtain director and officer liability insurance, and we may be required to accept reduced policy limits and coverage or incur substantial costs to maintain the same or similar coverage. New rules and regulations relating to information disclosure, financial reporting and controls and corporate governance, which could be adopted by the SEC or other regulatory bodies or exchange entities from time to time, could result in a significant increase in legal, accounting and other compliance costs and make certain corporate activities more time-consuming and costly, which could materially affect our business, financial condition and results of operations. These rules and regulations may also make it more difficult for us to attract and retain qualified persons to serve on our board of directors or as executive officers.

These new obligations will also require substantial attention from our senior management and could divert their attention away from the day-to-day management of our business. Given that most of the individuals who now constitute our management team have limited experience managing a publicly traded company and complying with the increasingly complex laws pertaining to public companies, initially, these new obligations could demand even greater attention. These cost increases and the diversion of management's attention could materially and adversely affect our business, financial condition and operation results.

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#### Disclosure controls and procedures over financial reporting may not prevent or detect all errors or acts of fraud.
Disclosure controls and procedures, including internal controls over financial reporting, are designed to provide reasonable assurance that information required to be disclosed by us in reports filed or submitted under the Exchange Act is prepared and communicated to our management, and recorded, processed, summarized and reported in accordance with the applicable rules and regulations, including, but not limited to, SEC rules and forms.

These disclosure controls and procedures are subject to inherent limitations, including the risk that decision-making judgments may be flawed, resulting in errors or mistakes. Controls may also be bypassed through unauthorized overrides. As a result, our business remains exposed to risks such as potential non-compliance with policies, employee misconduct, negligence, or fraud, any of which could lead to regulatory sanctions, civil claims, and significant reputational or financial harm. We may not be able to prevent all instances of employee misconduct, and the measures we implement to detect or deter such activity may not always be effective. Therefore, due to these inherent limitations, misstatements arising from error or fraud may occur and go undetected. For further information regarding our internal controls over financial reporting, see the risk factor above "We have identified material weaknesses in our internal control over financial reporting for the year ended December 31, 2024 and if we fail to establish and maintain effective internal controls over financial reporting we may be unable to timely and accurately report our results of operations, meet our reporting obligations and/or prevent fraud. In addition, our accounting and other management systems and resources may not be immediately prepared to meet the reporting requirements applicable to U.S. public reporting companies, which may strain our resources."

***We may need to raise additional capital in the future by issuing securities or may enter into corporate transactions with an effect similar to a merger, which may dilute your interest in our share capital and affect the trading price of our Class A common shares.***

We may need to raise additional funds to grow our business and implement our growth strategy through public or private issuances of common shares or securities convertible into, or exchangeable for, our common shares, which may dilute your interest in our share capital or result in a decrease in the market price of our common shares. In addition, we may also enter into mergers or other similar transactions in the future, which may dilute your interest in our share capital or result in a decrease in the market price of our Class A common shares.

We may however require additional capital to respond to business opportunities, refinancing needs, challenges, acquisitions, as well as to comply with regulatory capital adequacy requirements or unforeseen circumstances.

Any fundraising through the issuance of shares or securities convertible into or exchangeable for shares, including potential fundraising from J&F International or other entities controlled by our ultimate controlling shareholders, or the participation in corporate transactions with an effect similar to a merger, may dilute your interest in our capital stock or result in a decrease in the market price of our Class A common shares.

***An occurrence of a natural disaster, widespread health epidemic or pandemic or other outbreaks could have a material adverse effect on our business, financial condition and results of operations.***

Our business could be materially and adversely affected by natural disasters, such as fires or floods, the outbreak of a widespread health epidemic or pandemic, or other events, such as wars, acts of terrorism, environmental accidents, power shortages or communication interruptions. The occurrence of a disaster or similar event could materially disrupt our business and operations. These events could also cause us to close our operating facilities temporarily, which would severely disrupt our operations and have a material adverse effect on our business, financial condition and results of operations. In addition, our revenues could be materially reduced to the extent that a natural disaster, health epidemic or other major event harms the economy of Brazil. Our operations could also be severely disrupted if our consumers, suppliers, vendors and other business partners were affected by natural disasters, health epidemics or other major events.

The outbreak of a widespread health epidemic or pandemic, such as COVID-19, would likely adversely affect the operations of our consumers, suppliers, vendors and other business partners, and may adversely impact our results of operations in the future. For example, commerce in Brazil may be adversely affected by measures that are intended to contain and limit the outbreak`s spread. Such measures could, in turn, adversely affect our business, financial condition and results of operations.

We may be subject to liability with respect to environmental crimes (defined by the Brazilian Federal Constitution and Federal Law No. 9,605/98). In such cases, liability may apply both to legal entities and to our directors, potentially resulting not only in not only large fines, but also reputational damage.

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***We operate across a range of highly competitive and rapidly evolving industries, and any inability to compete successfully would materially and adversely affect our business, results of operations, financial condition, and future prospects.***

We operate across a range of highly competitive and rapidly evolving industries. As a dual-sided financial services platform, we face competition from a variety of participants in Brazil, including financial institutions and payment companies. Our primary competitors for each of our strategic pillars are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Consumer Banking**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• paper-based transactions (principally cash);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• banks and financial institutions in Brazil that provide traditional payment methods, particularly credit and prepaid cards and electronic bank transfers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• international and regional payment processing companies, such as PayPal, MercadoPago from MercadoLibre and PagBank from PagSeguro;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other technology companies, including digital and mobile apps, that provide P2P and P2M electronic payment services in Brazil, and companies that offer the Pix instant payment system developed by the Brazilian Central Bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• traditional banks and other financial institutions in Brazil that accept retail deposits, provide credit and prepaid cards, loans and other financial products and services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other technology companies, including digital and mobile apps, that provide financial services in Brazil, such as Nu, Mercado Pago, Inter & Co and PagBank from PagSeguro; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investment platforms and digital players that offer investment products, such as NuInvest, XP and Inter Invest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Small & Medium**-Sized **Businesses:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• merchant acquirers in Brazil, such as GetNet, Stone, PagBank, Rede, Mercado Pago and Cielo;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• traditional banks, digital banks and other financial institutions in Brazil that provide credit and other financial solutions for small and medium-sized businesses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other companies that offer corporate benefits, such as Flash, Caju, Alelo, VR, Ticket and Sodexo.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Audiences and Ecosystem Integration**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• providers of digital and physical goods who offer their products through their own digital stores;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other technology companies, including digital and mobile apps, that offer third party digital goods to consumers in Brazil, such as Meliuz, Nu and PagBank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• travel companies such as Decolar, BeFly, Booking.com, and Hurb; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• companies that offer raffles such as Sorte Online and Mega Loterias.

We expect competition to intensify in the future, both as emerging technologies continue to enter the marketplace and as large traditional banks increasingly seek to innovate the services that they offer to compete with our platform. Technological advances and the continued growth of e-commerce activities have increased consumers' accessibility to products and services and led to the expansion of competition in digital payment options such as BNPL solutions. We face competition in areas such as: flexibility on payment options; duration, simplicity and transparency of payment terms; reliability and speed in processing payments; compliance and security; promotional offerings; fees; approval rates; ease-of-use; marketing expertise; service levels; products and services; technological capabilities and integration; consumer service; brand and reputation; and consumer and merchant satisfaction.

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Some of our competitors are substantially larger than we are, which gives those competitors advantages we do not have, such as more diversified products, a broader consumer and merchant base, the ability to reach more consumers, an increased ability to cross-sell their products, operational efficiencies, the ability to cross-subsidize their offerings through their other business lines, more versatile technology platforms, broad-based local distribution capabilities and lower-cost funding. Our potential competitors may also have longer operating histories, more extensive and broader consumer and merchant relationships, and greater brand recognition and brand loyalty than we have. For example, more established companies that possess large, existing consumer and merchant bases, substantial financial resources and established distribution channels could enter the market.

Increased competition could result in the need for us to alter the pricing and services we offer to businesses or consumers. If we are unable to successfully compete, the demand for our platform and products could stagnate or substantially decline, and we could fail to retain or grow the number of consumers or businesses using our platform, which would reduce the attractiveness of our platform to other consumers and businesses, and which would materially and adversely affect our business, results of operations, financial condition and future prospects.

In addition, certain of our competitors in certain product areas and markets may not be subject to the same regulatory requirements that we are. For example, we are required to comply with a set of regulations that is not applicable to non-regulated payment institutions, including capital ratios, among others. We are currently subject to minimum capital ratios of 7% for the common equity capital ratio, 8.5% for the Tier I capital ratio and 10.5% for the total capital ratio (all including the conservation capital buffer requirement of 2.5%), in line with the capital ratios applicable to most financial institutions operating in Brazil. As a result, our competitors who are not subject to similar regulatory requirements may be able to offer products and services at lower costs, which could put pressure on the pricing and terms that we offer and, as a result, our profit margins.

#### If we fail to promote, protect, and maintain our brand in a cost-effective manner, we may lose market share and our revenue may decrease.
We believe that developing, protecting and maintaining awareness of our "PicPay" brand (trademark) in a cost-effective manner is critical to attracting new and maintaining quarterly active clients to our platform. Successful promotion of our brand will depend largely on the effectiveness of our marketing efforts and the experience of our consumers. Our efforts to build our brand have involved significant expenses, and we expect to increase our marketing spend in the near term. These brand promotion activities may not result in increased revenue and, even if they do, any increases may not offset the expenses incurred. Additionally, the successful protection and maintenance of our brand will depend on our ability to obtain, maintain, protect and enforce trademarks and other forms of intellectual property protection for our brand. If we fail to successfully promote, protect and maintain our brand or if we incur substantial expenses in an unsuccessful attempt to promote, protect and maintain our brand, we may lose our existing consumers to our competitors or be unable to attract new consumers. Any such loss of existing consumers, or inability to attract new consumers, would have an adverse effect on our business and results of operations.

#### Risks Relating to Legal and Regulatory Matters
***Our business is subject to extensive government regulation and oversight in Brazil, and our status under these regulations may change. Any failure to comply with current or future regulations could result in significant costs, expose us to substantial liability, or require adjustments to our business practices. Any of these outcomes may materially and adversely affect our business and results of operations.***

As a payment institution (*instituição de pagamento*) and as a multi-service bank (*banco múltiplo*) in Brazil, our business is subject to Brazilian laws and regulations relating to electronic payments in Brazil, comprised respectively of Brazilian Federal Law Nos. 12,865, of October 9, 2013 and 4,595 of December 31, 1964, as well as to related rules and regulations, including capital and liquidity requirements.

For instance, the Brazilian Central Bank recently introduced a new framework establishing prudential requirements for payment institutions, increasing the capital and prudential obligations to which we are subject. This framework includes Brazilian Central Bank Resolutions No. 198, 199, 200, 201 and 202, all dated March 11, 2022, as well as Resolution No. 436, dated November 28, 2024. These new prudential requirements came fully into effect on January 1, 2025 pursuant to Brazilian Central Bank Resolution No. 436, which revoked Brazilian Central Bank Resolution No. 197. Regulations applicable to type 3 conglomerates (the regulatory classification under which the PicPay-led conglomerate falls) impose stringent capital requirements on our activities. These requirements directly affect our business, financial condition, and results of operations.

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The nature of our services also renders us as gatekeepers for the purposes of Brazilian Federal Law No. 9,613/1998 (Brazilian Anti-Money Laundering Law), which imposes higher regulatory standards to prevent, monitor, and combat money laundering through, for example, detailed registration of transactions, specific internal policies, and communication of suspicious operations. Even though we adopt internal policies to address the Brazilian Central Bank's guidelines to combat money laundering, our position as gatekeepers imposes additional risk, and any failures in our internal controls may result in fines or administrative sanctions, as well as potential criminal or administrative investigations and liabilities.

Failure to comply with the requirements of the Brazilian legal and regulatory framework, including, without limitation, any failure to comply with the Brazilian Central Bank capital requirements, may prevent us from carrying out our regulated activities, and may: (1) require us to pay substantial fines (including per transaction fines) and disgorge our profits; (2) require us to change our business practices; or (3) subject us to insolvency proceedings such as an intervention by the Brazilian Central Bank, as well as the out-of-court liquidation of PicPay and PicPay Bank, and any of our subsidiaries that may be granted licenses in the future. Any disciplinary or punitive action by our regulators or failure to obtain required operating licenses could seriously harm our business and results of operations. In this regard, the Brazilian Central Bank has recently revised the regulatory framing of our prudential conglomerate, adding new capital requirements.

During the year ended December 31, 2024, we became subject to higher capital requirements with a minimum total capital ratio of 10.5%, a minimum Tier I capital ratio of 8.5% and a minimum common equity capital ratio of 7% of risk-weighted assets (RWA), all including the required capital conservation buffer of 2.5%.

The new capital requirement framework resulted in our failure to comply with the necessary capital requirements. As a response, we presented the following plan to BACEN with the purpose of satisfying the requirements again. The plan was formulated with input from external financial advisors and has been formally approval by our board of directors as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we effected a capital increase of R$230.0 million, with a capital injection of R$100.0 million on June 28, 2024, and an additional R$130.0 million on September 19, 2024. For more information, see note 20 — Equity of our consolidated financial statements included elsewhere in this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• additionally, in 2025, PicPay received a total capital injection of R$803.5 million, divided into six installments: the first on February 26, 2025, in the amount of R$321.7 million; the second on March 25, 2025, in the amount of R$50.0 million; the third on April 28, 2025, in the amount of R$125.5 million; the fourth on May 27, 2025, in the amount of R$50.0 million; the fifth on July 21, 2025, in the amount of R$108.4 million, and the sixth on September 23, 2025, in the amount of R$149.4 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we established contingency arrangements pursuant to which our controlling shareholders are prepared to provide additional capital contributions if required to ensure our ongoing compliance with BACEN's regulatory capital requirements. Until we reach the maturity of our user base and have a complete portfolio of products and services, we will continue to require equity contributions from our shareholders. The need for these contributions is projected through periodic monitoring of our cash flow and must be approved by our board of directors and by BACEN.

Our current stage, our asset growth has been monitored by our senior management, and we have the support of our controlling shareholders for capital adequacy, if necessary, given the level of leverage established in these more conservative BACEN level standards. Additionally, our plan has been accepted by BACEN.

On September 30, 2025, our capital ratio was 11.68% (compared to 9.69% on December 31, 2024), which was 3.68% above the minimum regulatory requirement of 8% (1.69% above the minimum regulatory requirement on December 31, 2024) and achieved 100% of the additional principal conservation capital requirement of 2.5% (67.6% on December 31, 2024).

At the beginning of 2025, the new rules issued by the Brazilian Central Bank came into effect, primarily incorporating the measurement requirements for financial assets under IFRS 9, albeit with more stringent standards with respect to the calculation of expected losses compared to those of IFRS. As a result of these more stringent standards, credit provisions are higher under BACEN standards than under IFRS. This change in BACEN's standards had a significant impact on provisioning, which in turn also increased the capital requirements of the conglomerate.

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With the purpose of restoring fulfillment of 100% of the capital conservation buffer, on February 26, 2025, J&F International invested R$319.9 million in PicPay Netherlands without the issuance of new shares. On that same date, PicPay Netherlands invested the same amount in PicS Ltd. without the issuance of new shares, and on February 27, 2025, PicS Ltd. invested R$321.5 million in PicS Holding through the issuance and subscription of 321,489,832 quotas, all nominative and with par value of R$1.00 each. On that same date, PicS Holding invested R$321.8 million in PicPay Bank through the issuance and subscription of 88,121,683 shares, all nominative and without par value.

With the purpose of restoring fulfillment of 100% of the capital conservation buffer, on February 26, 2025, J&F International invested R$319.9 million in PicPay Netherlands without the issuance of new shares. On that same date, PicPay Netherlands invested the same amount in PicS Ltd. without the issuance of new shares, and on February 27, 2025, PicS Ltd. invested R$321.5 million in PicS Holding through the issuance and subscription of 321,489,832 quotas, all nominative and with par value of R$1.00 each. On that same date, PicS Holding invested R$321.8 million in PicPay Bank through the issuance and subscription of 88,121,683 shares, all nominative and without par value.

On that same date, PicS Ltd. invested the same amount in PicS Holding through the issuance and subscription of 50,000,000 quotas, all nominative and with par value of R$1.00 each. On March 27, 2025, PicS Holding invested the same amount in PicPay Bank through the issuance and subscription of 31,643,364 shares, all nominative and without par value. After the aforementioned capital contributions, our total capital ratio exceeded the minimum requirement of 10.5%.

In addition, on each of April 28, May 27, July 21 and September 23, 2025, J&F International invested R$126 million, R$50 million, R$108.5 million and R$149.4 million, respectively, in PicPay Netherlands. These amounts were invested by PicPay Netherlands in PicS Ltd., in each case, without the issuance of new shares. PicS Ltd. invested approximately these amounts in PicS Holding through the issuance of quotas, and PicS Holding invested approximately these amounts in PicPay Bank. Each of these respective investments were made contemporaneously with the applicable investment in PicPay Netherlands. We intend to use the proceeds we receive from this offering for general corporate purposes, including to meet regulatory capital requirements. For more information, see "Use of Proceeds."

Furthermore, we are exposed to the risk that the capital requirements applicable to us may increase overtime. Failure to comply with, and continuously maintain, conservative capital levels could require us to modify our business practices or to raise additional capital, which may not be available on acceptable terms, or available at all. Non-compliance could also subject us to fines, sanctions, or even the suspension or revocation of licenses or authorizations to operate, any of which could materially and adversely affect our business and operational results.

For more information, see "Management's Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources — Sources and Uses of Funding" and "Regulatory Overview — Other Rules — Prudential Framework and Limits of Exposure."

Moreover, the Brazilian government materially changed the rules governing loans secured by the FGTS (mandatory savings fund that Brazilian employers must deposit money into every month on behalf of their employee) "annual birthday withdrawal" (*saque aniversário*), which is a program that allows workers to withdraw part of their FGTS funds every year on their annual birthday. These new rules will reduce our ability to originate new FGTS loans, which may adversely impact our loan business.

These new rules include a cap on the number of annual withdrawals that can be pledged as collateral of up to five annual withdrawals until October 2026 and three annual withdrawals from November 2026 onwards; a per-installment amount range of R$100 to R$500 (with a maximum total advance of R$2,500 in the first year); a restriction to a single advance transaction annually (where multiple simultaneous operations were previously permitted); and a mandatory 90-day waiting period after a worker opts into the birthday withdrawal before an advance can be requested (where immediate advances were previously allowed). These changes are expected to reduce eligible collateral, lower average ticket sizes, limit repeat borrowing, and increase customer friction, which may adversely affect our origination volumes, revenue growth and overall loan economics, which could have an adverse effect on our business, financial condition and results of operations.

On October 3, 2023, Law No. 14,690 was published, establishing that credit card issuers must submit for approval of the CMN regulations that limit the interest and financial fees charged over the outstanding balance of credit cards invoices, in the categories of revolving credit (*crédito rotativo*) and installment credit (*parcelamento de fatura de cartão de crédito*). If these limits are not approved within a maximum period of 90 days as of the date of publication of the law, the total amount charged as interest and financial fees will be limited to the original amount of the debt.

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One of the demands required by certain issuing institutions is the establishment of further regulations limiting the offering of purchases in installments without interest charging by Brazilian merchants, the so called PSJ (*parcelado sem juros*), which is widely adopted in Brazil. A proposal from relevant stakeholders and professional associations in the credit industry for such regulations is expressly linking more stringent limitations to interest rates charged on revolving credit transactions and to the number of interest-free installments issuers allow cardholders to pay for goods and services. Moreover, in connection with these discussions, there have been market discussions to regulate the PSJ matter by establishing a cap to the interchange fees charged in credit transactions, as well as a limit of 12 installments for these transactions, in order to discourage unbridled buying on credit. If any of these proposals are adopted in the regulations, or self-regulations, as the case may be, to be issued by the Brazilian authorities, our revenue associated with fees charged in certain installment transactions may be reduced, which could adversely affect our business, financial condition, and results of operations.

Furthermore, as part of the ongoing discussions in Brazil related to non-financial companies providing financial services, current regulations may evolve and create additional rules and obligations to payment institutions, payment scheme settlors and to the market in general.

In addition, upon closing of the acquisition of Kovr Seguradora, our operations, activities and ownership associated with such company shall be subject to oversight by SUSEP, as well as the applicable SUSEP regulations. Insurance companies are subject to comprehensive regulations by CNSP and SUSEP, covering not only risk underwriting, but also solvency and capitalization requirements, service levels, product registrations, business practices, origin of capital restrictions, restrictions on related-party transactions, among others, with associated rules, procedures, fines and other penalties. The oversight of SUSEP and the associated regulations may restrict the activities of certain associated companies, as well as subject us to additional regulatory risk of fines and other penalties. On December 11, 2025, Law No. 15,040 entered into force, significantly changing the legal framework for the operation of companies in the insurance industry, especially insurance companies. This law has strong client-protection provisions and brings challenges to insurers and reinsurers operating in Brazil. Practices and precedents may be reset given the new framework, which may adversely affect Kovr Seguradora.

For further information regarding these regulatory matters, see "Regulatory Overview."

***Funding of digital wallets via credit card is a relevant business for us, and this product is being challenged by incumbent institutions, and Brazilian authorities are conducting an inquiry of certain players, including us. If funding of digital wallets via credit card transactions is deemed incompatible with the applicable legal and regulatory framework in Brazil, we could be required to change our products to comply with new understandings of the Brazilian authorities, which could adversely affect the results of our operations.***

Our customers can fund their digital wallets choosing a wide range of options, such as electronic funds transfers from accounts held with other financial or payment institutions (wire transfers or Pix), *boleto* (bank slip), P2P payments, loan financing, or via credit card (thirty party or our own) transactions. Moreover, we enable customers to make Pix transactions to other users with their credit cards, in our Pix Credit product. When a customer chooses to fund their digital wallet or make Pix transactions with their credit cards, we charge the applicable fees.

Even though we believe this is a common product in the Brazilian payment industry, accepted by payment schemes networks and reviewed by the General Attorney Office of the Brazilian Central Bank, incumbent banks have been challenging this product. In this regard, Febraban recently filed a notice with the Brazilian National Consumer Office (*Secretaria Nacional do Consumidor*, or the "SENACON") and a complaint with the Public Prosecutor's Office of the State of São Paulo (*Ministério Público do Estado de São Paulo*), alleging that we would be granting loans to customers and that the fees charged in connection with installment transactions would be "compensating interest" (*juros remuneratórios*). Our business was specifically challenged in such notice.

After Febraban's notice, SENACON issued, on January 12, 2024, a provisional measure (an injunction) against us and other industry players, and we promptly presented our response, clarifying that our business model is aligned with the best market practices, complies with the applicable legal and regulatory framework in Brazil. Following such a response, on January 19, 2024, SENACON suspended the provisional measure required by Febraban, which has appealed against such suspension and requested the Brazilian Central Bank's further analysis on the matter. Moreover, ABRANET — Brazilian Internet Association (*Associação Brasileira de Internet*) filed a complaint with the Federal Attorney-General's Office (*Procuradoria Geral da República*) seeking an investigation against Febraban and incumbent banks on alleged anti-competitive practices against fintechs and other players. Currently, the matter is still under the

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investigation of Brazilian authorities. In June 2024, Febraban submitted to SENACON, the Brazilian Central Bank and the Public Prosecutor's Office of the State of the São Paulo a request for withdrawal regarding the representations previously filed. In October 2024, following investigations within the scope of Abranet's representation, the Federal Attorney-General's Office sent to the CADE's Superintendent-General a representation for investigation of a possible antitrust violation in the Brazilian Payments Systems Market (SPB). In January 2025, CADE informed that it had initiated an Administrative Procedure to investigate anticompetitive practices by incumbent banks. The procedure is ongoing with no scheduled completion date.

If Brazilian authorities deem that funding of digital wallets via credit card transactions is incompatible with the applicable legal and regulatory framework in Brazil, we could be required to change some of our products to comply with new understandings of the Brazilian authorities, which could adversely affect our above mentioned products and results of our operations.

***We are subject to costs and risks associated with increased or changing laws and regulations affecting our business, including those relating to the sale of consumer products. Specifically, developments in data protection and privacy laws could harm our business, financial condition or results or operations.***

We operate in a complex regulatory and legal environment that exposes us to compliance and litigation risks that could materially affect our results of operations. These laws may change, sometimes significantly, as a result of political, economic or social events. Some of the federal, state or local laws and regulations in Brazil that affect us include: those relating to consumer products, product liability or consumer protection; those relating to the manner in which we advertise, market or sell products; labor and employment laws, including wage and hour laws; tax laws or interpretations thereof; bank secrecy laws, data protection and privacy laws and regulations; and securities and exchange laws and regulations. For instance, data protection and privacy laws are developing to take into account the changes in cultural and consumer attitudes towards the protection of personal data. There can be no guarantee that we will have sufficient financial resources to comply with any new regulations or successfully compete in the context of a shifting regulatory environment.

In September 2020, Brazilian Federal Law No. 13.709/2018, called the Brazilian General Data Protection Law (*Lei Geral de Proteção de Dados*), or the "LGPD," came into effect establishing general principles, obligations and detailed rules for the collection, use, processing and storage of personal data that affects all economic sectors, including the relationship between consumers and suppliers of goods and services, employees and employers and other relationships in which personal data is collected, whether in a digital or physical environment. All legal entities are required to adapt their data processing activities to these new rules. The application of penalties provided in the LGPD became effective on August 1, 2021, and such penalties depend on the severity of the offense, according to certain criteria established by the Brazilian National Data Protection Authority (*Autoridade Nacional de Proteção de Dados*), or the "ANPD" under ANPD's Resolution No. 4 of February 24, 2023. Any additional privacy laws or regulations enacted or approved in Brazil could seriously harm our business, financial condition, or results of operations. Accordingly, our personal data processing activities and digital advertising practices may change significantly, which could result in additional costs for us due to the requirements to conform our practices to the provisions set forth in the LGPD.

In particular, as we seek to build a trusted and secure platform for commerce, and as we expand our network of sellers and buyers and facilitate their transactions and interactions with one another, we will increasingly be subject to laws and regulations relating to the collection, use, retention, security, and transfer of information, including the personally identifiable information of our employees and our merchants and their consumers. As with the other laws and regulations noted above, these laws and regulations may be interpreted and applied differently over time and from jurisdiction to jurisdiction, and it is possible they will be interpreted and applied in ways that will materially and adversely affect our business. Any failure, real or perceived, by us to comply with our posted privacy policies or with any regulatory requirements or orders or other local, state, federal, or international privacy or consumer protection-related laws and regulations could cause sellers or their consumers to reduce their use of our products and services and could materially and adversely affect our business.

#### Changes in tax laws, tax incentives, benefits or differing interpretations of tax laws may adversely affect our results of operations.
Changes in tax laws, regulations, related interpretations and tax accounting standards in Brazil, the Netherlands or the United States may result in a higher tax rate on our earnings, which may significantly reduce our profits and cash flows from operations.

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The Brazilian government may propose changes to the tax regime applicable to different sectors of the economy, including changes that represent an increase in our tax burden and the tax burden of our consumers and suppliers, which can negatively impact our business. These changes include changes in tax rates, tax base, tax deductibility and, occasionally, the creation of taxes (temporary or non-temporary). If these changes directly or indirectly increase our tax burden, we may have our gross margin reduced, adversely affecting our business and results of operations.

On December 20, 2023, the Brazilian Congress enacted Constitutional Amendment No. 132, or "EC 132," which provided a broad reform of the Brazilian tax system, with the extinction of a variety of taxes currently applicable to goods and services, including social contributions, federal tax on industrialized products, the Municipal tax on services and the tax on the circulation of goods and services (the "indirect taxes"), for the creation of three new taxes on operations with goods and services: a Goods and Services Tax, or the IBS, a Federal Contribution on Goods and Services, or CBS, and an Excise Tax, or IS.

EC 132 will not be immediately effective, since there is a seven-year transition period, from 2026 to 2032, for the full implementation of the tax reform. The current indirect taxes (ICMS, IPI, ISS and PIS/Cofins) will coexist and will be gradually replaced by IBS, CBS and IS until completion of the tax reform by 2033.

In the beginning of 2025, the President of Brazil sanctioned Supplementary Law No. 214/2025, which regulates the consumption tax reform and creates the IBS and CBS, establishing a transition period prior to their effectiveness.

As a result of certain presidential vetoes, the enacted text of Supplementary Law No. 214/25 stated that investment funds were "taxpayers" for IBS and the CBS purposes. However, in June 2025, the Brazilian Congress revoked such vetoes to ensure that investments funds will not be subject to this taxation.

In December 2024, we raised funds through a securitization of receivables from our FGTS loan portfolio through a FIDC FGTS offering. Considering that the FIDC FGTS is an investment fund and it is not regarded as a "taxpayer" neither for corporate tax nor for CBS and IBS purposes, the taxation is only applied to the holders over the yields when the quotas are amortised or redeemed by them and such yields are not subject to the semiannual withholding tax (commonly known as *come cotas*). All of the subordinated quotas of the FIDC FGTS are held by PicPay Bank and the holders of subordinated quotas are subject to taxation on a cash basis. Moreover, the referred FIDC FGTS was incorporated with the specific purpose to raise funding to support the structure of our business. Also, the tax rates that are applicable to the FIDC FGTS are equivalent to all other FIDCs with collateral in credit rights. As of September 30, 2025, our obligations to FIDC quota holders totaled R$789.0 million.

The Brazilian Congress has enacted Law No. 15,270, which imposed a 10% withholding income tax on dividends paid, credited, distributed, allocated or remitted abroad by Brazilian companies, subject to limited grandfathering rules for profits ascertained before December 31, 2025 and specific exemptions, including for certain sovereign investors and qualifying foreign pension entities. The law also established a mechanism under which the Executive Branch may grant a tax credit where the sum of the paying company's effective corporate tax rate (calculated as the ratio between current income tax expense and accounting profits) and the 10% withholding exceeds the applicable nominal benchmark rate. While these measures may increase the effective tax cost of cross-border dividend payments and introduce new administrative requirements for non-resident recipients, including a deadline to claim any such credit. In addition, key elements of implementation, such as how non-residents would recover credits (by refund or by offset) and how effective rates are to be computed in complex structures, are subject to further regulation and may create uncertainty, potential timing mismatches and cash flow frictions for foreign investors.

The interaction of the new withholding regime with corporate income taxes, tax treaties, and any credit or refund mechanisms could result in incremental tax leakage or double taxation exposure for non-resident shareholders, particularly if regulatory guidance is delayed or differs from market expectations. Any increase in the tax cost or administrative burden associated with distributions to non-residents could adversely affect the after-tax returns of our investors, reduce our flexibility in capital allocation and funding, and, consequently, adversely affect the trading price of our Class A common shares.

Moreover, an attempt to reform income taxation was submitted through Bill No. 2,337/2021. Although the Brazilian House of Representatives approved this bill on September 2, 2021, it has since stalled in the Brazilian Senate, which will vote on it next. This initiative proposes significant changes to the income tax legislation, such as (i) repealing the exemption from income tax on the distribution of dividends by Brazilian companies (and imposing

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a general 15% income tax rate), (ii) the gradual decrease of the combined Brazilian corporate income tax rates, and (iii) extinguishing the possibility of deducting expenses from the payment of interest on shareholder's equity (*juros sobre o capital próprio* — JCP). The income and payroll taxation reform resulting from EC 132 are expected to include similar provisions as those attempted by Bill No. 2,337/2021.

We are still unable to quantify the effects of the changes introduced by EC 132 or any other additional reforms, if approved, as certain proposed amendments to the Constitution provide for the enactment of regulations regarding these new taxes, which regulations have not been presented yet. These changes may result in impacts for us that cannot be assessed yet. Accordingly, any increase in tax rates in Brazil, the creation of new taxes or the recognition of taxes that affect our operations may adversely affect us.

Our results of operations and financial condition may decline if certain tax incentives are not retained or renewed. For example, Brazilian Federal Law No. 11,196 currently grants tax benefits to companies that invest in research and development, provided that some requirements are met, which significantly reduces our annual income tax expense. If the taxes applicable to our business increase or any tax benefits are revoked and we cannot alter our cost structure to pass our tax increases on to clients, our financial condition, results of operations and cash flows could be seriously harmed. Our payment processing activities are also subject to a Municipal Tax on Services (*Imposto Sobre Serviços*), or "ISS." Any increases in ISS rates would also harm our profitability.

In addition, Brazilian government authorities at the federal, state and local levels are considering changes in tax laws in order to cover budgetary shortfalls resulting from the recent economic downturn in Brazil. If these proposals are enacted they may harm our profitability by increasing our tax burden, increasing our tax compliance costs, or otherwise affecting our financial condition, results of operations and cash flows. Certain tax rules in Brazil, particularly at the local level, may change without notice. We may not always be aware of all such changes that affect our business and we may therefore fail to pay the applicable taxes or otherwise comply with tax regulations and other obligations related to disclosure of certain information, which may result in additional tax assessments and penalties for our company.

Furthermore, we are subject to tax laws and regulations that may be interpreted differently by tax authorities and us. Significant judgment is required to evaluate applicable tax obligations. In many cases, the ultimate tax determination is uncertain because it is not clear how existing statutes apply to our business. One or more states or municipalities, the federal government or other countries may seek to challenge the taxation or procedures applied to our transactions imposing the charge of taxes or additional reporting, record-keeping or indirect tax collection obligations on businesses like ours. New taxes could also require us to incur substantial costs to capture data and collect and remit taxes. If such obligations were imposed, the additional costs associated with tax collection, remittance and monitoring could have a material adverse effect on our business and financial results.

We are also subject to review of the interpretation of certain laws by the Brazilian Judiciary, which may have adverse tax consequences. For instance, in February 2023, the STF, by unanimous vote, concluded that favorable judicial decisions to taxpayers (*res judicata*) must be automatically annulled if, after such decisions were issued, the STF reaches a different understanding on the subject matter.

For example, as a result of the decision, if previously a company obtained authorization from any Court of Justice that certain activity is not subject to tax, such permission would automatically be annulled if and when the STF makes a contrary ruling that the activity is in fact subject to tax (no retroactive effects should apply to taxable events prior to the new ruling). Hence, if there is any type of reversal of pro-taxpayer decisions and case law in the Brazilian courts that affects our business, our financial and operating results could be adversely affected.

***We are subject to anti-corruption, anti-bribery, anti-terrorism and anti-money laundering laws and regulations, and any failure to comply with these regulations may lead to criminal liability, administrative and civil lawsuits, significant fines and penalties, loss of key banking and other relationships, forfeiture of significant assets, as well as reputational harm.***

We operate in a jurisdiction that has a high risk of corruption and we are subject to anti-corruption, anti-bribery, anti-terrorism and anti-money laundering laws and regulations, as provided under the Applicable Anticorruption Laws, including, without limitation, the Brazilian Federal Law No. 12,846/2013 (the Brazilian Clean Companies Act), as regulated by Federal Decree No. 11,129/2022, Law No. 14,230/2021 (the Administrative Misconduct Law), Law 14,133/2021 (the Brazilian Public Procurement Law), Law 9,613/1998 (the Brazilian Anti-Money Laundering Law) and the United States Foreign Corrupt Practices Act of 1977, as amended, or the "FCPA." Both the Clean Company

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Act and the FCPA impose liability against companies who engage in bribery of government officials, either directly or through intermediaries. We have a compliance program that is designed to manage the risks of doing business in light of these new and existing legal and regulatory requirements. Monitoring compliance with anti-money laundering, anti-terrorism, and anti-corruption law and sanctions rules can impose a significant burden on banks and other financial institutions, and on us, and requires significant technical capabilities. Violations of the anti-corruption, anti-bribery, anti-terrorism and anti-money laundering laws and regulations could result in criminal liability, administrative and civil lawsuits, significant fines and penalties, loss of key banking and other relationships, forfeiture of significant assets, as well as reputational harm.

Applicable Anticorruption Laws provide for the strict liability of companies and their legal successors that engage in corruption. Furthermore, Applicable Anticorruption Laws provide for the joint and several liability of companies belonging to the same business conglomerate. Companies may also be held liable for corruption related offenses committed by third parties, especially if they benefited from the transactions. There is no intent or knowledge requirement for strict liability offences and therefore we could be held liable for wrongful acts even if we were not aware of them.

Liability arising from violations of Applicable Anticorruption Laws may result in severe penalties, both in the administrative and judicial spheres, including large fines, disgorgement of profits and the publication of the conviction in large scale media outlets. In addition, individuals involved in wrongful conduct may be exposed to civil, administrative, and criminal liability. In this regard, we must constantly update and enforce our internal controls to prevent, monitor and combat fraud, corruption, money laundering, and other related irregularities to prevent or mitigate judicial and administrative liability.

Regulators may increase enforcement of these obligations, which may require us to make adjustments to our compliance program, including the procedures we use to verify the identity of our consumers and to monitor our transactions. Regulators regularly reexamine the transaction volume thresholds at which we must obtain and keep applicable records or verify identities of consumers and any change in such thresholds could result in greater costs for compliance. Costs associated with fines or enforcement actions, changes in compliance requirements, or limitations on our ability to grow could harm our business, and any new requirements or changes to existing requirements could impose significant costs, result in delays to planned product improvements, make it more difficult for new consumers to join our network and reduce the attractiveness of our products and services.

Combating money laundering and fraud is a significant challenge in the online payment services industry because transactions are conducted between parties who are not physically present, which in turn creates opportunities for misrepresentation and abuse. Criminals are using increasingly sophisticated methods to engage in illegal activities such as identity theft, fraud and paper instrument counterfeiting. Online payments companies are especially vulnerable because of the convenience, immediacy and in some cases anonymity of transferring funds from one account to another and subsequently withdrawing them, including through the use of cryptocurrencies. Our payments services may be a target for illegal or improper uses, including fraudulent or illegal sales of goods or services, money laundering and terrorist financing. Allegations of fraud may result in fines, settlements, litigation expenses, loss of key banking and other relationships, financial and reputational damage.

***Misconduct of our directors, officers, employees, consultants or third-party service providers could harm us by impairing our ability to attract and retain consumers and subjecting us to legal liability and reputational harm.***

Our directors, officers, employees, consultants and third-party service providers could engage in misconduct that adversely affects our business. We are subject to a number of obligations and standards arising from our business and the violation of these obligations and standards by any of our directors, officers, employees, consultants or third-party service providers could adversely affect our consumers and us. If our directors, officers, employees, consultants or third-party service providers were to improperly use or disclose confidential information, we could suffer serious harm to our reputation, financial condition or business relationships. Detecting or deterring employee misconduct is not always possible, and the precautions we take to detect and prevent this activity may not be effective in all cases. If one of our employees or consultants were to engage in misconduct or were to be accused of such misconduct, our business and our reputation could be adversely affected.

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In recent years, regulatory authorities across various jurisdictions, including Brazil and the United States, have increasingly focused on enhancing and enforcing anti-bribery laws, such as the Clean Company Act and the FCPA. While we have developed and implemented policies and procedures designed to ensure compliance by us and our personnel with such laws, such policies and procedures may not be effective in all instances. Any determination that we have violated the Brazilian Clean Company Act (which establishes the strict administrative and civil liability of legal entities for the practice of harmful acts committed in their interest or benefit against the government, domestic or foreign), the FCPA, or other applicable anti-corruption laws could subject us to, among other consequences, civil and criminal penalties or material fines, profit disgorgement, injunctions on future conduct, securities litigation and a general loss of investor confidence, any one of which could adversely affect our business, financial condition, results of operations or the market value of our Class A ordinary shares.

#### Increases in reserve, compulsory deposit, minimum capital and contributions to deposit insurance requirements may have a material adverse effect on us.
The Brazilian Central Bank has periodically changed the level of regulatory reserves and compulsory deposits that payment institutions and financial institutions in Brazil are required to maintain, and has adjusted compulsory allocation requirements to finance government programs and mandated contributions to the deposit insurance program maintained by the Brazilian Credit Guarantee Fund, or the "FGC," with these changes continuing to be a potential area of risk as they may increase the reserve and compulsory deposit or allocation and contribution requirements in the future or impose new requirements on us, which as a result could reduce our liquidity and, as a result, may have a material adverse effect on our business, financial condition and results of operations.

Compulsory deposits and allocations generally do not yield the same return as other investments and deposits because a portion of compulsory deposits and allocations must be held in Brazilian government securities or return yielding balances at the Brazilian Central Bank.

***The costs and effects of pending and future litigation, investigations or similar matters, or adverse facts and developments related thereto, could materially affect our business, financial position and results of operations.***

We may be in the future, party to significant legal, arbitration and administrative investigations, inspections and proceedings arising in the ordinary course of our business or from extraordinary corporate, tax or regulatory events, involving our clients, suppliers, consumers, as well as environmental, competition, government agencies and tax authorities, particularly with respect to civil, tax and labor claims. Our indemnities may not cover all claims that may be asserted against us, and any claims asserted against us, regardless of merit or eventual outcome, may harm our reputation. Furthermore, there is no guarantee that we will be successful in defending ourselves in pending or future litigation or similar matters under various laws. Should the ultimate judgments or settlements in any pending litigation or future litigation or investigation significantly exceed our indemnity rights, they could have a material adverse effect on our business, financial condition and results of operations and the price of our Class A common shares. Further, even if we adequately address issues raised by an inspection conducted by an agency or successfully defend our case in an administrative proceeding or court action, we may have to set aside significant financial and management resources to settle issues raised by such proceedings or to those lawsuits or claims, which could adversely affect our business. See "Business — Legal Proceedings."

#### We may not be able to successfully manage our intellectual property and may be subject to infringement claims.
We rely on a combination of contractual rights, copyrights, trademarks and trade secrets to establish and protect our proprietary technology. Third parties may challenge, invalidate, circumvent, infringe or misappropriate our intellectual property, or such intellectual property may not be sufficient to permit us to take advantage of current market trends or otherwise to provide competitive advantages, which could result in costly redesign efforts, discontinuance of certain service offerings or other competitive harm. Others, including our competitors, may independently develop similar technology, duplicate our services or design around our intellectual property, and in such cases, we could not assert our intellectual property rights against such parties. Further, our contractual arrangements may not effectively prevent disclosure of our confidential information or provide an adequate remedy in the event of unauthorized disclosure of our confidential information. We may have to litigate to enforce or determine the scope and enforceability of our intellectual property rights, trade secrets and know-how, which is expensive, could cause a diversion of resources and may not prove successful. Also, because of the rapid pace of technological change in our industry, aspects of our business and our

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services rely on technologies developed or licensed by third parties, and we may not be able to obtain or continue to obtain licenses and technologies from these third parties on reasonable terms or at all. The loss of intellectual property protection, the inability to obtain third-party intellectual property or delay or refusal by relevant regulatory authorities to approve pending intellectual property registration applications could harm our business and ability to compete.

We may also be subject to costly litigation in the event our services and technology infringe upon or otherwise violate a third party's proprietary rights. Third parties may have, or may eventually be issued, patents or other assets protected by intellectual property rights that could be infringed by our services or technology. Any of these third parties could make a claim of infringement against us with respect to our services or technology. We may also be subject to claims by third parties for breach of copyright, trademark, license usage or other intellectual property rights. Any claim from third parties may result in a limitation on our ability to use the intellectual property subject to these claims or could prevent us from registering our brands as trademarks. Additionally, in recent years, individuals and groups have been purchasing intellectual property assets for the sole purpose of making claims of infringement and attempting to extract settlements from companies like ours. Even if we believe that intellectual property related claims are without merit, defending against such claims is time-consuming and expensive and could result in the diversion of the time and attention of our management and employees. Claims of intellectual property infringement also might require us to redesign affected services, enter into costly settlement or license agreements, pay costly damage awards, change our brands, or face a temporary or permanent injunction prohibiting us from marketing or selling certain of our services or using certain of our brands. Even if we have an agreement for indemnification against such costs, the indemnifying party, if any in such circumstances, may be unable to uphold its contractual obligations. If we cannot or do not license the infringed technology on reasonable terms or substitute similar technology from another source, our revenue and earnings could be adversely impacted.

Moreover, we believe our brand has contributed significantly to the historical success of our business. Maintaining, protecting and enhancing our brand is critical to expanding our consumer base, our loan portfolio and our third-party partnerships, as well as increasing engagement with our products and services. Our success in this regard will depend largely on our ability to remain — or, in markets into which we expand, become — widely known, gain and maintain our consumers' trust, be a technology leader and provide reliable, high-quality and secure products and services that continue to meet the needs of our consumers at competitive prices, as well as the effectiveness of our marketing efforts and our ability to differentiate our services and platform capabilities from competitors' products and services.

We believe that maintaining and promoting our brand in a cost-effective manner is critical to achieving widespread acceptance of our products and services and to expand our consumer base. Maintaining and promoting our brand will depend largely on our ability to continue to provide useful, reliable and innovative products and services, which we may not do successfully. Our brand promotion activities may not generate consumer awareness or increase revenue, and even if they do, any increase in revenue may not offset the expenses we incur in promoting our brand. If we fail to successfully promote and maintain our brand or if we incur excessive expenses in this effort, we would lose significant market share and our business would be materially and adversely affected. Further, our success in the introduction and promotion of new products and services, as well as the promotion of existing products and services, may be partly dependent on our visibility on third-party advertising platforms. Changes in the way these platforms operate or changes in their advertising prices or other terms could make the introduction and promotion of our products and services and our brand more expensive or more difficult. If we are unable to market and promote our brand on third-party platforms effectively, our ability to acquire new consumers would be materially harmed, which would adversely affect our business, financial condition and results of operations.

#### We are subject to regulatory activity and antitrust litigation under competition laws.
We are subject to scrutiny from governmental agencies under competition laws in the countries in which we operate. Some jurisdictions also provide private rights of action for competitors or consumers to assert claims of anticompetitive conduct. Other companies or governmental agencies may allege that our actions violate antitrust or competition laws, or otherwise constitute unfair competition. Contractual agreements with buyers, sellers, or other companies could give rise to regulatory action or antitrust investigations or litigation. Also, our unilateral business practices could give rise to regulatory action or antitrust investigations or litigation. Some regulators may perceive our business to have such significant market power that otherwise uncontroversial business practices could be deemed anticompetitive. Any such claims and investigations, even if they are unfounded, may be expensive to defend, involve negative publicity and substantial diversion of management time and effort, and could result in significant judgments against us.

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#### Risks Relating to Brazil
***The Brazilian government has exercised, and continues to exercise, significant influence over the Brazilian economy. This involvement, as well as Brazil's political and economic conditions, could harm us and the price of our Class A common shares.***

The Brazilian government frequently exercises significant influence over the Brazilian economy and occasionally makes significant changes in policy and regulations. The Brazilian government's actions to control inflation and other policies and regulations have often involved, among other measures, increases or decreases in interest rates, changes in fiscal policies, wage and price controls, foreign exchange rate controls, blocking access to bank accounts, currency devaluations, capital controls and import restrictions. We have no control over and cannot predict what measures or policies the Brazilian government may take in the future. We and the market price of our securities may be harmed by changes in Brazilian government policies, as well as general economic factors, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• growth or downturn of the Brazilian economy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• interest rates and monetary policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exchange rates and currency fluctuations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• inflation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liquidity of the domestic capital and lending markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• import and export controls;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exchange controls and restrictions on remittances abroad;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• modifications to laws and regulations according to political, social and economic interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fiscal policy and changes in tax laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• economic, political and social instability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• labor and social security regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• energy and water shortages and rationing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other political, diplomatic, social and economic developments in or affecting Brazil.

Uncertainty over whether the Brazilian government will implement changes in policy or regulation affecting these or other factors in the future may affect economic performance and contribute to economic uncertainty in Brazil, which may have an adverse effect on us and our Class A common shares. We cannot predict what measures the Brazilian government will take in the face of mounting macroeconomic pressures or otherwise.

The President of Brazil has the power to determine policies and issue governmental decrees related to the conduct of the Brazilian economy and, consequently, affect the operations and financial performance of companies, including ours. It is not possible to predict which policies the President will adopt, nor whether such policies or changes in current policies could have an adverse effect on us or the Brazilian economy.

These and other future developments in the Brazilian economy and governmental policies could have a material adverse effect on us. We have no control over and cannot predict the measures and policies the Brazilian government may adopt in the future.

#### Political instability in Brazil may harm us and the price of our Class A common shares.
Brazil's political environment has historically influenced, and continues to influence, the performance of the country's economy. Political crises have affected and continue to affect the confidence of investors and the general public, which have historically resulted in economic deceleration and heightened volatility in the securities issued by Brazilian companies.

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Brazilian markets experienced heightened volatility in the last decade due to uncertainties related to a number of ongoing investigations of accusations of money laundering and corruption conducted by the Brazilian Federal Police and the Federal Prosecutor's Office, including the largest investigation, known as *Lava Jato*. These investigations adversely affected the Brazilian economy and political scenario. Numerous members of the Brazilian government and of the legislative branch, as well as senior officers of large state-owned and private companies have been convicted of corruption, including by offering or accepting bribes or kickbacks on contracts granted by the government to several infrastructure, oil and gas and construction companies.

The ultimate outcome of these investigations is uncertain, but they have so far had an adverse impact on the image and reputation of the implicated companies, and on the general market perception of the Brazilian economy. The development of those unethical conduct cases has and may continue to adversely affect us.

In October 2022, former President Luiz Inácio Lula da Silva won the 2022 presidential elections and took office on January 1, 2023. After the results of the presidential election were announced, certain groups formed by extreme supporters of the defeated candidate organized public protests against the use of electronic ballot boxes and alleged certain electoral conspiracies. Any deterioration of the political environment in Brazil could affect the confidence of investors and the general public.

The president of Brazil has the power to determine policies and issue governmental acts related to the Brazilian economy that affect the operations and financial performance of companies, including us. For example, through the CMN and the Brazilian Central Bank, the Brazilian government introduces measures to control inflation that affect liquidity, financing strategy, loan growth or even our profitability, as well as the solvency of our clients and end consumers. We cannot predict which policies the incumbent president will adopt or if these policies or changes in current policies may have an adverse effect on us or the Brazilian economy.

In the beginning of February 2025, new presidents were elected both for the House of Representatives (C*âmara dos Deputados*) and the Senate (*Senado*) in Brazil. The new congressional leadership may influence legislative priorities and the regulatory environment, potentially leading to shifts in policy that could affect our business activities.

The term of office of Mr. Roberto Campos Neto as the president of the Brazilian Central Bank concluded at the end of the 2024 fiscal year. Within the scope of his responsibilities as president of Brazil, President Lula has appointed Gabriel Galípolo as the new president of the Brazilian Central Bank for a four-year term, starting in January 2025. As this position holds significant influence over monetary policy and economic regulation within the country, changes in leadership can result in shifts in policy direction. We cannot predict which policies the new president will adopt or if these policies or changes in current policies may have an adverse effect on us or the Brazilian economy and regulatory landscape.

Uncertainty regarding political developments and the policies the Brazilian government may adopt or alter may have material adverse effects on the macroeconomic environment in Brazil, as well as on the operations and financial performance of businesses operating in Brazil, including ours. Any of the factors above may create political instability that could harm the Brazilian economy and, consequently, adversely affect our business.

***Inflation and certain measures by the Brazilian government to curb inflation have historically harmed the Brazilian economy and Brazilian capital markets, and high levels of inflation in the future could harm our business and the price of our Class A common shares.***

In the past, Brazil has experienced extremely high rates of inflation. Inflation and some of the measures taken by the Brazilian government in an attempt to curb inflation have had significant negative effects on the Brazilian economy generally. Inflation policies adopted to curb inflationary pressures and uncertainties regarding possible future government intervention have contributed to economic uncertainty and heightened volatility in the Brazilian economy and capital markets.

Brazil experienced inflation of 7.3%, 23.1%, 17.8%, 5.5%, (3.2)% and 6.5% in the years ended December 31, 2019, 2020, 2021, 2022, 2023 and 2024, respectively, as measured by the General Market Price Index (*Índice Geral de Preços — Mercado*), or "IGP-M," compiled by the Getulio Vargas educational foundation (*Fundação Getulio Vargas*), or "FGV." Inflation projected for 2025 is 5.62% p.a., while inflation expectations for 2026 and 2027, as measured by the Focus Bulletin of March 14, 2025, are around 4.55% and 4.00%, respectively. Brazil may experience high levels of inflation in the future and inflationary pressures may lead to the Brazilian government's intervening in the economy

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and introducing policies that could harm our business and the price of our Class A common shares. In the past, the Brazilian government's interventions included the maintenance of a restrictive monetary policy with high interest rates that restricted credit availability and reduced economic growth, causing volatility in interest rates. For example, the CDI was unstable during the past three years, reaching 12.15%, 11.75%, 13.75% and 9.25% per annum, as of December 31, 2024, 2023, 2022 and 2021, respectively. However, future measures taken by the Brazilian government to control inflation could include higher interest rates. Conversely, more lenient government and Brazilian Central Bank policies and interest rate decreases have triggered and may continue to trigger increases in inflation, and, consequently, growth volatility and the need for sudden and significant interest rate increases, which could negatively affect us and increase our indebtedness.

#### Exchange rate instability may have adverse effects on the Brazilian economy, us and the price of our Class A common shares.
The Brazilian currency has been historically volatile and has been devalued frequently over the past three decades. Throughout this period, the Brazilian government has implemented various economic plans and used various exchange rate policies, including sudden devaluations, periodic mini-devaluations (during which the frequency of adjustments has ranged from daily to monthly), exchange controls, dual exchange rate markets and a floating exchange rate system. Although long-term depreciation of the *real* is generally linked to the rate of inflation in Brazil, depreciation of the *real* occurring over shorter periods of time has resulted in significant variations in the exchange rate between the *real*, the U.S. dollar and other currencies. For example, in the year ended December 31, 2020, the *real* depreciated 29% against the U.S. dollar to an exchange rate of R$5.1967 per US$1.00. In the year ended December 31, 2021, the *real* depreciated 7.0% against the U.S. dollar to an exchange rate of R$5.5805 per US$1.00. In the year ended December 31, 2022, the *real* appreciated 7.0% against the U.S. dollar to an exchange rate of R$5.2177 per US$1.00. In the year ended December 31, 2023, the *real* appreciated 7.2% against the U.S. dollar to an exchange rate of R$4.8413 per US$1.00. In the year ended December 31, 2024, the *real* depreciated 27.9% against the U.S. dollar to an exchange rate of R$6.1923 per US$1.00. Finally, in the nine months ended September 30, 2025, the *real* appreciated 13.0% against the U.S. dollar to an exchange rate of R$5.3186 per US$1.00. There can be no assurance that the *real* will not further appreciate or depreciate against the U.S. dollar or other currencies in the future.

Depreciation of the *real* relative to the U.S. dollar could create inflationary pressures in Brazil and cause the Brazilian government to, among other measures, increase interest rates. Any depreciation of the *real* may generally restrict access to the international capital markets. It would also reduce the U.S. dollar value of our results of operations. Restrictive macroeconomic policies could reduce the stability of the Brazilian economy and harm our results of operations and profitability. In addition, domestic and international reactions to restrictive economic policies could have a negative impact on the Brazilian economy. These policies and any reactions to them may harm us by curtailing access to foreign financial markets and prompting further government intervention. Depreciation of the *real* relative to the U.S. dollar may also, as in the context of the current economic slowdown, decrease consumer spending, increase deflationary pressures and reduce economic growth.

On the other hand, an appreciation of the *real* relative to the U.S. dollar and other foreign currencies may deteriorate the Brazilian foreign exchange current accounts. We and certain of our suppliers purchase goods and services from countries outside of Brazil, and thus changes in the value of the U.S. dollar compared to other currencies may affect the costs of goods and services that we purchase. Depending on the circumstances, either devaluation or appreciation of the *real* relative to the U.S. dollar and other foreign currencies could restrict the growth of the Brazilian economy, as well as our business, results of operations and profitability.

#### Fluctuations in interest rates may have a material adverse effect on our business.
Our operations include processing consumer transactions made using credit cards, as well as providing for the prepayment of merchants' receivables when consumers make purchases in installments. If Brazilian interest rates were to increase, consumers may choose to make fewer purchases using credit cards; and fewer consumers may decide to make payments in installments if our overall financing costs require us to increase the cost of our installment payment solutions to our clients. Higher interest rates might also negatively affect demand for loans from our clients as well as result in increases in credit loss rates, as consumers may decide to borrow less or may be unable to afford higher interest on outstanding loans. On the other hand, a decrease in interest rates would cause a reduction in our revenues from investing funds obtained from non-remunerated deposits and other non interest-bearing liabilities. Any of these factors could cause our business activity levels or our margins to decrease, which could materially adversely affect our financial condition and results of operations.

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In addition, increases in interest rates and our costs of funding would also increase our liquidity risk. Our cost of obtaining funds is directly related to prevailing interest rates and to our credit spreads, with increases in these factors increasing our cost of funding. Notably, interest rates in Brazil, as well as in various countries around the world, have risen in response to generally higher inflation rates in the post-COVID-19 pandemic period. Changes to interest rates and our credit spreads occur continuously and may be unpredictable and highly volatile. Disruption and volatility in the global financial markets could have a material adverse effect on our ability to access capital and liquidity on financial terms acceptable to us, or at all. In the event of a sudden or unexpected shortage of funds in the banking system, we cannot be certain that we will be able to maintain levels of funding without incurring higher funding costs, a reduction in the tenor of funding instruments or the liquidation of certain assets, which would materially adversely affect our business.

***We are subject to economic and political risk, the business cycles and volatility in the overall level of consumer, business and government spending, which could negatively impact our business, financial condition and results of operations.***

The industries in which we operate depend heavily on the overall level of consumer, business and government spending. We are exposed to general economic conditions that affect consumer confidence, consumer spending, consumer discretionary income or changes in consumer purchasing habits. A sustained deterioration in general economic conditions, including a rise in unemployment rates in Brazil, or increases in interest rates may adversely affect our financial performance by reducing the number or average purchase amount of transactions made using electronic payments and/or compromise the credit quality of our loan portfolio. A reduction in the amount of consumer spending could result in a decrease in our revenue and profits. If our consumers make fewer transactions or spend less money per transaction, we will have fewer transactions to process at lower amounts, resulting in lower revenue.

Relatedly, to mitigate our economic risks (such as interest rates and foreign exchange), we enter into derivative contracts or other hedging instruments, which exposes us to counterparty risk. Any limitation on the trading of these derivative contracts or hedging instruments could materially and adversely affect us. Separately, because we routinely transact with counterparties in the financial services industry, including brokers and dealers, commercial banks, investment banks and other institutional consumers, defaults by, and even rumors or questions about the solvency of, certain financial institutions and the financial services industry could lead to market-wide liquidity problems that could negatively impact our business, financial condition and results of operations.

In addition, a recessionary economic environment could affect our merchants through a higher rate of bankruptcy filings, resulting in lower revenues and earnings for us.

#### Infrastructure and workforce deficiency in Brazil may impact economic growth and have a material adverse effect on us.
Our performance depends on the overall health and growth of the Brazilian economy. Brazil's Gross Domestic Product, or "GDP," was 3.5%, 2.9% and 2.9% in the years ended December 31, 2024, 2023 and 2022, respectively. Growth is limited by inadequate infrastructure, including potential energy shortages and deficient transportation, logistics and telecommunication sectors, the lack of a qualified labor force, and the lack of private and public investments in these areas, which limit productivity and efficiency. Any of these factors could lead to labor market volatility and generally impact income, purchasing power and consumption levels, which could limit growth and ultimately have a material adverse effect on us.

***Developments and the perceptions of risks in other countries, including other emerging markets, the United States and Europe, may harm the Brazilian economy and the price of securities issued by companies operating in Brazil, including the price of our Class A common shares.***

The market for securities of companies operating in Brazil, including us, is influenced by economic and market conditions in Brazil and, to varying degrees, market conditions in other Latin American and emerging markets, as well as the United States, Europe and other countries and regions. To the extent the conditions of the global markets or economy deteriorate, the business of companies operating in Brazil may be harmed. The weakness in the global economy has been marked by, among other adverse factors, lower levels of consumer and corporate confidence, decreased business investment and consumer spending, increased unemployment, reduced income and asset values

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in many areas, reduction of Brazil's growth rate, currency volatility and limited availability of credit and access to capital. Developments or economic conditions in other emerging market countries have at times significantly affected the availability of credit to Brazilian companies and resulted in considerable outflows of funds from Brazil, decreasing the amount of foreign investments in Brazil.

Global markets recently recorded volatility and disruptions after the escalation of geopolitical tensions, including the military conflict between Russia and Ukraine and the conflicts along Israel's border with the Gaza Strip and elsewhere in the Middle East. These tensions may continue to lead to disruptions in global and regional markets, including a significant volatility in the prices of raw materials, particularly oil and gas. We continue to monitor these and other geopolitical conflicts, including the current instability in Venezuela, and assess their potential impact on our business. The intensity and the duration of the current geopolitical conflicts around the world are difficult to predict, as well as the economic implications of these conflicts on our business and operations and global geopolitical instability. The reaction of investors to developments in these countries may have an adverse effect on the market value of securities of Brazilian issuers. In addition, globalization of capital markets has increased countries' vulnerability to adverse events, such as economic fluctuations and recessions in other parts of the world. Crises in other countries may diminish investor's confidence in securities of Brazilian issuers, including our common shares.

Crises and political instability in other emerging market countries, the United States, Europe or other countries could decrease investor demand for securities related to companies operating in Brazil, such as our Class A common shares and may harm our business and the price of our Class A common shares.

***We may be affected by trade policies and other measures adopted by the U.S. administration, including the imposition of additional tariffs on Brazilian products and services.***

We have no control over and cannot predict the effect of U.S. administration policies. The current U.S. administration has reinforced certain economic policies, including the expansion of tariffs on a range of goods from key trading partners such as China, the European Union and Brazil. In relation to Brazil, for example, the U.S. government recently announced a 50% tariff on certain Brazilian imports, including industrial goods, commodities and agricultural products, which took effect, subject to certain exceptions, on August 6, 2025. Moreover, on July 30, 2025, the U.S. government sanctioned Brazilian Supreme Court justice Alexandre de Moraes pursuant to the Global Magnitsky Human Rights Accountability Act and Executive Order 13818.

The U.S. administration has also mentioned potential trade actions against Brazil and other BRICS countries based on their association with Russia and efforts to reduce dependence on the U.S. dollar in international trade. These measures have contributed to heightened geopolitical tensions, increased market volatility, and growing uncertainty regarding the future of international trade and capital flows. We cannot predict what other measures the U.S. government may take in the future.

Increased tariffs and the potential for further trade restrictions may lead to a slowdown in global trade and economic activity, with disproportionate effects on emerging markets like Brazil. Such developments could result in greater currency volatility, reduced foreign investment flows, higher inflation, and increased interest rates in affected jurisdictions, including Brazil, all of which can negatively impact credit availability, borrowing costs, and the demand for financial products and services. Given our operations in Brazil's financial sector, these adverse macroeconomic impacts could result in reduced credit origination, higher default rates, lower demand for our financial products and increased funding costs. Additionally, any regulatory shifts impacting cross-border capital flows could restrict our access to international funding sources or affect the value of assets and liabilities denominated in foreign currencies. As a result, ongoing or future policies implemented by the current U.S. administration may have an adverse effect on our business, financial condition and results of operations.

#### Any downgrading of Brazil's credit rating could reduce the trading price of our Class A common shares.
We may be harmed by investors' perceptions of risks related to Brazil's sovereign debt credit rating. Rating agencies regularly evaluate Brazil and its sovereign ratings, which are based on a number of factors including macroeconomic trends, fiscal and budgetary conditions, indebtedness metrics and the perspective of changes in any of these factors.

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Following a prolonged period of stability, the rating agencies began to review Brazil's sovereign credit rating in August 2015. Subsequently, the three major rating agencies downgraded Brazil's investment-grade status:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fitch downgraded Brazil's sovereign credit rating to BB-positive with a negative outlook in December 2015, citing the rapid expansion of the country's budget deficit and the worse-than-expected recession. It subsequently downgraded the rating to BB in May 2016.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In January 2018, Standard & Poor's downgraded Brazil's sovereign debt credit rating from BB to BB-minus with a stable outlook in light of doubts regarding the presidential election and social security reform efforts. In February 2019, Standard & Poor's reaffirmed Brazil's sovereign credit rating at BB-minus with a stable outlook. In December 2019, Standard & Poor's affirmed Brazil's sovereign credit rating at BB minus with a positive outlook. In December 2023, Standard & Poor's upgraded Brazil's sovereign debt credit rating to BB, outlook stable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In October 2024, Moody's upgraded Brazil's sovereign debt credit rating from Ba2 to Ba1 with a positive outlook. In May 2025, Moody's reaffirmed the Ba1 rating but revised the outlook to stable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In July 2023, Fitch upgraded Brazil's sovereign credit rating to BB with a stable outlook and in June 2025, it reconfirmed the stable outlook.

As of the date of this prospectus, Brazil's sovereign credit ratings were BB- with a stable outlook, Ba2 with a stable outlook and BB with a stable outlook by Standard & Poor's, Moody's and Fitch, respectively, which is below investment grade.

Brazil's sovereign credit rating is currently rated below investment grade by the three main credit rating agencies. Consequently, the prices of securities issued by companies with significant Brazilian operations have been negatively affected. An economic downturn in Brazil, as well as continued political uncertainty, among other factors, could lead to further ratings downgrades. Any further downgrade of Brazil's sovereign credit ratings could heighten investors' perception of risk and, as a result, cause the trading price of our Class A common shares to decline.

***We may face restrictions and penalties under the Brazilian Consumer Protection Code in the future, and rules seeking to reduce consumer over-indebtedness may drive consumers and potential consumers away from our products.***

Brazil has a series of strict consumer protection statutes, collectively known as the Consumer Protection Code (*Código de Defesa do Consumidor*), that are intended to safeguard consumer interests and that apply to all companies in Brazil that supply products or services to Brazilian consumers. These consumer protection provisions include protection against misleading and deceptive advertising, protection against coercive or unfair business practices and protection in the formation and interpretation of contracts, usually in the form of civil liabilities and administrative penalties for violations. These penalties are often levied by the Brazilian Consumer Protection Agencies (*Fundação de Proteção e Defesa do Consumidor*), or "PROCONs," which oversee consumer issues on a district-by-district basis. Companies that operate across Brazil may face penalties from multiple PROCONs, as well as the National Secretariat for Consumers (*Secretaria Nacional do Consumidor*), or "SENACON." Companies may settle claims made by consumers via PROCONs by paying compensation for violations directly to consumers and through a mechanism that allows them to adjust their conduct, called a conduct adjustment agreement (*Termo de Ajustamento de Conduta*), or "TAC." Brazilian Public Prosecutor Offices may also commence investigations related to consumer rights violations and this TAC mechanism is also available for them. Companies that violate TACs face potential automatic fines. Brazilian Public Prosecutor Offices may also file public civil actions against companies in violation of consumer rights, seeking strict observance of the consumer protection law provisions and compensation for the damages consumers may have suffered. To the extent consumers file proceedings relating to consumer rights against us in the future, we may face reduced revenue due to refunds and fines for non-compliance that could negatively impact our results of operations.

Moreover, on July 2, 2021, Brazilian Law No. 14,181, or the "Over Indebtedness Law," created a chapter in the Consumer Protection Code dedicated to responsible credit and financial education, with new provisions that require specific information to be provided to the consumer when granting credit or in installment sales, such as the effective monthly interest rate, interest on arrears and late payment charges. Moreover, Decree No. 11,150 was enacted on July 26, 2022, determining a "base minimum" ("*mínimo existencial*") for the prevention, treatment and conciliation of situations of over-indebtedness in consumer debt, at the rate of 25% of the minimum wage. On June 20, 2023,

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Decree No. 11,567 was enacted, changing the previous rate to the fixed amount of R$600.00. This new set of rules may contribute to driving consumers and potential consumers away from our products and to file complaints against us with grounds in over indebtedness situations, which could adversely impact our business, financial condition and results of operations.

#### Risks Relating to Being a Foreign Private Issuer, an Emerging Growth Company and a Controlled Company
***As a foreign private issuer and an "emerging growth company" (as defined in the JOBS Act), we will have different disclosure and other requirements than U.S. domestic registrants and non-emerging growth companies.***

As a foreign private issuer and emerging growth company, we may be subject to different disclosure and other requirements than domestic U.S. registrants and non-emerging growth companies. For example, as a foreign private issuer, in the United States, we are not subject to the same disclosure requirements as a domestic U.S. registrant under the Exchange Act, including the requirements to prepare and issue quarterly reports on Form 10-Q or to file current reports on Form 8-K upon the occurrence of specified significant events, the proxy rules applicable to domestic U.S. registrants under Section 14 of the Exchange Act or the insider reporting and short-swing profit rules applicable to domestic U.S. registrants under Section 16 of the Exchange Act. In addition, we intend to rely on exemptions from certain U.S. rules which will permit us to follow Dutch legal requirements rather than certain of the requirements that are applicable to U.S. domestic registrants.

We will follow Dutch laws and regulations that are applicable to Dutch public liability companies of which shares are admitted to listing on a stock exchange outside of the European Union. However, Dutch laws and regulations applicable to such Dutch public limited liability companies do not contain any provisions comparable to the U.S. proxy rules, the U.S. rules relating to the filing of reports on Form 10-Q or 8-K or the U.S. rules relating to liability for insiders who profit from trades made in a short period of time, as referred to above.

Furthermore, foreign private issuers are required to file their annual report on Form 20-F within 120 days after the end of each fiscal year, while U.S. domestic issuers that are accelerated filers are required to file their annual report on Form 10-K within 75 days after the end of each fiscal year. Foreign private issuers are also exempt from Regulation Fair Disclosure, aimed at preventing issuers from making selective disclosures of material information. As a result of the above, even though we are required to file reports on Form 6-K disclosing the limited information which we have made or are required to make public pursuant to Dutch law, or are required to distribute to shareholders generally, and that is material to us, you may not receive information of the same type or amount that is required to be disclosed to shareholders of a U.S. company.

The JOBS Act contains provisions that, among other things, relax certain reporting requirements for emerging growth companies. Under this act, as an emerging growth company, we will not be subject to the same disclosure and financial reporting requirements as non-emerging growth companies. For example, as an emerging growth company, we are permitted to, and intend to take advantage of, certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies. Also, we will not have to comply with future audit rules promulgated by the U.S. Public Company Accounting Oversight Board (unless the SEC determines otherwise) and our auditors will not need to attest to our internal controls under Section 404(b) of the Sarbanes-Oxley Act. We may follow these reporting exemptions until we are no longer an emerging growth company. As a result, our shareholders may not have access to certain information that they deem important. We will remain an emerging growth company until the earlier of (1) the last day of the fiscal year (a) following the fifth anniversary of the completion of this offering, (b) in which we have total annual revenues of at least US$1.235 billion, or (c) in which we are deemed to be a large accelerated filer, which means the market value of our Class A common shares that is held by non-affiliates exceeds US$700 million as of the prior June 30 and that we have been subject to the reporting requirements of the SEC for at least twelve months and have filed at least one annual report with the SEC, and (2) the date on which we have issued more than US$1.0 billion in non-convertible debt during the prior three-year period. Accordingly, the information about us available to you will not be the same as, and may be more limited than, the information available to shareholders of a non-emerging growth company. We could be an "emerging growth company" for up to five years, although circumstances could cause us to lose that status earlier, including if the market value of our Class A common

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shares held by non-affiliates exceeds US$700 million as of any June 30 (the end of our second quarter) before that time, in which case we would no longer be an "emerging growth company" as of the following December 31 (our fiscal year end). We cannot predict if investors will find our Class A common shares less attractive because we may rely on these exemptions. If some investors find our Class A common shares less attractive as a result, there may be a less active trading market for our Class A common shares and the price of our Class A common shares may be more volatile.

Moreover, we are not required to file periodic reports and financial statements with the SEC as frequently or within the same time frames as U.S. companies with securities registered under the Exchange Act. We currently prepare our financial statements in accordance with IFRS Accounting Standards. We will not be required to file financial statements prepared in accordance with or reconciled to U.S. GAAP so long as our financial statements are prepared in accordance with IFRS Accounting Standards as issued by the IASB. We are not required to comply with Regulation FD, which imposes restrictions on the selective disclosure of material information to shareholders. In addition, our officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions of Section 16 of the Exchange Act and the rules under the Exchange Act with respect to their purchases and sales of our securities.

We cannot predict if investors will find our Class A common shares less attractive because we will rely on these exemptions. If some investors find our Class A common shares less attractive as a result, there may be a less active trading market for our Class A common shares and our share price may be more volatile.

***As a foreign private issuer, we are permitted to, and we will, rely on exemptions from certain Nasdaq corporate governance standards. As a result, you may not have the same protections afforded to shareholders of U.S. domestic companies.***

As a foreign private issuer, we are permitted to, and we will, follow certain home country corporate governance practices instead of those otherwise required under Nasdaq's rules for domestic U.S. issuers, provided that we disclose any significant ways in which our corporate governance practices differ from those followed by domestic companies under Nasdaq listing standards. Upon completion of this offering, we intend to follow Dutch corporate governance practices in lieu of the corporate governance requirements of Nasdaq in respect of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the requirement under Section 5605(b)(2) of Nasdaq listing rules that the independent directors have regularly scheduled meetings with only the independent directors present;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the requirement under Section 5605(d) of Nasdaq listing rules that a compensation committee comprised solely of independent directors governed by a compensation committee charter oversee executive compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the requirement under Section 5605(e) of Nasdaq listing rules that director nominees be selected or recommended for selection by either a majority of the independent directors or a nominations committee comprised solely of independent directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the requirement under Section 5635(d) of Nasdaq listing rules that a listed issuer obtain stockholder approval prior to issuing or selling securities (or securities convertible into or exercisable for common stock) that equal 20% or more of the issuer's outstanding common stock or voting power prior to such issuance or sale.

See "Management — Foreign Private Issuer Status*"* for more information.

Availing ourselves of these or any other foreign private issuer exemptions now or in the future, as opposed to complying with the requirements that are applicable to U.S. domestic companies, may reduce the scope of information and protection to which you are or otherwise would be entitled as an investor under Nasdaq's corporate governance rules.

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***As a "controlled company" within the meaning of the corporate governance standards of Nasdaq, we will qualify for, and may rely on, exemptions from certain corporate governance requirements. As a result, you may not have the same protections afforded to shareholders of companies that are not "controlled companies."***

J&F Participações, which is jointly controlled, pursuant to a shareholders' agreement, by Messrs. Joesley Mendonça Batista and Wesley Mendonça Batista, our ultimate controlling shareholders, will beneficially own 100% of our Class B common shares, which will represent approximately % of the combined voting power in our general meeting following this offering, assuming no exercise of the underwriters' option to purchase additional Class A common shares. Accordingly, we expect to be a "controlled company" within the meaning of the corporate governance standards of Nasdaq. Under Nasdaq rules, a "controlled company" (which is a company of which more than 50% of the voting power is held by an individual, group or another company) may elect not to comply with certain Nasdaq corporate governance standards, including the requirements that: (1) a majority of the board of directors consist of independent directors; (2) the board of directors have a compensation committee that is comprised entirely of independent directors with a written charter addressing the committee's purpose and responsibilities; and (3) the board of directors have a nominating and corporate governance committee that is comprised entirely of independent directors with a written charter addressing the committee's purpose and responsibilities.

Upon completion of this offering, we intend to rely on some of these exemptions, which are also applicable to foreign private issuers. For instance, our compensation and nominating committees are not required to consist entirely of independent directors in accordance with Nasdaq corporate governance rules. Accordingly, you will not have the same protections afforded to shareholders of companies that are subject to all of the corporate governance requirements applicable to companies that are not "controlled companies." Even if we were to lose our foreign private issuer status but remain a "controlled company," we may elect to avail ourselves of some or all of the "controlled company" exemptions under Nasdaq corporate governance rules.

***We may lose our foreign private issuer status, which would then require us to comply with the Exchange Act's domestic reporting regime and cause us to incur significant legal, accounting and other expenses.***

In order to maintain our current status as a foreign private issuer, either (a) more than 50% of our outstanding voting securities must be either directly or indirectly owned of record by non-residents of the United States or (b)(i) a majority of our executive officers or directors may not be U.S. citizens or residents, (ii) more than 50% of our assets cannot be located in the United States and (iii) our business must be administered principally outside the United States. If we lose this status, we would be required to comply with the Exchange Act reporting and other requirements applicable to U.S. domestic issuers, which are more detailed and extensive than the requirements for foreign private issuers. We may also be required to make changes in our corporate governance practices in accordance with various SEC and stock exchange rules. The regulatory and compliance costs to us under U.S. securities laws if we are required to comply with the reporting requirements applicable to a U.S. domestic issuer may be significantly higher than the costs we will incur as a foreign private issuer.

#### Risks Relating to Our Class A Common Shares and this Offering
***There is no existing market for our Class A common shares, and we do not know whether one will develop to provide you with adequate liquidity. If our share price fluctuates after this offering, you could lose a significant part of your investment.***

Prior to this offering, there has not been a public market for our Class A common shares. If an active trading market does not develop or is not sustained following this offering, you may have difficulty selling any of our Class A common shares that you buy. We cannot predict the extent to which investor interest in our company will lead to the development of an active trading market on Nasdaq, or how liquid that market might become. The initial public offering price for the Class A common shares will be determined by negotiations between us, the selling shareholders and the underwriters and may not be indicative of prices that will prevail in the open market following this offering.

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Consequently, you may not be able to sell our Class A common shares at prices equal to or greater than the price paid by you in this offering or at the time you would like to sell. In addition to the risks described above, the market price of our Class A common shares may be influenced by many factors, some of which are beyond our control, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the failure of financial analysts to cover our Class A common shares after this offering or changes in financial estimates by analysts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual or anticipated variations in our operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in financial estimates by financial analysts, or any failure by us to meet or exceed any of these estimates, or changes in the recommendations of any financial analysts that elect to follow our Class A common shares or the shares of our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• announcements by us or our competitors of significant contracts or acquisitions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• future sales of our shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investor perceptions of us and the industries in which we operate.

In addition, the stock market in general has experienced substantial price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of particular companies affected. These broad market and industry factors may materially harm the market price of our Class A common shares, regardless of our operating performance. In the past, following periods of volatility in the market price of certain companies' securities, securities class action litigation has been instituted against these companies. This litigation, if instituted against us, could adversely affect our financial condition or results of operations. If a market does not develop or is not maintained, the liquidity and price of our Class A common shares could be seriously harmed.

***Sales of substantial amounts of our Class A common shares in the public market, or the perception that these sales may occur, could cause the market price of our Class A common shares to decline.***

Sales of substantial amounts of our Class A common shares in the public market, or the perception that these sales may occur, could cause the market price of our Class A common shares to decline. This could also impair our ability to raise additional capital through the sale of our equity securities. Under our Articles of Association, we are authorized to issue up to shares, of which following this offering Class B common shares will be outstanding and (1) Class A common shares will be outstanding (assuming no exercise of the underwriters' option to purchase additional Class A common shares) or (2) Class A common shares will be outstanding (assuming the underwriters' option to purchase additional Class A common shares is exercised in full). We have agreed with the underwriters, subject to certain exceptions, not to issue, offer, sell, or dispose of any shares of our share capital or securities convertible into or exchangeable or exercisable for any shares of our share capital during the 180-day period following the date of this prospectus. We cannot predict the size of future issuances of our shares or the effect, if any, that future sales and issuances of shares would have on the market price of our Class A common shares.

In addition, we have adopted a restricted share plan, pursuant to which have the discretion to grant shares to eligible participants. See "Management — Incentive Plan." We intend to register all common shares that we may issue under our restricted share plan. Once we register these common shares, they can be freely sold in the public market upon issuance, subject to volume limitations applicable to affiliates and the lock-up agreements described in the "Underwriting" section of this prospectus, and any other applicable restrictions. If a large number of our common shares or securities convertible into our common shares are sold in the public market after they become eligible for sale, the sales could reduce the trading price of our common shares and impede our ability to raise future capital.

In addition, at our request, the underwriters have reserved up to 3% of our Class A Common Shares offered by this prospectus for sale, excluding the additional shares that the underwriters have an option to purchase within 30 days from the date of this prospectus, at the initial public offering price, to our eligible employees, including directors and officers, under the directed share program. Participants in the directed share program will also be subject to the terms of a lock-up agreement (180-day lock-up restrictions) with respect to the shares purchased through the directed share program. Future sales of such shares may cause the price of our Class A Common Shares to be reduced or become more volatile. See "Underwriting — Directed Share Program."

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***We have granted the holders of our Class B common shares preemptive rights to acquire shares that we may issue in the future, which may impair our ability to raise funds.***

Under our Articles of Association, the holders of our Class B common shares are entitled to pre-emptive rights to subscribe for additional Class B common shares in the event that we issue common shares, upon the same economic terms and at the same price as Class A common shares, in order to allow them to maintain their proportional ownership interests. The exercise by the holders of our Class B common shares of pre-emptive rights may impair our ability to raise funds, or adversely affect the terms on which we are able to raise funds, as we may not be able to offer to new investors the quantity of our shares that they may desire to purchase. The pre-emptive rights will be excluded with respect to the issuance of shares following the exercise of the underwriters' option to purchase additional Class A common shares. For more information, see "Description of Share Capital — Pre-emptive or Similar Rights."

***Anti-takeover provisions in our Articles of Association could deter potential acquirers and make an acquisition of us difficult, limit attempts by our shareholders to replace or remove our current directors, and limit the market price of our common shares.***

The European Directive on Takeover Bids (2004/25/EC) has been implemented in Dutch legislation but applies only to companies whose shares are admitted to listing and trading on an EU regulated market. Given that the Class A common shares shall only be admitted to listing and trading on Nasdaq, these provisions are not applicable.

Our Articles of Association contain provisions that, although they do not make us immune from takeovers, may delay or prevent a change of control, discourage bids at a premium over the market price of Class A common shares and adversely affect the market price of common shares and the voting and other rights of our shareholders. These provisions include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provisions establishing a dual class share structure, not taking into consideration the conversion shares, which, for so long as Class B common shares are issued and outstanding, will allow the holders of Class B common shares to control the outcome of most corporate matters requiring shareholder approval, to the extent these resolutions do not require a qualified majority, even if the number of Class B common shares represent significantly less than a majority of the number of issued and outstanding common shares. As a result, the holders of Class B common shares could delay or prevent the approval of a change of control transaction that may otherwise be approved by the holders of our issued and outstanding Class A common shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• minimum shareholding thresholds, based on nominal value, for shareholders to call general meetings or to add items to the agenda for those meetings.

For more information, see "Description of Share Capital — Anti-Takeover Provisions in our Articles of Association."

#### We do not anticipate paying any cash dividends in the foreseeable future.
We currently intend to retain our future earnings, if any, for the foreseeable future, to fund the operation of our business and future growth. We do not intend to pay any dividends to holders of our Class A common shares. As a result, capital appreciation in the price of our Class A common shares, if any, will be your only source of gain on an investment in our Class A common shares.

***The disparity in the voting rights among the classes of our shares may have a potential adverse effect on the price of our Class A common shares, and may limit or preclude your ability to influence corporate matters.***

Each Class A common share will entitle its holder to one vote per Class A common share on all matters submitted to a vote of our shareholders. Each holder of our Class B common shares will be entitled to 10 votes per Class B common share.

The difference in voting rights could adversely affect the value of our Class A common shares by, for example, delaying or deferring a change of control or if investors view, or any potential future purchaser of our company views, the superior voting rights of the Class B common shares to have value. Because of the ten-to-one voting ratio between

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our Class B and Class A common shares, the holders of our Class B common shares collectively will continue to control a majority of the combined voting power in our general meeting and therefore be able to control all matters submitted to our shareholders so long as the Class B common shares represent at least 9.1% of all outstanding Class A and Class B common shares. This concentrated control will limit or preclude your ability to influence corporate matters for the foreseeable future.

Future transfers by holders of Class B common shares will generally result in those shares converting to Class A common shares, subject to limited exceptions, such as certain transfers effected to permitted transferees or for estate planning or charitable purposes. The conversion of Class B common shares to Class A common shares will have the effect, over time, of increasing the relative voting power of those holders of Class B common shares who retain their shares in the long term. For a description of our dual class structure, see "Description of Share Capital — Voting Rights."

In addition, our dual-class structure may result in a lower or more volatile market price of our Class A common shares or in adverse publicity or other adverse consequences. For example, certain index providers have imposed restrictions on including companies with multiple-class share structures in certain of their indexes. FTSE Russell requires new constituents of its indices to have at least five percent of their voting rights in the hands of public stockholders. Moreover, several stockholder advisory firms have announced their opposition to the use of dual-class structures. As a result, our dual-class structure may prevent the inclusion of our Class A common shares in these indices and may cause stockholder advisory firms to publish negative commentary about our corporate governance practices or otherwise seek to cause us to change our capital structure. Any such exclusion from indices could result in a less active trading market for our Class A common shares. Any actions or publications by stockholder advisory firms critical of our corporate governance practices or capital structure could also adversely affect the value of our Class A common shares.

#### We are incorporated under and subject to Dutch law, which may afford less protection to our shareholders than U.S. laws.
Our corporate affairs are governed by our Articles of Association and Dutch law. Dutch law may afford less protection to our shareholders than U.S. laws and may differ in some material respects from laws generally applicable to U.S. companies and shareholders, including the provisions relating to interested directors, mergers, amalgamations and acquisitions, takeovers, shareholder lawsuits and indemnification of directors. There may be less publicly available information about us than is regularly published by or about U.S. companies.

Dutch law governing the shares of Dutch companies may not be as extensive as those in effect in the United States, and Dutch law and regulations in respect of corporate governance matters might not be as protective of minority shareholders as state corporation laws in the United States. Therefore, our shareholders may have more difficulty in protecting their interests in connection with actions taken by our directors and officers or our principal shareholders than they would as shareholders of a corporation incorporated in the United States. See "Description of Share Capital." For example, neither our Articles of Association nor Dutch law provides for appraisal rights for dissenting shareholders in certain extraordinary corporate transactions that may otherwise be available to shareholders under certain U.S. state laws.

All our general meetings of shareholders shall take place in Amsterdam, Amstelveen or Haarlemmermeer (Schiphol Airport), the Netherlands. Shareholders may vote by proxy or in person at any general meeting.

#### The ability of shareholders to effect service of process or enforce civil liabilities under U.S. securities laws may be limited.
At the date of listing of the Class A common shares, PicPay Netherlands will be a public limited liability company under Dutch law and the majority of its directors and executive officers are (at that time) residents of countries other than the United States. Substantially all of our assets and the assets of some of our directors and executive officers are located outside the United States. As a result, it may not be possible for investors in the Class A common shares to effect service of process within the United States upon such persons or upon us or to enforce in U.S. courts or outside the United States judgments obtained against such persons or against us. In addition, it may be difficult for investors to enforce, in original actions brought in courts in jurisdictions located outside the United States, liabilities predicated upon the civil liability provisions of U.S. securities laws and there is doubt as to the enforceability, in the Netherlands, of original actions or actions for enforcement based on the federal securities laws of the United States or judgments of U.S. courts, including judgments predicated upon the civil liability provisions of the securities laws of the United States.

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The United States and the Netherlands do not currently have a treaty providing for reciprocal recognition and enforcement of judgments, other than arbitration awards, in civil and commercial matters. Accordingly, a final judgment for the payment of money rendered by U.S. courts based on civil liability, whether or not predicated solely upon the U.S. federal securities laws, would not be directly enforceable in the Netherlands. However, if the party in whose favor such final judgment is rendered brings a new suit in a competent court in the Netherlands, that party may submit to the Dutch court the final judgment that has been rendered in the United States. A judgment by a federal or state court in the United States against us will neither be recognized nor enforced by a Dutch court but such judgment may serve as evidence in a similar action in a Dutch court. Additionally, based on Dutch Supreme Court case law, a Dutch court will generally grant the same judgment without a review of the merits of the underlying claim if that judgment: (1) resulted from legal proceedings compatible with Dutch notions of due process (*goede procesorde*); (2) does not contravene public policy of the Netherlands (*openbare orde*); (3) was a decision of a court that has accepted its jurisdiction on internationally accepted principles of private international law; and (4) is not incompatible with (a) a prior judgment of a Dutch court rendered in a dispute between the same parties, or (b) a prior judgment of a foreign court rendered in a dispute between the same parties, concerning the same subject matter and based on the same cause of action, provided that the prior judgment qualifies for recognition in the Netherlands. Dutch courts may deny the recognition and enforcement of punitive damages or other awards. Moreover, a Dutch court may reduce the amount of damages granted by a U.S. court and recognize damages only to the extent they are necessary to compensate actual loss or damages. For more information, see "Enforceability of Civil Liabilities — the Netherlands."

#### New investors in our Class A common shares will experience immediate and substantial book value dilution after this offering.
The initial public offering price of our Class A common shares will be substantially higher than the adjusted net tangible book value per share of the outstanding Class A common shares immediately after this offering. Based on an assumed initial public offering price of US$ per share (the midpoint of the price range set forth on the cover of this prospectus) and our net tangible book value as of September 30, 2025, if you purchase our Class A common shares in this offering you will pay more for your shares than the amounts paid by our existing shareholders for their shares and you will suffer immediate dilution of approximately US$ per share in adjusted net tangible book value. As a result of this dilution, investors purchasing Class A common shares in this offering may receive significantly less than the full purchase price that they paid for the shares purchased in this offering in the event of a liquidation. See "Dilution."

#### We have broad discretion in the use of the net proceeds from this offering and may not use them effectively.
Our management will have broad discretion in the application of the net proceeds from this offering and could spend the proceeds in ways that do not improve our results of operations or enhance the value of our Class A common shares. The failure by our management to apply these funds effectively could result in financial losses that could have a material adverse effect on our business, results of operations and financial condition. Pending their use, we may invest the net proceeds from this offering in a manner that does not produce income or that loses value.

***Dutch law provides that courts at the corporate seat of the issuer have jurisdiction for certain disputes between us and our shareholders, which could limit our shareholders' ability to bring a claim in a U.S. court for disputes with us or members of our board of directors, senior management or employees.***

Dutch law provides that the courts at the corporate seat of the issuer are the exclusive forum for, *inter alia*, any legal challenge by a shareholder of a resolution of the general meeting. This may limit a shareholders' ability to bring a claim in a U.S. court for disputes with PicPay Netherlands or members of our board of directors, senior management or other employees, which may discourage lawsuits against PicPay Netherlands and members of our board of directors, senior management or other employees. This exclusive forum does not apply to claims under the Securities Act or the Exchange Act.

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The preceding exclusive forum provisions described in this risk factor may increase litigation costs or limit a shareholder's ability to bring a claim in a U.S. court for disputes with PicPay or members of our board of directors, senior management or other employees, which may discourage lawsuits against the Company and members of our board of directors, senior management and other employees. In addition, the enforceability of exclusive forum provisions in our Articles of Association is uncertain. If a court were to find any of the exclusive forum provisions described in this risk factor to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving the dispute in other jurisdictions, which could have a material adverse effect on our business, financial condition and results of operations.

#### Judgments of Brazilian courts to enforce our obligations with respect to our Class A common shares will be payable only in reais .
Substantially all of our assets are located in Brazil. If proceedings are brought in the courts of Brazil seeking to enforce our obligations in respect of our Class A common shares, we will not be required to discharge our obligations in a currency other than the real. Under Brazilian exchange control laws, an obligation in Brazil to pay amounts denominated in a currency other than the Brazilian *real* will only be satisfied in Brazilian currency at the exchange rate, as determined by the Brazilian Central Bank, in effect on the date the judgment is obtained, and such amounts are then adjusted to reflect exchange rate variations through the effective payment date. The then-prevailing exchange rate may not fully compensate non-Brazilian investors for any claim arising out of or related to our obligations under the Class A common shares.

***There is a risk that we will be a passive foreign investment company for U.S. federal income tax purposes, and such classification could result in materially adverse U.S. federal income tax consequences for U.S. investors.***

We will be a passive foreign investment company, or "PFIC," for U.S. federal income tax purposes for any taxable year in which (i) 75% or more of our gross income consists of "passive income" or (ii) 50% or more of the average quarterly value of our assets consists of assets that produce, or are held for the production of, passive income. For this purpose "passive income" generally includes dividends, interest, royalties, rents and gains from commodities and securities transactions with exceptions for, among other things, dividends, interest, rents and royalties received from certain related companies to the extent attributable (in accordance with U.S. Treasury regulations) to non-passive income derived by such related companies, as well as for gains from sale or exchange of inventory or similar property. For purposes of the PFIC asset test, the aggregate fair market value of the assets of a publicly traded non-U.S. corporation is generally treated as being equal to the sum of the aggregate value of the outstanding stock and the total amount of the liabilities of such corporation, or the "Market Capitalization," and the excess of the fair market value of such corporation's assets as so determined over the book value of such assets is generally treated as goodwill that is a non-passive asset to the extent attributable to such corporation's non-passive income. In addition, for the PFIC asset test, cash and cash equivalents are considered passive assets. Based on certain estimates of our gross income, gross assets, the nature of our business, the expected use of the proceeds from this offering of the common shares and our anticipated Market Capitalization, it is possible that we were a PFIC in

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prior taxable years and may be classified as a PFIC in the current taxable year or in the foreseeable future. There can be no assurance that we will not be considered a PFIC for any taxable year because the determination of whether we are a PFIC is made annually and is based on the composition of our gross income, the value of our assets (including goodwill), Market Capitalization and activities in those years. Because our Market Capitalization generally will be determined by reference to the aggregate value of our outstanding common shares, our PFIC status will depend in large part on the market price of the common shares, which may fluctuate significantly. If we are classified as a PFIC for any taxable year, U.S. investors may be subject to adverse U.S. federal income tax consequences, including increased tax liability on gains from dispositions of common shares and certain excess distributions, and a requirement to file annual reports with the U.S. Internal Revenue Service. Prospective U.S. investors should consult their tax advisors regarding our PFIC status and the consequences to them if we were classified as a PFIC for any taxable year.

Notwithstanding the above, certain elections may be available to U.S. Holders with respect to our common shares, such as a "mark-to-market" election, which may mitigate the adverse consequences of PFIC status.

For additional information, see "Taxation — U.S. Federal Income Tax Considerations for U.S. Holders — Passive Foreign Investment Company Rules."

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#### Use of Proceeds
We estimate that the net proceeds from our issuance and sale of Class A common shares in this offering will be approximately US$(or US$ million if the underwriters exercise in full their option to purchase additional Class A common shares), assuming an initial public offering price of US$ per share, which is the midpoint of the price range set forth on the cover page of this prospectus, and after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us.

Each US$1.00 increase (decrease) in the assumed initial public offering price of US$ per share would increase (decrease) the net proceeds to us from this offering by approximately US$ , assuming the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us. Each increase (decrease) of 1.0 million in the number of shares we are offering would increase (decrease) the net proceeds to us from this offering, after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us, by approximately US$ , assuming the assumed initial public offering price stays the same.

We intend to use the net proceeds we receive from this offering for general corporate purposes, including working capital, operating expenses, meeting regulatory capital requirements, as well as capital expenditures. We also intend to use a portion of the net proceeds for the Kovr acquisition, after the transaction is approved by CADE and SUSEP. Additionally, we may use a portion of the net proceeds we receive from this offering to acquire or invest in businesses, products, services, or technologies. We cannot specify with certainty the particular uses of the net proceeds that we will receive from this offering. Accordingly, we will have broad discretion in using these net proceeds. Pending our use of net proceeds from this offering as described above, we may invest the net proceeds that we receive in this offering in interest-earnings instruments.

We intend to contribute the majority of the net proceeds from this offering to our operating subsidiary PicS Holding in the form of one or more capital contributions. We will have broad discretion in allocating the net proceeds from this offering, including but not limited to the timing of the capital contributions.

Although we currently anticipate that we will use the net proceeds from this offering as described above, there may be circumstances where a reallocation of funds is necessary. The amounts and timing of our actual expenditures will depend upon numerous factors, including the factors described under "Risk Factors" in this prospectus. Accordingly, our management will have flexibility in applying the net proceeds from this offering. An investor will not have the opportunity to evaluate the economic, financial or other information on which we base our decisions on how to use the proceeds.

Pending our use of the net proceeds from this offering, we intend to invest the net proceeds in a variety of capital preservation investments, including short-term, interest-bearing instruments and Brazilian government securities. No assurance can be given that we will invest the net proceeds from this offering in a manner that produces income or that does not result in a loss in value.

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#### Dividends and Dividend Policy
We expect to adopt a dividend policy with respect to future distributions of dividends. The amount of any distributions will depend on many factors such as our results of operations, financial condition, cash requirements, prospects and other factors deemed relevant by our board of directors and, where applicable, our shareholders. We currently intend to retain all available funds and any future earnings, if any, to fund the development and expansion of our business and we do not anticipate paying any cash dividends in the foreseeable future.

We have not declared or paid any dividends to our shareholders since our incorporation under Dutch law on December 27, 2023. PicS Ltd. has not declared or paid any dividends to our shareholders since its incorporation on January 18, 2021; and PicPay Brazil has not paid any dividends to its shareholders since 2015.

Under Dutch law, PicPay Netherlands may only pay dividends to the extent its equity (*eigen vermogen*) exceeds the sum of its paid up and called up part of its issued capital and the reserves which must be maintained pursuant to the law or by our Articles of Association and (if it concerns a distribution of profits) after adoption by the general meeting of the annual accounts from which it appears that such distribution is permitted. Subject to such restrictions, any future determination to pay dividends will be at the discretion of the general meeting and will depend upon a number of factors as set out above.

The general meeting may decide that all or part of the remaining profits shall be added to the reserves. After such (partial) reservation, any remaining profit will be at the disposal of the general meeting.

From time to time during the course of the year, the board of directors (without prior shareholder approval being required) may also make interim distributions or distributions from reserves, subject to certain conditions of Dutch law and our Articles of Association. Such distributions may only be made insofar as PicPay Netherlands' equity exceeds the aggregate of the paid up and called up part of the issued share capital with the reserves required to be maintained by Dutch law or the Articles of Association based on the (interim) financial statements signed by our board of directors. The interim financial statements should reflect the financial position of PicPay Netherlands no earlier than the first day of the third month before the resolution to distribute an interim dividend was made public.

PicPay Netherlands may declare dividends in kind by issuing new shares or otherwise provided that the general meeting has authorized the board of directors to do so.

The Class A common shares and Class B common shares have equal economic rights on distributions made by the Company. Any and all distributions on the Class A common shares and Class B common shares shall be made in such a way that on each Class A common share and Class B common share an equal amount or value will be distributed, provided that and with observance of the following order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the event of a distribution of profits in respect of a financial year, an amount equal to 1% of the nominal value of each conversion share shall first be added to the dividend reserve maintained for the holders of conversion shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) following such, no further distribution shall be made on conversion shares in respect of such financial year. For further information on the taxation of dividends declared and paid by PicPay, see "Taxation — Material Dutch Tax Consequences" and "Taxation — U.S. Federal Income Tax Considerations for U.S. Holders — Taxation of Distributions."

Additionally, please refer to "Risk Factors — Risks Relating to Our Business and Industry — Our holding company structure makes us dependent on the operations of our subsidiaries." Our ability to pay dividends is directly related to positive and distributable net results from PicPay Brazil. If, for any legal reasons due to new laws or bilateral agreements between countries, they are unable to pay dividends to the Netherlands, or if the Netherlands becomes incapable of receiving them, we may not have to do any dividend payments in the future. For additional information, also see "Risk Factors — Risks Relating to Our Business and Industry — Changes in tax laws, tax incentives, benefits or differing interpretations of tax laws may adversely affect our results of operations."

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#### Capitalization
The table below sets forth our total capitalization as of September 30, 2025, which is equivalent to the sum of our financial liabilities measured at amortized cost and our total equity, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PicPay Netherlands, on an actual historical basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PicPay Netherlands, as adjusted to give effect to the issuance and sale by PicPay Netherlands of the Class A common shares in this offering, and the receipt of US$ million (R$ million) in estimated net proceeds, considering an offering price of US$(R$) per Class A common share (the midpoint of the range set forth on the cover of this prospectus), after deduction of the estimated underwriting discounts and commissions and estimated offering expenses payable by us in connection with this offering, and the use of proceeds therefrom (and assuming no exercise of the underwriters' option to purchase additional Class A common shares and placement of all offered Class A common shares).

Investors should read this table in conjunction with our unaudited condensed consolidated interim financial statements included elsewhere in this prospectus, with the sections of this prospectus entitled "Summary Financial and Other Information," and "Management's Discussion and Analysis of Financial Condition and Results of Operations" and with the other financial information contained in this prospectus.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
|  | **PicPay Netherlands** | **PicPay Netherlands** | **PicPay Netherlands** | **PicPay Netherlands** |
|  | **Actual** | **Actual** | **As Adjusted<sup>(2)</sup>** | **As Adjusted<sup>(2)</sup>** |
|  | ***(in millions<br>of US$)*<sup>(1)</sup>** | ***(in millions<br>of R$)*** | ***(in millions<br>of US$)*<sup>(1)</sup>** | ***(in millions<br>of R$)*** |
|  Financial liabilities measured at amortized cost | 6208 | 33018 |  |  |
|  Total equity<sup>(3)</sup> | 547 | 2911 |  |  |
|  **Total capitalization**<sup>(3)(4)</sup> | **6756** | **35930** |  |  |

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____________

(1) For convenience purposes only, amounts in *reais* have been translated into U.S. dollars at the selling rate as of September 30, 2025 of R$5.3186 to US$1.00, as reported by the Brazilian Central Bank. These translations should not be considered representations that any such amounts have been, could have been or could be converted at that or any other exchange rate.

(2) As adjusted to give effect to the issuance and sale by PicPay Netherlands of the Class A common shares in this offering and the receipt of R$ million (US$ million) in estimated net proceeds, considering an offering price of US$ per Class A common share (the midpoint of the range set forth on the cover of this prospectus), after deduction of the estimated underwriting discounts and commissions and estimated offering expenses payable by us in connection with this offering, and the use of proceeds therefrom (and assuming no exercise of the underwriters' option to purchase additional Class A common shares and placement of all offered Class A common shares).

(3) Each US$1.00 increase (decrease) in the offering price per Class A common share would increase (decrease) our total capitalization and equity by R$ million (US$ million).

(4) Total capitalization is equivalent to the sum of our financial liabilities measured at amortized cost and our total equity. There is no standard definition of total capitalization, and our total capitalization definition may not be comparable to those used by other companies.

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#### Dilution
Net tangible book value is defined as total assets (excluding intangible assets) less total liabilities. Net tangible book value per share is defined as net tangible book value *divided* by the total number of shares outstanding. As of September 30, 2025, we had a net tangible book value per share of R$(US$), corresponding to net tangible book value of R$ million (US$ million), divided by , the total number of our shares outstanding as of September 30, 2025.

After giving effect to the sale by us of the Class A common shares offered by us in the offering, and considering an offering price of US$ per Class A common share (the midpoint of the range set forth on the cover of this prospectus), after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us, our adjusted net tangible book value estimated as of September 30, 2025 would have been US$ million, representing US$ per share. This represents an immediate increase in net tangible book value of US$ per share to existing shareholders and an immediate dilution in net tangible book value of US$ per share to new investors purchasing Class A common shares in this offering. See "Risk Factors — Risks Relating to Our Class A Common Shares and this Offering — New investors in our Class A common shares will experience immediate and substantial book value dilution after this offering." Dilution for this purpose represents the difference between the price per Class A common shares paid by these purchasers and net tangible book value per share immediately after the completion of the offering.

If you invest in our Class A common shares, your interest will be diluted to the extent of the difference between the initial public offering price per Class A common share (when converted into *reais*) and the adjusted net tangible book value per share after accounting for the issuance and sale of new Class A common shares in this offering.

Because the Class A common shares and Class B common shares of PicPay Netherlands have the same dividend and other rights, except for voting and conversion rights, we have counted the Class A common shares and Class B common shares equally for purposes of the dilution calculations below.

The following table illustrates this dilution to new investors purchasing Class A common shares in the offering.

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| | |
|:---|:---|
|  Assumed initial public offering price per Class A common share | US$ |
|  Net tangible book value per share as of September 30, 2025 | US$ |
|  Increase in net tangible book value per share attributable to existing shareholders | US$ |
|  Adjusted net tangible book value per share after the offering | US$ |
|  Dilution per share to new investors | US$ |
|  Percentage of dilution in net tangible book value per share for new investors% |  |

---

Each US$1.00 increase (decrease) in the offering price per Class A common share, respectively, would increase (decrease) the net tangible book value after this offering by US$ per share and the dilution to investors in the offering by US$ per share.

The actual offering price per Class A common share is not based on the adjusted net tangible book value of our common shares, but will be established based through a bookbuilding process. The foregoing table assumes no exercise of the underwriters' option to purchase additional Class A common shares.

To the extent that we grant shares to our employees under our restricted share plan or other issuances of common shares are made, there will be further dilution to new investors. The maximum aggregate number of shares that may be issued pursuant to awards under this plan is equivalent to 2% of our total capital stock immediately following this offering. See "Management — Long-Term Incentive Plan."

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#### Market Information
Prior to this offering, there has been no public market for our Class A common shares. We cannot assure you that an active trading market will develop for our Class A common shares, or that our Class A common shares will trade in the public market subsequent to the offering at or above the initial public offering price.

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#### Management's Discussion and Analysis of Financial Condition<br> and Results of Operations
*The following discussion of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the notes thereto, included elsewhere in this prospectus, as well as the information presented under "Presentation of Financial and Other Information" and "Summary Financial and Other Information."*

*The following discussion contains forward*-looking *statements that involve risks and uncertainties. Our actual results and the timing of events may differ materially from those expressed or implied in such forward*-looking *statements as a result of various factors, including those set forth in "Cautionary Statement Regarding Forward*-Looking *Statements" and "Risk Factors."*

#### Consumer Ecosystem Operating and Financial Highlights

#### Consumer Banking

#### Wallet and Banking
As of September 30, 2025, we had 42 million quarterly active consumers, of which 13.4% are consumers who only opened the app during the quarter, compared to 37 million quarterly active consumers as of September 30, 2024, of which 15.2% were consumers who only opened the app during the quarter. As of September 30, 2025, we had 29 million consumers with deposits, compared to 26 million consumers with deposits as of September 30, 2024. The deposits held by consumers in our ecosystem (comprised of the sum of "user balance — payment accounts" and "user balance — CDB" from third-party funds in our consolidated financial statements) totaled R$26.7 billion as of September 30, 2025, representing an increase of 61% from R$16.6 billion as of September 30, 2024.

*Wallet and Banking Monetization Model*

Our open platform approach enables consumers to register on file any credit card to fund their payments transactions, such as electronic transfers and payments (P2P, Pix, P2M, bills and the purchase of digital goods in our PicPay Shop, among others) in a single payment or in installments. For the nine months ended September 30, 2025, our PicPay-branded credit card represented 31% of the total credit card TPV captured in our digital wallet. Moreover, our digital wallet model is primarily fee based and asset-light, i.e., we only assume credit and underwriting risk if these transactions are sourced by our PicPay-branded credit card following the transfer to us of the Banco Original credit card portfolio, concluded in January 2024. For more information, see "Business — Our History — Recent Acquisitions and Corporate Transactions" and "— Principal Factors Affecting our Financial Condition and Results of Operations — Acquisitions and New Lines of Business and Other Developments."

Our wallet and banking product is mainly monetized when P2P, Pix, and bill payment transactions are sourced by credit cards. Transaction fees through credit cards charged from the payer can vary from 3.49% up to 5.49% of the transaction amount (which we recognize as "net revenue from payment transaction activities and other services" in our statement of profit or loss), while our installment fees (which we recognize as "financial income" in our statement of profit or loss) can vary from 3.99% up to 5.49% per month of the transaction amount. We receive the total amount charged to the consumer's credit card already net of interchange fees and the merchant discount rate from the merchant acquirer involved in the transaction, as illustrated in the chart below. We do not receive fees from merchants in transactions paid with credit cards in our wallet unless the receiver is a merchant affiliated to the PicPay network, in which case we charge a merchant discount rate based on the payment volume. In the scenario illustrated in the chart below, the utility company is the receiver, so we do not charge a merchant discount rate from such company. P2P (closed-loop) and Pix transactions (either for amounts transferred within our ecosystem or amounts that are transferred outside our ecosystem) funded by balances held in our digital wallets are free of charge. For more information about instant payment monetization, see "— Instant Payments (P2P and Pix)" below.

Brazilians often finance their consumption through installment payments, due to several specific and cultural factors. In our platform, we offer a wide range of payment methods aiming to facilitate how our consumers will pay for their transactions. We enable consumers to pay several types of digital wallet transactions in up to twelve installments through their credit card. In Brazil, differently from some other countries, the credit card settlement

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period is approximately 30 days. This means that in order to pay instantly our P2P, P2M, and bill payment transactions when sourced by credit cards and installments, we, as the intermediary of the payment transaction, prepay the credit card receivables and monetize by charging a take rate to cover prepayment costs.

The graphic below provides one example of our digital wallet monetization model:

![](timage_pg143.jpg)

In this example, we illustrate a scenario of using a credit card registered on file as a source of funding a bill payment in monthly installments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on the bill's due date (D+0), a consumer uses a credit card on file in their digital wallet to pay a utility bill of R$500.00 in ten monthly installments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on the same date, PicPay pays the total amount of R$500.00 to the utility company at no cost, and PicPay charges the consumer's credit card R$609.23, which consists of a 3.99% transaction fee over the amount of the bill (R$19.95) plus an installment fee of 2.99% per installment over the amount of the bill plus the transaction fee, as amortized (R$89.28 for ten installments). As a result, the total cost for the consumer is R$609.23, payable in 10 installments of R$60.92 per installment); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• once the consumer makes a monthly installment payment of R$60.92 on its credit card (typically beginning at D+26), the consumer's credit card issuing bank pays that amount to the merchant acquirer, minus the interchange fee payable to the issuing bank, and the merchant acquirer pays PicPay the installment fee net of merchant discount rate (MDR).

As shown in the chart below, our Wallet and Banking TPV, which includes instant payments (P2P and Pix), bill payments, and other products, totaled R$127.5 billion for the three months ended September 30, 2025, representing an increase of 28% compared to R$99.4 billion in the corresponding quarter of 2024. For the nine months ended September 30, 2025, our Wallet and Banking TPV totaled R$355.4 billion, an increase of 31% compared to R$270.9 billion for the nine months ended September 30, 2024. For the three-month and the nine-month period ended September 30, 2025, instant payments represented 89% of our total Wallet and Banking TPV.

For the year ended December 31, 2024, our Wallet and Banking TPV totaled R$382.5 billion, an increase of 58% compared to the previous year, in which our Wallet and Banking TPV totaled R$241.5 billion. Instant payments represented 89% of our Wallet and Banking TPV in 2024 compared to 86% in 2023. This increase was mainly due to the higher adoption of Pix transactions by our consumers during the period. Our Wallet and Banking TPV grew at a CAGR of 127% from R$6.3 billion in the year ended December 31, 2019, to R$382.5 billion in the year ended December 31, 2024.

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#### Wallet and Banking TPV <br> (R$ million)
![](timage_pg144.jpg)

____________

(1) Others refer to cash-out products such as cash withdrawal, wire transfers, withdrawal with prepaid cards, and international remittance exchange.

*Instant Payments (P2P and Pix)*

Pix Credit was a key product that contributed to the increased monetization of our digital wallet since its inception. We have been highly encouraged by the performance of Pix Credit, which continues to scale and gain momentum within our consumer base. As shown in the chart below, for the three months ended September 30, 2025, we achieved a total Pix Credit TPV of R$6.4 billion, an increase of 24% compared to the corresponding period in 2024. For the nine months ended September 30, 2025, Pix Credit TPV totaled R$18.5 billion, an increase of 34% compared to the same period of the previous year. For the year ended December 31, 2024, we achieved a total Pix Credit TPV of R$19.6 billion, an increase of 69% compared to the year ended December 31, 2023. Since the fourth quarter of 2021, when we launched this product, until September 30, 2025, Pix Credit TPV totaled R$55.8 billion. We intend to continue to capture the benefits from the Pix infrastructure, which we believe will further increase our opportunities to cross-sell additional products and services.

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**Pix Credit TPV****<br> *(R$ million)*

#### Financial Services
*Credit Overview*

Until October 2023, our operations were entirely based on an "asset-light" model, which means that our credit business was focused only on the distribution of products originated by third-party partners connected in our app, earning commissions from the sale of new loans, as well as success fees from each loan payment made by our consumers. From October 2023 onwards, we began originating directly on our balance sheet, a strategic initiative aimed at expanding our product offering and strengthening our consumers' principality. This decision was designed to enhance customer engagement and profitability, consolidating our portfolio of strategic products, mainly on the credit cards and personal loans.

We believe that data is a valuable resource to achieve the balance between business economics and risk management controls of our credit operations. The robustness of our digital wallet enables us to collect a broad range of valuable information that feeds our credit models. We have approximately 52 million credit cards registered on our platform, including both PicPay-issued cards and third-party cards, which our consumers use daily for various transactions, such as Pix transfers and bill payments. This ecosystem allows us to build a rich track of consumers' transactional behavior, an essential input for assessing their risk profile with us.

In addition, we have 42 million quarterly active consumers. In the nine months ended September 30, 2025, our active consumers transacted over R$355 billion in our digital wallet. These consumers maintained an average monthly cash-in of more than R$42 billion during the three months ended September 30, 2025. By capturing daily cash-in and cash-out patterns, we gain valuable insights that further strengthen the accuracy of our data-driven models, as well as continuously enhance our ability to assess risk.

In addition to the data captured through the transactional activity of our digital wallet, we enrich our database with complementary sources, such as data coming from the Credit Information System (*Sistema de Informação de Crédito*), or "SCR", of the Brazilian Central Bank, as well as from market credit bureaus. Additionally, we obtain information from over 13.7 million active consents under Open Finance, where PicPay ranks as the third-largest player in Brazil by number of active consents. Through our Account Aggregator feature, we gain a broader view of our consumers' financial habits, including information held with other institutions, such as account balances, upcoming and overdue invoices and bank account statements, among other relevant data.

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![](timage_pg146.jpg)

____________

Notes:

(1) As of September 2025. The share of active consents received is based on public information disclosed by *Open Finance Brasil*.

(2) Total deposits, cash-in, and Wallet and Banking TPV for the period expressed in dollars are based on the *real*/U.S. dollar exchange rate of R$5.3186 per US$1.00 as of September 30, 2025.

(3) 11% of total Pix transactions which accounts for transactions where PicPay originated or received the transaction (excluding transactions between PicPay accounts).

Given our ability to collect information from our consumers using data provided by our ecosystem and external sources, we have access to more than 12,000 available data points including:

![](timage_pg146a.jpg)

During 2024, we deployed a new generation of customized credit models, with a focus on credit card and personal loan models. With the use of our own exclusive behavior credit data, we were able to present up to 3.0 times more accuracy on our models based on the most recent data from the second quarter of 2024. Accuracy is measured by a statistical test denominated Kolmogorov-Smirnov (KS), which measures how predictive a model is (in this case, how much does our model manage to distinguish good payers from bad payers), when compared to the market model

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(which is only based on the SCR and credit bureaus). Through the use of our model, our unsecured credit offer is 2.3 times higher for consumers who have or had a PicPay credit product at some point in the past than to consumers for which we have limited historical information (based only on market data (SCR and bureaus)).

![](timage_pg147.jpg)

____________

Note: (1) KS (Kolmogorov-Sminov) is a statistical test that measures the mode's ability to discriminate between different data classes, in this case, good and bad payers (distinguishing between those who will not default on a loan and those who will).

We approach our risk-management strategy from two complementary perspectives. The first perspective focuses on a portfolio-level analysis: we maintain a balance of between 40% and 60% of (i) secured products, such as public and private payroll loans, secured credit cards and FGTS loans, and (ii) unsecured products, including personal loans, buy-now-pay-later and credit cards. Our strategy is focused on preserving a healthy portfolio balance without compromising profitability.

The second perspective focuses on an individual-level analysis, emphasizing the assessment of each of our consumer's risks. In our credit origination strategy, we operate under the principle that the more we know about a customer, the greater our confidence in making decisions regarding new financing agreements and credit card limit increases over time. Accordingly, for customers whose transactional and credit behavior is still unknown, we initially offer only fully collateralized credit lines (secured loans and/or secured cards). This approach allows us to gradually build their transactional behavioral history over the following months.

![](timage_pg148.jpg)

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Our credit analysis considers not only several credit performance indicators, such as delinquency ratios, early delinquency ratios, first payment default, expected losses, income leverage ratio, credit score among others but also take into consideration the expected profitability and expected returns of such credit concession balanced with the Loss Absorption ratio, which represents all the expected losses over all the lifetime credit related revenues of a given credit concession. Our credit concession has a risk based pricing strategy, which has an expected return over 30% and a Loss Absorption rate target between 40% to 60% of each credit concession cohort, which means that, even if we face an adverse market conditions scenario, we would still be able to support up to 66.7% to 150% of expected losses increase and that cohort would be breakeven.

Beyond risk mitigation, since 2024, we have offered secured credit cards for our consumer base. In this model, consumers build their own credit limit by allocating funds within our platform. This product provides us with full control over delinquency: in the event of a late payment, the outstanding amount is automatically deducted from the balance previously allocated by the consumer. This product allows us to build consumers' transactional behavior, identifying whether they pay PicPay Card bills on time using new funds. This approach also provides valuable insights into customer financial behavior, enabling more precise credit origination and credit limit increase decisions over time. With respect to consumer loans, we also offer FGTS loans, which are secured by the debtor's FGTS balance, and payroll loans, where the loan is secured by payroll deductions, significantly reducing the risk of default.

Moreover, we adopt a micro and small limit credit policy (or "Progressive Limits") for our unsecured credit lines when we are dealing with consumers of whom we have limited data and credit history. With the purpose to build their credit behavior with us, we start by granting low credit limits (i.e., R$100 or R$150) and we monitor their behavior through the next months. In that portfolio, we are not optimizing the concessions for profitability and, given our CAC approach, we seek to maximize the quantity of healthy credit customers. For those consumers we allow for a loss absorption from up to 100%.

Over time, we established a gamification approach in order to approve the increase of their credit limits considering three main rules that must be simultaneously observed: (i) at least 20% of their initial credit card limit approved has been spent; (ii) there are no credit restrictions with other financial institutions (Credit Bureaus); and (iii) they have fully paid their credit card bills with a maximum delay of five days.

If a customer is successful during this gamification stage, they become eligible for an upgrade. This means we gain greater confidence in their ability to remain current on their obligations with us, and we expand their credit offering by increasing their limits. This process continues until the customer reaches the most profitable segment, characterized by a loss absorption of up to 50% and access to market-standard credit limits: a category we call "Standard", with higher tickets and average terms.

Finally, our credit recovery process seeks to minimize credit losses from delinquent clients while providing alternatives to those clients who are having difficulty meeting their payment plans. Our credit recovery is structured along three pillars: Analytics; Solutions; and Technology. Through those pillars, we seek to offer each customer the right offering in the right channel at the right time to maximize collection opportunities. Our range of collections products includes early delinquency recovery products (e.g., *aditamento, parcelamento do saldo total*), substitution of unsecured products with secured products as well as products offered following renegotiation, which are gaining importance as our portfolio matures.

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The chart below summarizes and risk management approach:

![](timage_pg149.jpg)

#### Consumer Loans
During the three months ended September 30, 2025, total own and third-party loans originated in our app reached R$2,296 million, representing an increase of 23% compared to the corresponding period in 2024, when our total loan origination was R$1,866 million. Secured products (such as FGTS, payroll loans, and auto-secured loans originated from third-party partners) represented 72% of the total own and third-party loans originated during the three months ended September 30, 2025, while unsecured products, such as personal loans and buy-now-pay-later, represented the remaining 28%.

For the nine months ended September 30, 2025, total own and third-party loan origination was R$7,007 million, an increase of 46% compared to the nine months ended September 30, 2024, when our total own and third-party loan origination reached R$4,808 million. For the nine months ended September 30, 2025, secured products represented 70% and unsecured products represented 30% of our total origination. For the year ended December 31, 2024, our loan origination totaled R$6,836 million, an increase of 187% compared to the year ended December 31, 2023, when our origination totaled R$2,381 million. Secured products represented 61% of our total origination in 2024, and unsecured products represented the remaining 39%. This significant growth was mainly driven by increased origination of secured credit products, such as FGTS loans and payroll loans, as well as higher volumes from unsecured credit products, including personal loans and buy-now-pay-later.

The loans we originate include personal loans, buy-now-pay-later loans, FGTS loans, public and private payroll loans and auto-secured loans. Prior to October 2023, all of the loans originated in our financial marketplace were "off-balance" and financed by other partners connected to our platform (i.e., we acted as an agent for other financial services providers). Beginning in October 2023, we began to originate personal, payroll loans, and FGTS loans "on-balance" for certain consumers who meet our credit performance criteria.

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The chart below sets forth the evolution of our own and third-party loan originations for the periods indicated:

#### Own and Third-Party Loan Originations <sup>(1)</sup> <br> (R$ million)
![](timage_pg150.jpg)

____________

(1) For the three-month periods ended September 30, 2025 and September 30, 2024, for the nine-month periods ended September 30, 2025 and September 30, 2024, and for the years ended December 31, 2024 and 2023, secured loans include FGTS loans, payroll loans, and auto-secured loans, and unsecured loans include personal loans and buy-now-pay-later.

In addition, we present the evolution of our average monthly loan origination per quarter since the three months ended June 30, 2024, considering both secured and unsecured credit lines. As reflected in the base-100 curve of the "Over 30 MOB3" delinquency indicator (loans over 30 days past due in the third month of each consumer cohort), we have been able to consistently improve the quality of our consumer portfolio, while maintaining average monthly originations above R$2 billion.

The evolution of our delinquency indicator and the average monthly spread follow the same trend over time, reinforcing our risk based pricing strategy, which means that, when our delinquency indicator presents an increase, the average spread also increases to mitigate this effect.

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![](timage_pg151.jpg)

We present below the quarterly evolution of the indicator for average term, average spread and income leverage ratio of consumers segmented into "Progressive Limits" and "Standard". Given the higher-risk profile of the Progressive Limits customers, credit pricing for this category for consumer loans is set at an average monthly spread that can reach more than 13%. Additionally, the progressive limit category is also designed to have a very short average term, which on average is close to 4 months, and lower income leverage as compared to the Standard segment.

![](timage_pg151a.jpg)

In addition, these customers face higher monthly average spreads of approximately 13% per month, which reflects the pricing associated with the higher risk profile of this segment.

Our own loan portfolio reached a total of R$11,159 million as of September 30, 2025, representing a 123% increase compared to September 30, 2024. Secured loans accounted for 71% of our total loan portfolio balance as of September 30, 2025.

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#### Own Loan Portfolio <sup>(1)</sup> <br> (R$ million)
![](timage_pg152.jpg)

____________

(1) These balances are as of September 30, 2024, December 31, 2024, March 31, 2025, June 30, 2025, and September 30, 2025. Secured loans include FGTS loans, public and private payroll loans. Unsecured Loans include personal loans and BNPL.

(2) The outstanding balance for each period presented above also includes renegotiation.

Regarding the profitability of our loan operations, we present below the composition of our annualized net lending margin (calculated as the result of non-interest revenues plus interest revenues minus funding costs, and credit loss provisions annualized for the nine months ended September 30, 2025 over the average monthly loan portfolio during this nine-month period).

The first chart below provides an overview of our total lending operation, covering both secured and unsecured loans. In turn, the second and third charts focus solely on our unsecured portfolio. In the last chart, we show the composition of our annualized net lending margin considering only consumers with credit limits within the "Standard" category, which reached 24.6% over the average monthly loan portfolio for the nine months ended September 30, 2025.

Additionally, our annualized return on loan assets (RLA), which is calculated as a ratio of the result from our loan operations before taxes (defined as the annualized net lending margin minus direct and operating expenses related to our loan operations) divided by the average monthly loan portfolio for the nine months ended September 30, 2025, reached 22%.

Finally, the annualized return over allocated capital (ROAC) from our loan operations, which is composed of the net income of our loan operations (calculated as the annualized net lending margin minus direct and operating expenses related to our loan operations minus taxes) divided by the allocated capital (defined as the product of our minimum total capital ratio (10.5%), the risk weight factor for retail exposures (typically 75%) and our credit risk exposure to loans according to the BACEN definition of exposure for RWA calculation purposes) totaled 292%, demonstrating the success of our strategy, which balances a healthy portfolio mix with accurate pricing and effective risk management.

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**Annualized Net Lending Margin**<br> (*%; 9M25*)

![](timage_pg153.jpg)

____________

*Notes:*

(1) Non interest revenues consider commissions received through the offering of loan protection, fees from first loan contracts linked to credit analysis, and commissions from third-party loan distribution minus sale taxes.

(2) Interest revenues considers revenues from our loan portfolio. Standard personal loan offered to our customers with a limit and conditions aligned with their income, risk profile, and credit history.

(3) Funding cost includes transfer and floating costs.

(4) Losses include the credit loss allowance expenses.

#### Credit Cards
Since January 2024, we have been operating as issuers of our own credit cards. We recognize that this product is a key instrument to drive consumer engagement and to enhance monetization. Our credit card origination strategy is anchored in a rigorous balance between risk management and profitability.

The evolution of our portfolio has reflected the significant role of secured credit cards, a modality in which the credit card limit is tied to the balance consumers hold in PicPay piggy banks or investments in our platform. This solution has been essential in building consumers' transactional behavior, especially in cases where we lacked sufficient information regarding the consumer spending patterns with a credit card in hand. In such a scenario, origination is conducted through a fully collateralized credit card.

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Over time, we have advanced in diversifying our credit card origination, combined with a more refined risk management approach. Beginning in the three months ended December 31, 2024, and more significantly from the three months ended March 31, 2025 onwards, we introduced the partially secured credit card. In this modality, part of the credit card limit remains collateralized with piggy banks, while an additional unsecured limit is offered to our customers based on their risk profile.

For the nine months ended September 30, 2025, secured and partially secured credit cards represented 66% of the total origination. Unsecured credit cards that are distributed among customers in "Progressive Limits," "Upgrades Standard" and "Standard" clusters represented 34% of the total.

The "Upgrades Standard" consumer cohorts are presenting slightly lower levels of delinquency even if compared to the "Standard" consumer cohorts (which represents consumers with lower risk levels). Regarding the 'Over 30 Mob 3' delinquency indicator on a 100 basis analysis using the "Standard" cohorts as a reference, the "Upgrades Standard" cohorts have shown delinquency indicators in their third month that are approximately 18% lower than those observed in the Standard cohorts.

Finally, our strategy with the "Progressive Limits" cohorts reflects our decision to accept a higher cost of risk as a customer acquisition expense (CAC), thereby expanding credit access to profiles that would otherwise be rejected by other institutions and integrating them into our gamification process. Similarly, although our Progressive Limits customers show an over 30 at month three delinquency approximately 24% higher than the "Standard" customers, such higher delinquency is efficiently priced by our models, ensuring that the additional risk is properly captured by our origination strategy.

#### Credit Card Origination for the nine months ended September 30, 2025

#### (thousands of credit cards originated, %)
![](timage_pg154.jpg)

____________

Note: (1) Includes partially secured credit card originations.

We present below an evolution of the average credit limit and the income leverage ratio for the "Progressive Limit," "Upgrade," and "Standard" consumer profiles on a quarterly basis. The "Progressive Limits" consumers present an average credit limit of approximately R$158 per card originated, while the "Upgrade" and "Standard" consumers present higher credit limits with R$999 and R$1,754 per card originated during the three months ended September 30, 2025.

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In terms of the income leverage ratio of each category, the "Progressive Limits" present the lowest percentage, with 9% over average monthly income, which indicates that, although the customer presents a higher risk profile and is exposed to a higher average monthly spread compared to other categories, their debt-to-income level remains below 10%, which shows that there is room for potential limit increases in the long term.

![](timage_pg155.jpg)

With the purpose to emphasize the importance of credit cards as a powerful product to increase engagement with profitability among our consumer base, we compared below the cumulative contribution margin of PicPay Card consumers with other consumers who do not hold a credit card with us.

#### Cumulative Contribution Margin of PicPay Card <br>Consumers vs. Other Consumers<br> (R$/consumer)

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Consumers who own the PicPay Card, are almost 4 times more profitable than the other consumers in terms of the cumulative contribution margin that they generate (considering the profit generated after deducting costs incurred from transactions on a cumulative basis).

Additionally, they also transact more frequently compared to other consumers. As shown below, consumers with PicPay cards transact almost two times more than other consumers (defined as PicPay consumers who only use a third-party credit card or deposits, excluding those consumers who hold a PicPay Card).

#### Average Quarterly Spending of PicPay Card Consumers vs. Other Consumers Since Launch<br> (R$ / consumer)
![](timage_pg156.jpg)

The TPV of our PicPay Cards totaled R$14.8 billion for the three months ended September 30, 2025, an increase of 49% compared to the corresponding period in 2024. For the nine months ended September 30, 2025, the TPV of our PicPay Cards totaled R$41.0 billion, an increase of 53% compared to the same period of the previous year. For the year ended December 31, 2024, the TPV of our PicPay Cards totaled R$39.2 billion, an increase of 45% compared to the year ended December 31, 2023*.*

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#### PicPay Card TPV<br> (R$ million)
![](timage_pg157.jpg)

In addition, we present below the evolution of the PicPay Card TPV, indexed to 100, compared with our main competitors, using the latest data available from CardMonitor through September 2025. As shown, we have sustained an exceptionally strong growth trajectory since the third quarter of 2023, expanding at nearly twice the rate of the next-best performer, Inter & Co.

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This performance reflects both the increased distribution of cards to our consumers and the higher engagement of our base, which is increasingly using the PicPay Card as an extension of their daily credit and transactional needs.

**Quarterly Cards TPV Evolution**<br> *(100 basis)*

*Credit Card Portfolio*

Our credit card portfolio balance totaled R$7.5 billion as of September 30, 2025, an increase of 128% compared to September 30, 2024. Such increase was mainly due to higher credit card origination during the period, driven by our ability to accelerate our offer of credit cards to a broader consumer base, supported by our credit models and our credit policies, which encompass small limits and credit card limit increases based on consumers' transactional behavior in our platform.

#### Credit card portfolio <sup>(1)</sup> <br> (R$ billion)
____________

Note: (1) The outstanding balance for each period presented above also includes renegotiation.

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*Interest Earning Portfolio (Credit Card Portfolio)*

The table below sets forth the evolution of our interest-earning portfolio considering our credit card receivables. As of September 30, 2025, interest-earning installments, revolving, and non-interest-earning balances represented, respectively, 33%, 6%, and 62% of our credit card portfolio from our Consumer loans. The higher representativeness of earning installment balances compared to the market (based on data provided by the Brazilian Central Bank) results from transactions using a credit card as a source of funding, such as Pix Credit, as well as P2P and bill payments.

#### Interest-Earning Portfolio<br> (% of total credit card portfolio)
____________

Note: These balances are as of September 30 and December 31, 2024, March 31, June 30 and September 30, 2025. Market data was based on information provided by the Brazilian Central Bank.

We present below three distinct perspectives regarding the composition of the net credit card margin. This margin corresponds to the result of the sum of non-interest revenues associated with credit cards (for instance, interchange fees) and interest revenues from revolving, interest bearing installment plans, including Pix credit, and renegotiation balances net of funding costs and credit loss allowance expenses annualized for the first nine months of 2025 and divided by the average monthly outstanding balance of the credit card portfolio during the nine months ended September 30, 2025.

The first chart presents the composition of the net credit margin considering the total credit portfolio. The second and third charts focus on demonstrating the results of our operations considering only unsecured credit cards — i.e, excluding credit cards with piggy banks and investment balances as collateral. The third chart excludes from the composition credit cards associated with consumers within the "small limits" category — i.e, consumers who have received a credit card with a low credit limit and are undergoing an assessment process within their gamification journey (consumers with a higher risk profile and a loss absorption of up to 100%).

Looking at the annualized figures for the first nine months of 2025, our annualized net credit card margin for the unsecured portfolio, excluding the small limits group, was 15.8% of our average portfolio.

Additionally, our annualized return on credit card assets (RCCA), which considers the result of our credit card operations before taxes (defined as the net credit card margin minus direct and operating expenses) divided by the average monthly credit card portfolio, reached 10% in the nine months ended September 30, 2025.

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In turn, the annualized return over allocated capital (ROAC) from our credit card operations, which is composed of the net income (calculated as the result of our credit card operations after taxes) divided by our allocated capital (defined as the product of our minimum total capital ratio (10.5%), the risk weight factor for retail exposures (typically 75%), and our credit risk exposure to credit cards according to the BACEN definition for RWA calculation purposes, which includes committed credit card limits) reached 122% for the nine months ended September 30, 2025.

**Annualized Net Credit Card Margin**<br> *(%; 9M25)*

![](timage_pg160.jpg)

____________

*Notes:* 

(1) Non interest revenues include card interchange fees, annual fees, foreign-exchange spreads, incentive revenues from card network scheme, and floating income minus sale taxes.

(2) Interest revenues include revolving, interest bearing installment plan, renegotiation, and PicPay Card interest revenues on the digital wallet ("on-us") minus sale taxes.

(3) Funding cost includes transfer and floating costs.

(4) Losses include the credit loss allowance expenses including renegotiation.

*Total Credit Portfolio*

As of October 2023, we started to originate loan products through our own balance sheet. Since then, including the effects of the transfer of the Banco Original credit card portfolio, we observed a substantial increase in our credit portfolio (gross consumer loans (before credit loss allowance)), which ended as of September 30, 2025 with R$18.7 billion, an increase of 125% compared to R$8.3 billion as of September 30, 2024. Credit cards represented 40% of our total gross consumer loans (before credit loss allowance), loans to customers represented 60% as of September 30, 2025. In addition, as of September 30, 2025, 44% of our total credit portfolio is related to secured credit products and the remaining 56% is related to unsecured credit products. Total credit portfolio refers to the consumer loans balance from our consolidated financial statements, which includes the balances of both the credit card and loan portfolios.

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The chart below presents the quarterly evolution of our credit portfolio:

**Total Credit Portfolio** <br>*(R$ million)*

![](timage_pg161.jpg)

We present below the coverage of our credit portfolio regarding Stage 3 balances:

#### Credit Balance and Provisions for Stage 3 <br> (R$ million, %)
![](timage_pg162.jpg)

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We present below the evolution of the quarterly equivalent cost of risk rate for each quarter, which is calculated as total credit loss allowance expenses in the quarter divided by the average of the total credit portfolio, and then divided by three. The average of our total credit portfolio is the sum of our credit portfolio on the quarter-end date of the immediately prior quarter and our credit portfolio on the quarter-end date of the current quarter.

**Quarterly Cost of Risk**<br> *(%)*

![](timage_pg162a.jpg)

Below, we present the coverage of our total credit portfolio, which is defined as our total credit loss allowance balance divided by our total credit portfolio for the end of each period. As of September 30, 2025, our coverage reached 12.8% compared to 5.0% as of September 30, 2024. The increase over the last twelve months can be mainly explained by the growth and aging of our credit portfolio, as some credits migrated into stages 2 and 3, which require higher provisions.

**Provision over the total credit portfolio** <br> *(%)*

![](timage_pg163.jpg)

Below is the evolution of the NPL over 90 days past due of our credit portfolio. As of September 30, 2025, our NPL reached 6.2% of the total credit portfolio.

**NPL over 90 days past due**<br>*(%)*

![](timage_pg163a.jpg)

Our NPL over 90 days past due is calculated as the balance overdue by more than 90 days divided by our total loan portfolio. When our portfolio grows quickly, this indicator might seem to "improve," even if the total amount of late loans rises. This is simply a mathematical dilution effect, not an operational improvement.

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In our case, with the current cycle of accelerated origination, this effect becomes even more pronounced: the NPL remains artificially below its natural maturity level for a longer period and increases only gradually as our portfolio ages (without indicating any actual decline in credit quality).

Simple example:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Quarter 1: NPL over 90 days past due reaches R$100 and the total credit portfolio reaches R$1,000. Therefore, the NPL over 90 days past due as a percentage of the credit portfolio reaches 10%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Quarter 2: NPL over 90 days past due rises to R$150 and the credit portfolio doubles to R$2,000, the NPL drops to 7.5%.

In this example, the overdue amount increased, but the indicator decreased, which indicates dilution.

In addition, comparisons with other players require caution, since there are practices that may distort the NPL and affect comparability, such as the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. More aggressive write-offs: institutions that write off loans earlier reduce the NPL "on paper," even though the loss has effectively occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Renegotiations: renegotiated loans may temporarily exit the NPL over 90 days past due balance, even when they remain high-risk.

Each institution applies its own "cure" criteria, creating meaningful asymmetries.

This is why we also look at the "Stage 3 Formation Rate", which shows the new contracts entering default during the quarter, capturing early signs of deterioration before they show up in the NPL over 90 days past due. We believe it is a cleaner and more forward-looking indicator to anticipate changes in portfolio quality.

**Stage 3 Formation Rate**<sup>(1)</sup>****<br> *(%)*

![](timage_pg164.jpg)

____________

(1) The stage 3 formation rate is calculated considering the stage 3 balance in the end of each period minus the stage 3 balance in the immediately previous period plus write-off migration and reversal due to liquidation.

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Our margin from credit products totaled R$1,252.7 million in the three months ended September 30, 2025, an increase of 114.4%, compared to R$584.3 million in the three months ended September 30, 2024. We calculate margin from credit products as the sum of total revenue from services and financial income from our credit operations (cards and loans) *minus* cost of funding from these products. Our margin from credit products after losses was R$621.6 million in the three months ended September 30, 2025, an increase of 57.8% compared to R$394.0 million in the three months ended September 30, 2024. We calculate margin from credit products after losses as margin from credit products *minus* credit loss allowance expenses. Loss absorption, which is calculated as credit loss allowance expenses divided by the margin from credit products, totaled 50% in the three months ended September 30, 2025.

---

| | |
|:---|:---|
|  **Margin from Credit Products** <br> *(R$ million)* | **Margin from Credit Products After Losses**<br> *(R$ million)* |

---

____________

(1) Loss Absorption ratio, which is calculated as the credit loss allowance expenses divided by the total revenues earned from credit products (including non-interest revenues such as loan insurance commissions and interchange fees from credit card transactions).

*Insurance*

We distribute a wide range of insurance products through strategic partnerships with trusted third-party insurers. On September 19, 2025, we entered into an equity purchase agreement for the acquisition of Kovr, which is a full-service digital insurance company that offers services for multiple partners. Currently, we distribute digital wallet insurance, mobile insurance, property insurance, home assistance, auto repairs assistance and car insurance deductible coverage from Kovr, and we receive a commission on insurances sold in our app. Once this transaction (which is conditioned on the approval of CADE and SUSEP) is complete, PicPay will consolidate full financial results related to Kovr's products, as well as other types of products such as private pensions.

Additionally, we also distribute insurance for Pix transactions (including those funded from other bank accounts), life insurance, health assistance, personal loan and BNPL insurance, public payroll loan insurance, private payroll loan insurance, public payroll loan (available margin insurance), income loss insurance (FGTS) and credit card invoice insurance from other partners in our app.

As a result of our advantageous position as one of the largest digital financial product distributors in Brazil, we reached 7.8 million active policies as of September 30, 2025.

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The chart below presents the evolution of our insurance policies compared to Nubank based on their public filing:

#### Active Insurance Policies <br>(in millions)
____________

*Source:* Company's figures and data provided by digital banks in their respective quarterly earnings reports.

*Financial Services Monetization Model*

We monetize our financial marketplace through:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• interchange and late fees and interest paid on our cards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• distribution and success fees from credit origination through third-party partners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• interest income from proprietary credit origination; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fees from the distribution of other financial products, such as insurance and CDBs from third-party financial institutions through our PicPay Invest platform.

#### Business Ecosystem Operating Highlights

#### Acquiring & Banking
To strengthen our two-sided platform, we introduced key projects in 2023 targeted at our business customers. This initiative began with the complete migration of our own merchant acquiring platform, enabling us to operate as a full merchant acquirer to capture, process and settle all card transactions effected *in*-app. This migration eliminated our reliance on other acquirers and has enabled us to mitigate certain upfront costs, such as the merchant discount rates charged by acquirers, generating cost efficiencies and gross margin gains.

As of September 30, 2025, approximately 812,000 active businesses accepted PicPay's payment network. Our total TPV related to our business ecosystem, or "SMB TPV," considers payment volume from QR Code and e-wallet transactions, Pix transactions received and made by businesses in our app, as well as all payment volume transacted with third-party credit cards on the PicPay app (mainly P2P, Pix and bill payments), which are processed by our merchant acquiring platform. SMB TPV is an essential measure of the value of payments successfully processed through our merchant acquiring platform as well as the volume captured through other PicPay payment solutions for businesses, such as QR Code, e-wallet and Pix. SMB TPV was R$9.8 billion during the three months ended September 30, 2025,

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an increase of 43% compared to the corresponding period in 2024. For the nine months ended September 30, 2025, our SMB TPV totaled R$28.8 billion, an increase of 52% compared to the previous year. For the year ended December 31, 2024, SMB TPV was R$27.1 billion, an increase of 15% compared to the year ended December 31, 2023.

**SMB TPV**<br> (*R$ million*)

The average quarterly net revenue per active business was R$430.3 in the three months ended September 30, 2025, compared to R$397.5 in the three months ended September 30, 2024, an increase of 8% year over year, as a result of the increased number of individuals using PicPay to make payments to small and medium-sized businesses, as well as the increase of banking services offered to entrepreneurs. Our average cost of acquiring a new merchant, which considers expenses from our sales team, inside sales (onboarding of new digital sellers through sales conducted via call center), messaging and performance media, was R$74.3 per small and medium-sized businesses in the three months ended September 30, 2025, compared to R$180.2 per new merchant in the three months ended September 30, 2024, a decrease of 59% as a result of lower expenses with media performance during the last twelve months.

We believe we can continue to grow our SMB TPV given our multi-pronged go-to-market strategy which includes improving the consumer experience using our e-wallet and expanding our partnerships with online sellers and platforms and increasing our market share through the acquisition of online and offline services to offer a broader range of products (including existing products such as QR Code and Pix). Another key strategy is to leverage our two-sided ecosystem by connecting our 42 million active consumers to both online and offline sellers, taking advantage of our knowledge of their transactional behavior and geolocation as well as AI to target and offer optimized promotions and campaigns.

We monetize our small and medium-sized businesses ecosystem by charging a merchant discount rate (MDR) to SMBs who accept our payments solutions, and we also generate revenue from terminal rental fees and other service charges related to payments acceptance. Additionally, we monetize through interest rates charged over prepayment of receivables and from other credit products such as unsecured and secured loans, credit cards. Finally, we also generate floating revenues from our SMB accounts.

#### Audiences and Ecosystem Integration
We remain focused on our advantages as a unique dual-sided ecosystem anchored on two pillars: (i) monetization of our audiences by leveraging both our consumers' and merchants' customer bases with products and solutions, such as our PicPay Ads, allowing brands and companies to benefit from our huge audience in app and promote their products and services, as well as offering a miscellaneous of non-financial products, such as mobile top-ups, digital goods, in-app game and gift cards, and (ii) ecosystem engagement through a platform that allows online merchants to sell their products and services to more than 42 million quarterly active consumers through PicPay Shop. With

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this integration, we enable multiple benefits for affiliated merchants, such as customer acquisition, engagement of customers through merchant-funded discounts and cashback, and the opportunity for PicPay to cross-sell its own credit and payment acceptance products, such as credit cards, buy-now-pay-later, insurance, as well as our online checkout.

We monetize PicPay Ads by charging an impression fee for sellers and PicPay Shop by charging take rates from online sellers to accept in-app purchases from our consumers.

#### Consolidated Financial Highlights
Our total revenue and financial income for the three months ended September 30, 2025 totaled R$2,731 million, an increase of 94% compared to R$1,410 million for the three months ended September 30, 2024 and an increase of 11% compared to R$2,469 million for the three months ended June 30, 2025. For the nine months ended September 30, 2025, our total revenue and financial income was R$7,264 million, an increase of 92% compared to R$3,784 million for the nine months ended September 30, 2024. For the year ended December 31, 2024, our total revenue and financial income was R$5,570 million, an increase of 61% compared to R$3,459 million for the year ended December 31, 2023. Our total revenue and financial income grew at a CAGR of 69%, from R$1,145 million in 2021 to R$5,570 million in 2024.

**Total revenue and financial income** <br>(*R$ million*)

![](timage_pg168.jpg)

Additionally, we present below an evolution of our revenue mix on a quarterly basis considering: (i) interest revenues coming from our credit operations divided by revenues generating from our unsecured credit portfolio ("Unsecured Credit Products") and our secured credit portfolio ("Secured Credit Products"); (ii) revenues from our operations linked to our transactional activities, also including the distribution of products and services in our platform, as well as financial income from third-party credit cards used by our consumers to conduct transactions in our ecosystem ("Fees, Commissions and Other Services"); and (iii) the difference between the sum of "Unsecured Credit Products", "Secured Credit Products", and "Fees, Commissions and Other Services" to our total net revenue and financial income ("Float").

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Revenues coming from our credit operations represented 50% ("Unsecured Credit Products" and "Secured Credit Products" revenues) from our total net revenue and financial income in the three months ended September 30, 2025. Although credit already represents more than half of our revenue mix, our exposure to unsecured credit lines represents 33% of our total net revenue and financial income, while the remaining 67% comes from products and services that are free of default risk.

#### Quarterly Revenue Mix<br> (% from the total revenue and financial income)
![](timage_pg169.jpg)

____________

Notes:

(1) "Unsecured Credit Products" includes interest revenues from the unsecured credit portfolio (personal loans and credit cards).

(2) "Secured Credit Products" includes interest revenues from the secured credit portfolio (FGTS loans and payroll loans).

(3) "Fees, Commissions, and Other Services" includes total net revenue from transaction activities and other services, as well as financial income originating from the prepayment of third-party credit card transactions conducted by our consumers in the ecosystem.

(4) "Float" is calculated as the difference between total revenue and the sum of secured credit products, unsecured credit products and fees, commissions and other services.

Adjusted Gross Profit totaled R$941 million for the three months ended September 30, 2025, an increase of 27% compared to R$739 million for the three months ended September 30, 2024 and an increase of 11% compared to the three months ended June 30, 2025. For the nine months ended September 30, 2025, our Adjusted Gross Profit totaled R$2,545 million, representing an increase of 26%, from R$2,019 million for the nine months ended September 30, 2024. For the year ended December 31, 2024, our Adjusted Gross Profit totaled R$2,751 million, an increase of 53% compared to R$1,793 million for the year ended December 31, 2023. Such an increase was mainly due to the expansion of our total revenues and financial income, offsetting the increase in financial expenses and costs related to transactions activities in the period. Adjusted Gross Profit is not a measure under IFRS Accounting Standards

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and should not be considered as a substitute for profit (loss) for the period/year or any other measure of operating performance determined in accordance with IFRS Accounting Standards. For a reconciliation of Adjusted Gross Profit to profit (loss) for the period/year before income taxes, see "Summary Financial and Other Information — Other Financial Data."

#### Adjusted Gross Profit<br> (R$ million)
![](timage_pg170.jpg)

____________

Note:

(1) We calculate Adjusted Gross Profit for the three months ended June 30, 2025, as our Profit before income taxes in the amount of R$106 million, adjusted to exclude the following items of income and expense which are not variable expenses that fluctuate with payment and lending volume levels and with the sale of our products and services: (i) technology expenses in the amount of R$125 million; (ii) marketing expenses in the amount of R$98 million; (iii) personnel expenses in the amount of R$325 million; (iv) administrative expenses in the amount of R$99 million; (v) depreciation and amortization in the amount of R$107 million; (vi) other expenses in the amount of R$10 million; and (vii) other income in the amount of R$26 million.

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For the three months ended September 30, 2025, our profit before income taxes was R$168 million, compared to R$123 million for the three months ended September 30, 2024, representing an increase of 37%. There was an increase of 58% compared to the three months ended June 30, 2025. For the nine months ended September 30, 2025, our profit before income taxes was R$351 million, an increase of 24% compared to R$283 million for the nine months ended September 30, 2024. For the year ended December 31, 2024, our profit before income taxes was R$346 million compared to R$2 million for the year ended December 31, 2023.

#### Profit before income taxes <br> (R$ million)
![](timage_pg170a.jpg)

Our profit for the period was R$105 million for the three months ended September 30, 2025, representing a slight decrease of 4% compared to R$110 million for the three months ended September 30, 2024. There was a decrease of 12% compared to the three months ended June 30, 2025. Such decrease was mainly due to the higher interest rates and other financial expenses during the period, reflecting the increase of our funding activities. Additionally, our profit for the period was also impacted by higher credit loss allowance expenses due to the growth and aging of our credit portfolio, as some credits migrated into stages 2 and 3, which require higher provisions, as well by higher

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administrative expenses for the three months ended September 30, 2025. For the nine months ended September 30, 2025, our profit for the period was R$314 million, an increase of 82% compared to R$172 million for the nine months ended September 30, 2024. For the year ended December 31, 2024, profit for the year was R$252 million, an increase of 581% compared to R$37 million for the year ended December 31, 2023.

**Profit (loss) for the period/year**<br> *(R$ million)*

![](timage_pg171.jpg)

*Net Interest Income (NII), Net Interest Margin After Losses (NIMAL) and Quarterly Annualized Net Interest Margin (QANIM)*

Net Interest Income (NII) reached R$1,277 million in the three months ended September 30, 2025, an increase of 88% compared to R$677 million in the three months ended September 30, 2024. In addition, in comparison with the three months ended June 30, 2025, it is essentially stable. Moreover, our Net Interest Margin After Losses (NIMAL) reached R$643 million during the three months ended September 30, 2025, an increase of 32% compared to the three months ended September 30, 2024 and a decrease of 3% compared to the three months ended June 30, 2025.

For the nine months ended September 30, 2025, our NII totaled R$3.5 billion, an increase of 95% compared to the nine months ended September 30, 2024. Our NIMAL for the nine months ended September 30, 2025, totaled R$1,728 million, representing an increase of 26% compared to the same period of the previous year.

For the year ended December 31, 2024, our NII totaled R$2.6 billion, which is 120% higher compared to 2023. The NIMAL reached R$1.7 billion in the twelve months ended December 31, 2024, an increase of 47% compared to 2023. Our quarterly annualized net interest margin (QANIM) reached 19.5% for the three months ended September 30, 2025.

Net Interest Income (NII), Net Interest Margin After Losses (NIMAL) and Quarterly Annualized Net Interest Margin (QANIM) are not measures under IFRS Accounting Standards and should not be considered as substitutes for financial income or any other measure of operating performance determined in accordance with IFRS Accounting

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Standards. For a reconciliation of Net Interest Income (NII) and Net Interest Margin After Losses (NIMAL) to profit before income taxes and of Quarterly Annualized Net Interest Margin (QANIM) to financial income, see "Summary Financial and Other Information—Other Financial Data."

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| | |
|:---|:---|
|  **Net Interest Income (NII)**<sup>(1)</sup> <br> *(R$ millions)* | **Net Interest Margin After Losses (NIMAL)**<sup>(2)</sup><br> *(R$ millions)* |

---

![](timage_pg172.jpg)

____________

Notes:

(1) We calculate Net Interest Income (NII) for the three months ended June 30, 2025 as financial income in the amount of R$2,131 million minus interest and other financial expenses in the amount of R$851 million.

(2) We calculate Net Interest Income After Losses (NIMAL) for the three months ended June 30, 2025 as Net Interest Income (NII) in the amount of R$1,280 million minus credit loss allowance expenses in the amount of R$615 million.

For the three months ended September 30, 2025, our Efficiency Ratio reached 53.8%, a decrease of 16.9 p.p. when compared to 70.7% reached in the three months ended September 30, 2024 and a decrease of 2.4 p.p. when compared to the three months ended June 30, 2025. For the nine months ended September 30, 2025, our Efficiency Ratio reached 56.9%, a decrease of 19.0 p.p. compared to 75.9% reached in the nine months ended September 30, 2024. For the year ended December 31, 2024, our Efficiency Ratio reached 70.8%, representing a decrease of 28.5 p.p. compared to the previous year.

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Efficiency Ratio is not a measure under IFRS Accounting Standards and should not be considered a substitute for any other measure of operating performance determined in accordance with IFRS Accounting Standards. For a reconciliation of Efficiency Ratio see "Summary Financial and Other Information — Other Financial Data."

**Efficiency Ratio**<br> *(%)*

![](timage_pg173.jpg)

____________

Note:

(1) We calculate efficiency ratio for the three months ended June 30, 2025 as the sum of transaction expenses in the amount of R$158.1 million *plus* technology expenses in the amount of R$125.1 million *plus* marketing expenses in the amount of R$98.3 million *plus* personnel expenses in the amount of R$325.2 million *plus* administrative expenses in the amount of R$98.9 million *plus* depreciation and amortization in the amount of R$107.1 million *plus* other expenses in the amount of R$10.2 million, divided by the sum of net revenue from transaction activities and other services in the amount of R$337.7 million *plus* financial income in the amount of R$2,130.9 million *minus* interest and other financial expenses in the amount of R$851.1 million *plus* other income in the amount of R$26.1 million.

We calculate Annual Return on Equity as our profit for the year divided by the average equity for the year. The average equity for the year is defined as the average of equity on the year-end date of the immediately prior year and the equity on the year-end date of the current year. For the year ended December 31, 2024, the average equity consists of the sum of equity as of December 31, 2024, and December 31, 2023, divided by two. For the year ended December 31, 2023, the average equity consists of the sum of equity as of December 31, 2023, and December 31, 2022, divided by two.

We calculate the last twelve-month ("LTM") Return on Equity as the profit for the period for the last twelve months divided by the average equity for the period. For the twelve-month period ended September 30, 2025, we consider the sum of profit for the year ended December 31, 2024, plus the nine-month period ended September 30, 2025 minus the nine-month period ended September 30, 2024, divided by the average equity for the period, which consists of the sum of equity as of September 30, 2024 and September 30, 2025, divided by two. For the twelve-month period ended September 30, 2024, we consider the sum of profit for the year ended December 31, 2023, plus the nine-month period ended September 30, 2024 minus the nine-month period ended September 30, 2023, divided by the average equity for the period, which consists of the sum of equity as of September 30, 2023 and September 30, 2024, divided by two.

For the twelve-month period ended September 30, 2025, our Return on Equity was 17.4%, an increase of 3.2 p.p. compared to 14.2% for the twelve-month period ended September 30, 2024. The increase was mainly due to the acceleration of our net revenue and financial income during the period, followed by the growth of our credit activities and its increased penetration in our consumers' payment journey through our digital wallet, aligned with a low cost to serve during the period.

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Annual Return on Equity and LTM Return on Equity are not measures under IFRS Accounting Standards and should not be considered as substitutes for profit (loss) for the period/year or any other measure of operating performance determined in accordance with IFRS Accounting Standards. For a reconciliation of our Annual Return on Equity and LTM Return on Equity, see "Summary Financial and Other Information — Other Financial Data."

#### Annual Return on Equity and LTM Return on Equity<br> (%)
![](timage_pg174.jpg)

____________

Note:

9M25 LTM means the twelve-month period ended September 30, 2025. 9M24 LTM means the twelve-month period ended September 30, 2024.

In addition, in the nine months ended September 30, 2025, there was a capital increase of R$803.5 million which impacted our Return on Equity during the period.

**Shareholders' Capital Injection**<br> *(R$ million)*

#### Key Business Metrics
The following table sets forth our key business metrics as of and for the periods indicated. We review these key business metrics to evaluate our business, measure our performance, identify trends affecting our business, formulate business plans, and make strategic decisions. In addition, we present these additional business metrics to assist investors in better understanding our business and how it operates. For more information about our key business metrics, see "Presentation of Financial and Other Information — Key Performance Indicators."

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For more information about specific other operational metrics applicable to our business, see "Our Unit Economics."

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of and for the<br> nine months ended<br> September 30,** | **As of and for the<br> nine months ended<br> September 30,** | **As of and for the <br>year ended <br>December 31,** | **As of and for the <br>year ended <br>December 31,** |
|  | **2025** | **2024** | **2024** | **2023** |
|  **Consolidated** |  |  |  |  |
|  Total accounts (in millions) | 65.6 | 58.7 | 60.2 | 52.8 |
|  Deposits (R$ million)<sup>(1)</sup> | 26657 | 16616 | 19983 | 13038 |
|  Total payment volume (TPV) (R$ million)<sup>(2)</sup> | 392456 | 297748 | 421037 | 271164 |
|  Total cash-in (R$ million) | 344045 | 264346 | 374212 | 238258 |
|  **Consumer Banking** |  |  |  |  |
|  Wallet and Banking TPV (R$ million) | 355352 | 270882 | 382509 | 241460 |
|  PicPay Card TPV (R$ million) | 41024 | 26783 | 39227 | 27104 |
|  Own and Third-Party Loan Originations (R$ million) | 7007 | 4808 | 6836 | 2381 |
|  Total Credit Portfolio (R$ million)<sup>(3)</sup> | 18662 | 8290 | 10571 | 575 |
|  **Small & Medium-Sized Businesses** |  |  |  |  |
|  SMB TPV (R$ million) | 28801 | 18972 | 27095 | 23484 |

---

____________

(1) Comprised of the sum of "user balance — payment accounts" and "user balance — CDB" from third-party funds in our consolidated financial statements.

(2) The sum of Wallet and Banking TPV, PicPay Card TPV, PicPay Shop GMV, and SMB TPV is greater than Total TPV due to transactions that are counted in more than one category of TPV. To calculate Total TPV, the sum of Wallet and Banking TPV, PicPay Card TPV, PicPay Shop GMV, and SMB TPV is adjusted to eliminate multiple entries.

(3) Total credit portfolio refers to the consumer loans balance from our consolidated financial statements, which includes the balances of both the credit card and loan portfolios.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of and for the <br>three months ended <br>September 30,** | **As of and for the <br>three months ended <br>September 30,** | **As of and for the <br>year ended <br>December 31,** | **As of and for the <br>year ended <br>December 31,** |
|  | **2025** | **2024** | **2024** | **2023** |
|  **Consolidated** |  |  |  |  |
|  Number of quarterly active clients (in millions) | 42.1 | 37.5 | 39.0 | 34.6 |
|  Quarterly average revenue per quarterly active client (R$)<sup>(1)</sup> | 65.4 | 38.1 | 37.9 | 26.0 |
|  Quarterly average cost to serve per quarterly active client (R$)<sup>(2)</sup> | 17.8 | 16.8 | 17.3 | 14.8 |

---

____________

(1) Quarterly average revenue per quarterly active client for the three months ended September 30, 2025 and for the three months ended September 30, 2024 is, in each case, the total revenue and financial income in the last three months divided by the average number of quarterly active clients during the period (for the three-month period ended September 30, 2025, the average number of quarterly active clients is defined as the average between the second quarter and third quarter of 2025; for the three-month period ended September 30, 2024, the average quarterly active clients is defined as the average between the second quarter and third quarter of 2024). Quarterly average revenue per quarterly active client for the years ended December 31, 2024 and 2023 is, in each case, the sum of the total revenue and financial income in the last twelve months divided by four and then divided by the average number of quarterly active clients during the period (for the twelve month period ended December 31, 2024, the average number of quarterly active clients is defined as the average between the fourth quarter of 2024 and the fourth quarter of 2023; for the twelve month period ended December 31, 2023, the average number of quarterly active clients is defined as the average between the fourth quarter of 2023 and the fourth quarter of 2022).

(2) Quarterly average cost to serve per quarterly active client for the three months ended September 30, 2025 and for the three months ended September 30, 2024 is, in each case, the sum of the total cost to serve in the referred three months divided by the average number of quarterly active clients considering the number of quarterly active clients at the beginning of the period, and the number of quarterly active clients at the end of the period. For the years ended December 31, 2024 and 2023, we consider the sum of the total cost to serve in the last twelve months divided by four and then divided by the average number of quarterly active clients during the period, considering the number of quarterly active clients on the end date of the prior three-month period and the number of quarterly active clients on the end date of the current three-month period. For 2024, the average quarterly active clients is defined as the average between the fourth quarter of 2024 and the fourth quarter of 2023. For 2023, the average quarterly active clients is defined as the average between the fourth quarter of 2023 and the fourth quarter of 2022.

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#### Principal Factors Affecting our Financial Condition and Results of Operations
We believe our operating and business performance is driven by various internal and external factors.

The most significant internal factors include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to attract and retain active consumers and businesses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the adoption of our services, the volume of our ecosystem and the network effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our prices and mix of revenues; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our costs and expenses.

The most significant external factors include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Brazilian macroeconomic environment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Brazilian regulatory environment.

#### Our ability to attract and retain quarterly active consumers and businesses
Consumers are attracted to our platform by the convenience of financial and non-financial products and services that we offer in our ecosystem. Our consumers are the foundation of our business, and we are focused on growing their numbers and retaining them. Our revenues are driven by the number of consumers who are engaged with our platform, the number of products and services each consumer adopts and the aggregate volume and amount of transactions per consumer across our range of financial and non-financial products and services.

We believe our capacity to connect the demand of over 42 million quarterly active consumers to a diverse range of products and services offered by hundreds of thousands of merchants across various market segments helps to attract and retain retail customers over time. In addition, we offer a wide range of acceptance solutions. From transactions via QR Code and Pix to payment link, e-commerce captured through our online payment checkout (e-wallet) directly integrated with the consumers' PicPay wallet and point-of-sale terminals owned by third-party merchant acquirer partners, PicPay caters to the needs of diverse businesses.

To further support businesses, our solutions also include banking services and own and third-party loan products, such as prepayment of receivables and working capital loans. These offerings aim to streamline and expand retailers' businesses, making us an essential partner, especially for micro, small, and medium-sized businesses. With a comprehensive and innovative approach, PicPay positions itself as a key partner for the business ecosystem.

We expect continued growth in quarterly active consumers and businesses driven by the high-quality experiences we provide when they use our products and services, the result of which we believe is high affinity with our brand.

#### The adoption of our services, the volume of our ecosystem and network effect
We believe that our platform benefits from strong network effects: as more consumers join our app, it becomes more attractive for businesses, and as more businesses join it, the perception of value proposition for consumers increases. This mutually reinforcing dynamic fuels accelerated growth of our consumer and business customer base at low cost and resulting in higher engagement and retention. We believe that the two-sided nature of our ecosystem reinforces the growth of each side of the ecosystem, building a self-sustaining cycle of value for both consumers and businesses, which are drawn to our platform's convenience. We believe that as more consumers join our platform, more businesses and third-party financial institutions will be incentivized to come onboard, which will attract even more consumers. Furthermore, we believe that our social network drives user engagement by allowing consumers to connect, interact and transact with friends, families and businesses. We believe that this cycle reinforces the flywheel effect: as more consumers join the social network, the network becomes increasingly valuable to participants who are motivated to bring their contacts into the ecosystem.

#### Our prices and mix of revenues
We believe that we have a diverse product portfolio that we monetize through a variety of fees, commissions, and financial income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Consumer Banking Segment*: fees and commissions paid by partners that compensate us for the distribution of their products and services through our app, such as loan origination, investments and insurance sales. We also generate interchange revenues from our credit cards. Financial income includes

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interest from our credit card loans, and floating. For the nine months ended September 30, 2025 and the nine months ended September 30, 2024, our Consumer Banking segment accounted for 85.7% and 93.8% of our total revenue and financial income, respectively. For the year ended December 31, 2024 and the year ended December 31, 2023, our Consumer Banking segment accounted for 93.5% and 88.9% of our total revenue and financial income, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Small and Medium*-Sized *Businesses Segment*: MDR fees paid by businesses that use PicPay as a payment acceptance method and interchange fees for transactions with our corporate benefits card. Additionally, we generate financial income from floating; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Audiences and Ecosystem Integration Segment*: commissions paid by partners to compensate us for generating incremental sales for them at PicPay Shop and impression fees for our Ads solution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Institutional Segment*: revenues, costs and expenses from financial investments and funding activities at the corporate level.

Our fees and commissions are tailored for each type of transaction, taking into consideration the product, the source of funds (i.e. balance held by consumers in their digital wallet or credit card payments), the number and amount of installment payments and other variables.

As part of our business positioning, transactions generate revenue that vary according to the fee percentage applied to the transaction value. Accordingly, our results are affected by our pricing policies, our mix of revenues and transaction volume.

#### Our Expenses
Through our ecosystem, we are focused on generating high transaction volume with healthy unitary margins. As such, our ability to control our costs and expenses directly affects our results. Our primary expenses are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *transaction expenses:* we incur these non-discretionary expenses in order to provide our products and services. The primary components of our transaction expenses are processing fees, risk prevention services, PicPay Card costs, chargeback, operating losses, and others. We constantly review these expenses in order to identify and capture opportunities to create additional efficiencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *interest and other financial expenses*: these expenses include advance costs (costs we record when we request the advanced payment of receivables from acquirers discounted to present value); consumer balance remuneration (remuneration we pay to consumers on balances held in their digital wallets or digital piggy banks); CDBs; lease interest (interest we pay on installments under our property rental agreements); taxes on financial transactions; default interest (interest paid on late payments to our suppliers); and bank fees (including transfer fees we pay in connection with payments to our suppliers);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *credit loss allowance expenses*: include losses associated with our credits receivable from our customers. We expect our credit losses to fluctuate depending on many factors, including transaction volume and credit limits, macroeconomic conditions, the impact of regulatory changes, and the credit quality of loans receivable. Additionally, credit losses also include reversals of provisions and recoveries, where the customer pays us after the write-off of the receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *technology expenses*: we incur technology expenses in connection with the availability of our application. These expenses include software expenses and IT services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *marketing expenses*: We incur marketing expenses in connection with the acquisition, activation, engagement and retention of our consumers and businesses, as well as our efforts to increase both brand awareness and consumer experience for our products and services. Our marketing expenses include advertising, cashback, digital marketing, customer acquisition expenses, and commission expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *personnel expenses:* we incur personnel expenses in connection with our business support operations. These expenses include employees' salaries, benefits, social security charges, and others; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• administrative expenses:* we incur administrative expenses in connection with our business support operations. These expenses generally include administrative expenses, such as third-party services and financial system services, rent, condominium fee and property services, taxes, provisions for contingencies, cost sharing, and others.

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#### The Brazilian Macroeconomic Environment
We currently operate exclusively in Brazil, which makes our revenue and profitability directly influenced by internal political and economic factors. These factors have an impact on the availability of credit, household disposable income, employment rates, and average wages. Additionally, our results are affected by interest rates and the expansion or contraction of consumer credit, all of which influence the volume and total value of payment transactions. For example, lower interest rates tend to reduce our funding costs, while the decrease in unemployment, combined with economic growth, drives an increase in payment volume. Both our operations and the industry are particularly sensitive to changes in economic conditions.

Brazil is the largest economy in Latin America, as measured by gross domestic product, or "GDP." The following table sets forth certain data relating to GDP, inflation and interest rates in Brazil and the U.S. dollar/*real* exchange rate as of the dates and for the years indicated.

Below we present some macroeconomic indicators for the nine months ended September 30, 2025, as well as for the years ended December 31, 2024 and 2023.

---

| | | | |
|:---|:---|:---|:---|
|  | **For the nine <br>months ended <br>September 30,<br>2025** | **<br>For the year ended <br>December 31,** | **<br>For the year ended <br>December 31,** |
|  | **For the nine <br>months ended <br>September 30,<br>2025** | **2024** | **2023** |
|  Real growth (contraction) in GDP<sup>(1)</sup> | 2.4% | 3.4% | 2.9% |
|  Inflation (IGP-M)<sup>(2)</sup> | 2.8% | 6.5% | (3.2)% |
|  Inflation (IPCA)<sup>(3)</sup> | 517% | 4.8% | 4.6% |
|  Long-term rate – TLP (average)<sup>(4)</sup> | 7.61% | 6.9% | 5.7% |
|  Interest rate (SELIC)<sup>(5)</sup> | 15.0% | 12.2% | 13.3% |
|  Period-end exchange rate *– reais* per US$1.00 | R$5.32 | R$6.19 | R$4.84 |
|  Average exchange rate *– reais* per US$1.00<sup>(6)</sup> | R$5.54 | R$5.39 | R$5.00 |
|  Appreciation (depreciation) of the *real* versus US$ in the period/year<sup>(7)</sup> | (14.1)% | (21.8)% | 7.2% |

---

____________

*Source:* FGV, IBGE, Brazilian Central Bank and Bloomberg.

(1) GDP growth forecast for the full year of 2025 based on data released by the Brazilian Central Bank in the Focus Bulletin published on October 24, 2025.

(2) Inflation (IGP-M) is the general market price index measured by the FGV.

(3) Inflation (IPCA) is a broad consumer price index measured by IBGE. The inflation shown in the table above considers the last 12 months, from October 2024 to September 2025, according to the referenced source.

(4) TLP is the Brazilian long-term rate (average of monthly rates for the period/year) calculated by BNDES.

(5) SELIC (Brazilian Special Clearance and Custody System) is the official interest rate used by the Brazilian Central Bank to conduct monetary policy in Brazil.

(6) Average exchange rate on each business day of the period.

(7) Takes into consideration the U.S. dollar selling exchange rate at closing as reported by the Brazilian Central Bank at the end of the period's last day and the day immediately prior to the period's first day.

The Brazilian government has recently adopted expansionary economic policies aimed at stimulating credit and income, requiring the Brazilian Central Bank to maintain a contractionary monetary policy for a fairly prolonged period, given the risks arising from heated demand, even though current inflation data confirm a path of gradual deceleration in core measures. The Brazilian Central Bank continues to follow its guidance of maintaining the stability of the SELIC rate, reaching the rate of 15.00% per annum in July 2025, which has been maintained as recently as December 2025.

With regard to fiscal policy, the Brazilian government has continued to expand access to the *Bolsa Família* program (a federal direct and indirect cash transfer program that integrates social assistance, health, education, and employment benefits to families living in poverty). In 2024, social spending by the Brazilian federal government increased by 7.8% compared with 2023. In 2025, social spending by the Brazilian federal government is expected to increase by an additional 1.9% compared with 2024, further expanding its share in total government expenditures. In addition, the government approved a tax exemption for salaries up to R$5,000, a measure that is expected to boost consumption in the coming years.

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In the current macroeconomic context, Brazil is maintaining a low level of unemployment, while experiencing a gradual decline in inflation. In addition, Brazil is enjoying stable credit delinquency rates and higher average disposable income. These factors have together driven both credit demand and credit supply, even though interest rates remain high.

*Inflation*

Inflation has a direct impact on certain contracts entered into with our suppliers. Our primary exposure to inflation arises from payments due under property rental agreements, as well as contracts related to our data analysis platform, data software, and consulting services, which may be indexed to inflation. Inflation rates in Brazil are subject to volatility and are influenced by macroeconomic factors beyond our control. However, historically, inflation adjustments have not had a material impact on the cost of our contracts.

Despite the negative impact on costs and expenses, inflation may positively affect our revenue, as increases in consumer prices tend to raise the aggregate value of payments processed through our platform. In addition, the Brazilian economy has been consolidating a process of gradual deceleration in inflation indices, as a result of the conduct of a contractionary monetary policy over recent years. This movement is expected to extend over the coming periods, with inflation gradually converging toward the 3.0% target set by the CMN.

*Interest Rates*

Interest rates affect our business through our interest margins, our fee income and our credit losses.

The Copom acknowledged the scenario of a gradual slowdown in economic activity but highlighted that wage-related pressures persist. In this context, the Copom indicated that it will maintain a restrictive monetary policy for an extended period, until risks to the convergence of inflation toward the target are fully mitigated. The Brazilian Central Bank has acted in a cautious manner, reaffirming its commitment to financial stability and to the proper functioning of the national financial system, with a focus on anchoring expectations.

*Gross Domestic Product (GDP)*

The Brazilian banking sector plays a fundamental role in the country's economy, especially in the current macroeconomic context. With the resumption of growth, financial institutions have been reporting positive results, highlighting their relevance and adaptability.

The strength of economic activity is evident across various sectors. Agribusiness remains the main driver of growth; however, in recent years — particularly in the post-pandemic period — the services and industrial sectors have been operating above their productive capacities, driven by increased demand.

This environment of economic expansion, combined with a strong labor market and expansionary fiscal policies, has strengthened consumption and stimulated demand for credit, directly benefiting the banking sector.

Accordingly, even amid the restrictive conduct of monetary policy by the Brazilian Central Bank, the outlook for the coming years points to economic growth close to Brazil's potential GDP, keeping the output gap in positive territory.

*Fiscal*

Brazil's fiscal situation in February 2025 reflects significant challenges, marked by persistent deficits and rising debt. In 2024, the consolidated public sector recorded a primary deficit of R$47.6 billion, equivalent to 0.40% of GDP, an improvement compared to the R$249.1 billion deficit (2.28% of GDP) observed in 2023.

To address such challenges, the Brazilian government implemented a new fiscal framework in August 2023, replacing the previous spending cap. Such a new regime limits the growth of public expenditures to 70.00% of the real increase in revenues from the previous year, while also establishing minimum and maximum limits for fiscal spending growth, ranging between 0.60% and 2.50% per year. The goal is to achieve a primary surplus of 0.50% of GDP in 2025 and 1.00% in 2026.

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The composition of Brazil's public debt has become more sensitive to interest rate fluctuations due to its high dependence on floating-rate bonds. With the increase in the Selic rate as a measure to control inflation, debt servicing costs have risen, intensifying fiscal pressure in line with global fiscal trends. In response, the government announced a fiscal adjustment package aimed at saving R$70 billion in 2025 and 2026, including restrictions on salary increases and benefits.

In summary, Brazil faces a challenging fiscal scenario, characterized by recurring deficits, rising debt, and inflationary pressures. However, fiscal reforms are underway, driven not only by government and market interests but also by public demand. The effectiveness of such measures will depend on their strict implementation and the Brazilian government's ability to balance fiscal discipline with the need to foster economic growth.

Moreover, with the upcoming election year, the current government's tendency to meet its established targets is strengthening. This outlook has contributed to a short-term reduction in risk aversion, reflecting increased confidence among economic agents.

#### Brazilian Regulatory Environment
The regulatory environment for the financial services and payments industry in Brazil has undergone significant change in recent years due to a concerted effort by the Brazilian Central Bank and the Brazilian government to foster innovation and promote open and fair competition. In 2010, the Brazilian Central Bank and the Administrative Council for Economic Defense (*Conselho Administrativo de Defesa Econômica* — CADE) initiated a series of measures that eliminated exclusivity of certain vendors and opened the market to new entrants. Since then, a new regulatory framework has been developed, such as the means of payments regulation, Open Banking and Pix, the Brazilian Central Bank's instant payment system. For more information, see "Regulatory Overview."

In particular, we believe that our results may be positively affected by the enactment of Open Banking regulations, which are expected to facilitate integration between financial market participants (including traditional banks and Fintechs) and facilitate the ability of consumers to obtain financial products.

#### Acquisitions and New Lines of Business and Other Developments
On January 23, 2023, J&F Participações transferred all of its shares in Liga Invest Distribuidora de Títulos e Valores Mobiliários Ltda., or "Liga Invest," a brokerage firm and securities dealer, to PicPay Brazil for R$27.4 million. As a result of this transaction, Liga Invest became a wholly-owned subsidiary of PicPay Brazil. On January 24, 2023, PicPay Brazil made a capital contribution of R$25.0 million to Liga Invest in exchange for 25,000,000 common shares of Liga Invest. On May 3, 2023 Liga Invest changed its name to PicPay Invest Distribuidora de Títulos e Valores Mobiliários Ltda.

On February 2, 2023, our subsidiary Guiabolso acquired all of the quotas in BX from BX Business LLC. The purchase price was R$9.5 million with earn-out consideration in an amount equal to 25% of BX's future net profit for each of the years in the five-year period ending December 31, 2027 up to a maximum amount of R$70.0 million, subject to certain terms and conditions. BX is active in the Brazilian payroll loan market for public sector employees and business process outsourcing for back-office payroll loans. This acquisition helped us to broaden our financial ecosystem by expanding our financial products offering to our consumer base.

Also in February 2023, we entered into the corporate benefits business, which includes offering flexible vouchers (including employee meal and transportation vouchers, among others), payroll advances, balance sharing between PicPay's consumers and payroll management. Through this new business, PicPay consolidates advantages for both employees and human resources departments on a single platform.

In July 2023, we began consolidating PicPay Invest (formerly Liga Invest), a digital investment platform that was previously controlled by J&F Participações. Through PicPay Invest, we have expanded investment options within our ecosystem to include CDBs, fixed income investments, equity investments and P2B (person to business) initiatives, and we intend to develop and offer additional products over time.

Moreover, PicPay assumed consumer checking accounts, deposits and investment positions previously managed, owned and operated by Banco Original. The decision to assume these operations was made to enable both us and Banco Original to focus on our respective core customer segments while at the same time benefiting from operating and financial synergies in order to increase efficiencies and accelerate the launch of new products and services. These

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operations were transferred to us after the third quarter of 2023. Additionally, in January 2024, the PicPay credit card portfolio was transferred to PicPay from Banco Original and we fully internalized our credit card operations at the start of 2024. For more information, see "Business — Our History — Recent Acquisitions and Corporate Transactions."

In July 2022, we gave our consumers the ability to hold cryptocurrency assets on our platform. These assets are legally held by a third-party custodian. As of December 31, 2022, consumers held cryptocurrency assets on our platform with a fair value of R$12.7 million (US$2.4 million). In October 2023, we began to wind down our cryptocurrency activities and no longer allow our consumers to deposit new cryptocurrency assets in their wallets. In addition, we required our consumers with existing cryptocurrency balances to transfer their remaining cryptocurrency assets out of our wallet or liquidate their balances by December 11, 2023. However, under a more favorable regulatory environment, in July 2025 we resumed cryptocurrency offers on our platform. Such operations are entirely off-balance sheet and structured under a distribution and commission-based model. Accordingly, we do not hold custody of any cryptocurrencies.

During the second quarter of 2024, PicMarket (a digital B2B marketplace developed by Guiabolso Pagamentos in partnership with JBS S.A.) was transferred to JBS S.A., which is an entity under common control. As of March 20, 2024, the date of the transfer, the asset's outstanding balance was R$79.5 million. As consideration for the transfer, JBS S.A. forgave the repayment of R$60.0 million advanced to Guiabolso between October 2022 and April 2024 to help finance the project. The loss related to such write-off was registered as "other expenses" in the amount of R$19.5 million in our audited consolidated financial statements in May 2024.

On September 19, 2025, we entered into an equity purchase agreement for the acquisition of shares representing 100% of the total share capital of Kovr Participações S.A. and its subsidiaries (including Kovr Seguradora S.A., Kovr Previdência S.A., and Kovr Capitalização S.A) (collectively "Kovr") from its controlling shareholders Thiago Coelho Leão de Moura, Eduardo Viegas Silva, Rrennó Participações Ltda. and Renato Agrícola Rennó, and quotas representing 53% of the total share capital of Estrutural from its controlling quotaholders Katia Regina Nigri Zendron Viegas, Marina Peres Leão de Moura, and Sarah Grawer Rennó. We were also granted an option to purchase the remaining 47% of Estrutural's total share capital. Kovr Participações S.A. is a full-service digital insurance company that offers services for multiple partners, with products such as affinity, surety, life, financial lines, among others. Estrutural is specialized in the operation of major company's captive insurances. The completion of this transaction is conditioned on the approval of CADE and SUSEP. For additional information, see "Summary — The Kovr Acquisition."

#### Business Segments
As of September 30, 2025, our organizational structure has four reportable business segments, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) *Consumer Banking*. Our Consumer Banking business segment includes revenues generated from transaction services provided when a consumer uses a credit card registered in our app to transfer money or make payments into their digital wallet for use in a variety of transactions, such as a P2P payment (instant payment between two PicPay accounts) or Pix (instant payments to any other wallet or bank account). In addition, our digital wallet also offers bill payment solutions, allowing consumers to pay their bills via bank issued payment slips using their registered credit card or account balances in the app. When the bill is paid through the account balance, we receive commission from the bill issuers. When the bill is paid using a credit card registered on file, we receive a transaction fee on a regular credit card transaction, as well as the commission from the bill issuer, which is recognized when the bill is paid.

Our Consumer Banking business segment also includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. *Loans*: (i) own loan origination, through which we earn financial income from the interest that we charge on loans; (ii) access to obtain loans from third-party financial institutions. As a bank correspondent, we receive commissions for the distribution of loans in our app. In the event of a default on a loan distributed from a third-party partner, we are not required to return the commission, hence performance obligation is related to facilitating the connection between consumers and the third party partner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. *Credit cards*: we recognize the interchange fee from card transactions once the performance obligation (to approve the transaction and process the payment) is considered to be fulfilled, which is almost immediately following the consumer's card usage. The interchange fee is calculated as a

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percentage of the transaction amount and is retained from the payments made by us to the acquirer to settle the transaction. Additionally, we recognize financial income from the interest that we charge on revolving and refinanced credit card balances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. *Investments products*: we receive brokerage fees for the distribution of investment products within our PicPay Invest platform; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. *Insurance products*: we receive commissions related to the distribution of insurance products from our partners in our financial marketplace.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) *Small and Medium*-Sized *Businesses*. We charge a MDR (merchant discount rate) to registered merchants accepting PicPay as a payment network (P2M), through QR Code, Pix, e-wallet or online (e-commerce) checkout. Our performance obligation is to facilitate the transactions by capturing, processing and settling the transactions to merchants. We receive a variable fee based on the number of installments, merchant size and segmentation, which we deduct from the amounts paid to the merchant. Regarding corporate benefits, we receive interchange fees from transactions conducted by our consumers with their corporate benefits cards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) *Audiences and Ecosystem Integration*. Our Audiences business segment includes commissions received through PicPay Shop (marketplace of non-financial services in app where third-party sellers can sell their products and services to our consumers, including cell phone top-ups, transportation credit, credit on digital platforms, games, clothes, accessories, travel and raffle tickets). We capture a take rate of the gross merchandise volume (GMV) from the third-party sellers, which varies according to the agreement with each seller. We act as an agent in such contracts, offering goods or services of the third-party sellers. Our performance obligation is fulfilled when the consumer uses our app for these transactions and the take-rate is recognized as revenue on that date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Institutional*: Our Institutional business segment includes revenue, costs and expenses from financial investments and funding activities at the corporate level and has the role of managing funding and loans between segments, as well as our cash and liquidity.

Operating business segments are determined based on information reviewed by our board of directors, which is our chief operating decision maker (CODM). The CODM monitors the operating results of its business units separately for the purpose of making decisions about resource allocation and performance assessment.

#### Components of Our Results of Operations

#### Total Revenue and Financial Income
Our total revenue and financial income consists of the sum of our net revenues from transaction activities and other services and our financial income, as detailed below:

*Net Revenue from Transaction Activities and Other Services*

Our net revenue from transaction activities and other services consists of the sum of our revenue from payment transaction activities and other services and revenue from commissions. We generate revenue from various transaction-related activities that take place on our platform and that are charged to platform participants, such as our consumers or our business partners. Revenues are recognized net of consumer incentives considered component of revenues and sales taxes, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Taxes on Services (*Imposto Sobre Serviço*)*,* or "ISS," is a municipal tax that varies based on the service provided. Our ISS tax liability ranges from between 2% and 5% of our gross revenues;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contribution to the Brazilian government's Social Integration Program *(Programa Integração Social)*, or "PIS"*;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contribution to the Brazilian government Social Security Program (*Contribuição para o Financiamento da Seguridade Social*), or "COFINS*."*

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Our principal revenue generating products and services are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consumer Banking: Revenues generated from transaction services provided when a consumer uses a credit card registered in the app to transfer money or make payments into their digital wallet for use in a variety of transactions such as a Person-to-Person ("P2P") payment (instant payment between two PicPay accounts) or Pix (instant payments to any other wallet or bank account). In addition, our digital wallet also offers bill payment solutions, allowing consumers to pay their bills via bank issued payment slips using their registered credit card or account balances in the app. When the bill is paid through the account balance, PicPay receives commission from the bill issuers. When the bill is paid using a credit card registered on file, PicPay receives a transaction fee on a regular credit card transaction, as well as the commission from the bill issuer, which is recognized when the bill is paid.

PicPay's app gives consumers access to obtain loans from third-party financial institutions. As a bank correspondent, PicPay receives commissions for the distribution of loans in its app. In the event of a default on the loan distributed from a third-party partner, PicPay is not required to return the commission hence performance obligation is related to facilitating the connection between consumers and the third party partner. Regarding credit cards, PicPay recognizes the interchange fee from card transactions once the performance obligation (to approve the transaction and process the payment) is considered fulfilled, which is almost immediately following the consumer's card usage. The interchange is calculated as a percentage of the transaction amount and is retained from the payments made by PicPay to the acquirer to settle the transaction. Regarding investments, PicPay receives brokerage fees for the distribution of investment products within our PicPay Invest platform. For insurance products, PicPay receives commissions related to the distribution of insurance products from our partners in our financial marketplace.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Small and Medium-Sized Businesses: PicPay charges a MDR (merchant discount rate) to registered merchants accepting PicPay as a payment network ("P2M"), through QR Code, Pix, e-wallet or online (e-commerce) checkout. PicPay's performance obligation is to facilitate the transactions by capturing, processing and settling the transactions to merchants. PicPay receives a variable fee based on the number of installments, merchant size and segmentation which it deducts from the amounts paid to the merchant. Regarding corporate benefits, PicPay receives interchange fees from transactions conducted by our consumers with their corporate benefits cards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Audiences and Ecosystem Integration: mainly refers to other commissions related to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PicPay Shop: marketplace of non-financial services in app where third-party sellers can sell their products and services to our consumers including cell phone top-ups, transportation credit, credit on digital platforms, games, clothes, accessories, travel and raffle tickets. PicPay captures a take rate of the gross merchandise volume (GMV) from the third-party sellers which varies according to the agreement with the seller. We act as an agent in such contracts, offering the goods or services of the third-party sellers. Our performance obligation is fulfilled when the consumer uses our app for these transactions and the take-rate is recognized as revenue on that date.

*Financial Income*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consumer Banking: Revenues from installment payments corresponding to the remuneration we earn on credit card payments made in installments by consumers in the digital wallet. Also considers revenues from interest income generated through financial investments (corresponding primarily to the income we earn on funds invested in government bonds and other short-term investments).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In addition, it also considers revenues generated from interest income that we earn on consumer loans originated on balance and, own credit cards and revenues from other financial investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Small and Medium-Sized Businesses: Revenues generated from fees that we charge over receivables from credit card transactions accepted by registered merchants.

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The table below summarizes, at a product level, the monetization of our products and services:

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| | | |
|:---|:---|:---|
|  **Product** | **What we charge** | **Who we charge** |
|  Bill Payment | Convenience fee over credit card transactions | Paying consumer |
|  | Bank commission | Partner bank |
|  P2P | Convenience fee over credit card transactions | Paying consumer |
|  Pix | Convenience fee over credit card transactions | Paying consumer |
|  International Remittance and Exchange | Commission fee | Partner |
|  BNPL | Convenience fee and installment fee | Paying consumer |
|  Corporate Benefits | Fee over TPV | Partner company |
|  Cash Withdrawal | Fee per transaction | Consumer |
|  PicPay Card | Interchange fee | Receiving merchant |
|  | Interest rates for revolving credit | Consumer |
|  Loans from third-parties | Commission on loan origination plus success fee on each monthly payment | Partner bank |
|  Loans originated through own balance | Interest rates according to consumers' risk level | Consumer |
|  Insurance | Commission on sale plus on each monthly payment | Partner |
|  Investments | Brokerage fee on each financial operation | Consumer |
|  PicPay Shop | Commission fee | Partner |
|  P2M | MDR over received value | Receiving business |
|  PicPay Ads | Impression fees | Partner |

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We recognize interest income pursuant to the amortized cost method based on the applicable term and the effective interest rate charged on the principal amount. The effective interest rate corresponds to the rate at which estimated future cash receipts are discounted during the estimated useful life of the financial asset in relation to the net carrying amount of such asset.

#### Transaction Expenses
Transaction expenses correspond to the expenses we incur to provide our products and services, including direct costs. The primary components of our transaction expenses are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Processing Fees:* a unitary fee per transaction charged by banks for "cash-in" and "cash-out" transfers (i.e., transfers out of our platform) as well as withdrawals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Third*-Party *Prevention Services:* verification and processing expenses we incur in respect of user transactions, such as identity verification and biometry services, among others. These fees are charged on a unitary basis per analysis undertaken;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *PicPay Card Issuance Expenses:* credit and prepaid card expenses charged in connection with the issuance of the card and card payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Chargeback:* correspond to amounts returned to consumers that successfully dispute charges in their card statements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Operating Losses:* correspond to amounts related to expenses generated by events of fraud and/or operating errors.

#### Interest and Other Financial Expenses
Interest and other financial expenses include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Bank fees*: including transfer fees we pay in connection with payments to our suppliers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Cost of Funding*: including interest expenses paid to consumers who deposit funds in Certificates of Deposit (CDB), which are used to lend money to other consumers in the form of loans. Additionally, it also includes expenses with the Brazilian Credit Guarantee Fund ("FGC");

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Derivative instruments*; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Others*: including lease interest from property rental agreements, tax on financial transactions we pay in connection with CDBs before thirty days of maturity, expenses incurred with foreign exchange rate variations and default interest paid on late payments to our suppliers.

#### Credit Loss Allowance Expenses
Include losses associated with our credits receivable from our customers. We expect our credit losses to fluctuate depending on many factors, including transaction volume and credit limits, macroeconomic conditions, the impact of regulatory changes, and the credit quality of loans receivable. Additionally, credit losses also include reversals of provisions and recoveries, where the customer pays us after the write-off of the receivables.

#### Technology Expenses
We incur technology expenses in connection with the maintenance and development of our app, data analysis and control, server infrastructure, software licenses, equipment maintenance and provisions.

#### Marketing Expenses
We incur marketing expenses in connection with the acquisition, activation, engagement and retention of our consumers and businesses, as well as our efforts to increase both brand awareness and consumer experience for our products and services. Our marketing expenses include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Advertising:* expenses incurred in connection with advertising and TV media, agency fees, search and communication fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Cashback:* expenses incurred in connection with promotional programs and sponsorships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Digital marketing:* including expenses related to sponsorships and marketing campaigns through short message service (SMS);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Customer acquisition expenses:* expenses incurred in connection with performance media (including Google and Facebook) and member-get-member program (paid referral); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Commission Expenses:* point of sale commissions, point of sale material and consumer relationship expenses.

#### Personnel Expenses
Our personnel expenses include salaries, benefits, social security charges and other personnel charges incurred in connection with our employees.

#### Administrative Expenses
We incur administrative expenses in connection with our business support operations. Our administrative expenses include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Third*-Party *Services and Financial System Services*: includes cleaning services, call center, financial system services, and consulting expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Rent, condominium fee, and property services:* includes rental and condominium payments, as well as utilities, such as water and energy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Taxes*: correspond to PIS and COFINS expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Provisions for contingencies*; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Others:* includes travel and accommodation costs, insurance, storage services and corporate events expenses.

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#### Results of Operations

#### Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024
The following table sets forth our consolidated statements of profit or loss information for the nine months ended September 30, 2025 and 2024:

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| | | | |
|:---|:---|:---|:---|
|  | **For the nine months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** |
|  | **2025** | **2024** | **Variation** |
|  | ***(in millions of R$)*** | ***(in millions of R$)*** | ***(%)*** |
|  Net revenue from transaction activities and other services | 1295.1 | 1005.1 | 28.9% |
|  Financial income | 5968.6 | 2778.7 | 114.8% |
|  **Total revenue and financial income** | **7263.8** | **3783.8** | 92.0% |
|  Transaction expenses | (478.2) | (356.1) | 34.3% |
|  Interest and other financial expenses | (2512.0) | (1005.3) | 149.9% |
|  **Total transaction and interest and other financial <br>expenses** | **(2990.3)** | **(1361.5)** | 119.6% |
|  Credit loss allowance expenses | (1728.3) | (403.5) | 328.3% |
|  Technology expenses | (367.8) | (381.6) | (3.6)% |
|  Marketing expenses | (347.2) | (226.5) | 53.3% |
|  Personnel expenses | (882.0) | (786.4) | 12.2% |
|  Administrative expenses | (293.3) | (173.9) | 68.6% |
|  Depreciation and amortization | (325.8) | (207.7) | 56.9% |
|  Other expenses | (51.9) | (28.4) | 82.9% |
|  Other income | 73.3 | 68.8 | 6.5% |
|  **Profit before income taxes** | **350.6** | **283.2** | 23.8% |
|  Current income tax and social contribution | (786.9) | (325.8) | 141.6% |
|  Deferred income tax and social contribution | 750.0 | 214.5 | 249.7% |
|  **Profit for the period** | **313.8** | **172.0** | 82.4% |

---

____________

n.m. = not meaningful.

*Net Revenue from Transaction Activities and Other Services by Segment*

---

| | | | |
|:---|:---|:---|:---|
|  | **For the nine months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** |
|  | **2025** | **2024** | **Variation** |
|  | ***(in millions of R$)*** | ***(in millions of R$)*** | ***(%)*** |
|  Consumer Banking | 984.9 | 842.7 | 16.9% |
|  Small and Medium-Sized Businesses | 237.2 | 98.3 | 141.2% |
|  Audiences and Ecosystem Integration | 73.0 | 64.1 | 13.9% |
|  **Total net revenue from transaction activities and other services** | **1295.1** | **1005.1** | 28.9% |

---

Net revenue from transaction activities and other services increased R$290.0 million, or 28.9%, to R$1,295.1 million in the nine months ended September 30, 2025, from R$1,005.1 million in the nine months ended September 30, 2024. This increase was mainly driven by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Small and Medium*-Sized *Businesses segment*: an increase of R$138.9 million, or 141.2%, to R$237.9 million in the nine months ended September 30, 2025, from R$98.3 million in the nine months ended September 30, 2024. This increase was mainly due to a R$118.4 million increase in revenues driven by higher acquiring activities over the past twelve months, mainly due to the growing traction of our acquiring operations with affiliated small and medium-sized businesses through our brick-and-mortar channels, through the use of POS terminals, smart POS, and TEF solutions; and

[**Table of Contents**](#TOC001)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Consumer Banking*: an increase of R$142.3 million, or 16.9%, to R$984.9 million in the nine months ended September 30, 2025, from R$842.7 million in the nine months ended September 30, 2024. This increase was mainly as a result of a R$130.5 million, or 187.7%, increase in revenues from commissions related to the distribution of insurance products in our platform.

*Financial Income by Segment*

---

| | | | |
|:---|:---|:---|:---|
|  | **For the nine months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** |
|  | **2025** | **2024** | **Variation** |
|  | ***(in millions of R$)*** | ***(in millions of R$)*** | ***(%)*** |
|  Consumer Banking | 6253.0 | 2967.9 | 110.7% |
|  Small and Medium-Sized Businesses | 35.3 | 24.3 | 45.3% |
|  Audiences and Ecosystem Integration | 3.6 | 1.4 | 166.0% |
|  Institutional | 861.9 | 62.0 | 1290.2% |
|  **Subtotal financial income** | **7153.9** | **3055.6** | 134.1% |
|  Inter-segment revenues<sup>(1)</sup> | (1185.3) | (276.9) | 328.0% |
|  **Total Financial Income** | **5968.7** | **2778.7** | 121.8% |

---

____________

(1) Represents eliminations of inter-segment revenue from funding transactions between our Consumer Banking and Institutional segments for R$1,185.3 million for the nine months ended September 30, 2025 and R$276.9 million for the nine months ended September 30, 2024.

Financial income (before eliminations of inter-segment revenue from funding transactions between our Consumer Banking, Small and Medium-Sized Businesses and Institutional segments of R$1,185.3 million and R$276.9 million for the nine months ended September 30, 2025 and September 30, 2024, respectively) in the nine months ended September 30, 2025 increased R$4,098.3 million, or 134.1%, to R$7,153.9 million in the nine months ended September 30, 2025, from R$3,055.6 million in the nine months ended September 30, 2024. This increase was attributable to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Consumer Banking segment*: an increase of R$3,285.1 million, or 110.7%, in the nine months ended September 30, 2025, to R$6,253.0 million from R$2,967.9 million in the nine months ended September 30, 2024. This increase was mainly due to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a R$501.8 million, or 112.3% growth of income from credit cards to R$948.6 million in the nine months ended September 30, 2025, from R$446.8 million in the nine months ended September 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a R$1,483.4 million, or 206.2%, expansion in interest income related to consumer loans to R$2,202.7 million in the nine months ended September 30, 2025, from R$719.2 million in the nine months ended September 30, 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the increase in our Consumer Banking segment can also be explained by the change in the nature of income from credit card transactions paid through a single installment, which was previously recorded as net revenue from transaction activities and other services. Between the end of the first quarter and the beginning of the second quarter of 2025, our digital wallet credit card transactions paid through one single installment was transferred to FIDC PicPay I. Accordingly, income from these transactions began to be recognized through the appreciation of the subordinated quota, which is classified as financial income; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the higher number of payment transactions conducted by our consumers with a credit card as a source of funds in the digital wallet. Revenues from credit card transactions paid through one or multiple installments increased R$414.8 million, or 43.9%, to R$1,359.3 million in the nine months ended September 30, 2025 from R$944.5 million in the nine months ended September 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Institutional segment*: an increase of R$799.9 million, or 1,290.2%, to R$861.9 million in the nine months ended September 30, 2025 from R$62.0 million in the nine months ended September 30, 2024. This increase was mainly driven by increased treasury activities at the corporate level.

[**Table of Contents**](#TOC001)

*Transaction Expenses*

---

| | | | |
|:---|:---|:---|:---|
|  | **For the nine months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** |
|  | **2025** | **2024** | **Variation** |
|  | ***(in millions of R$)*** | ***(in millions of R$)*** | ***(%)*** |
|  Processing fees | (294.1) | (180.1) | 63.3% |
|  Third-party prevention services | (69.8) | (70.6) | (1.1)% |
|  PicPay Card issuance expenses | (77.0) | (47.0) | 63.6% |
|  Chargeback | (20.8) | (35.6) | (41.5)% |
|  Operating losses | (16.5) | (22.8) | (27.7)% |
|  **Total transaction expenses** | **(478.2)** | **(356.1)** | 34.3% |

---

____________

n.m. = not meaningful.

Transaction expenses increased R$122.1 million, or 34.3%, to R$478.2 million in the nine months ended September 30, 2025, from R$356.1 million in the nine months ended September 30, 2024, primarily due to an increase of R$114.0 million, or 63.3%, in processing fees to R$294.1 million in the nine months ended September 30, 2025 from R$180.1 million in the nine months ended September 30, 2024, mainly due to: (i) a R$97.1 million, or 96.6%, increase in expenses related to card scheme fees from R$100.5 million in the nine months ended September 30, 2024 to R$197.6 million in the nine months ended September 30, 2025.

*Interest and Other Financial Expenses*

---

| | | | |
|:---|:---|:---|:---|
|  | **For the nine months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** |
|  | **2025** | **2024** | **Variation** |
|  | ***(in millions of R$)*** | ***(in millions of R$)*** | ***(%)*** |
|  Bank fees | (32.3) | (21.2) | 52.7% |
|  Cost of funding | (2217.3) | (973.3) | 127.8% |
|  Others | (87.8) | (10.9) | 709.0% |
|  Derivative instruments | (174.6) |  | n.m. |
|  **Total interest and other financial expenses** | **(2512.0)** | **(1005.3)** | 149.9% |

---

____________

n.m. = not meaningful.

Interest and other financial expenses increased R$1,506.7 million, or 149.9%, to R$2,512.0 million in the nine months ended September 30, 2025 from R$1,005.3 million in the nine months ended September 30, 2024. This increase was mainly due to a R$1,244.0 million, or 127.8%, increase in our cost of funding from R$973.3 million in the nine months ended September 30, 2024 to R$2,217.3 million in the nine months ended September 30, 2025. This increase was mainly attributed to increased funding activities to support the growth of our operations, especially our credit operations, which increased our cost of funding. During the referred period, we have increased our fixed and variable-term CDBs distribution through third-party channels.

In addition, this increase is also due to an increase of R$174.6 million in derivative instruments from R$0 in the nine months ended September 30, 2024, to R$174.6 million in the nine months ended September 30, 2025, mainly due to expenses regarding mark-to-market of swap contracts and mark-to-market of contracts, as a result of the increase of Brazilian tax rate (DI) for the same period. We did not have derivative financial instruments for accounting and economic hedge purposes in the nine months ended September 30, 2024.

*Credit Loss Allowance Expenses*

---

| | | | |
|:---|:---|:---|:---|
|  | **For the nine months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** |
|  | **2025** | **2024** | **Variation** |
|  | ***(in millions of R$)*** | ***(in millions of R$)*** | ***(%)*** |
|  **Credit loss allowance expenses** | **(1728.3)** | **(403.5)** | 328.3% |

---

[**Table of Contents**](#TOC001)

Credit loss allowance expenses increased R$1,324.8 million, or 328.3%, to R$1,728.3 million in the nine months ended September 30, 2025, from R$403.5 million in the nine months ended September 30, 2024. The higher credit loss allowance expenses are mainly explained by the growth and aging of the credit portfolio, as some credits migrated into stages 2 and 3, which require higher provisions.

For more information related to our lending transactions, see "— Consumer Ecosystem Operating and Financial Highlights — Financial Services." The total expected credit loss ("ECL") allowance for consumer loans recorded in our statements of financial position were 14.8% of the total receivable balance of our consumer loans as of September 30, 2025. ECL refers to the calculation of all financial assets not held at fair value through profit or loss and is presented in our consolidated statements of financial position as a deduction from the gross carrying amount and recognized as an expense in our statement of profit or loss. ECLs account for forecast elements, such as undrawn limits and macroeconomic conditions that might affect our group's receivables. For more information regarding ECL calculation and recognition, see note 8.3 to our audited consolidated financial statements included elsewhere in this prospectus.

*Technology Expenses*

---

| | | | |
|:---|:---|:---|:---|
|  | **For the nine months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** |
|  | **2025** | **2024** | **Variation** |
|  | ***(in millions of R$)*** | ***(in millions of R$)*** | ***(%)*** |
|  Software expenses | (315.0) | (292.0) | 7.9% |
|  IT services | (52.7) | (89.6) | (41.2)% |
|  **Total technology expenses** | **(367.7)** | **(381.6)** | (3.6)% |

---

Technology expenses decreased R$13.9 million, or 3.6%, to R$367.7 million in the nine months ended September 30, 2025 from R$381.6 million in the nine months ended September 30, 2024. This decrease was mainly due to a decrease of R$36.9 million, or 41.2%, in information technology services to R$52.7 million in the nine months ended September 30, 2025, from R$89.6 million in the nine months ended September 30, 2024. Such decrease was mainly due to lower expenses related to the maintenance of systems on our app, as a result of the maturity of our data collection and app development.

This decrease was partially offset by an increase of R$23.0 million, or 7.9%, in software expenses to R$315.0 million in the nine months ended September 30, 2025, from R$292.0 million in the nine months ended September 30, 2024. Such increase was mainly attributed to an increase in expenses related to server infrastructure due to infrastructure services contracted under a cloud model and the management of software environments, which includes processing services provided by cloud providers, management of operating systems and virtual servers, monitoring, backup, and security measures applied to the software environment, as well as dynamic allocation of our computing capacity based on application demand.

*Marketing Expenses*

---

| | | | |
|:---|:---|:---|:---|
|  | **For the nine months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** |
|  | **2025** | **2024** | **Variation** |
|  | ***(in millions of R$)*** | ***(in millions of R$)*** | ***(%)*** |
|  Advertising | (150.6) | (80.4) | 87.4% |
|  Cashback | (33.6) | (25.8) | 30.2% |
|  Digital marketing | (42.2) | (25.5) | 65.2% |
|  Customer acquisition expenses | (118.1) | (91.2) | 29.6% |
|  Commission expenses | (2.7) | (3.6) | (25.8)% |
|  **Total marketing expenses** | **(347.2)** | **(226.5)** | 53.3% |

---

[**Table of Contents**](#TOC001)

Marketing expenses increased R$120.7 million, or 53.3%, to R$347.2 million in the nine months ended September 30, 2025, from R$226.5 million in the nine months ended September 30, 2024. This increase was primarily due to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an increase of R$70.2 million, or 87.4%, in advertising expenses to R$150.6 million in the nine months ended September 30, 2025 from R$80.4 million in the nine months ended September 30, 2024 mainly due to higher expenses related to marketing campaigns and communication, which increased R$64.8 million, or 69.3%, to R$158.4 million in the nine months ended September 30, 2025 from R$93.6 million in the nine months ended September 30, 2024; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an increase of R$27.0 million, or 29.6%, in customer acquisition expenses to R$118.1 million in the nine months ended September 30, 2025, from R$91.2 million in the nine months ended September 30, 2024. This reflects greater investments in performance media in line with our strategy to strengthen our brand and attract new customers to our platform during the period. Total accounts increased by 12%, totaling 65.6 million as of September 30, 2025, compared to a total of 58.7 million accounts as of September 30, 2024.

*Personnel Expenses*

---

| | | | |
|:---|:---|:---|:---|
|  | **For the nine months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** |
|  | **2025** | **2024** | **Variation** |
|  | ***(in millions of R$)*** | ***(in millions of R$)*** | ***(%)*** |
|  Salaries | (386.0) | (345.8) | 11.6% |
|  Benefits | (272.7) | (250.1) | 9.1% |
|  Social security charges | (218.9) | (189.0) | 15.8% |
|  Others | (4.3) | (1.4) | 203.5% |
|  **Total personnel expenses** | **(882.0)** | **(786.4)** | 12.2% |

---

Personnel expenses increased by R$95.6 million, or 12.2%, reaching R$882.0 million in the nine months ended September 30, 2025, compared to R$786.4 million in the same period ended September 30, 2024. This increase was mainly driven by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an increase of R$40.2 million, or 11.6%, in salaries to R$386.0 million in the nine months ended September 30, 2025, from R$345.8 million in the nine months ended September 30, 2024. This growth in salary expenses was primarily attributable to our expansion and the need to hire additional personnel; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an increase of R$29.9 million, or 15.8%, in social security charges to R$218.9 million in the nine months ended September 30, 2025, from R$189.0 million in the nine months ended September 30, 2024, and an increase in benefits of R$22.6 million, or 9.1%, to R$272.7 million in the nine months ended September 30, 2025, from R$250.1 million in the nine months ended September 30, 2024. This increase is in line with the expansion in our personnel as mentioned above.

*Administrative Expenses*

---

| | | | |
|:---|:---|:---|:---|
|  | **For the nine months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** |
|  | **2025** | **2024** | **Variation** |
|  | ***(in millions of R$)*** | ***(in millions of R$)*** | ***(%)*** |
|  Third-party services and financial system services | (178.8) | (87.9) | 103.4% |
|  Rent, condominium fee, and property services | (25.5) | (33.7) | (24.3)% |
|  Taxes | (2.9) | (3.2) | (11.0)% |
|  Expenses with provisions | (31.8) | (9.8) | 225.1% |
|  Others | (54.2) | (39.3) | 37.9% |
|  **Total administrative expenses** | **(293.3)** | **(173.9)** | 68.7% |

---

[**Table of Contents**](#TOC001)

Administrative expenses increased R$119.4 million, or 68.7%, to R$293.3 million in the nine months ended September 30, 2025 from R$173.9 million in the nine months ended September 30, 2024. This increase was mainly due to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an increase of R$90.9 million, or 103.4%, in third-party services and financial system services expenses, to R$178.8 million in the nine months ended September 30, 2025 from R$87.9 million in the nine months ended September 30, 2024, mainly due to higher expenses related to our call center and consultancy and advisory services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an increase of R$22.0 million, or 225.1%, in expenses with provisions, to R$31.8 million in the nine months ended September 30, 2025 from R$9.8 million in the nine months ended September 30, 2024. This increase was due to higher expenses related to civil and labor-related contingencies during the period.

*Depreciation and Amortization*

Our depreciation and amortization increased R$118.1 million, or 56.9%, to R$325.8 million in the nine months ended September 30, 2025 from R$207.7 million in the nine months ended September 30, 2024. This increase was mainly due to increases in amortization expenses related to internally developed software and software licenses.

*Income Taxes and Social Contribution*

Expenses related to income taxes and social contribution totaled R$36.8 million in the nine months ended September 30, 2025, compared to R$111.2 million for the same period of 2024, representing a decrease of R$74.4 million, or 66.9%. This decrease was mainly driven by the higher utilization of tax incentives under the "*Lei do Bem*" (Brazilian research and development tax incentive law) during the first nine months of 2025, as well as changes in the mix of earnings across our subsidiaries, which are subject to different tax rates.

*Profit for the Period*

As a result of the aforementioned, our profit in the nine months ended September 30, 2025 totaled R$313.8 million, as compared to a profit of R$172.0 million in the nine months ended September 30, 2024.

#### Year Ended December 31, 2024 Compared to Year Ended December 31, 2023
The following table sets forth our consolidated statement of profit or loss information for the years ended December 31, 2024 and 2023:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **2024** | **2023** | **Variation** |
|  | ***(in millions of R$)*** | ***(in millions of R$)*** | ***(%)*** |
|  Net revenue from transaction activities and other services | 1524.0 | 1059.9 | 43.8% |
|  Financial income | 4046.1 | 2398.7 | 68.7% |
|  **Total revenue and financial income** | **5570.1** | **3458.6** | 61.0% |
|  Transaction expenses | (493.7) | (438.5) | 12.6% |
|  Interest and other financial expenses | (1438.7) | (1212.5) | 18.7% |
|  **Total transaction and interest and other financial expenses** | **(1932.3)** | **(1651.0)** | **17.0%** |
|  Credit loss allowance expenses | (887.0) | (14.3) | 6102.8% |
|  Technology expenses | (508.6) | (312.1) | 63.0% |
|  Marketing expenses | (333.2) | (312.6) | 6.6% |
|  Personnel expenses | (1090.8) | (879.4) | 24.0% |
|  Administrative expenses | (234.5) | (136.7) | 71.5% |
|  Depreciation and amortization | (292.9) | (169.8) | 72.5% |

---

[**Table of Contents**](#TOC001)

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **2024** | **2023** | **Variation** |
|  | ***(in millions of R$)*** | ***(in millions of R$)*** | ***(%)*** |
|  Other expenses | (33.0) | (4.6) | 617.4% |
|  Other income | 88.2 | 23.5 | 275.3% |
|  **Profit before income taxes** | **346.0** | **1.7** | 89352.9% |
|  Current income tax and social contribution | (545.6) | (50.8) | n.m. |
|  Deferred income tax and social contribution | 451.4 | 86.5 | 6339.4% |
|  **Profit for the year** | **251.8** | **37.4** | 573.3% |

---

____________

n.m. = not meaningful.

*Net Revenue from Transaction Activities and Other Services by segment*

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **2024** | **2023** | **Variation** |
|  | ***(in millions of R$)*** | ***(in millions of R$)*** | ***(%)*** |
|  Consumer Banking | 1275.8 | 816.0 | 56.4% |
|  Small and Medium-Sized Businesses | 164.4 | 92.0 | 78.7% |
|  Audiences and Ecosystem Integration | 83.8 | 76.8 | 9.1% |
|  **Subtotal net revenue from transaction activities and other services** | **1524.0** | **984.7** | 54.8% |

---

Net revenue from transaction activities and other services increased R$539.3 million, or 54.8%, to R$1,524.0 million in the year ended December 31, 2024 from R$984.7 million in the year ended December 31, 2023. This increase was mainly driven by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Consumer Banking segment*: an increase of R$459.9 million, or 56.4%, to R$1,275.8 million in the year ended December 31, 2024, from R$816.0 million in the year ended December 31, 2023. Such increase was mainly due to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an increase of R$323.7 million is attributed to interchange received from transactions conducted by our consumers with our PicPay Card. Such increase can be mainly explained by the beginning of our activities as a card issuer as of January 2024; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an increase of R$95.8 million, or 447.6%, associated with the distribution of insurance products in our platform, to R$117.2 million in the year ended December 31, 2024, from R$21.4 million in the year ended December 31, 2023, mainly as a result of the increase of 251.8% in our active insurance products, to 5.1 million as of December 31, 2024, from 1.5 million as of December 31, 2023.

*Financial Income by segment*

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **2024**  | **2023**  | **Variation** |
|  | ***(in millions of R$)*** | ***(in millions of R$)*** | ***(%)*** |
|  Consumer and Banking | 4386.1 | 2198.0 | 99.5% |
|  Small and Medium-Sized Businesses | 26.1 | 41.5 | (37.2)% |
|  Audiences and Ecosystem Integration | 1.7 | 10.5 | (83.5)% |
|  Institutional | 114.9 | 156.7 | (26.7)% |
|  **Subtotal financial income** | **4528.8** | **2406.8** | 88.2% |

---

____________

n.m. = not meaningful.

[**Table of Contents**](#TOC001)

Financial income in the year ended December 31, 2024 increased R$2,122.1 million, or 88.2%, to R$4,528.8 million in the year ended December 31, 2024 from R$2,406.8 million in the year ended December 31, 2023. This increase was attributable to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Consumer Banking segment:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an increase in financial income related to the beginning of the origination of secured and unsecured loans in October 2023, to R$1,239.3 million in the year ended December 31, 2024 compared to R$27.8 million in the year ended December 31, 2023; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• additionally, the PicPay credit card portfolio was transferred/acquired from Banco Original in January 2024, generating an additional R$687.8 million in financial interest income in the year ended December 31, 2024.

*Transaction Expenses*

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **2024** | **2023** | **Variation** |
|  | ***(in millions of R$)*** | ***(in millions of R$)*** | ***(%)*** |
|  Processing fees | (254.0) | (246.2) | 3.2% |
|  Third-party prevention services | (90.6) | (110.5) | (18.0)% |
|  PicPay Card issuance expenses | (66.7) | (39.2) | 70.2% |
|  Chargeback | (48.6) | (37.4) | 29.9% |
|  Operating losses | (33.8) | (5.2) | 550.0% |
|  **Total transaction expenses** | **(493.7)** | **(438.5)** | 12.6% |

---

Transaction expenses increased R$55.2 million, or 12.6%, to R$493.7 million in the year ended December 31, 2024 from R$438.5 million in the year ended December 31, 2023 primarily due to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an increase of R$28.5 million, or 550.0%, in operating losses to R$33.8 million in 2024 from R$5.2 million in 2023, mainly due to (i) higher expenses from fraud and payment transaction cancellations related to ATM withdrawals, which increased R$20.9 million, or 649.0%, totaling R$24.1 million in the year ended December 31, 2024, compared to R$3.2 million in the year ended December 31, 2023; and (ii) higher expenses related to operational failures during payment processing, which increased R$4.5 million, or 345.9%, totaling R$5.8 million in the year ended December 31, 2024, compared to R$1.3 million in the year ended December 31, 2023; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an increase of R$27.4 million, or 70.2%, in PicPay Card issuance expenses from R$39.2 million in the year ended December 31, 2023 to R$66.7 million in the year ended December 31, 2024. Such increase reflects the higher volume of cards issued throughout 2024, primarily due to: (i) the migration of the credit card operations from Banco Original to PicPay in January 2024, (ii) the accelerated issuance of credit cards within the small limits credit policy for our consumer base, as well as other important initiatives, such as the increased production of secured cards linked to new product features such as the extra limit, which allows consumers to multiply their credit card limits based on the balance invested in their credit card piggy banks.

*Interest and Other Financial Expenses*

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **2024** | **2023** | **Variation** |
|  | ***(in millions of R$)*** | ***(in millions of R$)*** | ***(%)*** |
|  Bank fees | (27.9) | (7.8) | 257.7% |
|  Cost of funding | (1398.5) | (1144.1) | 22.2% |
|  Others | (12.2) | (60.6) | (79.9)% |
|  **Total interest and other financial expenses** | **(1438.7)** | **(1212.5)** | 18.7% |

---

[**Table of Contents**](#TOC001)

Interest and other financial expenses increased R$226.2 million, or 18.7%, to R$1,438.7 million in the year ended December 31, 2024 from R$1,212.5 million in the year ended December 31, 2023. Such increase was mainly due to a R$254.4 million, or 22.2%, increase in our cost of funding from R$1,144.1 million in the year ended December 31, 2023 to R$1,398.5 million in the year ended December 31, 2024.

Such increase to our cost of funding was mainly due to higher expenses associated with the remuneration of CDB products contracted by our consumers, which increased R$272.7 million, or 24.3%, from R$1,123.9 million in 2023 to R$1,396.5 million in 2024, driven by the increase of 53.3% in our consumers' deposits, from R$13.0 billion in 2023 to R$20.0 billion in 2024. Moreover, during 2024, we enhanced both our CDBs with daily liquidity through our consumers' digital accounts and piggy banks, as well as fixed-term CDBs offered through our investment platform, PicPay Invest. Such growth became even more significant starting in the second half of 2024, when we began offering CDBs to consumers outside of our platform through third-party channels.

*Credit Loss Allowance Expenses*

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **2024** | **2023** | **Variation** |
|  | ***(in millions of R$)*** | ***(in millions of R$)*** | ***(%)*** |
|  Credit loss allowance expenses | (887.0) | (14.3) | 6102.8% |

---

Credit loss allowance expenses increased R$872.7 million, or 6,102.8%, to R$887.0 million in the year ended December 31, 2024 from R$14.3 million in the year ended December 31, 2023. This result mainly reflects provisions for on-balance lending transactions beginning in October 2023. For more information related to our lending transactions, see "— Consumer Ecosystem Operating and Financial Highlights — Financial Services." The total expected credit loss ("ECL") allowance for consumer loans recorded in our statements of financial position were 6.8% of our total receivable balance of consumer loans as of December 31, 2024. ECL refers to the calculation for all financial assets not held at fair value through profit or loss and is presented in our consolidated statements of financial position as a deduction from the gross carrying amount and recognized as an expense in our statement of profit or loss. ECLs account for forecast elements, such as undrawn limits and macroeconomic conditions that might affect our Group's receivables. For more information regarding ECL calculation and recognition, see note 8.3 to our audited consolidated financial statements included elsewhere in this prospectus.

*Technology Expenses*

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **2024** | **2023** | **Variation** |
|  | ***(in millions of R$)*** | ***(in millions of R$)*** | ***(%)*** |
|  Software expenses | (376.8) | (247.8) | 52.1% |
|  IT services | (131.8) | (64.3) | 105.0% |
|  **Total technology expenses** | **(508.6)** | **(312.1)** | 63.0% |

---

Technology expenses increased R$196.5 million, or 63.0%, to R$508.6 million in the year ended December 31, 2024 from R$312.1 million in the year ended December 31, 2023. This increase was mainly due to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an increase of R$129.0 million, or 52.1%, in software expenses to R$376.8 million in 2024 from R$247.8 million in 2023. Such increase was primarily due to higher expenses associated with server infrastructure, which increased by R$87.2 million, or 45.2%, from R$192.7 million in 2023 to R$279.8 million in 2024; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an increase of R$67.5 million, or 105.0%, in expenses related to information technology services to R$131.8 million in 2024 from R$64.3 million in 2023. Such increase can be mainly explained by higher expenses with the maintenance and development of our app, which increased by R$40.5 million, or 87.8%, from R$46 million in 2023 to R$86.6 million in 2024, as well as a R$19.7 million increase in expenses related to data analysis and control, mainly due to the enhancement of our credit models with the purpose to offer credit products to a larger consumer base through the analysis of multiple variables to anticipate and manage our consumers' credit risk, such as their monthly income and their transactional behavior within our platform.

[**Table of Contents**](#TOC001)

*Marketing Expenses*

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **2024** | **2023** | **Variation** |
|  | ***(in millions of R$)*** | ***(in millions of R$)*** | ***(%)*** |
|  Advertising | (127.6) | (103.8) | 22.9% |
|  Cashback | (39.3) | (63.4) | (38.0)% |
|  Digital marketing | (38.1) | (28.5) | 33.7% |
|  Customer acquisition expenses | (122.6) | (111.9) | 9.6% |
|  Commission expenses | (5.5) | (5.1) | 7.8% |
|  **Total marketing expenses** | **(333.2)** | **(312.6)** | **6.6%** |

---

***Marketing expenses increased R$20.6 million, or 6.6%, to R$333.2 million for the year ended December 31, 2024, from R$312.6 million for the year ended December 31, 2023. This increase was primarily due to:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***an increase of R$23.9 million, or 22.9%, in advertising expenses to R$127.6 million in the year ended December 31, 2024 from R$103.8 million in the year ended December 31, 2023, mainly due to higher expenses related to marketing campaigns and communication, which increased R$43.8 million, or 42.4%, to R$147.1 million in 2024 from R$103.3 million in 2023;***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an increase of R$10.8 million, or 9.6%, in customer acquisition expenses to R$122.6 million in the year ended December 31, 2024 from R$111.9 million in the year ended December 31, 2023. This increase was mainly due to higher performance media expenses, which increased R$16.6 million, or 14.4%, to R$131.0 million in 2024 from R$111.6 million in 2023. Such increase was partially offset by a R$5.8 million decrease in paid referrals ("member-get-member") expenses due to lower volume of new consumers acquired through referrals; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an increase of R$9.7 million, or 33.7%, in expenses associated with digital marketing to R$38.1 million in 2024 from R$28.5 million in 2023. Such increase was mainly due to higher expenses with SMS (Short Message Service) marketing campaigns, which increased by R$7.1 million, or 26.6%, to R$33.7 million in 2024 from R$26.6 million in 2023. Such growth is aligned with the strengthening of our strategies to increase consumer engagement, together with the expansion of products, services, and promotions offered on our platform.

Such increases were partially offset by a decrease of R$24.1 million in cashback to R$39.3 million in 2024 from R$63.4 million in 2023. Such decrease is part of our strategy of only offering cashback to encourage our existing consumer base to use higher margin and newly launched products rather than offering cashback to attract new consumers to our base.

#### Personnel Expenses

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **2024** | **2023** | **Variation** |
|  | ***(in millions of R$)*** | ***(in millions of R$)*** | ***(%)*** |
|  Salaries | (472.8) | (375.0) | 26.1% |
|  Benefits | (359.4) | (295.7) | 21.6% |
|  Social security charges | (256.1) | (214.8) | 19.3% |
|  Others | (2.5) | 6.1 | n.m. |
|  **Total personnel expenses** | **(1090.8)** | **(879.4)** | 24.0% |

---

____________

n.m. = not meaningful.

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Personnel expenses increased R$211.4 million, or 24.0%, to R$1,090.8 million in the year ended December 31, 2024 from R$879.4 million in the year ended December 31, 2023. The increase was primarily due to higher expenses related to (i) salaries, which increased R$97.8 million, or 26.1%, to R$472.8 million in the year ended December 31, 2024 from R$375.0 million in the year ended December 31, 2023; and (ii) benefits, which increased by R$63.7 million, or 21.6%, to R$359.4 million in the year ended December 31, 2024 from R$295.7 million in the year ended December 31, 2023. Additionally, such increase was mainly driven by higher provisions for bonuses related to employee performance and distribution of results.

Moreover, during 2023, we focused on accelerating and developing new products and services to increase our retail offerings following the migration of retail accounts from Banco Original to PicPay, and, as a result, we had lower personnel expenses due to significant expenditures related to hours worked by our technology developers and engineers that were recorded as capital expenditures and recognized as part of our intangible assets.

#### Administrative Expenses

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **2024** | **2023** | **Variation** |
|  | ***(in millions of R$)*** | ***(in millions of R$)*** | ***(%)*** |
|  Third-party services and financial system services | (112.6) | (78.4) | 43.6% |
|  Rent, condominium fee, and property services | (35.3) | (24.1) | 46.5% |
|  Taxes | (3.5) | (1.8) | 94.4% |
|  Expenses with provisions | (16.9) | (13.5) | 25.2% |
|  Others | (66.1) | (18.8) | 251.6% |
|  **Total administrative expenses** | **(234.4)** | **(136.7)** | 71.5% |

---

Administrative expenses increased R$97.8 million, or 71.5%, to R$234.4 million in the year ended December 31, 2024 from R$136.7 million in the year ended December 31, 2023. This increase was mainly due to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a R$34.2 million, or 43.6%, increase in third-party services, which includes accounting and legal consultancy, call center and financial system services, to R$112.6 million in 2024 from R$78.4 million in 2023;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a R$47.3 million, or 251.6%, increase in others, which includes expenses related to travel and accommodation costs and provisions, to R$66.1 million in 2024 from R$18.8 million in 2023; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a R$11.2 million, or 46.5%, increase in rent, condominium fee and property services to R$35.3 million in 2024 from R$24.1 million in 2023.

#### Depreciation and Amortization
Our depreciation and amortization increased R$123.1 million, or 72.5%, to R$292.9 million in the year ended December 31, 2024 from R$169.8 million in the year ended December 31, 2023. This increase was mainly due to increase in amortization expenses related to internally developed software and software licenses.

#### Other Expenses
Other expenses totaled R$33.0 million in the year ended December 31, 2024, compared to R$4.6 million in the year ended December 31, 2023, an increase of R$28.4 million, mainly as a result of write-off of fixed assets in the year ended December 31, 2024.

#### Other Income
Other income totaled R$88.2 million in the year ended December 31, 2024, compared to R$23.5 million in the year ended December 31, 2023, an increase of R$64.7 million, mainly as a result of financial income in connection with inflation indexation of tax assets related to withholding income taxes on income from financial investments in the year ended December 31, 2024.

[**Table of Contents**](#TOC001)

#### Income Taxes and Social Contribution
Income taxes and social contribution was an expense of R$94.2 million in the year ended December 31, 2024, a variation of R$129.9 million, from a benefit of R$35.7 million in the year ended December 31, 2023. This variation was primarily due to higher profit before income taxes, which increased to R$346.0 million in the year ended December 31, 2024 from R$1.7 million in the year ended December 31, 2023.

#### Profit for the Year
As a result of the foregoing, profit for the year ended December 31, 2024 totaled R$251.8 million, as compared to a profit for the year of R$37.4 million in the year ended December 31, 2023.

#### Liquidity and Capital Resources

#### Sources and Uses of Funding
Our principal sources of liquidity are (1) user balance — CDB and (2) user balance — payment accounts. We primarily use our cash flow from operations to fund (1) our working capital expenses and (2) our capital expenditures.

Our cash and cash equivalents totaled R$6.5 billion and R$7.5 billion as of September 30, 2025 and December 31, 2024, respectively. We believe that our current available cash and cash equivalents and the projected cash flows from our operating activities will be sufficient to meet our working capital requirements and capital expenditure needs in the ordinary course of our business for the next 12 months and beyond.

In 2023, we began offering credit services to our customers. PicPay Brazil and PicPay Bank are under the oversight of the Brazilian Central Bank and are mandated to meet the capital requirements in line with prevailing legislation. Pursuant to these regulatory standards, our management actively oversees our assets and liabilities, a critical aspect that involves managing mismatches in maturity dates that may arise from the expansion of our credit portfolio, and assiduously monitoring our access to liquidity. These efforts are systematic and include a weekly forum to discuss liquidity needs and market risks, as well as ongoing monitoring of capital requirements and constant communication with our controlling shareholder regarding our capital needs. The deployment of these credit services through PicPay Bank's balance sheet has not altered our principal liquidity sources.

During the year ended December 31, 2024, we became subject to the capital requirements applicable to banks, represented by a total capital ratio of 10.5%, a Tier I capital ratio of 8.5% and a common equity capital ratio of 7% of risk-weighted assets (RWA) (all including the 2.5% capital conservation buffer requirement). Such change resulted in our failure to comply with the necessary capital requirements. As a response, we presented the following plan to BACEN with the purpose of meeting the requirements again. The plan was formulated with input from financial advisors and has received formal approval from our Board of Directors as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we undertook a capital increase of R$230.0 million, with a capital injection of R$100.0 million on June 28, 2024, and an additional R$130.0 million on September 19, 2024. Additionally, in 2025, PicPay received a total capital injection of R$803.5 million, divided into six installments: the first on February 26, 2025, in the amount of R$321.7 million; the second on March 25, 2025, in the amount of R$50.0 million; the third on April 28, 2025, in the amount of R$125.5 million; the fourth on May 27, 2025, in the amount of R$50.0 million; the fifth on July 21, 2025, in the amount of R$108.4 million, and the sixth on September 23, 2025, in the amount of R$149.4 million. For more information, see note 18 – Equity of our consolidated financial statements included elsewhere in this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we established contingency arrangements pursuant to which our controlling shareholders are prepared to provide additional capital contributions if required to ensure our ongoing compliance with BACEN's regulatory capital requirements. Until we reach the maturity of our user base and have a complete portfolio of products and services, we will continue to require contributions from our shareholders. The need for such contribution is projected through periodic monitoring of our cash flow and must be approved by our board of directors and by BACEN. Our current shareholders have committed to support all actions required for continuing as a going concern, with the firm commitment to invest additional funds if necessary.

This new required capital level has not materially affected our operations. Given our current stage, our asset growth has been monitored by our senior management and our controlling shareholders have met all of our requirements for capital adequacy, as needed, given the level of leverage established in these more conservative BACEN's level standards. Additionally, our plan has been accepted by BACEN.

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On September 30, 2025, our capital ratio was 11.68% (compared to 9.69% on December 31, 2024), which is 3.68% above the minimum regulatory requirement of 8% (1.69% above the minimum regulatory requirement on December 31, 2024) and achieved 100% of the additional principal conservation capital requirement of 2.5% (67.6% on December 31, 2024).

With the purpose to restore compliance of 100% of additional principal capital, on February 26, 2025, J&F International invested R$319.9 million in PicPay Netherlands without the issuance of new shares. On the same date, PicPay Netherlands invested the same amount in PicS Ltd. without the issuance of new shares. On February 27, 2025, PicS Ltd. invested R$321.5 million in PicS Holding through the issuance and subscription of 321,489,832 quotas, all nominative and with a par value of R$1.00 each. On the same date PicS Holding invested R$321.8 million in PicPay Bank through the issuance and subscription of 88,121,683 shares, all nominative and without par value.

We monitor and forecast our capital needs in order to maintain compliance with regulatory requirements and internal target capital ratios, maintaining constant communication with our parent company to ensure timely fulfillment of capital needs. As part of this process, on March 25, 2025, J&F International invested R$50.3 million in PicPay Netherlands without the issuance of new shares. On March 26, 2025, PicPay Netherlands invested the same amount in PicS Ltd. without the issuance of new shares. On the same date PicS Ltd. invested the same amount in PicS Holding through the issuance and subscription of 50,000,000 quotas, all nominative and with par value of R$1.00 each. On March 27, 2025, PicS Holding invested the same amount in PicPay Bank through the issuance and subscription of 31,643,364 shares, all nominative and without par value.

---

| | | |
|:---|:---|:---|
|  | **As of <br>September 30,<br>2025** | **As of <br>December 31,<br>2024** |
|  | **As of <br>September 30,<br>2025** | **As of <br>December 31,<br>2024** |
|  | ***(in millions of R$)*** | ***(in millions of R$)*** |
|  Tier I | 1954.2 | 1098.6 |
|  Tier II |  |  |
| &nbsp;&nbsp;&nbsp; Total Capital (Tier I + Tier II) | 1954.2 | 1098.6 |
| &nbsp;&nbsp;&nbsp; Risk-Weighted Assets (RWA) | 16738.1 | 11342.5 |
| &nbsp;&nbsp;&nbsp; Credit Risk (RWA CPAD) | 12916.3 | 7183.6 |
| &nbsp;&nbsp;&nbsp; Market Risk (RWA MPAD) | 18.6 | 28.9 |
| &nbsp;&nbsp;&nbsp; Operational Risk (RWA OPAD) | 1972.4 | 2242.9 |
| &nbsp;&nbsp;&nbsp; Payment Service Risk (RWA SP) | 1830.8 | 1887.1 |
| &nbsp;&nbsp;&nbsp; CAR (Basel Index) | 11.68% | 9.69% |

---

We present below an evolution of the composition of our risk-weighted assets and the Basel index evolution since December, 2024.

**Risk**-weighted **assets and Basel index evolution**<br> *(R$ billion, %)*

[**Table of Contents**](#TOC001)

As part of this process, on July 21, 2025, J&F International invested R$108.5 million in PicPay Netherlands without the issuance of new shares. On the same day, PicPay Netherlands invested the same amount in PicS Ltd., without the issuance of new shares. On July 23, 2025, PicS Ltd. invested R$108.3 million in PicS Holding through the issuance and subscription of 108,317,593 quotas, all nominative and with a par value of R$1.00 each. On the same day, PicS Holding invested R$107.9 million in PicPay Bank through the issuance and subscription of 46,423,381 shares, all nominative and without par value.

On September 23, 2025, J&F International invested R$149.4 million in PicPay Netherlands without the issuance of new shares. On September 24, 2025, PicPay Netherlands invested the same amount in PicS Ltd., without the issuance of new shares. On September 25, 2025, PicS Ltd. invested R$150.4 million in PicS Holding through the issuance and subscription of 150,394,107 quotas, all nominative and with a par value of R$1.00 each. On September 26, 2025, PicS Holding invested R$150.0 million in PicPay Bank through the issuance and subscription of 60,880,607 shares, all nominative and without par value.

On November 25, 2025, J&F International invested R$360.0 million in PicPay Netherlands without the issuance of new shares. On the same day, PicPay Netherlands invested the same amount in PicS Ltd., without the issuance of new shares, and PicS Ltd. invested the same amount in PicS Holding, through the issuance and subscription of 360,000,000 quotas, all nominative and with a par value of R$1.00 each.

On November 26, 2025, we approved a disproportional partial spin-off of PicS Holding, which involved the transfer of equity in the amount of R$360.0 million to J&F Participações S.A. As a result, J&F Participações S.A. no longer holds a direct interest in PicS Holding. Following the completion of this transaction, PicS Ltd. became the holder of 100% of the share capital of PicS Holding.

For more information, see "Regulatory Overview — Other Rules — Prudential Framework and Limits of Exposure" and "Risk Factors — Risks Relating to Legal and Regulatory Matters — Our business is subject to extensive government regulation and oversight in Brazil, and our status under these regulations may change. Any failure to comply with current or future regulations could result in significant costs, expose us to substantial liability, or require adjustments to our business practices. Any of these outcomes may materially and adversely affect our business and results of operations."

#### Cash Flows
The table below sets forth our cash flows for the periods presented:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the nine months ended <br>September 30,** | **For the nine months ended <br>September 30,** | **For the year ended <br>December 31,** | **For the year ended <br>December 31,** |
|  | **2025** | **2024** | **2024** | **2023** |
|  | ***(in millions of R$)*** | ***(in millions of R$)*** | ***(in millions of R$)*** | ***(in millions of R$)*** |
|  Net cash from (used in) operating activities | (1228.0) | (454.5) | 2290.5 | 1567.0 |
|  Net cash used in investing activities | (546.4) | (2219.8) | (2525.1) | (537.1) |
|  Net cash from (used in) financing activities | 796.5 | 224.0 | 327.1 | (12.2) |
|  Net increase (decrease) in cash and cash equivalents | (978.0) | (2450.4) | 92.6 | 1017.6 |

---

*Nine Months Ended September 30, 2025, Compared to Nine Months Ended September 30, 2024*

*<u>Operating Activities</u>*

Our net cash used in operating activities for the nine months ended September 30, 2025, was R$1,228.0 million compared to R$454.5 million for the nine months ended September 30, 2024. Changes in our operating assets and liabilities were primarily attributable to the aggregate effect of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a R$1,348.7 million of cash outflow in "financial investments" for the nine months ended on September 30, 2025, compared to R$122.1 million for the same period of 2024, related to the acquisition of treasury bonds and its fair value in consequence of changes of Brazilian interest rate.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a R$8,233.4 million of cash outflow in "consumer loans" related to the expansion of credit origination on our statement of financial position in the nine months ended on September 30, 2025, compared to R$4,793.6 million in the same period of 2024. This variation occurred primarily due to the expansion of our credit portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a cash outflow of R$1,582.0 million as of September 30, 2025 in our trade receivables and other receivables compared to a cash inflow of R$89.3 million as of September 30, 2024. This change results from the growth in our card operations, given the time gaps between transaction processing, fund receipt, and accounting recognition. This factor, combined with the expansion of new business lines within our app, contributed to an increase in our trade receivables and other receivables. This increase is consistent with our strategic and operational changes during the period and represents an expectation of future receipts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a cash inflow in third-party funds of R$8,462.9 million as of September 30, 2025, compared to R$4,335.4 million as of September 30, 2024. This is related to the funds obtained via our CDBs through our own investment platform as well as through third-party platform distribution.

<u>Investing Activities</u>

Our net cash flows used in investing activities were R$546.4 million for the nine months ended on September 30, 2025 compared to R$2,219.8 million for the nine months ended on September 30, 2024. This decrease was primarily due to the acquisition of credit card operations of R$1,815.0 million from Banco Original in January 2024.

<u>Financing Activities</u>

Net cash from financing activities was a generation of cash of R$796.5 million for the nine months ended September 30, 2025, compared to a generation of cash of R$224.0 million for the nine months ended September 30, 2024. This increase was mainly due to an amount of R$803.5 million from a share capital increase during the nine months ended September 30, 2025 with the purpose to comply with credit requirements established by the BCBS and the Brazilian Central Bank regulations, in connection with the expansion of our operations.

*Year Ended December 31, 2024, Compared to Year Ended December 31, 2023*

<u>Operating Activities</u>

Our net cash from operating activities for the year ended December 31, 2024, was R$2,290.5 million compared to R$1,567.0 million for the year ended December 31, 2023. Changes in our operating assets and liabilities were primarily attributable to the aggregate effect of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a R$6,891.7 million of cash inflow in "variations in operating liabilities — third-party funds" related to PicPay Bank CDBs offered to PicPay Brazil consumers in 2024, compared to R$4,263.6 million in 2023. In 2023, we only offered CDBs that were indexed to the CDI and could be redeemed at any time by our consumers. In 2024, in addition to daily liquidity CDBs, we began offering fixed-term CDBs through third-party platforms in addition to our PicPay Invest app, which contributed to an increase in total deposits during the year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a R$2,745.5 million of cash inflow in "variations in operating liabilities — trade payables and other obligations" in 2024 mainly related to credit card transactions corresponding to the amount payable to acquirers in connection with credit and prepaid card transactions compared to a cash inflow of R$266.4 million in 2023. Until December 2023, Banco Original was the issuing bank of our PicPay Card. However, after January 2024, PicPay became the sole issuer of its credit card, assuming obligations with card networks. For more information, see "Business — Our History — Recent Acquisitions and Corporate Transactions" and "Management's Discussion and Analysis of Financial Condition and Results of Operations — Principal Factors Affecting our Financial Condition and Results of Operations — Acquisitions and New Lines of Business and Other Developments."

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The aforementioned effects were partially offset by a R$6,552.3 million increase of cash outflow in "consumer loans" related to the expansion of credit origination on our balance sheet in 2024, compared to R$533.2 million in 2023. We began originating credit in October 2023, and the transaction gained more traction in 2024. Additionally, on January 26, 2024, PicS Holding acquired certain outstanding credit card assets from Banco Original. The transaction included only balances from customers with a less than 20 days past due credit position and has been accounted for as asset acquisition. As a result of such transaction, the credit card operations of our retail customers are now managed by PicS Holding.

<u>Investing Activities</u>

Our net cash flows used in investing activities were R$2,525.1 million for the year ended December 31, 2024 compared to R$537.1 million for the year ended December 31, 2023. This increase was primarily due to the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acquisition of credit card operations of R$1,815.0 million in the year ended December 31, 2024, from Banco Original on January 2024; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acquisition of intangible assets of R$521.2 million for the year ended December 31, 2024, related to internally and externally developed software, in connection with our continuing development of improvements to our digital solutions compared to R$497.4 million for the year ended December 31, 2023.

<u>Financing Activities</u>

Net cash from financing activities was R$327.1 million for the year ended December 31, 2024, compared to net cash used in financing activities of R$12.2 million for the year ended December 31, 2023. This increase was mainly due to R$230.0 million that was invested in PicS Holding by J&F Participações on June 28 and September 19, 2024, through the issuance and subscription of 230,000,000 quotas, all nominative and without par value, and a share capital increase of R$105.6 million that was invested in PicS Holding by J&F International on December 23, 2024, which did not occur in 2023.

#### Off-Balance Sheet Arrangements
Pre-approved credit card limits (off-balance) totaled R$6.2 billion as of September 30, 2025.

#### Indebtedness
As of September 30, 2025, we had no material outstanding indebtedness.

#### Capital Expenditures
For the nine months ended September 30, 2025 and 2024, our capital expenditures (defined as additions to property, plant and equipment and intangible assets) totaled R$546.4 million and R$404.8 million, respectively. In the years ended December 31, 2024 and 2023, capital expenditures totaled R$582.1 million and R$502.1 million, respectively. Our capital expenditures primarily relate to our investments in computers and leased assets and in intangible assets related to upgrading and developing our IT systems, software and infrastructure.

#### Critical Accounting Judgements and Key Estimates and Assumptions
Our audited consolidated financial statements are prepared in conformity with IFRS Accounting Standards, as issued by the IASB. In preparing our consolidated financial statements, we make certain assumptions, judgments and estimates that can have a significant impact on amounts reported in our consolidated financial statements. We base our assumptions, judgments and estimates on historical experience and various other factors that we believe to be reasonable under the circumstances. Actual results could differ materially from these estimates under different assumptions or conditions. We regularly reevaluate our assumptions, judgments and estimates. Our critical accounting judgments and key estimates and assumptions are described in note 4 to our audited consolidated financial statements included elsewhere in this prospectus.

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#### Recent Accounting Pronouncements

#### Standards, Interpretations and Amendments that are Available for Early Adoption
The new standards and amendments effective for the periods beginning after January 1, 2025 are described in our unaudited condensed consolidated interim financial statements. For more information, please see note 5 to our unaudited condensed consolidated interim financial statements. Our management does not expect the adoption of the referred amendments to have a significant impact on our Group's unaudited condensed consolidated interim financial statements.

#### Quantitative and Qualitative Disclosure about Market Risk
We monitor market, credit and operational risks consistent with our capital management objectives and supported by the oversight of our board of directors.

We have implemented a risk management structure that comprises policies and procedures and that encompasses the evaluation and monitoring of our operating, credit and liquidity risks (including risks related to our cash flow and the investment of funds held in payment accounts).

Our risk management procedures are continuously and consistently reviewed by our management and are fundamental to our ability to achieve our strategies.

We are primarily subject to the following risks:

#### Credit risk
Credit risk is defined as the possibility that a counterparty will not fulfill its obligations to us (whether pursuant to an agreement or a financial instrument), resulting in a loss of expected cash receipts or a financial loss.

Our credit risk arises from our cash, cash equivalents, financial investments, acquirer and card issuer receivables, other receivables and consumer loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *cash and cash equivalents*: credit risk related to deposits and investments in financial institutions are managed by our risk and treasury departments, with priority being given to amounts on deposit in institutions assessed "AAA" ratings by rating agencies (Moody's, S&P or Fitch). Based on our risk assessment, our expected credit loss is not material since our accounts receivable are mainly highly liquid investments and operational accounts approved by large financial institutions that have a low overall risk level based on ratings assessed by major credit rating agencies. Moreover, these financial institutions are the legal obligors in respect of these accounts receivables.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *financial investments*: these primarily relate to bonds issued by the Brazilian federal government and reverse repos collateralized by bonds issued by the Brazilian federal government. There is no significant expected credit loss recognized for these assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *acquirer and card issuer receivables*: we recognize amounts we receive from acquirers related to our operations as a sub-acquirer and from card issuers related to our activities as an acquirer and also when our consumers use our app to make payments using an on-boarded credit card. These receivables are payable in up to twelve monthly installments. As a result, we are exposed to the risk of default by the acquirers and card issuers.

As a sub-acquirer, we use Brazilian acquirers (such as Stone, Cielo and GetNet), and we seek to avoid concentration in any single acquirer and to increase financial efficiency. As an acquirer, we process transactions with a number of card issuers.

We use only acquirers authorized, supervised and monitored by the Brazilian Central Bank, taking into consideration minimum equity requirements for the transaction, and which have been assessed a "AAA" domestic rating by rating agencies (Moody's, S&P or Fitch). The acquirers may default on their financial obligations due to a lack of liquidity, operational failure or other reasons. In these situations, we can be held liable to pay receivables to businesses without having received the applicable amounts by the acquirer. Through the date of this prospectus, we have not suffered any losses on receivables from acquirers.

Our management does not expect that we will incur any significant losses from non-performance by these counterparties in excess of the amounts that we have recognized as chargebacks.

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Credit card issuers are supervised by the Brazilian Central Bank. The payment processing networks (Visa, Mastercard, Elo and others) have their own risks and guarantee models to evaluate and mitigate the default risk of the issuers, which mitigate the risk of the acquirers and the systemic risk of Brazilian payment arrangements. Furthermore, acquirers and issuers have instituted other risk mitigation measures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• amounts due within 27 days of the original transaction, including those that fall due with the date of the first installment of installment receivables, are guaranteed by the payment processor in the event that the legal obligors do not make payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tools for mitigating operational failures, such as fraud prevention, among others.

As of September 30, 2025, we had an amount receivable totaling R$278.6 million (R$181.6 million as of December 31, 2024) from the acquirers and R$3,628.4 million (R$3,653.8 million as of December 31, 2024) from card issuers, based on the probabilities of default attributed by the rating agencies and the risk mitigation processes presented above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *consumer loans*: includes (i) personal loans, FGTS loans and public and private payroll loans beginning in October 2023, and (ii) credit card transactions made in one-payment or multiple installments with interest and without interest, beginning in January 2024, for certain consumers who meet credit performance criteria. Personal loans are the borrowing a fixed amount of money to pay for a variety of expenses and then repaying those funds in regular payments or installments over time. Payroll loans are loans for which the payments and interest are discounted either directly from the consumer's salary from the payroll of a public or private entity or from government-paid pensions or other benefits. This linkage to the payroll, which means that the installments are automatically deducted from customers' paychecks, is a significant credit risk enhancement. FGTS loans are collateralized by deposits held in government accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *credit card limit risks including undraw limit risk*: includes pre-approved credit card limits that were not yet taken by credit card consumers. As of September 30, 2025, we had R$6.2 billion of undrawn credit card limits off-balance.

As of September 30, 2025, we had a provision for expected credit losses related to consumer loans and credit card operations in the amount of R$2.4 billion (compared to R$864 million as of December 31, 2024).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *other receivables*: consist mainly of transactions with related parties that are based on terms and conditions negotiated with our related companies. As of September 30, 2025, we did not record any impairment loss for these receivables as we expect them to be repaid in full.

As a result of the nature of our financial services and the counterparty related to our receivables and investments, we have not observed any significant credit risk increase. Additionally, we do not have any credit-impaired financial assets.

The table below presents the balance of our financial assets as well as our off-balance exposures to pre-approved credit card limits:

---

| | | |
|:---|:---|:---|
|  | **As of <br>September 30, <br>2025** | **As of <br>December 31,<br>2024** |
|  | ***(in millions of R$)*** | ***(in millions of R$)*** |
|  Cash and cash equivalents | 6493.7 | 7471.7 |
|  Financial assets measured at fair value through other comprehensive income | 3996.3 | 3099.1 |
| &nbsp;&nbsp;&nbsp; Financial investments | 3996.3 | 3099.1 |
|  Financial assets at fair value | 70.8 | 100.1 |
| &nbsp;&nbsp;&nbsp; Financial investments | 41.0 | 45.9 |
| &nbsp;&nbsp;&nbsp; Derivative instruments | 29.9 | 54.2 |
|  Financial assets measured at amortized cost | 25308.8 | 14669.6 |
|  Financial investments | 939.8 |  |
|  Trade receivables | 3967.1 | 3877.2 |
|  Consumer loans | 18662.4 | 10571.3 |
|  Other receivables | 1739.4 | 221.1 |
|  Pre-approved credit card limits (off-balance) | 6205.8 | 4455.2 |
|  **Total** | **42075.5** | **29795.6** |

---

[**Table of Contents**](#TOC001)

#### Market Risk
Market risk is defined as the possibility that the market value of financial instruments or investments will increase or decrease as a result of volatility and unpredictable variations in market valuations.

As of September 30, 2025 and December 31, 2024, we had entered into certain derivative financial instruments strictly for economic hedging purposes. We have adopted a policy that prohibits us from entering into derivatives for speculative purposes.

Such risks are identified, quantified, mitigated, regulated, and reported in accordance with our exposure to market risk guidelines defined during our governance process. Moreover, these limits are immediately and independently monitored by our commercial departments.

With the purpose to monitor and control such market risks, we adopt several methods, including stress scenarios, sensitivity — delta variation (DV), exposure mismatches (GAP), and interest rate risks (IRRBB).

*Interest rate risk*

Interest rate risk is the risk of potential changes in interest rates adversely affecting the value of a company's assets, liabilities, or future cash flows.

DV01 or interest rate sensitivity refers to the effect on market valuations of cash flows when there is an increase of one basis point in the current benchmark, interest rates or in the index. Mathematically, the DV01 measures the change in the value of fixed interest rate portfolio for every one basis point (one basis point is equal to 0.01%) change in the benchmark interest rate.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **DV01 – As of September 30, 2025** | **DV01 – As of September 30, 2025** | **DV01 – As of September 30, 2025** | **DV01 – As of September 30, 2025** |
|  | ***(in R$ million)*** | ***(in R$ million)*** | ***(in R$ million)*** | ***(in R$ million)*** |
|  | **Asset** | **Liability** | **Derivative** | **Amount** |
|  Fixed interest rate financial instruments | (1.7) | 1.2 | 0.5 | 0.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **DV01 – As of December 31, 2024** | **DV01 – As of December 31, 2024** | **DV01 – As of December 31, 2024** | **DV01 – As of December 31, 2024** |
|  | ***(in R$ million)*** | ***(in R$ million)*** | ***(in R$ million)*** | ***(in R$ million)*** |
|  | **Asset** | **Liability** | **Derivative** | **Amount** |
|  Fixed interest rate financial instruments | (1.2) | 0.7 | 0.4 | (0.1) |

---

Moreover, we measured our sensitivity to changes in the relevant risk variables that were reasonably possible at the applicable date. The reasonably possible risk variation considered an increase in 10% and a decrease in 10% in the benchmark interest rate. For fixed rate instruments, the table below presents the sensitivity of the fair value of to the reasonably possible change. For floating rate instruments, the table below presents the sensitivity of 12 months of interest income/expense (assuming no other changes to balance or rates during this period).

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Rate risk** | **Total <br>portfolio <br>amount** | **<br>Basic interest rate shock** | **<br>Basic interest rate shock** |
|  | **Rate risk** | **Total <br>portfolio <br>amount** | **10%** | **-10%** |
|  | ***(in thousands of R$)*** | ***(in thousands of R$)*** | ***(in thousands of R$)*** | ***(in thousands of R$)*** |
|  **As of September 30, 2025** |  |  |  |  |
|  **Type** |  |  |  |  |
|  **Financial assets** |  |  |  |  |
|  Government Bonds – LFT | SELIC | 4029312 | 60037 | (60037) |
|  Government Bonds – LTN | Fixed Rate | 939797 | 14003 | (14003) |
|  Government Bonds – NTN<sup>(3)</sup> | IPCA | 1003 | 15 | (15) |
|  Derivative financial instruments | CDI | 29884 | 433 | (433) |
|  Reverse repurchase agreements – National Treasury Note (NTN-B) | Fixed Rate | 2489996 | 37101 | (37101) |
|  Consumer Loans<sup>(1)</sup> | Fixed Rate | 18662448 | 278070 | (278070) |
|  Futures Contract – CDI Rate<sup>(2)</sup> | CDI | 4905016 | 73085 | (73085) |

---

[**Table of Contents**](#TOC001)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Rate risk** | **Total <br>portfolio <br>amount** | **<br>Basic interest rate shock** | **<br>Basic interest rate shock** |
|  | **Rate risk** | **Total <br>portfolio <br>amount** | **10%** | **-10%** |
|  **Financial liabilities** |  |  |  |  |
|  Futures Contract – CDI Rate<sup>(2)</sup> | CDI | (7741292) | (115345) | 115345 |
|  Payment accounts | CDI | (651771) | (9711) | 9711 |
|  CDBs | CDI | (26005266) | (387478) | 387478 |
|  Other obligations under financial instruments | CDI | (215195) | (3206) | 3206 |
|  **As of December 31, 2024** |  |  |  |  |
|  **Type** |  |  |  |  |
|  **Financial assets** |  |  |  |  |
|  Government Bonds – LFT | SELIC | 2338261 | 28644 | (28644) |
|  Government Bonds – LTN | Fixed Rate | 800367 | 9805 | (9805) |
|  Derivative financial instruments | CDI | 54187 | 664 | (664) |
|  Reverse repurchase agreements – National Treasury Note (NTN-B) | Fixed Rate | 4809999 | 58923 | (58923) |
|  Consumer Loans<sup>(1)</sup> | Fixed Rate | 10571338 | (129499) | 129499 |
|  **Financial liabilities** |  |  |  |  |
|  Payment accounts | CDI | (889296) | (10894) | 10894 |
|  CDBs | CDI | (19094153) | (233903) | 233903 |
|  Futures Contract – CDI Rate<sup>(1)</sup> | CDI | (2955650) | (36207) | 36207 |

---

____________

(1) Refers to gross amount consumer loans.

(2) Futures Contract — CDI Rate to hedge interest rate risk of the assets and liabilities of the FIDC. The "Total portfolio amount" represents the notional amount.

(3) The IPCA (*Índice de Preços ao Consumidor Amplo*) is Brazil's benchmark consumer price index, calculated by the Brazilian Institute of Geography and Statistics (IBGE). It measures the change in the cost of a basket of goods and services and is Brazil's official inflation gauge used by the Central Bank to set monetary policy.

*Foreign exchange risk*

Foreign exchange risk is the potential financial loss that can occur due to fluctuations in the exchange rates between different currencies.

We are subject to payment obligations related to suppliers regarding services and software licenses that are denominated in foreign currency and checking accounts in U.S. dollars in connection with our international transactions. The existence of these exposures mitigate some of the volatility in the foreign exchange market given the fact that they move in opposite directions. Consequently, transactions and financial commitments in currencies other than the local currency are managed more effectively.

The table below sets forth a sensitivity analysis of our exposure to foreign exchange variations as of September 30, 2025 and December 31, 2024, assuming all other variables remain constant.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
|  |  |  | **Basic interest rate shock** | **Basic interest rate shock** |
|  **Type** | **Rate risk** | **Total Exposure** | **+10%** | **-10%** |
|  | ***(in R$ million)*** | ***(in R$ million)*** | ***(in R$ million)*** | ***(in R$ million)*** |
|  Trade payables | Dollar | 3 |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  |  |  | **Basic interest rate shock** | **Basic interest rate shock** |
|  **Type** | **Rate risk** | **Total Exposure** | **+10%** | **-10%** |
|  | ***(in R$ million)*** | ***(in R$ million)*** | ***(in R$ million)*** | ***(in R$ million)*** |
|  Trade payables | Dollar | 3 |  |  |

---

[**Table of Contents**](#TOC001)

*Hedge accounting*

We hold portfolios of customers' lending at fixed interest rates, which creates market risk due to changes to the Brazilian benchmark interest rate. Therefore, with the purpose to protect the fixed rate risk from CDI variation, we entered into future DI contracts to offset the market risk, and applied hedge accounting to eliminate differences between the accounting measurement of our derivatives and hedged items which are adjusted to reflect changes in the CDI.

In accordance with our hedging strategy, we adopt the "portfolio layer" method.

This method allows us to use part of our portfolio of financial assets as a fair value hedge during the hedging period in the occurrence of events such as prepayment, default or sale of operations. The interest rate risk arising from layers is mitigated by purchasing DIV01 futures contracts as a hedging instrument. The number of contracts per net maturity needed to cover exposure is assessed on the basis of DV01.

We calculate the DV01 (delta value of a basis point) of the exposure and futures to identify the optimal hedging ratio, and monitor in a timely manner the hedge ratio, providing any rebalancing if needed. The need for the purchase or sale of new future DI contracts will be assessed, to counterbalance the hedged item's market value adjustment, aiming to assure hedge effectiveness between 80% and 125%, as determined in our hedge documentation.

The effectiveness test for hedge is performed in prospective and retrospective manners. In the prospective test, we compare the impact of a 1 basis point parallel shift on the interest rate curve (DV01) on the hedge item and on the hedge instrument market value. For the retrospective test, the market-to-market value change since the inception of the hedged item is compared to the hedge instrument. In both cases, the hedge is considered effective if the correlation is between 80% and 125%.

For designated and qualifying fair value hedges, the cumulative change in the fair value of the hedging derivative and of the hedged item attributable to the hedged risk is recognized in our condensed consolidated interim financial statements of profit or loss in "Interest income and gains (losses) on financial instruments — financial assets at fair value." In addition, the cumulative fair value of the hedged item attributable to the hedged risk is recorded as part of the carrying value of the hedged item in our consolidated statement of financial position.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  | **Total amount of <br>hedged item** | **Fair Value <br>Adjustment to the <br>Hedge Object** | **Fair Value <br>Adjustment to the <br>Hedge Object** | **Fair value <br>adjustment to <br>the hedging <br>instrument** |
|  **Type** | **Total amount of <br>hedged item** | **Asset** | **Liability** | **Fair value <br>adjustment to <br>the hedging <br>instrument** |
|  | ***(in R$ millions)*** | ***(in R$ millions)*** | ***(in R$ millions)*** | ***(in R$ millions)*** |
|  Interest Rate Risk |  |  |  |  |
|  Interest Rate Contracts – Future – Payroll Loan | 766.9 |  | (0.7) | 0.7 |
|  Interest Rate Contracts – Future – FGTS Loan | 4812.0 |  | (44.0) | 44.0 |
|  Interest Rate Contracts – Future – Liabilities Pre | (1576.8) |  | (55.5) | 55.5 |
|  Interest Rate Contracts – Future – LTN Bonds | 902.9 | 16.0 |  | (16.0) |
|  **Total** | **4905.0** | **16.0** | **(100.2)** | **84.2** |

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[**Table of Contents**](#TOC001)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Total amount <br>of hedged <br>item** | **Fair Value <br>Adjustment to the <br>Hedge Object** | **Fair Value <br>Adjustment to the <br>Hedge Object** | **Fair value <br>adjustment to <br>the hedging <br>instrument** |
|  **Type** | **Total amount <br>of hedged <br>item** | **Asset** | **Liability** | **Fair value <br>adjustment to <br>the hedging <br>instrument** |
|  | ***(in R$ millions)*** | ***(in R$ millions)*** | ***(in R$ millions)*** | ***(in R$ millions)*** |
|  Interest Rate Contracts – Future – Payroll Loan | 988.6 |  | (11.8) | 11.8 |
|  Interest Rate Contracts – Future – FGTS Loan | 1766.4 |  | (143.2) | 143.2 |
|  Interest Rate Contracts – Future – Liabilities Pre | (587.7) |  | 17.8 | (17.8) |
|  Interest Rate Contracts – Future – LTN Bonds | 783.1 |  | (17.2) | 17.2 |
|  **Total** | **2950.4** | **—** | **(154.5)** | **154.5** |

---

#### Liquidity risk
Liquidity Risk is the risk that we do not have sufficient liquid resources to honor our financial commitments due to a mismatch in terms of volume between the receipts and payments provided for in our cash flow.

Our liquidity management processes include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cash liquidity monitoring: daily update of our administrative and operational cash flow, detailing the inflows and outflows, including the cash projection and stress scenario.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• minimum cash limits: establishing minimum cash limits, which allow preemptive actions to be taken to ensure sufficient resources to meet financial commitments.

Our projected cash flow is generated and monitored daily by our treasury department to ensure that we have the required resources to meet our financial commitments and operational needs. For the projection of cash, growth assumptions and stress factors are used, which include increased losses and expenses.

The information on financial liabilities is essential for the projection and management of cash flow, ensuring that we have the necessary resources to settle our obligations.

As a cash management measure, our treasury invests surplus funds in highly liquid and low risk assets. We do not have assets pledged as guarantees for loans, financial operations or contractual obligations.

Liquidity risk refers to our ability to meet both expected and unexpected obligations, without disrupting daily operations or incurring significant losses.

In order to mitigate such risks, our management has adopted a diversified approach to financing, in addition to its main base of deposits. We have implemented a liquidity risk management policy, which involves the use of various tools and activities, such as daily cash flow forecasts, liquidity profile monitoring, and maintenance of adequate cash reserves. Stress tests are conducted to assess the impact of uncommon events on our finances and we have a contingency plan to deal with liquidity shortages during crises. Any new initiative or product is preliminarily assessed by the market and liquidity risk department.

The treasury department is in charge of coordinating with other sectors to ensure the effective implementation of our liquidity management strategy.

As part of our cash flow management, our treasury department invests in highly liquid, low-risk assets whenever there are resource surpluses. We do not use our assets as collateral for loans, financial transactions or contractual obligations.

Detailed information on financial liabilities is essential for cash flow projections and management, ensuring that we have adequate resources to meet our obligations. For additional information regarding the contractual maturity of our lease liabilities, see note 18 to our audited consolidated financial statements included elsewhere in this prospectus.

[**Table of Contents**](#TOC001)

The table below shows our expected maturities as of the dates presented:

#### Liabilities

---

| | | | |
|:---|:---|:---|:---|
|  | **Maturity as of September 30, 2025** | **Maturity as of September 30, 2025** | **Maturity as of September 30, 2025** |
|  | **Less than <br>1 year** | **More than <br>1 year** | **Total** |
|  | ***(in millions of R$)*** | ***(in millions of R$)*** | ***(in millions of R$)*** |
|  Third-party funds – payment accounts | 651.8 |  | 651.8 |
|  Third-party funds – CDBs | 18044.1 | 7961.1 | 26005.3 |
|  Third-party funds – Other obligations under financial instruments |  | 215.2 | 215.2 |
|  Third-party funds – Others | 880.6 |  | 880.6 |
|  Obligations to FIDC quota holders |  | 789.0 | 789.0 |
|  Trade payables | 4348.4 | 127.4 | 4475.8 |
|  **Derivative Financial Instrument** | 15.4 |  | 15.4 |
|  **Total** | **23940.4** | **9092.7** | **33033.1** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Maturity as of December 31, 2024** | **Maturity as of December 31, 2024** | **Maturity as of December 31, 2024** |
|  | **Less than <br>1 year** | **More than <br>1 year** | **Total** |
|  | ***(in millions of R$)*** | ***(in millions of R$)*** | ***(in millions of R$)*** |
|  Third-party funds – payment accounts | 889.3 |  | 889.3 |
|  Third-party funds – CDBs<sup>(1)</sup> | 16488.3 | 2605.9 | 19094.2 |
|  Third-party funds – Others | 220.5 |  | 220.5 |
|  Obligations to FIDC quota holders |  | 704.8 | 704.8 |
|  Trade payables | 3319.0 | 46.3 | 3365.3 |
|  **Total** | **20917.1** | **3356.9** | **24274.0** |

---

____________

(1) The issuance of a daily liquidity CDB allows the counterparty to redeem the invested amount at any time until its final maturity, without any type of grace period. Therefore, it is important to evaluate and monitor the redemption behavior of these positions, so that liquidity risk management is carried out in a conservative manner. The methodology adopted provides for an Average Redemption Curve, calculated monthly and categorizing the issuances by batches. The analysis therefore reflects an average redemption behavior of our liquid liabilities.

#### Fraud Risk
We are exposed to several operating risks, the most relevant of which is the risk of fraud arising from undue, illegal or criminal activity that causes a financial loss to a party in connection with a financial transaction effected through our platform. Credit card fraud includes the unauthorized use of lost, stolen, fraudulent, counterfeit, or altered cards, as well as the misuse of the user payment account. Within this context, we are exposed to losses due to transaction chargebacks (i.e., cancellations).

The chargeback process begins when a user effects a transaction via credit card through our platform and, for reasons unrelated to us, contests the transaction with the card issuer, which forwards the contested transaction to the merchant acquirer, which cancels the transaction, reducing the volume of payables due to us.

We have departments dedicated to preventing fraud through anti-fraud processes and strategies and the real-time monitoring of transactions that use payment wallet balances or credit cards for paying bank payment slips, or making withdrawals or transfers between consumers. As a result of this monitoring, we identify, approve or decline transactions effected through our platform.

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#### Material Weakness in Internal Controls and Remediation
Our accounting resources and internal control framework were originally put into place to meet Brazilian regulatory and private-company reporting requirements and have not yet been fully scaled to address the internal control over financial reporting requirements applicable to U.S. public companies under the Sarbanes-Oxley Act.

As part of management's aforementioned ongoing assessment of the effectiveness of internal controls, we identified certain material weaknesses in our internal control over financial reporting related to: (i) "change management" to our IT systems; (ii) the effectiveness tests on "access management controls" for specific systems in the periodic review process of some users; and (iii) the financial reporting closing processes. A material weakness is a deficiency or combination of deficiencies in internal control over financial reporting.

As of the date of this prospectus, we are working on implementing a remediation plan with respect to the material weaknesses identified above. We expect that based on the implementation of action plans already defined, each of the material weaknesses will be substantially remediated during 2026. We cannot guarantee that the measures we have taken to date and actions we may take in the future will be sufficient to remediate the control deficiencies that led to our material weaknesses in our internal control over financial reporting or that they will prevent or avoid potential future material weaknesses. For additional information, see "Risk Factors — Risks Relating to Our Business and Industry — We have identified material weaknesses in our internal control over financial reporting, and if we fail to establish and maintain effective internal controls over financial reporting we may be unable to timely and accurately report our results of operations, meet our reporting obligations and/or prevent fraud. In addition, our accounting and other management systems and resources may not be immediately prepared to meet the reporting requirements applicable to U.S. public reporting companies, which may strain our resources."

#### JOBS Act
We are an emerging growth company, or "EGC," under the JOBS Act. The JOBS Act provides that an EGC can delay adopting new or revised accounting standards until such time as those standards apply to private companies. We have irrevocably elected not to avail ourselves of this exemption, and therefore, we will be subject to the same new or revised accounting standards as other public companies that are not emerging growth companies.

Subject to certain conditions set forth in the JOBS Act, if, as an EGC we choose to rely on this exemption, we may not be required to, among other things, (1) provide an auditor's attestation report on our system of internal controls over financial reporting pursuant to Section 404 of the Sarbanes-Oxley Act, (2) provide all of the compensation disclosure that may be required of non-emerging growth public companies under the Dodd-Frank Wall Street Reform and Consumer Protection Act (3) comply with any requirement that may be adopted by the PCAOB regarding mandatory audit firm rotation or a supplement to the auditor's report providing additional information about the audit and the financial statements (auditor discussion and analysis), and (4) disclose certain executive compensation related items such as the correlation between executive compensation and performance and comparisons of the CEO's compensation to median employee compensation These exemptions would apply for a period of five years following the completion of this offering or until we are no longer an "emerging growth company," whichever is earlier. Notwithstanding our decision as to whether or not to avail ourselves of the exemptions provided to EGCs under the JOBS Act, as a foreign private issuer, we may nonetheless be able to avail ourselves of certain of the provisions of the JOBS Act, such as the exemptions relating to disclosure of executive compensation. See "Risk Factors — Risks Relating to Being a Foreign Private Issuer, an Emerging Growth Company and a Controlled Company — As a foreign private issuer and an "emerging growth company" (as defined in the JOBS Act), we will have different disclosure and other requirements than U.S. domestic registrants and non-emerging growth companies."

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#### Our Unit Economics

#### Consumer Acquisition Costs (CAC)
Consumer acquisition cost is based on marketing expenses, which include the amounts for performance media and member-get-member expenses (which is comprised of paid referrals), divided by the number of new consumers acquired during the period.

The chart below illustrates (1) our cumulative contribution margin per consumer, which is the incremental profit we generate from our consumers after deducting the costs we incur from their transactions on a cumulative basis and (2) our average payback period, which is the average amount of time it takes for us to recoup our consumer acquisition costs, for each cohort from the first quarter of 2022 to the second quarter of 2025. We define contribution margin as the sum of net revenue from operating activities and financial income, less transaction expenses, incentives, and financial expenses such as account remuneration and interest on prepayment of receivables related to transactions made with credit cards in our platform). Our CAC totaled an average of R$12.3 or US$2.3 dollars (based on the *real*/U.S. dollar exchange rate of R$5.3186 per US$1.00 as of September 30, 2025) over the aforementioned period. We analyze all of this data on a per consumer basis taking into consideration the number of consumers acquired in the initial quarter applied throughout the entire period of analysis.

On average, we have been able to recover our CAC within 9 months, while continuing to increase our revenue and expand contribution margins significantly thereafter. Moreover, new cohorts are reaching breakeven, on average, in six months. We believe our strong payback dynamics and revenue retention rates are supported by our high consumer engagement and low churn, as well as our ability to scale and monetize new products and services.

#### Cumulative Contribution Margin per Consumer <br> (cohorts from 1Q22 to 2Q25)
![](timage_pg211.jpg)

#### Total Accounts
Total accounts is an important measure to evaluate the growth of our business and our market positioning. As of September 30, 2025, we reached 65.6 million accounts, an increase of 12% compared to September 30, 2024. Total accounts grew at a CAGR of 19% from 2021 to 2024.

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**Total Accounts**<sup>(1)</sup>

*(in millions)*

____________

*Source***:** (1) Brazilian Central Bank.

#### Clients
Quarterly active clients are an important measure of the reach and adoption of our products and are directly correlated to the growth of our business. We reached 42 million quarterly active clients as of September 30, 2025, an increase of 12% compared to September 30, 2024. We define quarterly active clients as any clients that has accessed our app and/or made at least one financial transaction during the quarter and/or generated revenues during the quarter.

The chart below sets forth the evolution in our quarterly active clients for the periods presented:

#### Quarterly Active Clients<br> (in millions)
![](timage_pg212a.jpg)

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#### Cross-Selling Strategy
As we further improve our platform and expand our ecosystem by introducing new products and services, not only do older cohorts accelerate their adoption of new products and services, but new cohorts onboard at more mature levels and adopt new products and services faster. As shown in the chart below, the 2024 and 3Q25 cohorts adopted more than two products in their first quarter. We measure our cross-selling index by calculating the average number of products transacted in the quarter grouped by annual cohorts. This metric includes all products from the digital wallet, financial services, investments, and services.

The chart below sets forth the evolution of our cross-selling index for the period presented:

#### Cross-Selling Index <sup>(</sup> ¹ <sup>)</sup> <br> (average number of products transacted in the quarter / user)
____________

(1) Weighted average of product use per annual cohort.

Consumers with credit products have a higher cross-selling index of close to 5 products per consumer taking into consideration the average from the most mature cohorts.

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**Cross**-Selling **Index from Credit holders**<br>(average number of products transacted in the quarter/user)

![](timage_pg214.jpg)

#### Transactions by Quarterly Cohort
Additionally, we have observed that our cohorts consistently increased the number of transactions they effect monthly through our platform, as shown in the chart below. The average number of transactions per active consumer from 1Q21 to 3Q25 cohorts was 33.

**Number of Transactions per Month by Quarterly Cohort**

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#### Consumer Engagement
As we expand our digital wallet beyond a simple day-to-day transactional tool, we have introduced a wide range of products and features, such as the Account Aggregator and PicPay's Payment Assistant, which are designed to centralize and simplify the financial lives of millions of Brazilians. This strategy has resulted into a consistent improvement in consumer engagement metrics across our platform.

The chart below illustrates the evolution of the average of daily active consumers (DAU) (indexed in 100 basis points) from January 2020 to September 2025, a period during which we recorded approximately 22-fold growth since the beginning of the historical series. Additionally, we also present the evolution of the monthly average number of transactions per consumer from January 2023 to September 2025, which almost doubled during this period.

![](timage_pg215.jpg)

#### Primary Financial Services Platform
Our strategic vision includes a clear commitment to becoming our consumers' primary financial services platform, and we believe our consumers are increasingly selecting us as their primary financial services provider relationship as they become more comfortable with our solutions and user experience, increasing engagement and usage of our products. We consider ourselves as the primary financial services provider relationship for quarterly active consumers who have: (1) deposited 50% or more of their post-tax monthly income into their PicPay digital wallet; (2) utilized 50% or more of their drawdown credit card limit in the market on our platform; or (3) invested at least three times their post-tax monthly income in any of our investment products.

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![](timage_pg216.jpg)

As of September 30, 2025, 32% of our monthly active consumers from the 2022 cohort onwards, on average, used PicPay as their primary financial services platform, an increase of eight percentage points when compared to the corresponding period in the prior year. More consumers are choosing PicPay as their primary financial services platform as a result of our efforts to improve user experience and provide the best-in-class products and services in line with our consumers' financial needs. We believe that this metric will continue to increase over the next few years.

#### Percentage of Monthly Active Consumers that Use PicPay as Their Primary Financial Services Platform<br>by Monthly Cohort
As of September 30, 2025, 44% of our monthly credit holder consumers from the 2022 cohort onwards, on average, used PicPay as their primary financial services platform.

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**Percentage of Monthly Credit Holder Consumers that Use PicPay as Their Primary Financial Services Platform by Monthly Cohort**

#### Cash-in Evolution
Our digital wallet is our most mature product offering and the foundation of our growth strategy. It was designed to enable consumers to perform several kinds of day-to-day payments in an easy, frictionless and convenient manner. Consumers can add funds to the balance of their accounts in different ways: (1) electronic funds transfers from their accounts held with other financial institutions (wire transfers), including via the Brazilian Central Bank's instant payment system, Pix; (2) via bank slips (*boletos*); (3) by receiving funds via P2P payments; (4) payroll portability; (5) contracting loans; or (6) transferring funds from other banks in app through Open Finance (in which case, PicPay serves as a payment initiator).

We have experienced a significant increase in monthly cash-in over time, first driven by the introduction of Pix, which created a better experience for digital payments and transfers and significantly reduced the friction of adding funds to the PicPay digital wallet and accelerated as we evolved to a broader financial and non-financial platform, communicating new features and use cases and gradually gaining more consumer confidence.

As shown in the chart below, total cash inflow increased 29% from R$97 billion for the three months ended September 30, 2024, to R$125 billion for the three months ended September 30, 2025. Taking into consideration the cash-in evolution since the third quarter of 2023, this represented an increase of 96%. We believe this further demonstrates our ability to increase the percentage of quarterly active consumers that use PicPay as their primary financial services platform.

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#### Total Cash-in Evolution<br> (R$ billion)
![](timage_pg218.jpg)

#### Total Payment Volume (TPV)
We use total payment volume (TPV) to assess the volume of financial transactions that take place in our ecosystem. TPV is defined as the aggregate amount of payments, outbound transfers (sending money) and cash-out, net of reversals, completed on our platform.

For the three months ended September 30, 2025, total TPV reached R$141 billion, an increase of 29% compared to R$109 billion for the three months ended September 30, 2024. For the nine months ended September 30, 2025, volumes totaled R$392 billion, an increase of 32% year over year. For the year ended December 31, 2024, total TPV reached R$421.0 billion, an increase of 55% compared to the year ended December 31, 2023. We believe that our total TPV performance was positively impacted by our ability to launch and scale products and services at a fast pace, contributing to the increased engagement of our consumers, as many of them began to use PicPay as their primary financial account.

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#### Total TPV Evolution<br> (R$ billion)
![](timage_pg219.jpg)

#### Quarterly Average Revenue Per Quarterly Active Client, or "Quarterly ARPAC"
An important metric to measure the value we generate on a consumer level across all our quarterly active clients is our quarterly ARPAC, which is defined as the total quarterly revenue and financial income of consumers divided by the average number of quarterly active clients during the period. The average number of quarterly active clients is defined as the average of the number of quarterly active clients on the end date of the immediately prior three-month period and the number of quarterly active clients on the end date of the current three-month period. For the full year, quarterly ARPAC is the total revenue and financial income in the last twelve months divided by four and then divided by the average number of quarterly active clients during the period. The average number of quarterly active clients is defined as the average of the number of quarterly active clients on the end date of the immediately prior three-month period and the number of quarterly active clients on the end date of the current three-month period.

Our quarterly ARPAC was R$65.4 for the three-month period ended September 30, 2025, an increase of 71% over our quarterly ARPAC for the three-month period ended September 30, 2024 of R$38.1 per quarterly active client. The average quarterly ARPAC in 2024 was R$37.9, which represented an increase of 45.5% compared to R$26.0 in 2023.

We believe that we have a meaningful opportunity to increase our ARPAC given (1) our business diversification, which reflects our ability to launch new products and services beyond digital wallet services, (2) the increase in the pace of adoption of monetizable products by our consumers, (3) the increased pace at which new cohorts onboard and adopt additional products when compared to older cohorts and (4) our offering of credit through selected products, such as PicPay Card and loans, which provide a potential upside to ARPAC through the generation of interest income.

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We present below our quarterly ARPAC from most mature cohorts who achieved principality, which is two times higher, showing that there is a significant upside to be explored.

**Quarterly ARPAC from Consumer Cohorts with Principality**

*(R$/quarterly active consumer)*

![](timage_pg220.jpg)

____________

(1) Considering the total revenue and financial income from the Consumer Banking segment divided by the average quarterly active consumers in the beginning and end of period. (2) Most mature cohort with principality refer to consumers with more than three years of maturity who meet PicPay's principality criteria.

As shown below, our quarterly ARPAC mix has been changing over the past few years as we continue to diversify our portfolio of products and services. In the three months ended September 30, 2023, our quarterly ARPAC consisted mainly of fees, commission and other services and floating. In the three months ended September 30, 2025, there was an increase in revenues from credit products, which represented 50% of the ARPAC mix, while fees, commission and other services represented 29% of the quarterly ARPAC mix and floating represented 21% of the ARPAC mix.

**Quarterly ARPAC mix**

*(R$/quarterly active client)*

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Credit is an important avenue for growth for us. As shown below, ARPAC from credit holders is 3.4x higher than ARPAC from non-credit holders considering the average ARPAC for each quarterly cohort from the third quarter of 2023 to the third quarter of 2025 consumer cohorts.

**ARPAC from Credit holders versus non**-credit **holders**<br>*(R$/quarterly active consumer)*

![](timage_pg221.jpg)

In addition, we present below the average margin per consumer considering the comparison between credit holders and non-credit holders. As can be observed, credit holders present an increase of 3.2x when compared to non-credit holders.

**Average Margin per Consumer from Credit Holders versus Non**-credit **Holders**<br>*(R$/quarterly active consumer)*

#### Credit as the next growth frontier
We are constantly expanding our consumer base, sustaining an accelerated growth rate year after year. Between September 2023 and September 2024, there was a 29% increase in the total number of accounts opened at PicPay, consolidating our position as the 7th largest financial institution in Brazil and the second largest digital bank according to the Brazilian Central Bank.

In addition to acquiring new accounts, we have achieved remarkable results in consumer activation, as evidenced by our high levels of engagement and product usage. Through the monitoring of our cohorts within the first twelve months of the relationship, we observed notable average indicators: more than three products per consumer (cross-selling) and transactional principality above 30%. These metrics demonstrate the effectiveness of our retention strategies and our ability to deepen consumer relationships.

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Building on this favorable scenario, we identified a significant opportunity to drive our next growth lever: credit offerings. Currently, our consumers' share of wallet in credit products contracted with PicPay stands at only 6%.

![](timage_pg222.jpg)

#### Quarterly Average Cost to Serve (CTS) Per Quarterly Active Client
We compare our quarterly average cost to serve (CTS) per quarterly active client to our quarterly ARPAC to assess our consumer economics in a given period. We define the average cost to serve per quarterly active client as the sum of transaction expenses, technology expenses, marketing expenses (excluding customer acquisition expenses), personnel expenses, and administrative expenses divided by the average number of quarterly active clients during the period. The average number of quarterly active clients is defined as the average of the number of quarterly active clients on the end date of the immediately prior three-month period and the number of quarterly active clients on the end date of the current three-month period.

Our quarterly average cost to serve was R$17.8 (US$3.3 based on the *real*/U.S. dollar exchange rate of R$5.3186 per USS1.00 as of September 30, 2025) per quarterly active client in the third quarter of 2025, an increase of 6.0% compared to R$16.8 (US$3.2) per quarterly active client in the third quarter of 2024. On a monthly basis, i.e. average cost to serve per quarterly active client divided by three, our CTS reached R$5.9 (US$1.1, based on the *real*/U.S. dollar exchange rate of R$5.3186 per US$1.00 as of September 30, 2025) per quarterly active client in September 2025, compared to R$5.6 (US$1.1) per quarterly active client in September 2024. The increase in our CTS is mainly due to higher administrative and personnel expenses during the period.

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#### Quarterly Average Cost to Serve (CTS) per Quarterly Active Client <br> (R$ /quarterly active consumer)
Our quarterly ARPAC to CTS ratio reached 3.7x in the three months ended September 30, 2025, compared to 2.3x and 1.8x in the three months ended September 30, 2024, and 2023, respectively.

As illustrated in the chart below, we have the lowest cost to serve per quarterly active client among digital banks and incumbent banks.

#### Quarterly Average Cost-to-Serve <sup>(1)</sup> <br> (R$; as of September 30, 2025)
![](timage_pg223a.jpg)

____________

*Source*: Company and publicly available information from other companies.

*Notes*:

(1) Quarterly Cost-to-Serve refers to September 30, 2025 total cost to serve divided by the total average active consumer. Cost-to-Serve calculation according to PicPay's methodology, which includes the sum of transaction expenses, technology expenses, marketing expenses (excluding expenses related to customer acquisition), personnel expenses and administrative expenses.

#### Deposits and Cost of Funding
We have experienced a substantial increase in our aggregate deposits over the years. We monitor deposits as they are important sources of funding for our operations. We define deposits as the balance of the payment account and the CDBs, including "piggy banks" (*cofrinhos*), held by consumers on our platform (comprised of the sum of "user balance — payment accounts" and "user balance — CDB" from third-party funds in our consolidated financial statements). As of September 30, 2025, our consumer loans had an aggregate balance totaling R$27 billion in deposits, an increase of 61% compared to R$17 billion as of September 30, 2024.

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Cost of funding represents the weighted average interest rate we pay to our clients and investors on total funds raised, expressed as a percentage of the CDI (Brazil's benchmark overnight rate). This metric consolidates all our funding instruments — including fixed and floating rate daily liquidity products, financial bills (senior and subordinated), and FIDCs (credit rights investment funds, similar to asset-backed securities). For products with time-dependent returns, we estimate the average holding period. As of September 30, 2025, our cost of funding stood at 94% of the CDI.

#### Deposits<br> (R$ billion)

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#### Business

#### Our Mission and Vision
At PicPay we believe financial services should be mobile, frictionless, and instantaneous. Our mission is to empower consumers and businesses across Brazil with innovative solutions to redefine the way people manage their traditional daily finances. We break down the barriers to traditional financial services and are driven by a vision of a future where financial services are accessible for all. We are committed to simplifying financial transactions, fostering economic inclusion and providing the tools and resources for people to achieve their financial goals.

We believe technology is a force for positive change and we leverage it to create a more inclusive and equitable financial ecosystem. Since our inception, we have been dedicated to making payments and banking seamless and secure for both consumers and businesses. We believe we are paving the way for the future of finance in Brazil, inspired by the meaningful improvements we have brought to the daily financial lives of millions of people, such as increased access to banking services, reduced costs, and greater financial autonomy, driven by our commitment to promoting financial empowerment for all.

#### Our Thesis
We believe that the Brazilian financial services market offers an opportunity for digitalization and efficiency. Our estimates indicate that the total addressable market (TAM) is expected to grow from R$724 billion in 2026 to R$1,078 billion in 2030, driven by technological advancements and the rising demand for accessible and innovative solutions.

![](timage_pg225.jpg)

____________

*Source*: Companies' filings and Brazilian Central Bank.

*Notes*: (1) Considers quarterly cost-to-serve as of September 30, 2025, calculated as period cost-to-serve divided by average active customer. Cost-to-Serve calculation according to PicPay's methodology, which includes transaction expenses, technology expenses, marketing expenses (excluding expenses related to customer acquisition), personnel expenses, and administrative expenses. For incumbents, it considers Santander, Itaú, Bradesco, Banco do Brasil. For digital banks, it considers PicPay, Nubank, and Inter&Co; (2) As of September 30, 2025. Banks Average ROE is the average calculated according to each company disclosure. For incumbents, it considers Itaú Unibanco and Banco do Brasil. For digital banks, it considers PicPay, Nubank, and C6.

In addition to the above mentioned favorable scenario, the Brazilian financial services sector's profits remain historically concentrated among incumbent banks. However, scalable digital banks such as PicPay have demonstrated a significant operational advantage: they operate with customer cost structures up to 13 times lower than incumbents and already achieved an annualized return on equity (ROE) of 26.7%, nearly two times the average of traditional banks (14.5%).

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User engagement within our user base is a key driver of this growth. The more mature cohorts are already generating average revenue per active customer (ARPAC) that is twice the platform average, while the penetration of higher-margin financial products, such as credit cards and loans, remains low, indicating substantial room for expansion through cross-sell strategies and increased share of wallet.

![](timage_pg226.jpg)

____________

*Source*: Company.

*Notes*: (1) "Consumers" includes the gross profit from the "Consumer Banking" segment; (2) "Others" includes the gross profit from the SMBs, Audiences and Ecosystem Integration, and institutional segments.

Our trajectory has been defined by continuous innovation, expansion into strategic licenses, and relevant acquisitions, consolidating PicPay as a robust and highly scalable ecosystem.

#### Our Company
PicPay Brazil was founded more than ten years ago in the city of Vitória, in the State of Espírito Santo, Brazil, as a peer-to-peer (P2P) transfer platform to provide a seamless digital payment solution in a country where making payments historically was cumbersome, slow and costly. Our user-friendly solution allowed individuals to send money easily via their mobile phones any time of day, which caught the attention of millions of consumers. In just a few short years, we became one of Brazil's leading digital wallets by number of consumers, according to information provided by the Brazilian Central Bank.

After our early success with P2P payments, we noticed a gap in the broader payments ecosystem and broadened our lens to focus on improving the relationship between consumers and businesses within our platform, which led us to build a two-sided ecosystem, servicing both consumer and business customers. We were one of the first financial services companies to provide QR Code payments for businesses in Brazil, allowing our consumers to seamlessly make payments by scanning a QR Code, either in-store or online.

As we grew as a company, so did the financial needs of both our consumer and business customers. We continued to innovate and deliver new solutions to address their respective needs, launching various payments, credit, insurance and investment products, making PicPay a complete financial platform, and, in the process, further expanding our addressable market in Brazil, comprising both financial and non-financial services.

Eventually our ambitions grew beyond payments, leading us to seek to revolutionize how Brazilians manage and interact with their finances. We launched and scaled products and services for consumers to address several needs, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Consumer Banking segment:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Wallet & Banking*: we offer a wide range of transactional products for our consumers, including Pix (the instant payment system developed by the Brazilian Central Bank), peer-to-peer (or "P2P", between PicPay accounts), bill payments, payroll portability, global account and a payment assistant

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that helps consumers organize, centralize, and settle all their bills through an integrated hub. In addition, we provide a series of solutions that go beyond digital payments, such as an underage account, an account aggregator (which allows consumers to consolidate multiple bank accounts in one place) and PicPay's piggy banks, designed to help consumers save money in a simple and personalized way.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Credit:* our offering includes multipurpose cards (prepaid and credit) available in Gold, Platinum, and Black versions; personal loans; buy-now-pay-later (installment payments without the need for a physical or digital card); payroll loans for public servants, retirees, and pensioners; private payroll loans for formally employed workers; and early access to the FGTS annual birthday withdrawal program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Insurance:* in addition to credit solutions, we provide a fully digital insurance distribution platform with products such as digital wallet insurance, PicPay Card bill protection, credit life insurance, smartphone protection, life insurance, home insurance, among others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Investments:* in the investment space, through PicPay Invest, we provide a wide range of products tailored to different investor profiles and financial goals, including include daily-liquidity and fixed term CDBs with varying rates and maturities; real estate and agribusiness credit bills (LCI and LCA); private pension plans; P2B Lending (enabling consumers to invest in debt securities issued by companies within the J&F group); cryptocurrencies, among others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Small and Medium*-Sized *Businesses segment:* we offer a comprehensive portfolio of products beyond QR Code payments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Acquiring:* We offer a wide range of payment acceptance solutions, including a proprietary QR Code technology that can be displayed at the point of sale or digitally integrated into e-commerce checkouts. In addition, we provide payment links that enable merchants to receive payments via WhatsApp or social media, without the need for a website. We also offer our own POS terminals, smart POS devices, and Tap on Phone solutions, which are part of an integrated cross-selling strategy designed for small and medium-sized businesses. Our acquiring solutions also involve the offer of automatic and manual prepayment of receivables from credit card transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Banking:* our strategy is to extend our consumer ecosystem into the SMBs segment, enabling small and medium-sized businesses to use the same familiar PicPay experience, but with tools tailored for managing and growing their businesses. We rely on the fact that almost 10 million PicPay consumers are also entrepreneurs and we began to offer banking and financial services, such as a SMB accounts, Pix and bill payments, debit and credit cards, certificate of deposits, secured and unsecured loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Corporate Benefits and Salary Advances:* we offer flexible corporate benefits cards that companies can use to distribute meals, food, transportation and other flexible benefits to employees through the PicPay app. These cards are integrated into PicPay's ecosystem, allowing consumers to manage benefits alongside their personal balance. Additionally, PicPay provides salary advance solutions, enabling, in partnership with the human resources department of companies that contract our services, to offer employees early access to their salaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Audiences and Ecosystem Integration segment:* includes solutions aiming to engage and monetize both the consumer and SMB audiences in our ecosystem:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *PicPay Shop*: we offer our consumers the ability to purchase a wide range of products and services through our PicPay Shop. Consumers are able to buy items such as mobile phones, TVs, and home appliances, all without the need of leaving the app to complete their checkout. In addition, through PicPay Shop, users can also access everyday services, such as mobile top-ups, public transportation cards, and gift cards. PicPay Shop also includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• PicPay Travel*: a travel hub within the PicPay app, developed in partnership with CVC Corp, which enables our consumers to browse and purchase travel-services, such as flight tickets, hotel accommodations, and travel packages directly in our app. Launched in October

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2025, this service aims to make travel more accessible for a wide range of consumers by combining competitive offers, payment flexibility, and the existing convenience of the PicPay ecosystem.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *PicPay Experience*: available within PicPay Shop, it allows consumers to book restaurant reservations and purchase tickets for movies, concerts, sports events, amusement parks, and various other activities, all with just a few taps in the app. This hub brings together a wide range of dining and entertainment options, as well as tickets with discounts of up to 60%. It is an important tool for driving consumer engagement, offering special prices and cashback of up to 15% at restaurants, while also serving as a strategic way to embed PicPay's diverse payment methods directly into the consumer checkout experience.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *iGaming*: as of October 2025, we started offering a fully digital solution that gives our consumers access to monthly raffles and instant prizes featured in each campaign, encouraging them to return to the app more frequently and strengthening ongoing engagement with our ecosystem.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *PicPay Ads*: advertising platform designed to enable brands to reach a highly engaged consumer base through contextualized placements within the app. This offering covers the full marketing funnel (from awareness to conversion) with formats such as display banners, video, CRM integrations (push and emails), and high-impact takeovers. This solution brings several benefits to merchants such as customer acquisition, re-engagement of old customers, and promoting increased customer spending.

The graphic below illustrates our evolution of total revenue and financial income and profit (loss) from 2018 to September 30, 2025:

![](timage_pg34.jpg)

____________

*Note*: (1) The Total Revenue and Financial Income and the Profit (loss) for the period expressed in dollars are based on the real/U.S. dollar exchange rate of R$5.3186 per US$1.00 as of September 30, 2025.

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Through our unique two-sided open ecosystem, we provide value to our consumers and businesses in many ways, such as the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Consumers** can access a wide range of products and services, including day-to-day payments, financial products, such as cards, loans, insurance and investments, as well as non-financial services, including gift cards, transportation or mobile phone recharges (top-ups), online shopping and more.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Businesses** can receive payments through various modalities (QR Code, Pix, payment link, POS terminals and PicPay e-wallet), access financial services (such as prepayment of receivables, loans, prepaid and credit cards), have access to a complete digital account for day-to-day payments, offer their products and services on the PicPay Shop, and advertise their products and services within our app.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Financial and non**-financial **institutions** can connect to our open platform to distribute their products and services (such as credit, insurance and investment products), allowing them to benefit from the significant data that we have collected to provide more relevant and customized offerings targeted at the individual consumer's needs.

Connecting consumers and businesses enables us to offer a unique end-to-end product experience through the offer of a wide range of financial and non-financial services in a single app, while gaining valuable insights into both consumer behavior and business performance.

The graphic below illustrates our two-sided ecosystem encompassing solutions for both consumers and businesses:

![](timage_pg38.jpg)

In August 2023, we launched our new marketing campaign reflecting a new phase for us. The campaign marked our return to national media (digital, offline and out-of-home). With a broader and more holistic portfolio, combined with our well-established brand, our goal was to raise awareness of PicPay beyond its digital wallet and day-to-day payment capabilities and showcase our comprehensive package of financial products and non-financial products and services, including credit cards, investments, the PicPay Shop, attractive interest rates on deposits, credit, as well as products for businesses.

This campaign positioned us not only among digital wallets and payment apps but also amongst other digital financial services players. PicPay was ranked second in the independent survey of the most popular digital banks/digital wallets in Brazil conducted by Mobile Time/Opinion Box in September 2023.

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When asked which banks/digital wallets people had an account that they transacted through an app on their smartphone, approximately 39% of respondents named PicPay, placing us only behind Nubank (51%) and ahead of Mercado Pago (32%), PayPal (26%), and C6 Bank (22%), as illustrated below:

![](timage_pg230a.jpg)

Additionally, PicPay was ranked among the most popular apps people keep on their home screens across all categories, along with well-known companies such as Twitter (which had its name changed to "X" after such opinion surveys), Shopee, Mercado Livre, Itaú, and Santander, according to an independent public survey conducted by Panorama Mobile Time/Opinion Box in April 2025.

With just over a decade of operations, PicPay has already achieved a brand awareness of more than 97%. In addition, through open public voting conducted by the iBest Awards 2024, we were recognized as the best digital bank in Brazil, receiving more than 14 million votes. PicPay also has one of the lowest rejection rates among the 19 banks evaluated in Brazil, of only 6.4%. Finally, we are the fourth most aspirational bank in Brazil based on an August 2025 brand tracking study commissioned by us and conducted by IPSOS, a global market research company, despite operating with a conservative marketing budget. Brand aspiration measures how much people desire/aspire to brands, taking into account both functional and emotional perspectives.

![](timage_pg231.jpg)

#### Our History
PicPay Brazil was founded in 2012 in Vitória, in the state of Espírito Santo, with the goal of introducing instant payments among consumers and businesses in Brazil.

In 2015, Banco Original, which is controlled by J&F Participações and was the first digital bank in Brazil focused on wholesale, corporate and agribusiness, acquired PicPay. In the same year, Banco Original also entered the retail segment to further diversify its business model.

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In 2017, PicPay Brazil was spun off from Banco Original and J&F Participações became the controlling shareholder of both entities.

As we continued to grow our business, driven by a strong nationally recognized brand, we started to offer more financial and non-financial products and services, expanding within the retail segment.

#### Recent Acquisitions, Corporate Transactions and other Developments
On July 20, 2021, PicPay Brazil acquired all of the share capital of Guiabolso and its subsidiary Guiabolso Pagamentos from Guiabolso (Cayman) Ltd. and Guiabolso LLC. The purchase price was R$110.0 million, all of which was paid in cash. Guiabolso is a personal finance app that uses data intelligence to offer financial products on its portal to its users.

On February 25, 2022, J&F Participações contributed all of the shares of PicPay Bank (formerly known as Banco Original de Agronegócio S.A.) to PicS Holding (formerly known as PicPay Holding Ltda.). In consideration for this contribution, PicS Holding issued 146,900,768 of its common shares to J&F Participações. On May 26, 2022, the Brazilian Central Bank approved the change in the name of Banco Original de Agronegócio S.A. to PicPay Bank. As a result of this transaction, PicPay Bank became a wholly-owned subsidiary of PicS Holding. PicPay Bank holds a multi-purpose bank (*banco múltiplo*) license which allows us to directly offer a range of banking products to our consumers.

In September 2022, in connection with the expansion and corporate reorganization of the companies comprising Banco Original, Crednovo underwent a corporate reorganization through which Crednovo ceased to be a wholly-owned subsidiary of J&F Participações and became a wholly-owned subsidiary of PicS Holding. This reorganization was implemented through a capital increase by J&F Participações in PicS Holding, through which J&F Participações subscribed for 26,000,000 common shares of PicS Holding.

On January 23, 2023, J&F Participações transferred all of its shares in Liga Invest Distribuidora de Títulos e Valores Mobiliários Ltda., or "Liga Invest," a brokerage firm and securities dealer, to PicPay Brazil for R$27.4 million. As a result of this transaction, Liga Invest became a wholly-owned subsidiary of PicPay Brazil. On January 24, 2023, PicPay Brazil made a capital contribution of R$25.0 million to Liga Invest in exchange for 25,000,000 common shares of Liga Invest. On May 3, 2023 Liga Invest changed its name to PicPay Invest Distribuidora de Títulos e Valores Mobiliários Ltda.

On February 2, 2023, our subsidiary Guiabolso acquired all of the quotas in BX from BX Business LLC. The purchase price was R$9.5 million with earn-out consideration in an amount equal to 25% of BX's future net profit for each of the years in the five-year period ending December 31, 2027 up to a maximum amount of R$70.0 million, subject to certain terms and conditions. BX is active in the Brazilian payroll loan market for public sector employees and business process outsourcing for back-office payroll loans. This acquisition helped us to broaden our financial ecosystem by expanding our financial products offering to our consumer base.

Also in February 2023, we entered into the corporate benefits business, which includes offering flexible vouchers (including employee meal and transportation vouchers, among others), payroll advances, balance sharing between PicPay's consumers and payroll management. Through this new business, PicPay consolidates advantages for both employees and human resources departments on a single platform.

In 2023, J&F Participações announced its plan to integrate Banco Original's retail operations with PicPay, allowing both companies to focus on their respective strengths (PicPay in retail and Banco Original in wholesale, corporate and agribusiness). This is expected to allow each company to focus on its core businesses while benefiting from operational and financial synergies. The integration of Banco Original's retail operations began with the transfer of its personal checking accounts and associated assets to the PicPay platform in July 2023. This integration also accelerated the delivery of certain products, such as special account limit, salary account, joint account, and platinum and black credit cards. We launched additional products, including a rewards program, secured loans (investments and payroll), investment funds and private pension funds, among others. Moreover, this integration added 1 million quarterly active consumers to PicPay. We also began originating personal loans in October 2023, and the PicPay credit card portfolio was transferred to PicPay from Banco Original in January 2024, fully internalizing our credit card operations at the start of 2024.

On February 26, 2025, J&F International invested R$319.9 million in PicPay Netherlands without the issuance of new shares. On the same date, PicPay Netherlands invested the same amount in PicS Ltd., without the issuance of new shares. On February 27, 2025, PicS Ltd. invested R$321.5 million in PicS Holding through the issuance and subscription of 321,489,832 quotas, all nominative and with a par value of R$1.00 each. On February 27, 2025, PicS

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Holding invested R$321.8 million in PicPay Bank through the issuance and subscription of 88,121,683 shares, all nominative and without par value. This financial transaction had the purpose of enabling the PicPay conglomerate to achieve capital adequacy after it became subject to the capital requirements applicable to banks, of a total capital ratio of 10.5%, a Tier I capital ratio of 8.5% and a common equity capital ratio of 7% of risk-weighted assets (RWA), all including the 2.5% capital conservation buffer requirement.

On May 20, 2025, our subsidiary Nosso Time iGaming Ltda., a sportsbook company, filed a request for authorization to operate under the fixed-odds sports betting modality, which is currently under review by the Secretariat of Prizes and Betting, or "SPA," a specialized unit within the Brazilian Ministry of Finance. The fixed-odds sports betting market in Brazil, recently regulated by Law No. 14,790/2023, is becoming increasingly relevant in the Brazilian economic and legal context. Such modality of betting consists of a type of lottery in which the bettor knows in advance the conditions and rate of return of the games, which provides greater transparency and predictability to the operation. We believe this market provides an opportunity for us to generate meaningful financial returns, mainly driven by digital platforms focused on sporting events and it is an important source of tax revenue and economic development. For more information see "Regulatory Overview — Other Rules — Bets and Fixed Odds Betting."

On March 25, 2025, J&F International invested R$50.3 million in PicPay Netherlands without the issuance of new shares. On the same date, PicPay Netherlands invested the same amount in PicS Ltd. without the issuance of new shares. On March 27, 2025, PicS Ltd. invested R$50.8 million in PicS Holding through the issuance and subscription of 50,774,638 quotas, all nominative and with par value of R$1.00 each. On the same date, PicS Holding invested R$50 million in PicPay Bank through the issuance and subscription of 31,643,364 shares, all nominative and without par value.

On April 28, 2025, J&F International invested R$125.5 million in PicPay Netherlands without the issuance of new shares. On April 29, 2025, PicPay Netherlands invested R$122.1 million in PicS Ltd. without the issuance of new shares. On April 30, 2025, PicS Ltd. invested R$121.6 million in PicS Holding through the issuance and subscription of 121,616,277 quotas, all nominative and with par value of R$1.00 each. On the same date, PicS Holding invested R$121.2 million in PicPay Bank through the issuance and subscription of 49,627,302 shares, all nominative and without par value.

On May 27, 2025, J&F International invested R$50.0 million in PicPay Netherlands without the issuance of new shares. On the same date, PicPay Netherlands invested the same amount in PicS Ltd. without the issuance of new shares. On May 28, 2025, PicS Ltd. invested R$50.2 million in PicS Holding through the issuance and subscription of 50,163,586 quotas, all nominative and with par value of R$1.00 each. On May 29, 2025, PicS Holding invested R$50.0 million in PicPay Bank through the issuance and subscription of 21,777,231 shares, all nominative and without par value.

On June 19, 2025, J&F International and Banco Original entered into an agreement for the sale and transfer of one share of PicPay Netherlands, with a nominal value of EUR 0.005. After this date, Banco Original began to hold 9.5% of the share capital of PicPay Netherlands.

On July 21, 2025, J&F International invested R$108.5 million in PicPay Netherlands without the issuance of new shares. On the same date, PicPay Netherlands invested the same amount in PicS Ltd., without the issuance of new shares. On July 23, 2025, PicS Ltd invested R$108.3 million in PicS Holding through the issuance and subscription of 108,317,593 quotas, all nominative and with a par value of R$1.00 each. On the same date, PicS Holding invested R$107.9 million in PicPay Bank through the issuance and subscription of 46,423,381 shares, all nominative and without par value.

On September 19, 2025, we entered into an equity purchase agreement for the acquisition of shares representing 100% of the total share capital of Kovr Participações S.A. and its subsidiaries (including Kovr Seguradora S.A., Kovr Previdência S.A., and Kovr Capitalização S.A) (collectively "Kovr") from its controlling shareholders Thiago Coelho Leão de Moura, Eduardo Viegas Silva, Rrennó Participações Ltda. and Renato Agrícola Rennó, and quotas representing 53% of the total share capital of Estrutural from its controlling quotaholders Katia Regina Nigri Zendron Viegas, Marina Peres Leão de Moura, and Sarah Grawer Rennó. We were also granted an option to purchase the remaining 47% of Estrutural's total share capital. Kovr Participações S.A. is a full-service digital insurance company that offers services for multiple partners, with products such as affinity, surety, life, financial lines, among others. Estrutural is specialized in the operation of major company's captive insurances. The completion of this transaction is conditioned on the approval of CADE and SUSEP. For additional information, see "Summary — The Kovr Acquisition."

On September 23, 2025, J&F International invested R$149.4 million in PicPay Netherlands without the issuance of new shares. On September 24, 2025, PicPay Netherlands invested the same amount in PicS Ltd., without the issuance of new shares. On September 25, 2025, PicS Ltd. invested R$150.4 million in PicS Holding through the issuance and

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subscription of 150,394,107 quotas, all nominative and with a par value of R$1.00 each. On September 26, 2025, PicS Holding invested R$150.0 million in PicPay Bank through the issuance and subscription of 60,880,607 shares, all nominative and without par value.

On November 25, 2025, J&F International invested R$360.0 million in PicPay Netherlands without the issuance of new shares. On the same day, PicPay Netherlands invested the same amount in PicS Ltd., without the issuance of new shares, and PicS Ltd. invested the same amount in PicS Holding, through the issuance and subscription of 360,000,000 quotas, all nominative and with a par value of R$1.00 each.

On November 26, 2025, we approved a disproportional partial spin-off of PicS Holding, which involved the transfer of equity in the amount of R$360.0 million to J&F Participações S.A. As a result, J&F Participações S.A. no longer holds a direct interest in PicS Holding. Following the completion of this transaction, PicS Ltd. became the holder of 100% of the share capital of PicS Holding.

#### Cryptocurrency Activities
In July 2022, we gave our consumers the ability to hold cryptocurrency assets on our platform. These assets are legally held by a third party custodian. As of December 31, 2022, consumers held cryptocurrency assets on our platform with a fair value of R$12.7 million (US$2.4 million). In October 2023, we began to wind down our cryptocurrency activities and no longer allow our consumers to deposit new cryptocurrency assets in their wallets. In addition, we required our consumers with existing cryptocurrency balances to transfer their remaining cryptocurrency assets out of our wallet or liquidate their balances by December 11, 2023.

In July 2025, we resumed our cryptocurrency operations driven by recent regulatory advancements in this area. The new framework provides greater clarity and security both for companies and consumers, enabling us to relaunch cryptocurrencies through our investment platform as an additional product to our consumers, among our many other products, such as PicPay CDBs, fixed income, and P2B Lending.

These operations are entirely off-balance sheet and structured under a distribution and commission-based model. Accordingly, we do not hold custody of any cryptocurrencies.

The charts below show our evolution and corporate structure:

![](timage_pg234.jpg)

#### Our Two-Sided Ecosystem

#### Our Consumers
According to our internal data as of September 30, 2025, our consumer base primarily consists of a younger demographic, with an average age of 37 years. In addition, 85% of our consumers are lower-middle to low-income, and approximately 70% are located in the Southeastern and Northeastern regions of Brazil. We had approximately 1.4 million high-income consumers as of September 30, 2025. Moreover, we also have a meaningful penetration amongst the more

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affluent demographic, with 3.7 million consumers with monthly gross income above R$10,000, where we expect to enhance our value proposition with the new banking and investment products, and more than 6.5 million consumers with a monthly gross income above R$5,000. The graphic below illustrates certain information about our consumers:

![](timage_pg46.jpg)

____________

(1) High income: monthly gross income above R$15,000 and/or deposits/investments above R$40,000. Upper-Middle Income: monthly gross income between R$4,000 to R$15,000. Lower-Middle & Low Income: monthly gross income between R$0 to R$4,000.

(2) Census (*Censo*) 2022 from IBGE.

We believe we are leading the digital transformation wave in Brazil, and we possess a national footprint, covering all demographics segments in Brazil. Our ecosystem was built to be a one-stop-shop, aiming to reach the highest number of Brazilians that have access to smartphones and internet, across all ages and social classes. In addition, we believe our strong traction with younger and tech-savvy consumers helps us to achieve higher retention and greater lifetime value (LTV), as we grow with our consumers throughout their lives while they accumulate wealth and reach certain milestones in lives that expand their financial needs.

#### Our Small and Medium-Sized Businesses
Our mission is to be the primary financial platform for small and medium-sized businesses in Brazil, delivering the best customer experience in the market and providing financial services that can leverage our two-sided ecosystem. For over 13 years, we have built a known reputation by disrupting the financial industry for individuals through the offering of a wide range of digitalized solutions, such as payments through our digital wallet, unlocking new use cases for millions of individuals. On top of that, we aim to scale our small and medium-sized businesses segment by taking advantage of an opportunistic competitive landscape with a market that is still concentrated among incumbent banks and with business customers that we believe are underserved by those institutions.

One of the key differentiators we offer entrepreneurs is the ability to integrate both their personal and business accounts into a single platform in a simple, fast, and intuitive way through our Account Aggregator feature, allowing them to focus more time on running their businesses.

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![](timage_pg236.jpg)

Our growth strategy focuses on exploring opportunities within our own ecosystem, considering that approximately 10% of all new individual customers are individuals who also own some type of business. Furthermore, we believe that increased inflows of financial resources through our business customers may help reduce our funding costs, which, as of September 2025, stood at 94% of the CDI.

As of September 30, 2025, approximately 812,000 active businesses accepted PicPay's payments network. Currently, our business customers are mainly concentrated within: (i) micro and small offline merchants that use PicPay solutions such as QR Code, POS terminals and Pix payments and (ii) online merchants across a wide range of industries and scale, including Uber, AliExpress, Google, Kwai, among others, that accept our PicPay e-wallet on their e-commerce platforms.

In the second half of 2023, we integrated our own merchant acquiring platform, allowing PicPay to operate as a full-stack merchant acquirer in order to capture, process and settle all card transactions within our app. We are increasing our acceptance rate across the country and partnering with leading global companies and several other online merchants and platforms, including Uber, AliExpress, Google, Kwai, among others from many industries to expand the adoption of our payment solutions and become a fully integrated merchant acquirer player for online merchants. Our business ecosystem is still under development and our relationships with these providers have not generated material revenues.

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In the first quarter of 2024, we launched our first POS terminal in the Brazilian market, which included Pix payment. We intend to continue expanding our value proposition to offline merchants going beyond QR Code payments, Pix, and POS terminals and also offer electronic cash registers, or "ECRs," and tap on phone solutions, which will also create opportunities to offer other financial and banking solutions to service entire lifecycle of our business customers integrated into our ecosystem.

![](timage_pg237.jpg)

#### Our Unique Approach
We believe that we have adopted a unique approach in building our business, which we believe will help us expand our ecosystem of consumers, businesses, and third-party affiliate partners, as highlighted below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Open Platform**. We take a flexible open platform approach, enabling integration with any external party who complies with our platform's terms of use. For consumers, our platform has a multi-funding strategy that allows them to leverage various funding sources for transactions, including not only their deposits and PicPay credit cards but also third-party credit cards registered in our app, and balances pulled directly from other bank accounts or digital wallets through our payment initiation model. Additionally, financial institutions can connect to our open platform to distribute their products and services, such as credit, insurance, and investment products, benefiting from our data-based consumer behavior metrics to provide more relevant and customized offerings targeted at individual consumers' needs. Similarly, our open platform also allows merchants to integrate their websites to sell products and services to our consumer base at the PicPay Shop.

As our business evolved beyond the digital wallet, we have incorporated multiple partners to distribute products and services through our platform, including loans, insurance, foreign exchange, bill payments and e-commerce, among others. The figure below illustrates the evolution of our product portfolio and includes logos of some of our partners that are integrated into our app, in order to offer their products and services to our consumers.

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#### Evolution of our Open Platform
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Two**-Sided **Ecosystem**. At its core, PicPay is a two-sided ecosystem creating a bridge between both consumers and businesses. Our platform enables consumers to make payments, investments, and leverage a broad array of essential financial services all in a single app. At the same time, we also enable payment acceptance, as well as other essential financial and non-financial solutions for businesses, such as a complete digital account and prepayment of receivables.

This flexibility, combined with our user-friendly interface transforms the way consumers interact with financial services. Whether it is a consumer looking for streamlined payment alternatives or a business eager to tap into new revenue streams, our two-sided ecosystem propels growth and financial possibilities for all, due principally to the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Consumers** can access a wide range of products and services, including day-to-day payments, financial services, such as cards, loans, insurance, and investments, as well as other services including gift cards, cell phone recharge credits (top-ups), online shopping and others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Businesses** can receive payments through various modalities (QR Code, Pix, payment link, POS terminals and PicPay e-wallet), access financial services (such as prepayment of receivables, loans, prepaid and credit cards), have access to a complete digital account for day-to-day payments, offer their products and services on the PicPay Shop, and advertise their products and services within our app.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Financial and non**-financial **institutions** can connect to our open platform to distribute their products and services, such as credit, insurance, and investment products, benefiting from a large amount of data that we have collected to provide more relevant and customized offerings targeted at individual consumers' needs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Open Finance**. Open Finance is one of our core strategic pillars, enabling us to simplify financial management and improve engagement for our consumers and businesses. In 2021, we acquired Guiabolso, a forerunner of Open Banking in Brazil, which provided a complete platform that facilitated and improved consumers' financial management by organizing their budgets, coordinating payment schedules, categorizing expenses, and offering financial products. After our integration of Guiabolso in 2022, we have been leveraging Open Finance initiatives within all the business units of our ecosystem

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to improve our product offering across our digital wallet, financial marketplace, investments, services for consumers and financial and non-financial solutions for businesses. Through the consents received, we collect valuable data from consumers including account information, credit card information and financial services contracted with other financial institutions (such as loans), which allows us to provide more financial and non-financial options at competitive rates and send personalized product and service offers. Since we adopted phase 2 of Open Finance in October 2022, we have received approximately 13.7 million active consents from consumers, meaning consumers who opted in to share their financial information from other institutions with PicPay as of September 30, 2025. According to September 30, 2025 data from Openfinance.org, we are the third largest player in terms of market share of active consents received (12.3%), 10.0 percentage points behind Nubank (22.3%) and 0.7 percentage points behind Mercado Pago (13.0%). On the other hand, we are ahead of Caixa Econômica (6.5%), Santander (6.2%), Banco do Brasil (6.1%), Itaú (5.8%), and Bradesco (4.4%) in terms of active consents. In the first half of 2023, we launched our Account Aggregator product, which enables consumers to integrate and consolidate all of their bank accounts from other financial institutions through Open Finance, on the PicPay app.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In February 2023, we received a license from the Brazilian Central Bank to operate as a payment initiator institution, enabling consumers to transfer their money from other financial and payment institutions to PicPay without leaving our app. Since we obtained this license, we have seen an increase in the number of consents received to authorize payments in our ecosystem through the Account Aggregator. We are one of the leaders in payment initiation, with a cumulative volume of more than 3.2 million API requests from April 2023 to September 2025, when we activated payment initiation in the Account Aggregator, based on information provided by Open Finance.org. API requests allow consumers to connect apps to the platform, which then initiates payments directly from their bank account to another bank account, which occurs through the transmission of account information to the API, which then initiates payment on the consumer's behalf. This allows consumers to complete transactions in the PicPay app including paying bills and making payments via instant payments without having to exit the app. According to our internal estimates and data, when we compare the usage of our consumers who use our Account Aggregator product and our other consumers, there is an increase in both frequency and volume of usage of the app, in terms of number of transactions and total payment volume (TPV). Most of these consumers access our app more than 10 times a month and transact on a monthly basis. Open Finance and the potential products and services we may be able to offer are a potentially significant avenue of growth and a key driver of our strategic decisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Social Network**. Connecting people has been a part of our DNA since our inception, when we launched our P2P payments platform. Since our inception, we have added other social features to our platform, including profiles, direct messaging (including voice messages) and payments (P2P, P2M and bill split) straight from the direct messaging feature. Our social platform is fully integrated with our financial and non-financial services offerings. By analyzing our consumers' financial behavior and combining this data with their social interactions, we believe we can offer personalized financial recommendations and targeted promotions, enhancing user engagement and satisfaction, increasing our ability to cross-sell additional products and diversifying our revenue streams. Some examples of the integration between our social platform and services offerings are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our consumer support function, which is one of our primary interfaces for client interactions and which also leverages Artificial Intelligence, or "AI," to solve issues and demands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cross-selling of products and services into the ecosystem, such as offering extended warranty insurance or a BNPL checkout to a consumer buying a TV on the PicPay Shop, product promotion, such as discounts offered by partners like Amazon at the PicPay Shop or our new Black PicPay credit card;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• connection through our two-sided platform by enabling a real time interaction between consumers and online and in-store businesses;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• online or in-store businesses using the direct message to promote its catalog of products and sell directly through the messaging platform; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• daily marketing and investment content for our PicPay Invest consumers.

![](timage_pg40.jpg)

#### Our Strengths and Competitive Advantages
As a result of our unique approach and scale, we believe we are favorably positioned to continue to grow our business with attractive unit economics and expand our addressable market. We expect that our competitive advantages will continue to strengthen as we scale further and compound over time on the back of our large consumer base, our broad product offering and holistic ecosystem. We believe that the keys to our success are based on the main factors described below.

#### Significant Scale of Customer Base
Our open platform approach combined with a multitude of cash-in (funding) sources and cash-out (payments) methods has allowed us to become one of the largest day-to-day payments apps in Brazil according to the Brazilian Central Bank. We believe that the scale of both our consumer and business customer base provides a sizable opportunity for up-selling and cross-selling our products and services. Our scale also enables us to establish favorable partnerships with financial institutions to provide attractive pricing for our consumers.

#### Our Unique Wallet and Banking Business Model
We have a unique and scaled wallet and banking business model, providing a complete hub for day-to-day payments, offering a wide range of payment use cases (bills, Pix, P2P, P2M, top ups) and a multitude of sources of funds, such as account balance, credit cards, payment initiation and buy now, pay later, for both consumers and businesses, allowing us to (i) use our complete wallet to add new users with a very low cost to acquire and serve, and (ii) increase customer engagement and collect substantial critical financial and non-financial data, helping us to cross-sell and upsell new products and services, such as credit products (i.e. PicPay credit cards, collateralized and unsecured loans, BNPL, among others). We collect a massive amount of data from our consumers and businesses through our day-to-day payment app, for example, types of credit cards registered on file (multiple categories), average ticket of payment transactions, source of funds used to pay transactions, deposits, investments, bill payments (utilities,

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credit card invoices, taxes, consumer bills), among others, in combination with our Open Finance capabilities — such as our account aggregator product, where we consolidate in app all other banking accounts from institutions that our consumers have a relationship with.

We ended the third fiscal quarter of 2025 with 42 million quarterly active consumers in our ecosystem and approximately 52 million credit cards registered on file, capturing a total Wallet and Banking TPV of R$127 billion, with an average monthly cash-in of R$42 billion, R$27 billion in deposits (comprised of the sum of "user balance — payment accounts" and "user balance — CDB" from third-party funds in our consolidated financial statements) as of September 30, 2025, and 11% of Pix coverage (which takes into consideration Pix transactions where PicPay was the sending or receiving account for another financial institution and excludes transactions between PicPay accounts), in terms of number of transactions in September 2025. We have presence in almost 100% of all Brazilian municipalities, being present in 5,568 municipalities as of May 16, 2024, according to internal data we collect from our customers, out of a total 5,570 municipalities, based on IBGE's data for 2022. Additionally, our PicPay app has been installed on 37.4 million Android phones in Brazil as of September 30, 2025, according to Data.ai, a Sensor Tower Company, out of an estimated 128.1 million smartphones used in Brazil, according to Android.com, meaning at least one in four Android phones in Brazil has the PicPay app installed.

Our wallet and banking business unit is the foundation of our business model, being the main engine for our business diversification strategy leveraging complementary new businesses and services, mainly (i) our own digital banking business, offering digital credit products such as PicPay credit cards, BNPL, personal loans and collateralized products such as secured loans. In addition, we also distribute other products and services from third-party partners such as insurance and (ii) our seller's acquiring and financial platform, benefiting from approximately 52 million credit cards registered in our app and extending the acceptance of our e-wallet among online sellers.

We believe that our scaled and widely adopted digital wallet is a unique asset compared to other relevant digital challengers, and puts us in a unique position to diversify our business model and to accelerate digital financial services distribution for both consumers and sellers.

#### Our One-Stop -Shop Model.
We believe that we offer a holistic financial platform that is designed to address the daily financial, shopping and communication needs of our consumers, connecting them to each other and to businesses and third-party financial institutions through a simple, intuitive and seamless platform that leverages social features and user experience. By being a one-stop shop for our consumers, we believe that we position ourselves in all stages of their daily lives, boosting engagement, retention and cross-selling opportunities while improving user experience.

![](timage_pg49.jpg)

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#### Our Digital Contextual Distribution at Scale
One of our key strengths is the ability to rapidly scale our product and service offering for both consumers and businesses, leveraging a fully digital and contextualized experience. Through the use of generative artificial intelligence, we deliver personalized recommendations, from offers with special fees and cashback benefits to financial products tailored to each consumer's profile. Every month we process billions of interactions, which allows us to understand, in real time, what is most relevant for each user (whether it is a tailored insurance offer or an investment suggestion). Taking into consideration the monthly average for the nine months ended September 30, 2025, the numbers below demonstrate this competitive advantage:

![](timage_pg242a.jpg)

#### Our Strong Brand Recognition.
We believe we have built a well-known brand in Brazil. In the financial institutions market, our brand was known by 97% of banked Brazilian adults belonging to the high, upper-middle, and lower-middle income brackets, based on an August 2025 brand tracking study commissioned by us and conducted by IPSOS, a global market research company. Additionally, we were honored to be recognized as the best digital bank in Brazil through a popular vote during the annual iBest Awards 2024, held in February 2025. The criteria considered in this vote are the following: digital metrics (engagement, impressions, growth); content suitability and quality; audience mobilization; technical evaluation by academy experts; relevance and impact in the sector; and history and performance in previous phase. We believe that this recognition not only validates our value proposition but also highlights our commitment to consistently delivering innovative and customer-centric solutions.

#### Our Powerful Network Effects.
We believe that our platform benefits from strong network effects: as more consumers join our app, it becomes more attractive for businesses, and as more businesses join it, the perception of value proposition for consumers increases. This mutually reinforcing dynamic fuels accelerated growth of our consumer and business customer base at low costs and driving higher engagement and retention. The two-sided nature of our ecosystem is complementary with each side reinforcing the growth of the other side, building a virtuous value cycle for both consumers and businesses, who are drawn to our platform's convenience. As more consumers join the platform, more businesses and third-party financial institutions are incentivized to come onboard, which further attracts more consumers. Furthermore, we believe our social network drives user engagement by allowing consumers to connect, interact, and transact with friends, families, and businesses. We believe this reinforces the flywheel effect, as more consumers join the social network, it becomes increasingly valuable to each participant, and motivates them to bring their contacts into the ecosystem.

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#### Our Differentiated Approach to Product Development.
We believe that our decentralized organizational structure and playbook of product development enables us to launch and scale new products and services faster than our peers. PicPay is structured into different business units, in which each unit has full responsibility, autonomy and dedicated squads to run its business on a day-to-day basis, prioritizing the launch of products and services aligned with our corporate strategy, while at the same time being committed to driving increased profitability for the overall company. The chart below shows the evolution of products and services launched since 2021:

![](timage_pg50.jpg)

#### Our Innovative Technology.
We leverage proprietary technology as a strategic enabler, combining AI-driven models, advanced security features, and intuitive user experiences to sustain our competitive edge and accelerate product delivery. This foundation allows us to integrate and scale new technologies seamlessly, from instant payments (P2P, Pix, and P2M) to Open Finance, without conflicts of interest. Our products run on a massive, automated, and resilient infrastructure serving over 60 million customers, operating 3,800 microservices, processing 11 billion API requests and 6.5 billion events per day, and supporting 5,400 weekly deployments. We process a wide range of transactions, including Pix, which executes more than 20,000 payments every minute from approximately 89 million Pix keys registered on PicPay as of September 30, 2025.

#### Our World-Class Management Team.
We believe that we have attracted highly talented and experienced executives from the most successful companies across payments, banking, e-commerce, and technology, who have brought deep expertise and creative ideas in technology development, data analytics, product design, branding, business and people management, corporate strategy and credit underwriting, and are closely aligned with our mission and vision. This is supported by a robust governance structure, consisting of executive committees, including risk, compliance, ethics, anti-money laundering, data security and privacy committees. We believe that our team boasts a deep understanding of the technology and financial services landscape, enabling us to identify strategic acquisition targets that align with our products and services portfolio.

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#### Our Advantaged Unit Economics.
We believe that we operate with favorable unit economics, as evidenced by our ability to recover our consumer acquisition costs, or "CAC," with cumulative contribution margins, which is the incremental result we generate from our consumers after deducting the costs we incur from their transactions on a cumulative basis, in 9 months on average, while continuing to expand revenue and contribution margins significantly thereafter. We believe our favorable payback dynamics and strong revenue retention rates are supported by our ability to deliver high consumer engagement, low churn, and the strong ability to scale and monetize new products and services.

Additionally, we have been able to maintain our average cost to serve per quarterly active client at low levels (R$5.9, or US$1.1, on a monthly basis, based on the *real*/U.S. dollar exchange rate of R$5.3186 per US$1.00 as of September 30, 2025). This is due to our ability to scale our platform and leverage sustainable cost advantages.

#### Our Growth Strategies
Our growth strategy is centered on a multi-faceted approach designed to solidify our position as a leading financial services platform in Brazil. We believe that through the initiatives below, we are poised for sustainable growth and are confident in our ability to create long-term value for our investors and stakeholders.

#### Grow within our consumers' financial lives.
By adding new products and services to our platform and using our digital wallet to access millions of consumers, we bring more usage with product depth, and our app becomes part of our consumers' daily routine. During the last 12 months, we launched, on average, one product per month, driving higher engagement and decreasing the average time our consumers take to adopt more products. As we further improve our platform and user experience, and expand our ecosystem by introducing new products and services, not only do older cohorts increase the adoption of new products and services, but new cohorts onboard at more mature levels and adopt new products and services faster.

#### Business diversification.
We are continuously expanding our portfolio of products and services with the goal of becoming the primary financial partner for our individual and business clients, who use our platform daily to make payments, save, invest, access credit, shop, and manage their financial activities. We began as a digital wallet, offering fully digital payment solutions that enabled consumers to make instant transfers and payment, including the ability to use credit cards as a funding source, unlocking new use cases for credit cards among Brazilian consumers.

On top of a consolidated digital wallet, which we view as a powerful data-collection machine due to its transactional robustness and the insights it provides into our consumers' transactional behavior, we are diversifying our business into a broader ecosystem. We have expanded our financial services offerings, through a fully digitalized suite of credit cards, loans, insurance and investment products. In addition, we are broadening our non-financial services via our Audiences and Ecosystem integration segment, creating greater engagement and monetization opportunities for both individual and business clients, with a particular focus on e-commerce and solutions for everyday life.

Finally, we are expanding our SMB businesses, delivering the same seamless experience we provided to individuals, through tailored solutions such as wallet and banking services, as well as credit solutions such as credit card and prepayment of receivables.

#### Continuously improving our financial services platform.
We are actively expanding our network of partners, by forging strategic alliances with banks, financial institutions, and investors. In tandem with partner expansion, we expect to increase the share of PicPay credit proprietary products (PicPay credit card, personal loans, secured loans, among others) in our digital wallet amongst our consumers. The low penetration of our own credit products presents an opportunity for us to enhance the PicPay Card, BNPL, personal loans and secured loans on our open platform and engage our consumer base. As we evolved in our strategy from a wallet and banking business to a broader platform, we observed that our own credit products were crucial for consumer engagement and are key products to drive growth and profitability in our ecosystem. Accordingly, we decided to adopt a multi-funding strategy approach for our financial services marketplace, including "on balance" credit for core and selected products, such as PicPay credit cards, personal and secured loans, which accelerated our move to fully

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internalize our credit operations, including origination, underwriting, collection, and consumer support. We began originating loans on our balance sheet in October 2023, and the PicPay credit card portfolio was transferred to PicPay from Banco Original in January 2024, fully internalizing our credit card operations at the start of 2024. We believe that by offering our own products and increasing credit exposure to selected consumers and businesses, we foster the growth of our entire ecosystem and significantly improve engagement within our app, expand up-selling and cross-selling opportunities, which should enhance our unit economics.

#### Principality.
Our strategic vision includes a clear commitment to becoming our consumers' primary financial services platform, and we believe our consumers are increasingly choosing PicPay as their primary financial services provider relationship as they become more comfortable with our solutions and user experience, increasing engagement and usage of our products. As of September 30, 2025, an average of 32% of our quarterly active consumers use PicPay as their primary financial services platform, and we aim to grow this level of engagement over the next few years. We consider ourselves to be the primary financial services provider relationship for those of our quarterly active consumers who have: (1) deposited at least 50% of their post-tax monthly income into their PicPay digital wallet; (2) utilized at least 50% of their drawdown credit card limit in the market on our platform; or (3) invested at least three times their post-tax monthly income in any of our investment products.

#### Customized and personalized approach.
We aim to have a more comprehensive and tailored portfolio of products and services, further enhancing our value proposition beyond the digital wallet and day-to-day payments services, becoming a much broader and deeper two-sided financial ecosystem. We have moved from a one size fits all approach to more targeted and personalized marketing communication and product offerings by analyzing and understanding the financial needs of the various segments of our consumer base. In line with this approach, we are investing in new ads to enhance brand awareness, communicate our new positioning and deliver a more target value proposition.

#### Open Finance and instant payments.
We continue to strengthen our core strategy to embrace Open Finance and instant payments as independent partners to our consumer and business customers. By focusing on providing the best user experience and transparency, we are committed to leveraging these core principles not only to revolutionize the way consumers and businesses manage their finances, but also to become their financial services platform of choice capable of centralizing all their financial activities in a single hub and having our consumers' best interests at heart. As of September 30, 2025, PicPay has one of the highest market shares for Open Finance and Pix adoption, with a market share of 12.3% of consumer consents (i.e. consents received from consumers to share their data with PicPay) and 11% of Pix coverage in terms of number of transactions in September 2025, according to information provided by the Brazilian Central Bank.

#### Accretive Inorganic Growth Opportunities.
We intend to accelerate our growth by acquiring companies that will expand our product portfolio, improve our capabilities, increase our presence along the value chain or shorten our path to new markets. For instance, our acquisition of Guiabolso accelerated our entry into Open Finance, bringing new technology and expertise to position us as one of the leading players in the market. In February 2023, we acquired BX Blue, a digital marketplace focused on public payroll loans, enabling us to enter a new industry vertical for collateralized products and helping to further diversify our credit portfolio.

Building on this strategy, in September 2025 we signed an agreement to acquire Kovr Participações S.A., a Brazilian company operating in the insurance, capitalization and pension fund segments. Kovr develops and distributes a wide range of insurance products at scale, including life, personal accident, D&O and E&O insurance, surety, affinity, and travel insurance, among others. Kovr's capitalization business offers financial products that allow customers to save while making philanthropic donations and competing for cash prizes, whereas its pension fund business focuses on financial assistance and long-term saving solutions.

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The Kovr acquisition unlocks several new opportunities for PicPay, such as the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Product development*: faster ability to create and launch from scratch digital insurance products in the market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Increasing economics*: access to additional insurer margin over written premium sold through PicPay's channels with Kovr, as well as the migration of all other products from current insurers partners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Additional revenue streams*: growing our insurance footprint by utilizing Kovr's broader partner network, which currently drives most of Kovr's overall revenue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Seasoned executive team*: proven track record of Kovr executives that will remain operating the business on an independent structure.

#### Our Products and Solutions

#### Consumer Ecosystem
*Consumer Banking*

*Wallet and Banking*

Our wallet and banking business is our most mature offering and the foundation of our growth strategy, designed to enable consumers to perform all kinds of day-to-day payments in an easy, frictionless and convenient way. The main use case we offer in our digital wallet, are P2P transactions between PicPay accounts, Pix (instant transfers to and from any bank or payment account), bill payments, enabling consumers to pay any bill (utilities, taxes, bank slips, consumer bills, vehicles fines, among others) through our bill payment hub, helping them to concentrate all their payments in one single experience and P2M, enabling PicPay consumers to pay affiliated businesses through a single QR Code (in-store or online) or using our e-wallet for online purchases.

We provide several transaction methods and sources of funding for consumers to transact when, where and how they want, as highlighted below:

![](timage_pg247.jpg)

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Consumers can add funds to the balance of their accounts in different ways, such as through electronic funds transfers from their accounts held with other financial institutions (wire transfers), including via the Brazilian Central Bank's instant payment system, Pix, via *boleto* (bank slip), by receiving funds via P2P payments, payroll portability, contracting loans or pulling funds from other banks in app through Open Finance (with PicPay operating as a payment initiator).

Our open platform approach also enables consumers to register on file any credit card to fund their payments transactions, such as electronic transfers and payments (P2P, Pix, P2M, bills and the purchase of digital goods, among others) including using the payment in installment function. The chart below illustrates our wallet and banking platform, providing details on various products:

![](timage_pg248.jpg)

#### Instant Payments (P2P and Pix)
We started our journey 13 years ago, being the pioneer in offering P2P transactions between PicPay accounts only. Transactions were done through the app instantaneously, 24 hours a day, seven days a week, at no cost. Over time, we enabled consumers to register credit cards on file to finance P2P transactions in multiple installments, helping PicPay to monetize such transactions.

Because P2P transactions have been our primary offering and value proposition since the beginning of our operations, we believe we were prepared to capture the benefits of Pix when it was launched by the Brazilian Central Bank. The interoperability with institutions in the Brazilian financial system offered by Pix allowed us to significantly expand our services, complementing our previously closed loop P2P payments ecosystem.

The below illustration shows our Pix Finance user experience:

![](timage_pg248a.jpg)

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One of the advantages of the Pix Finance is that businesses can offer higher discounts for consumers who pay for goods and services through Pix, as payments are received instantly and at no cost. At the same time, consumers can fund Pix purchases through any credit card on the PicPay app and pay after 30 days (in accordance with the settlement period for credit cards) while receiving the merchant-funded discount, which can range from 5% to 20%. This is still net positive for the consumer even when taking into account the take rate charged by PicPay for the transaction.

Pix Credit for P2M transactions (online and in-store) reached 37% of total Pix credit volume for the three months ended September 30, 2025. We also offer Pix Credit using personal loans (our BNPL solution) as a source of funding.

Pix and its potential products and use cases, for both consumers and businesses, are also core to our strategy. Instant payments were part of our foundation and are on our DNA. In the month of September 2025, we had approximately 11% of Pix coverage in terms of number of transactions.

#### Payment Assistant Hub
With the purpose of helping our consumers better manage their financial lives, we launched a payment assistant hub (*Assistente de Pagamentos*), which is a unique open platform that consolidates and simplifies consumers' day-to-day payments in a single app. Our consumers can consolidate their bills (from utilities to taxes) from any issuer in one single hub. They can also look up their vehicle debts, such as traffic tickets and *IPVA* (Tax on Property of Motor Vehicles) and set up a direct debit for their bills. This hub offers both social and transactional features, such as upcoming bills and due date reminders via PicPay's direct message or WhatsApp. Our consumers can pay their bills with their deposits or with a credit card in up to 12 installments.

The figures below illustrates our consumer journey on our payment assistant hub:

![](timage_pg249.jpg)

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#### Premium Account
Our Premium Account (*PicPay MAIS*), is a monthly subscription service that offers multiple benefits for consumers with special financial offers, such as CDBs with higher remuneration, wider range of credit cards (black and platinum) with higher limits and rewards, unlimited withdrawals, and savings on non-financial services, such as entertainment and streaming. This service also contemplates an account manager that provides personal support to these consumers when needed.

![](timage_pg250.jpg)

#### PicPay Epic
In 2025 we launched PicPay Epic, which is a premium account designed to serve the distinct needs of our high-income consumers through a comprehensive suite of elevated financial and lifestyle benefits. This solution includes the Mastercard Black Epic credit card, enhanced with differentiated cashback on domestic and international purchases, automatically allocated to our piggy banks. Consumers gain access to exclusive travel privileges, including VIP lounge services, alongside a range of lifestyle advantages, such as complimentary Amazon Prime membership, toll and parking solutions, and residential assistance. PicPay Epic also provides advanced security features, dedicated investment tools, and priority customer support through specialized service channels. By integrating these benefits

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into a single, high-value proposition, PicPay Epic strengthens our engagement with affluent consumers and supports our strategy of deepening relationships with a segment characterized by strong growth potential and significant lifetime value.

![](timage_pg251.jpg)

#### Buy Now Pay Later (BNPL)
Our Buy Now Pay Later product is provided by our third-party partners to recurring consumers with pre-approved credit offers, with us not assuming any credit or underwriting risk, focusing on smaller ticket items and lower installments. This product gives an additional credit limit to our consumers on the top of their already existing credit card limit. Initial use cases are for Pix payments, bill payments, and P2P payments, with further integration as a payment checkout method for online merchants.

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The screenshot below exemplifies how consumers can choose the Buy Now Pay Later solution (*PicPay Parcela*) as a payment method when checking out a transaction in our digital wallet:

![](timage_pg252.jpg)

#### Underage Account
In 2024, we launched our underage account for individuals under eighteen years old, as part of our commitment to further include the Brazilian population in the financial system. Our mission is to minimize complexity and enable financial control and independence for millions of people from their early years. With the consent of their legal guardians, who must have an account registered on PicPay, children and teenagers may have access to a wide range of products and features within our ecosystem. Young individuals can carry out day-to-day payment transactions, whether through instant payments, such as Pix or P2P transactions, or through a prepaid card registered on file, for instance, to pay for a snack at the school cafeteria or saving money in their piggy banks for their high school graduation trip, or even to purchase their first car after getting their driver's license.

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Below we present some screenshots that exemplify the user-friendly interface we have designed to make it easy for young individuals to identify with and use our app on a daily basis, safely and without complications. This helps make such young individuals' first encounter with finance more approachable and enjoyable:

![](timage_pg253.jpg)

#### Global Account
In 2025, we launched our global account, which is a multi-currency financial solution that empowers consumers to manage, convert, and spend funds in major currencies, specifically U.S. dollars and euros, directly within the PicPay app. Through an instant conversion feature, consumers can convert Brazilian reais into foreign currencies with reduced and transparent exchange costs. The global account also includes an international debit card that draws from the respective currency balance, enabling seamless spending abroad or in a global e-commerce. Consumers can

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also withdraw cash via ATMs while traveling, subject to applicable fees. This offering is made possible by a strategic partnership with AstroPay and provides an integrated, consumer-friendly way to access global financial services without the need to open a foreign bank account.

![](timage_pg254.jpg)

We also offer the following financial products: personal loan, FGTS loan, auto-secured loan, public and private payroll loan, PicPay cards (credit, prepaid and secured cards), investments, and insurance (digital wallet, mobile, life insurance, health assistance, personal loan and BNPL insurance, public and private payroll loan insurance, public payroll loan (available margin insurance), income loss insurance (FGTS), income loss insurance (credit card invoice), property insurance, home assistance, auto repairs assistance, and car insurance deductible coverage).

![](timage_pg254a.jpg)

*We distribute products and services from third*-party *partners, without assuming any credit or underwriting risk, and distribute our own financial products, including our PicPay credit card and personal loans, which enhances our consumers' experience and increases our consumers' engagement and through which we assume credit risk.*

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*Through September 2023, all loans we originated for our consumers were "off*-balance*," and financed by other partners connected to our platform (i.e., we acted as an agent for other financial services providers). For the distribution of loans from third*-party *partners in our financial marketplace, we receive an origination fee plus a success fee for each monthly payment. From October 2023, we also began to originate personal loans "on*-balance*" for selected consumers who meet our credit criteria, capturing interest income from our proprietary credit origination.*

*Until December 2023, Banco Original was the issuing bank of our PicPay Card and responsible for establishing all credit card limits. For transactions made with our PicPay Card, we received a certain percentage of the interchange fee that Banco Original, as issuing bank, received from merchant acquirers as a result of an agreement with Banco Original. However, from January 2024, PicPay became the sole issuer of its credit card, establishing credit card limits and capturing the full interchange and interest income from this product.*

*Our strategy to originate and underwrite credit "on*-balance*" is focused on: (1) selected products that are core for engagement and essential for building consumer loyalty, such as PicPay Card and personal loans; and (2) collateralized products such as payroll and FGTS loans, which were fully originated "off*-balance*" until September 30, 2023.*

*Our multi*-funding *model allows us to increase monetization because we do not rely only on our partners to originate credit, taking advantage of our rich consumer database that we collect through transactions within our ecosystem and from Open Finance consents given by our consumers to offer credit to those consumers who meet our credit criteria. We benefit from an artificial intelligence*-driven *model and significant use of machine learning to provide offerings with a personalized approach targeted to our consumers' needs. Given our large quarterly active consumer base, we have been able to develop a credit activity database based on the daily payment history of our consumers. We also generate consumer credit scores based on a proprietary algorithm.*

*With respect to our unsecured credit products, such as PicPay credit cards and personal loans, we have adopted a strategy based on consumer behavioral data captured by our credit models to determine how we will proceed when granting new loans or expanding credit card limits to our consumers. We divide our unsecured credit origination strategy in two main groups. The first group takes into consideration higher quality credit information that we can capture through the analysis of consumer behavior based on transactional information gathered from our wallet and Open Finance. For these selected consumers, we are willing to accelerate the offering of credit products given their lower risk of default. With respect to the second group, which comprises consumers with limited available behavioral data, we adopt a much more conservative approach, focusing on small Progressive Limits, which can increase as the consumer makes timely payments and increases engagement with PicPay.*

*In February 2023, we acquired BX Blue, a Brazilian fintech specialized in offering payroll loans to public sector employees through its fully digital financial marketplace. Through this acquisition, we aim to broaden our financial ecosystem by expanding the financial products we offer to our consumer base, with additional exposure to collateralized products.*

*PicPay Card*

As we evolved our strategy from a wallet and banking business to a broader platform, we realized that issuing our own cards would be important for consumer engagement as well as for driving consumer loyalty, growth and profitability in our ecosystem.

We launched our PicPay Cards (for both credit and prepaid cards) in late 2020, relying on Banco Original to fund our consumers' credit limits. Over time, we realized that this was a critical product, given that cards are intrinsic to our consumers' financial experience and the most important product consumers use in interacting with their primary financial institutions, meaning it was critical to efficiently manage the relationship between our consumers and our funding partner/collectors.

Hence, in conjunction with the full transfer of Banco Original's retail segment operations into our business, we decided to fully internalize our PicPay credit card operations, including origination, underwriting, collection and consumer support. PicPay credit card portfolio was subsequently transferred from Banco Original to us in January 2024. For more information, see "Business — Our History — Recent Acquisitions and Corporate Transactions" and "Management's Discussion and Analysis of Financial Condition and Results of Operations — Principal Factors Affecting our Financial Condition and Results of Operations — Acquisitions and New Lines of Business and Other Developments."

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We anticipate increasing the distribution of our secured cards, which are backed by investments in PicPay CDBs as collateral, as well as unsecured cards that we will offer initially to the most mature, engaged and quarterly active consumers on our platform, permitting these consumers to have authorized limits that increase as they demonstrate good credit behavior over time. Additionally, we are diversifying our card portfolio, offering PicPay Black and Platinum cards with superior rewards and benefits, and PicPay Cards embedded into Apple, Samsung and Google wallets.

Additionally, we are also originating unsecured credit. For credit cards and other unsecured loans in general, we have adopted a strategy based on consumer behavioral data captured by our credit models to determine how we will proceed when granting new loans or expanding credit card limits to them. We divide our unsecured credit origination strategy in two main groups. The first one takes into consideration higher quality credit information that we can capture through the analysis of consumer behavior based on transaction information gathered from our wallet and Open Finance. For these selected consumers we are willing to accelerate the offering of credit products given their lower risk of default. For the second group, which considers consumers with limited available behavioral data, we adopted a much more conservative approach by focusing on small Progressive Limits, which can increase as the consumer pays on time and increases engagement with PicPay.

We intend to continue to operate an open platform that allows consumers to use cards they obtained from other issuers in our app while we increase the use of PicPay Cards in our own ecosystem. For the three months ended September 30, 2025, PicPay Cards represented 33% of the total TPV from credit cards within our entire ecosystem, which refers to our own credit cards sourcing in-app transactions like P2P, Pix, bill payments and purchases at the PicPay shop. For the year ended December 31, 2024, PicPay Cards represented 19% of the total TPV from credit cards within our entire ecosystem

As illustrated in the graphic below, PicPay Cards, including credit and prepaid cards (with respect to both online and offline usage), are fundamental to driving increased engagement, growth and profitability in our ecosystem, the increased use of our digital wallet, transactions with affiliated sellers or on the PicPay Shop and the purchase of insurance and subscription services available on our app. In addition, we anticipate that our own cards will be used outside the PicPay ecosystem, allowing them to be used to make in-store purchases from third party sellers at any POS terminal or on any online store.

![](timage_pg257.jpg)

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In the second half of 2023, we launched our Black and Platinum cards, offering more benefits and rewards to our consumers, such as cashback, access to VIP Lounges, global emergency assistance, concierge services, among others. Moreover, our primary cardholders can request additional cards for their spouse, children or parents, driving to higher activation and customers with additional cards spend on average 20% more than cardholders without additional cards. The additional cardholder is able to benefit from all the benefits of the primary cardholder account without any liability, which remains the responsibility of the primary cardholder.

![](timage_pg257a.jpg)

In September 2023, our cards began to be accepted in wallets such as Apple and Google Pay, expanding our PicPay Card acceptance both online and offline.

In 2023, we also launched our secured card, with credit limit backed by investments in Piggy Bank (*Cofrinho*). The credit card limit is managed by the consumers and the more the consumer has invested in their piggy bank, the higher the credit card limit is. This product is largely risk-free from our perspective and boosts deposits in our ecosystem.

In 2024, we started issuing unsecured credit cards for our prime cohorts (i.e. the cohorts that we believe are performing well), starting with a small limit approach that can gradually and steadily increase as the consumer pays their credit card bill.

![](timage_pg258.jpg)

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*Loans*

We started offering personal loans in our app beginning in 2021, and, in the second half of 2022, began to offer FGTS loans. Through our app, consumers can drawdown in advance up to 10 installments of their FGTS and, after validation, the amount is deposited into their PicPay account in approximately 2 minutes.

![](timage_pg259.jpg)

In February 2023, we acquired BX Blue, a digital marketplace focused on public payroll loans, positioning us in a new business of collateralized products and helping to further diversify our credit portfolio. Consumers can request a loan through the app in a quick and easy experience. They can also compare credit offerings from different financial institutions and choose which one delivers the best condition in terms of interest rates and maturity.

The figures below illustrate how consumers can apply for a public payroll loan through our app:

![](timage_pg259a.jpg)

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Until 2022, the private sector lacked a comprehensive regulatory framework to support payroll-deductible credit. Challenges included the absence of standardized infrastructure to process salary deductions, legal uncertainties regarding enforceability, and the inability to use FGTS balances or other employment-related entitlements as collateral or payment guarantees. To address these limitations and foster broader financial inclusion, the Brazilian government and financial regulators enacted a series of legislative and normative changes that collectively established the legal and operational foundations for private-sector payroll-deductible lending, including mechanisms to secure loans using FGTS assets. In this scenario, we started offering private payroll secured loans.

The figures below illustrate how consumers can apply for a private payroll loan through our app:

![](timage_pg260.jpg)

As we continue to diversify our credit offering, we launched an auto-secured loan, which is a personal loan that uses the consumer's car as a collateral. Consumers can apply for a loan for up to 90% of the value of their vehicle and receive the amount in their PicPay wallets, amortizing the debt in up to 60 installments.

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The screenshots below present our consumers' journey when applying for an auto-secured loan in our app:

![](timage_pg261.jpg)

*Insurance*

We distribute insurance products from third-party partners in our platform, which include digital wallet insurance with additional protection for PicPay Card and Pix transactions, mobile protection, life insurance, health assistance, personal loan and BNPL insurance, public and private payroll loan insurance, public payroll loan (available margin insurance), income loss insurance (FGTS), income loss insurance (credit card invoice), property insurance, home assistance, auto repairs assistance, and car insurance deductible coverage. We had 1.5 million active insurance policies in 2023, compared to 0.3 million in 2022. As of December 31, 2024, we had 5.1 million active insurance policies. As of September 30, 2025, we had 7.8 million active insurance policies, compared to 4.3 million as of September 30, 2024.

Data has a significant role in personalizing the insurance products offered as it helps us to design our solutions, adjusting coverage towards consumers' reality. For instance, our Pix insurance coverage limit, which is an additional protection included in the digital wallet insurance, is based on the average value of transactions that the consumer makes with their deposit. In this way, we deliver a product that meets the needs of consumers at affordable prices. The insurance acquisition and monitoring are conducted directly through PicPay's app. Consumers can access their coverage, ask questions, and participate in monthly giveaways offered by the insurer.

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The screenshots below present some of the insurance products in our app:

![](timage_pg262.jpg)

On September 19, 2025, we entered into an equity purchase agreement for the acquisition of Kovr, which is a full-service digital insurance company that develops and distributes a wide range of insurance products at scale, including life, personal accident, D&O and E&O insurance, surety, affinity, and travel insurance, among others. Kovr's capitalization business offers financial products that allow customers to save while making philanthropic donations and competing for cash prizes, whereas its pension fund business focuses on financial assistance and long-term saving solutions.

As shown below, Kovr already accounts for relevant market share in the most of insurance subcategories according to data provided by the Superintendence of Private Insurance (SUSEP) for the year ended December 31, 2024:

![](timage_pg262a.jpg)

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According to data provided by the SUSEP, Kovr totaled R$919 million in written premium in 2024, an increase of 79% compared to R$512 in 2023. Consumer micro insurance represented 52% of total written premium in 2024, followed by individual credit life with 22%. Earned premium totaled R$544 million in 2024, an increase of 68% compared to R$323 million in 2023.

![](timage_pg263.jpg)

Kovr has innovation, customization and commercial approach in its DNA, with differentiated go-to-market results in win-win partnerships with reference channels. The company has a high capacity and fit to reach each distribution channel (bancassurance, affinity, and brokers), customize and launch products, supported by the capacity of internal processes and embedded technology.

![](timage_pg264.jpg)

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Kovr acquisition unlocks several new opportunities for PicPay, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Product development*: faster ability to create and launch from scratch digital insurance products in the market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Increasing economics*: access to additional insurer margin over written premium sold through PicPay's channels with Kovr, as well as the migration of all other products from current insurers partners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Additional revenue streams*: growing our insurance footprint by utilizing Kovr's broader partner network, which currently drives most of Kovr's overall revenue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Seasoned executive team*: proven track record of Kovr's executives that will remain operating the business on an independent structure.

Currently, we distribute digital wallet protection, mobile protection, auto repairs assistance, car insurance deductible coverage, home assistance, and property insurance services from Kovr in our app. This acquisition is in line with our strategy of expanding our portfolio of products and services to meet the daily needs of our consumers. The completion of this transaction is conditioned on the approval of CADE and SUSEP. For more information, see "Business—Our History—Recent Acquisitions and Corporate Transactions."

*Investments*

Our investment platform is an important pillar for engaging high-income clients with products that build relationships and as a strategic funding source for our credit portfolio. We intend to abstract complexity around investment into simplicity. Additionally, we can personalize offers using Open Finance data, identifying higher-return opportunities with comparable risk. Our investment portfolio includes PicPay and third-party CDBs, private credit, retirement funds, crypto, LCI (Real Estate Credit Bill) and LCA (Agribusiness Letter of Credit), funds, treasuries, and equities.

![](timage_pg265.jpg)

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We offer a variety of CDBs with different maturity terms and interest rates, ranging from daily liquidity when invested in our Piggy Bank (*Cofrinho*), which yields 102% over CDI, to 3, 6, 12, 18, 24 or 36 months, yielding 103%, 104%, 105%, 106%, 107% and 108% over CDI, respectively. The amount invested in the Piggy Bank can be redeemed at any time, without losing the amount earned. Our Piggy Bank also serves as collateral for other products, such as the PicPay secured card, allowing for more financial options for our consumers. Since its inception, more than 24 million piggy banks have been created, totaling R$8.1 billion in deposits held by consumers as of September 30, 2025.

![](timage_pg265a.jpg)

We believe that our consumers trust our piggy banks to help them achieve their ambitions and financial goals and that each piggy bank represents an opportunity to turn aspirations into reality. The figure below presents examples that illustrate the allocated balances for different goals according to our consumers as of September 30, 2025.

![](timage_pg266.jpg)

Our consumers can also lend their extra money to corporations with attractive yields and low risk of default through our P2B lending product. Consumers can buy loan quotas and receive interest-bearing installments.

#### Businesses Ecosystem
*Acquiring & Banking*

We enable businesses to reach and acquire more consumers and deepen engagement with them by leveraging PicPay's large consumer base and high consumer engagement and providing unique consumer insights. We offer digital and physical payment solutions to businesses, allowing them to facilitate checkout and payment processes on their websites or in-store. There are five primary ways that businesses can receive payments from consumers with PicPay, including (i) QR Code for offline transactions, through which consumers can scan a physical QR Code or a QR Code directly from the merchant's PicPay digital wallet, (ii) in-app, via P2M, Pix or a payment link, (iii) e-commerce, with our payment checkout directly integrated with the consumers PicPay wallet, (iv) our own POS terminal, and (v) Tap on Phone.

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One of the main advantages of PicPay Business is our unique user experience for SMBs through integrated journeys, as shown in some examples below:

![](timage_pg266a.jpg)

Our go-to-market strategy is guided by an approach that combines competitive pricing, scalable growth, and diversified monetization. Through an efficient and integrated model, we aim to attract a growing number of customers, increase transaction volume, and strengthen our market presence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Competitive Pricing*: We offer fee waivers, piggy bank, and the lowest MDR rates in the market, reinforcing our value proposition and expanding our customer base.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Scale and Growth*: The increase in our clients, deposits, and transactions is driven by an accessible, highly efficient digital ecosystem.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Monetization*: With a solid and engaged customer base, we expand our revenue streams through financial products such as credit, investments, insurance, salary advances, and floating.

The PicPay ecosystem is a fast track to our business growth, leveraging the consumer platform to accelerate the launch of SMB banking products. Furthermore, we can leverage the more than nine million business owners who already have individual PicPay accounts as of July 31, 2025, to encourage them to open a business account, benefiting from lower customer acquisition costs as they already exist in our consumer platform.

We benefit from a consumer platform that generates operational leverage, characterized by low cost to serve, competitive customer acquisition costs and access to more efficient funding sources, enabling us to scale our business ecosystem and operate more efficiently.

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Our acquiring business is a strategic tool, essential to attract new customers and maintain the growth of our operations.

![](timage_pg267.jpg)

To support our business management and growth, we offer a suite of tools that improve operational efficiency and increase our customer's engagement. Through strategic partner solutions, we offer technological capabilities that cover the following areas:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Cash Management*: Platforms like MarketUP and Nibo provide greater financial control, automated routine tasks and greater efficiency in managing resources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Marketing and Sales*: Solutions such as Digisac, RediRedi, and Chatguru expand commercial reach, strengthen customer relationships and improve communication and sales processes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Supplier Management*: Partnerships with Printi and Electy offer additional services and benefits, such as discounts on utility bills and material procurement, among others.

These initiatives contribute to increased customer engagement and improved collection and strategic use of data, supporting decision-making and the continuous development of businesses. Furthermore, new partnerships and functionalities are constantly being developed, reinforcing our commitment to innovation and generating value for businesses.

![](timage_pg268.jpg)

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In 2023, we launched our merchant acquiring platform, allowing PicPay to operate as a full stack merchant acquirer in order to capture, process and settle all card transactions done inside the app, eliminating our need to rely on other acquirers and driving more cost efficiencies upfront.

Below is an illustration of PicPay as a payment checkout through QR Code and embedded in the Uber app:

![](timage_pg268a.jpg)

Businesses can integrate PicPay e-commerce into their online store in a fast and simple way through our partners: Nuvemshop, Vtex, and Magento. We also offer anti-fraud solutions to businesses at no additional cost.

In 2024, we officially launched our POS solution in the Brazilian market, which includes Pix payments. In the following year, we included in our portfolio the Smart POS, mPOS (mobile point of sale) and Tap on Phone, enhancing our commercial offerings to increase our users' engagement.

The figure below illustrates our POS terminal:

---

| | |
|:---|:---|
| **QR Code Payment** | **Sale Details** |

---

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We currently offer a complete digital wallet for businesses, facilitating their day-to-day payments and banking transactions.

Below is an illustration of the PicPay app for businesses:

![](timage_pg270.jpg)

*Corporate Benefits & Payroll*

In February 2023, we announced the launch of our corporate benefits product, which consists of an employee flexible benefits card with different categories to spend, including meal, grocery, mobility, and education. Employees can transfer their balances from one category to another as needed and share their benefits wallet balances with other consumers, such as family and friends. Moreover, the balance held in the corporate benefits account is adjusted by inflation. As of September 30, 2025, we had around 298,783 employees registered in our base.

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We also launched a payroll advance product, allowing employees of companies that contract us to advance their payroll whenever requested by their employees and giving employees the ability to receive their salary before the end of the month, as illustrated in the figure below. Consumers can calculate the amount available to them for payroll advance based on the number of days they have worked and choose to receive the funds either in their PicPay account or on their corporate benefits card. This product can potentially increase cash-in in our ecosystem, accelerating transactions within the app and potentially increasing our revenues.

#### Audiences and Ecosystem Integration
Our two-sided ecosystem is one of our main competitive advantages in the market. However, more than just offering financial products and services to consumers and businesses, we must integrate those two universes in an intelligent manner. This intelligent integration enables us to capture a wide range of opportunities in our businesses, monetizing and engaging both our consumer base and merchants. This creates a virtuous and lasting cycle of mutual benefits. The main idea is to leverage our consumer base by offering complementary and monetizable products, such as phone top-ups, digital goods, and gift cards, as well as booking a trip, reserving a table at a restaurant, and purchasing raffle tickets, at PicPay Shop, through which we receive commissions from sales. Regarding solutions for businesses, we have PicPay Ads offering our in-app display solutions and CRM channels, amplifying leads for thousands of businesses through our platform.

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In addition to the use cases we directly monetize through the aforementioned products, we also have a business line dedicated exclusively to promoting engagement within our ecosystem. Through our affiliate model, we enable our consumers to access a wide range of differentiated cash back offers funded by merchants in our platform. For businesses, we offer a platform that allows brands to deliver digital promotions to millions of consumers through our PicPay network. This includes several benefits for merchants, such as customer acquisition, re-engagement of old customers and promoting increased customer spending.

*PicPay Shop*

The PicPay Shop is a marketplace that allows our businesses to offer a wide range of non-financial products and services to our consumer base, including: (i) digital goods, such as in-game credits, cellular phone recharge credits (top-ups), food delivery, ride-hailing, streaming, gift cards and transportation tickets, (ii) online shopping in app or through our affiliate model that directs our consumers to our partners' websites like Amazon, AliExpress, Shopee, Magazine Luiza, among others, (iii) booking a trip through our PicPay Travel hub, (iv) raffle tickets through our iGaming hub, and (v) booking restaurant reservations, purchasing tickets for movies, concerts, among others, through our PicPay Experience. The PicPay Shop allows sellers and partners to promote campaigns and discounts directly in app and consumers can also receive merchant funded cashback directly in their PicPay digital wallet. As of September 30, 2025, taking into consideration the first nine months of the year, we generated R$1.0 billion of GMV at the PicPay Shop.

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The screenshots below illustrate the PicPay Shop open platform:

![](timage_pg273.jpg)

*Travel*

PicPay Travel is our integrated travel hub developed in partnership with CVC Corp, one of Brazil's largest tourism companies. The platform allows consumers to book flights, hotels, and vacation packages directly through the PicPay app, with benefits such as up to 12 interest-free installments and cashback rewards. PicPay Travel is an engagement driver for our consumers, combining exclusive deals and discounts with attractive payment and financing conditions.

By embedding travel services within our platform, we diversify our revenue streams beyond payments and digital banking, enhance consumer engagement and retention through high-value, lifestyle-related transactions, leverage our extensive consumer base and data insights to cross-sell financial products and capture a greater share of wallet, and strengthens our position as muti-service platform, offering convenience and integrated financial experiences.

![](timage_pg273a.jpg)

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*iGaming*

Our first step in iGaming was a raffle product that attracted over 700,000 consumers in only two months, driving profitable growth and proving how low-cost, high-reward products engage our audience. An important example was the launch of the "Million Key," a promotion that reinforces our strategy to become more central in our consumers' financial lives. By encouraging consumers to register their Pix key, perform transactions, and engage with more features, we aim to increase activity, deepen engagement, and gather richer data, paving the way to monetize through a broader range of financial services.

![](timage_pg274.jpg)

*Experience*

PicPay Experience represents a strategic extension of PicPay's ecosystem, designed to integrate lifestyle, entertainment, and convenience into the financial platform. Through this offering, our consumers can seamlessly book restaurants, purchase event and cinema tickets, and access a range of leisure experiences directly within the app, all while enjoying the efficiency and security of PicPay's payment infrastructure. By consolidating entertainment and

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everyday financial services in a single platform, PicPay Experience strengthens our positioning as a comprehensive digital bank, enhancing consumer engagement and providing high-value, integrated experiences beyond traditional payment solutions.

![](timage_pg275.jpg)

*Ads*

In the third quarter of 2023, we launched an Advertising vertical to help companies advertise their brand and product to 42 million quarterly active consumers in our ecosystem. Due to PicPay's robust first-party data, we are able to successfully segment and target audiences according to their demography, in-app behavior, financial spending and personal interests, among other variables.

Our campaigns are delivered through our in-app display solutions and CRM channels (push and email), helping our clients reach a large and yet precise audience in a customized way. This enables us to deliver contextual and relevant advertising to our consumers, generating superior results for our advertisers.

Our display solutions include banner ads on the app's home page, notifications page, direct message page, as well as in the Pix transaction and other receipts. We also provide our advertisers with a comprehensive landing page solution, offering an exclusive space within the app to advertise new product launches and creating branded content to communicate to our users.

In 2024, we observed great business traction and interest in our advertising solution due to our contextual inventory and strong segmentation capabilities, which generated higher campaign results when compared to the Ad display industry average. During the past year, we closed direct deals with more than 35 advertisers, such as Google, Amazon, PepsiCo, Mastercard, Avon, Mondelez, L'Oréal and Sony. Also, as a complementary strategy, we have sold more than 1.5 billion impressions over Google's open auction display network.

With increased restrictions on the sharing and using of consumer data, the digital advertising market has been facing changes and Marketing professionals have been pushed to find new ways to create assertive audiences. We believe PicPay Ads is well positioned to address the market need of first party data, due to its knowledge of its customers and its large inventory to deliver its marketing campaigns. With more than 9 million Open Finance consents, we have access to our customers' data beyond our ecosystem from other financial institutions.

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Looking forward, we plan to continue to evolve our machine learning and AI capabilities to create sharper segmentation and recommendation models, suggesting even better offers to our consumers. We intend to further incentivize advertiser-funded rewards, such as discounts, incentives, and coupons integrated with consumer wallets.

The screenshots below provide examples of the following advertising deliverables in our app: Transaction Loading Page, Receipt Page, Home Screen Pop-up and Push Notifications:

![](timage_pg276.jpg)

One of our main strategic pillars lies in our relevance and popularity among Brazilians. We have presence in almost 100% of all Brazilian municipalities, being present in 5,568 municipalities as of May 2024, according to internal data we collect from our customers, out of 5,570 municipalities, based on IBGE's data for 2022. Additionally, our PicPay app has been installed on 37.6 million Android phones in Brazil as of June 30, 2025, according to Data.ai, a Sensor Tower Company, out of an estimated 128.1 million smartphones being used in Brazil, according to Android.com, meaning at least one in four Android phones in Brazil has the PicPay app installed. Additionally, we have 42 million quarterly active consumers who generate over 3 billion interactions every month, whether opening the app, clicking on a button, or navigating through the app's pages. As a result, we have access to a wide range of information about our consumer base, ranging from personal data regarding demographics, geographics and financial information to behavior related to online purchases, subjects of interest, and the consumer's preferences.

*Direct Message*

Connecting people has been a part of our DNA since our inception in 2012. In 2013, we launched our P2P social payments platform. Since then, we have added other social features to our platform, including profiles, video, photo and audio messaging, and payments (P2P, P2M and bill split) directly from the direct messaging feature.

Our social platform is fully integrated with our financial and non-financial services offerings, which we believe helps us to gain valuable insights into consumer behavior, enhances our network effect, and increases our ability to cross-sell additional products, improving the performance of our revenue streams. Some examples of the integration between our social platform and services offerings are: (i) consumer support, being one of the main interfaces for client interactions, leveraging AI to solve issues and demands (ii) product and promotion, such as discounts offered by partners like Amazon at the PicPay Shop or our new Black PicPay credit card available; (iii) cross-sell of products and services into the ecosystem, such as offering an extended warranty insurance or a BNPL checkout to a consumer buying a TV on the PicPay Shop; (iv) connect our two-sided platform, like enabling a real time interaction between consumers and online and in-store businesses; (v) online or in-store businesses using the direct message to promote its catalog of products and sell directly through the messaging platform and (vi) daily market and investment content for our PicPay Invest consumers.

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Below are some illustrations of global financial market news and product offerings via PicPay's direct message feature:

![](timage_pg278.jpg)

In 2023, we launched an account aggregator, a banking integration product that fully integrates consumers' banking accounts via Open Finance. Consumers can pull funds from any other institution already connected to Open Finance within our app, allowing for greater flexibility. This product emphasizes a transactional user experience, with features such as cash-in, Pix, bill payments and investments available for consumers. When we compare the use of Open Finance between those consumers who have the account aggregator product and other consumers, there is an increase in the use and frequency of the app, in total payment volume (TPV) and in transactions. Most of those consumers access our app more than 10 times a month and transact on a monthly basis. Open Finance and its potential products and services are a significant avenue of growth and focus of our strategic decisions. Below is an illustration of how our account aggregator works:

![](timage_pg279.jpg)

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Via Open Finance, we collect valuable data from consumers in compliance with applicable data protection laws such as (i) personal identification, improving KYC and onboarding process and helping to reduce account frauds; (ii) qualification, which includes consumer registration data, including professional information and relationship with the financial institution; (iii) financial services contracted with other financial institutions such as loans, enabling us to provide more financial and non-financial options at competitive rates; (iv) account information, data from deposits such as limits, transactions and savings; and (v) credit card information, transactional credit card data such as limits, transactions and invoices.

![](timage_pg279a.jpg)

Open Finance is a relevant strategic pillar to increase our consumers' principality as our consumers that have opted-in receive personalized shopping offers according to their spending behavior, have a higher likelihood of increasing their credit card limit, receive personalized and attractive offers for financial services such as loans, insurance, and investments, manage their financial life in a simple and easy way with our personal finance management feature, and pull funds from any other institution already connected to Open Finance within the app via our account aggregator feature.

![](timage_pg280.jpg)

Open Finance has proven itself to be an important tool to boost our business throughout our ecosystem. It also has been a significant part of our strategy of changing the "one size fits all" approach to a more personalized interaction with consumers. Through this technology, we are able to assertively promote tailored campaigns, offering products and services that really match with consumers' needs and their financial lives.

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Since the launch of our license to operate as a payment initiator institution, we have observed an increase in the number of consents received to authorize payments in our ecosystem through the Account Aggregator. In the chart below, we present our positioning as one of the main leaders in terms of API request volume on an accumulated basis from April 2023, when we activated payment initiation in the Account Aggregator, to the latest information provided by the *Open Finance.org* website in June, 2025:

#### Payment Initiator Ranking<br>(API request volume)

#### Our Approach to Product Development and Technology

#### Pioneering, evolution, and transformation are in our DNA.
Through innovative solutions, we aim to transform people's lives, combining proprietary platforms built from scratch with select market-recognized technologies to deliver secure, intuitive, and scalable experiences. Our structured technology organization (comprising approximately 2,600 professionals, or 55% of our total workforce) is organized into independent business units aligned with our main business segments. Each unit operates with full autonomy over its products and customer experiences, while a central governance layer ensures strategic alignment, consistent quality standards, and efficient communication across the company.

We created the first instant payments solution using QR Codes in Brazil, many years before the launch of Pix, and further evolved it to simplify transfers between individuals without the need for a bank account. We also democratized financial planning and enabled consumers to access their banking data well before the official adoption of Open Finance in Brazil, which is now part of the Central Bank's regulatory agenda.

#### Our Technology Platforms
Our approach is to develop solutions as platforms, enabling self-service with autonomy and governance, promoting reuse, availability, sharing of business capabilities, and automated resources provisioning.

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Our platforms allow us to accelerate business and innovation and are present in all layers of our structure, including the main features described below.

#### Core Banking
Our core banking solution, developed from scratch to meet the needs of our millions of consumers, ensures the integrity, consistency, and traceability of financial transactions. Many types of transactions are processed through this solution, including Pix, which handles more than 20,000 payments every minute in connection with approximately 89 million Pix keys registered on PicPay as of September 30, 2025.

Our central engine, built with cutting-edge technology, innovation, scalability and processing power, offers key features such as digital wallets, peer-to-peer payments, account earnings, card management, and payment gateway services.

#### Transactional Orchestrator
This platform orchestrates the entire financial transaction flow, integrating other product platforms, ensuring full control of transactions, regulatory requirements, scalability and transactional integrity, all within approximately one second.

#### Wallet Platform
Our wallet platform provides unique payments experience between people, with a response time of less than 60 milliseconds, allowing instant and secure payments.

#### Credit Platform
Our proprietary credit platform, combined with our algorithms and models, enables real-time analysis of multiple policies, seamlessly integrated online with different data providers, allowing for product offering interactions to consumers by allocating or removing credit limits. Our platform is able to make a decision in up to 3 seconds.

#### Fraud Prevention
We employ high-capacity authentication and authorization systems to handle tens of thousands of requests per second. We use proprietary algorithms across multiple layers to detect infected or maliciously behaving devices, and we are constantly improving our prevention models. Additionally, we integrate our platform with leading data providers in Brazil to ensure access to the most up-to-date information.

#### Merchant Acquiring Platform
Our platform combines different business capabilities for payment and business acceptance methods, including ecommerce, QR Code, POS, TEF, with the ability to process approximately 85 transactions per second. Our platform is integrated across various industry segments.

#### Real-Time Business Monitoring Platform
Our business processes and our consumer communication channels generate 6 billion events every day. We developed an event platform to track and monitor in real time everything that happens in our ecosystem, allowing us to anticipate and adapt to changes in consumer behavior and needs.

#### Machine Learning and Artificial Intelligence Platform
Our proprietary platform is capable of processing different types of machine learning models at high scale. Our algorithms allow rapid retraining and inference for continuous improvement of our products, as well as an autonomous approach for product teams in recommendation, credit risk, anti-fraud, in addition to the intensive use of generative AI in consumer service. As of April 2024, we had more than 180 proprietary machine learning models running.

All of our automated customer support services are carried out with generative artificial intelligence (Gen.AI), which uses the GPT-5 model through the Azure OpenAI API, which is incorporated into our direct message user service flow. Our Gen.AI Assistant is responsible for being the first point of contact for our customers who want to ask a question, make a request, or file a complaint with us, and it is responsible for solving our customers' main queries in an assertive

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Our data lake grows by approximately 37 terabytes, or "TB," monthly. This growth corresponds to 2.6 petabytes, or "PB," of data being processed every month, which is possible because we collect behavioral and transactional data from our consumers and products in an intelligent and efficient way. Currently, the volume of data stored in our data lake is approximately 5PB.

#### Highly scalable and low-cost platform
Our platform architecture allows us to scale and manage our business in an efficient and low-cost manner as we evolve and expand our ecosystem.

#### Our Technology Architecture
Our architecture is entirely cloud-based. Since our creation, we have been using cloud computing service platforms since 2012, being one of the first AWS consumers in Brazil. We rely on services provided by vendors for the operation of our app and for maintaining our systems' availability, cyber security, and data integrity. In particular, we rely heavily on Amazon Web Services, or "AWS," to provide cloud computing, storage, processing and other related services. Any disruption of or interference with our use of such services could negatively affect our operations and seriously harm our business. We also rely on other vendors, such as MongoDB, Dynatrace, New Relic, Splunk, Databricks, Cloudflare, CrowdStrike, among others. None of these vendors are owned or controlled by our ultimate controlling shareholders, officers, directors or their affiliates.

![](timage_pg284.jpg)

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Our unique technology processes over 9 million user requests and inputs per minute and more than 10 million payment transactions per day. We use microservices architecture, with small independent services performing specific functions, with autonomy and elasticity, allowing our business to scale according to demand, without wasting resources.

Our architecture allows features to be created through the combination of existing services, making it possible to launch a new product within 30 days. We carry out more than 3,000 deployments per month, including the launch of new products and features.

There are more than 1,000 microservices powering our account management capabilities, credit offering, payment processing, financial planning, investments, insurance and several other features.

![](timage_pg284a.jpg)

#### Our Technology Stack
We believe in the power of Open Source technology. Our stack is mostly composed of open, modern, and community-driven technologies, allowing flexibility for customization, with reduced costs and greater security due to public code review. Open Source is a code designed to be openly accessed by the public, so everyone can see it, modify it, and distribute it according to their needs.

The combination of our architecture, highly skilled engineering teams, proprietary platforms, and installed capabilities enables us to operate with low cost-to-serve and strong operational leverage as our business expands.

![](timage_pg285.jpg)

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#### Our Engineers
We have a highly capable software engineering team, which values excellence in quality, following industry best practices, and proficient in advanced and innovative technologies and methodologies.

Our professionals contribute to our Open-Source projects, supporting the software community worldwide. When we look at the main benchmark for performance assessment in software delivery, the DORA metrics, we are approximately 2,500 engineers, working in approximately 250 squads, positioned at the highest classification level, conducting 85 deployments daily, with a lead time for changes below 2 days.

#### Our Consumer Service and Support
PicPay aims to be an intuitive and seamless multi-product platform for our consumers and whenever support is needed, we strive for a quality and resolution-focused experience. We seek individuals for our consumer service who are well-informed and passionate about serving. We have developed technology tools to enable our consumer service agents in order to provide clear and transparent solutions. Our consumer service tools are built with a primary focus on our consumers and agents' user experience.

Our ecosystem is a constant source of feedback and innovation, based on clear service principles and our PicPay Lovers, a specialized team dedicated to excellence in service, who share a deep affinity with our brand, as described below.

#### Key Pillars of our Consumer Service

#### The PicPay Way
Our consumer service approach is based on eight principles consistent with our values and culture. Such fundamentals are not just words, but core principles for everyone who has direct contact with our consumers. They have been meticulously designed to enhance our ability to find effective solutions. These principles are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Consumer Perspective.* For us, what guides us as to whether we are on the right track is our consumer's perception of our services. To measure this, we use the Net Promoter Score, or "NPS," methodology in every interaction with our consumers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Resolution — Adding a spark on resolution effectiveness.* Our top priority is to resolve our consumer's needs. To achieve this, we rely on tools, processes, and, most importantly, individuals who tirelessly seek solutions for our consumers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Ownership.* We understand that we always have to find the best solution because if the consumer chose PicPay, the problem will be embraced and resolved by us, no matter where it came from.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Persistence.* We believe the consumer should never be left without options, we should always strive to assist them in every way, from simple guidance to solving problems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Consumers are in charge — It is their preference.* Currently, we have the main consumer service channels for our consumers — phone, chat, social media, ombudsman, and key consumer service sites. No matter where they reach out to us, we will be ready to serve them and to solve their needs, with a vision of integrated and omnichannel use of our tools.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Content and form — Experts with a connection.* Connection is the link between empathy and technical knowledge. That's why we invest continuously in training and improving our procedures. We have dedicated teams for building e-learning modules and creating intuitive procedures for our consumer service agents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Continuous Progress — Every feedback is a route*. We are passionate about embracing the lessons we find in all our interactions with our consumers. We use them as levers for the continuous improvement of our processes and technologies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Opportunity — One contact, one opportunity.* The sustainability of our business involves recognizing that when consumers reach out to us, it is always a gift for us to evolve and to foster an even stronger connection with PicPay. This can range from providing financial education to guiding on which product from our portfolio will best serve them at that moment in their lives.

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This mindset permeates throughout the entire consumer service chain, from building simple processes to the technology team, which strives to integrate solutions into our consumer service tools.

#### PicPay Lovers
Our PicPay Lovers are true experts who are passionate about consumer service. They serve as the direct link between our principles of humanity and the resolution that consumers seek from their very first contact. They are trained to operate as a united team with a common purpose, where processes and communication intertwine for continuous improvement.

#### Technological Integration
Our technology, represented by Herodash, is a robust governance tool that centralizes essential information for the application of our principles, ensuring that when consumers contact us, they receive an immediate diagnosis, reinforcing the autonomy of our front-line team. This experience is effectively integrated with our customer relationship management (CRM) tool (Zendesk Support), providing a comprehensive view of consumer service to support various contact channels, whether led by PicPay Lovers or automated processes.

Additionally, we also have the WikiPay platform, where all the processes and training materials that support our PicPay Lovers in addressing our consumers' needs are stored.

#### Support and Continuous Improvement
To maintain and enhance our excellence in consumer service, we rely on a team of professionals specialized in process and quality, with expertise in several methodologies, including lean, agile and design thinking, for the precise identification of root causes and the implementation of effective actions. This leads to a continuous cycle of improvements in both our processes and our teams.

#### Continuous Innovation
Our team strives to test, innovate and create disruptive solutions, always aiming for the best consumer service. In the technology context, for example, we believe we are among the first to test and innovate consumer service using GenAI, new channels, and new solutions to accelerate user issue understanding and resolution. While managing people, we always encourage a mindset of improvement and innovation among the teams, seeking to reward PicPay Lovers who go above and beyond, excel in their service, and innovate in processes.

#### New Products and Features with AI Use Cases
Since the second half of 2024, we have been delivering new AI-powered experiences that expand convenience, speed, and personalization across our ecosystem. One of our most notable launches is the financial assistant on WhatsApp, which enables customers to make Pix transfers through conversational banking, interpreting text, images, and audio. This capability allows the assistant to recognize Pix keys in varied contexts, such as a price table mentioning "Pix" alongside other information, and instantly trigger a payment.

Beyond transactions, the assistant offers expanded features, including proactive bill payment reminders, automatic debit registration via PDF upload, and real-time access to official documents (e.g., vehicle registration records), with direct integration to instant payment flows. These capabilities are designed to embed AI throughout the customer journey, turning everyday interactions into secure, seamless financial experiences.

Our architecture ensures that all behavioral and transactional data used for context creation is transferred through a private, secure network. No personally identifiable information is ever used for training or retraining the assistant, which is aligned with our privacy-by-design principles.

In parallel, we are advancing into the multi-agent era, orchestrating specialized AI agents within the same experience layer. Leveraging GPT-4.1 via Azure OpenAI Service, our generative AI stack enables rapid deployment of new use cases, scalable to millions of interactions monthly. In 2025, our AI layer processed approximately 61 billion tokens through Azure OpenAI, underpinning our position as an innovator in global financial services.

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#### Strategic Alliance and Incentive Program Agreements
On October 3, 2023, PicPay Bank entered into a Strategic Alliance and Incentives Program Agreement (*Contrato de Aliança Estratégica e Programa de Incentivos*) with Mastercard Brasil Soluções de Pagamento Ltda., or Mastercard Brazil, with the purpose to issue and increase the Mastercard card portfolio for individuals, as well as the number and financial volume of transactions. Such agreement is effective as of July 1, 2024 and terminates on June 30, 2031. If Mastercard Brazil terminates this agreement without reason, PicPay Bank will not be responsible for returning any amounts received. If PicPay Bank terminates this Agreement without reason, it will be required to reimburse amounts received and pay a fine that is proportional to the term already elapsed under the agreement.

On June 20, 2024, PicPay Bank entered into a Strategic Alliance and Incentives Program Agreement (*Contrato de Aliança Estratégica e Programa de Incentivos*) with Mastercard Brazil with the purpose to issue and increase the Mastercard card portfolio for legal entities, as well as the number and financial volume of transactions. The term of this agreement began on June 20, 2024 and ends on December 31, 2029. If Mastercard Brazil terminates this agreement without reason, PicPay Bank will not be responsible for returning any amounts received. If PicPay Bank terminates this Agreement without reason, it will be required to reimburse amounts received and pay a fine that is proportional to the term already elapsed under the agreement.

#### Intellectual Property
Our intellectual property (such as copyrights, trademarks, patents, logos, domains, trade secrets, among others) is essential for us. We protect our intellectual property through: (1) the registration of such assets with public entities, establishing our proprietary rights; and (2) contractual clauses.

We hired an external law firm that constantly monitors our intellectual property cases on a global level. Any material infringement claim is relayed to our internal legal team and marketing areas to define a plan of action and strategy.

As of the date of this prospectus, we have approximately (i) 50 registered trademarks with the INPI in Brazil; (ii) 20 trademark applications with the INPI in Brazil; and (iii) 75 domain name registrations.

We also use five trademarks in the United States of America (we also applied for the registration of additional trademarks in Brazil and in the United States); and (ii) 42 domains. We also use five domains owned by third parties, which are registered in Brazil and in the United States of America.

We enter into confidentiality agreements or establish contractual clauses that limit access and disclosure of sensitive information to its employees or third parties. Furthermore, these agreements also include clauses protecting our intellectual property rights. In the case of our consumers, our contract allows them a limited, non-transferable license for the use of certain of our intellectual property in accordance with our guidelines.

To mitigate any risk of unauthorized use of our intellectual property, our internal technology and commercial areas monitor the use of such rights by employees and third parties, for the adoption of any necessary measure, such as the imposition of contractual fines or the filing of lawsuits.

In addition, regarding the use of third-party intellectual property rights to carry out our activities (use of trademarks or software license), all use of such intellectual property rights is supported by contractual provisions, which establish the form and the limits of such use, which are continuously followed by us, reducing the risk of any challenge by third parties. To our knowledge, we have not been subject to any claim by third parties related to the misuse of their intellectual property.

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#### Our Employees
As of September 30, 2025, December 31, 2024 and December 31, 2023, PicPay had 4,644, 4,202 and 4,156 employees, respectively. PicPay also engages temporary employees and consultants as needed to support our operations.

---

| | | |
|:---|:---|:---|
|  | **As of September 30, 2025** | **As of September 30, 2025** |
|  **Function** | **Number of <br>Employees** | **% of <br>Total** |
|  Technology and Product Development<sup>(1)</sup> | 2591 | 55.79% |
|  Sales, Marketing, and Growth | 360 | 7.75% |
|  Operations<sup>(2)</sup> | 442 | 9.52% |
|  General and Administrative | 1251 | 26.94% |
|  **Total** | **4644** | **100.00%** |

---

____________

(1) Includes data, technology, devOps, product, and design teams.

(2) Includes customer support, fraud prevention, registration teams, among others.

PicPay's structure is divided into business units (BUs) that are part of our four main business segments: Consumer Banking, Audiences and Ecosystem Integration, Small and Medium-Sized Businesses, and Institutional. We currently have eleven independent and empowered business units that have ownership and autonomy to run their businesses on a daily basis, supported by a governance team that orchestrates all communication and product offerings, which we believe helps us accelerate our product development and reduce our time to market on products and launch new features. Each business unit has its own product, technology and engineering, planning, data, operations, and business development teams. All of them report directly to the head of the applicable business unit and the head of each business unit reports directly to the executive responsible for each business level. These executives report directly to our chief executive officer. Below is an illustration of the structure of one of our business units:

**BU Structure Example**

![](timage_pg289.jpg)

Our data, technology and development and operations teams are divided into business units, which we believe enables us to solve issues, implement systems and develop new products and services in a more efficient manner. Each business unit has a chief technology officer (CTO) that oversees the employees of such unit and reports to the head of the business unit. Our product and design teams are also divided into business units and report directly to the head of each business unit.

The vast majority of our sales team is part of our Small and Medium-Sized Businesses business line, being responsible for acquiring new merchants and business to our platform by affiliating them to the PicPay's payment network and partnering with companies to offer PicPay corporate benefits services. Our sales team reports directly

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to the head of sales, who reports to the executive responsible for our Small and Medium-Sized Businesses business line. Our marketing team serves the entire company and is responsible for our brand and for the development of new marketing campaigns along with our business units. Our growth teams are responsible for consumer acquisition and for identifying and executing growth opportunities and digital sales in each business unit through data and experimentation.

Our operations teams are responsible for the onboarding process, registration, customer support, fraud prevention, transactional detection and investigation, among other activities to guarantee a smooth and secure customer experience. We have two operations teams, one that oversees all operations from the consumer side of our ecosystem and the other one that oversees all operations from the business side of our ecosystem.

General and administrative teams are composed of finance (treasury, financial planning and analysis, controlling and accounting, and purchase department), legal, human resources, investor relations, M&A, corporate strategy and market intelligence, communication, risks, audit, credit and collection, and economists professionals.

#### Risk Management Team
Risk management is an important pillar of our strategic management. Our risk management structure broadly permeates our company, with the objective of ensuring that risks are properly identified, measured, mitigated, monitored, and reported, to support the development of our activities.

We have made significant investments in our risk management structure, including in our team, aiming to improve our processes and experience of our team in order to comply with the applicable regulations and achieve our risk management objectives.

Out of our 4,644 employees as of September 30, 2025, 163 employees were part of our risk management team, which is broken down into five main areas: (1) credit risk; (2) market and liquidity risk; (3) money laundering prevention; (4) socio-environmental and operational risk, internal controls, and business continuity management; and (5) information security (cyber security, data security and privacy, so on). Our risk management executive reports directly to our chief executive officer. Our chief executive officer oversees such employees, as well as any other applicable management employees.

Risk management matters are decided by the Risk Management Committee, composed of our statutory executive officers, including our chief executive officer and the risk executive. This Committee's agenda is structured based on the deliberations of subcommittees, which are coordinated by the risk executives and include the participation of executives from our business areas. These subcommittees convene at least monthly, ensuring a continuous flow of information, timely assessment of emerging risks, and proper escalation of relevant topics to the Risk Management Committee.

The subcommittees are listed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Credit Risk Subcommittee:* attended by our risk executive, our chief financial officer, and executives from our credit related business areas.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Asset and Liability Management Subcommittee (ALCO):* attended by our risk executive, our chief financial officer, our treasurer, and executives from our credit and funding business areas.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Fraud and AML Subcommittee:* attended by our risk executive, our information security executive, our fraud prevention executive, and our executives from the business areas.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Operational Risk and Internal Controls Subcommittee:* attended by our risk executive, our chief financial officer, our general counsel and compliance executive, and other executives from our business areas.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Cybersecurity and Data Privacy Subcommittee:* attended by our risk executive, our information security executive, our fraud prevention executive, our general counsel and compliance executive, and other executives from our business areas.

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In addition, our risk management executives participate in the following decision making forums within the business areas:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Credit Subcommittee:* coordinated by our head of credit and attended by our chief executive officer, our chief financial officer, our risk executive, our head of consumer financial services, our collections executive, our head of cards, our head of loans, and our head of wallets and banking.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Collections Subcommittee:* coordinated by the collections executive and attended by the chief executive officer, the chief financial officer, the risk executive, the executive of consumers financial services, the head of credit, the head of cards, the head of loans, and the head of wallet and banking.

*Credit Risk*

We define credit risk as the possibility of losses arising from various situations, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our counterparty's failure to meet obligations under the contracted terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• depreciation or reduction in the remuneration or expected earnings of a financial instrument due to the deterioration in the credit quality of the counterparty, intermediary party or mitigation instrument;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• forbearance of financial instruments, which involves a renegotiation granting advantages to the counterparty as a result of deterioration in its credit quality; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• recovery costs of problematic assets.

For purposes of credit risk management, the counterparty is defined as the borrower, guarantor, or issuer of an acquired security. As part of our credit recovery process, we have a range of products which includes early delinquency recovery products (e.g., *aditamento, parcelamento do saldo total*), substitution of unsecured products with secured products as well as products offered following renegotiation, which are gaining importance as our portfolio matures. Forbearance of financial instruments involves renegotiation that grants advantages to the counterparty due to deterioration in credit quality and such advantages may be embedded in the original financial instruments or in new instruments used to liquidate or refinance them.

Our credit risk management structure operates independently from our business units and offers processes and tools to measure, monitor and report credit risk across all products, aimed at constantly ensuring compliance with approved policies and our risk appetite framework. Moreover, our credit risk management evaluates and monitors the impacts of potential economic changes on our credit portfolio to maintain its resilience during economic downturns. We use our customers' internal information, statistical models, external data, and other quantitative analyses to determine the risk profile of each customer in our portfolio. The collected information is employed to manage portfolio credit risk and to measure expected credit losses, with periodic assessments of changes in provision amounts.

*Market and Liquidity Risk*

Market risk is defined as the potential for losses resulting from changes in the market values of the financial instruments we hold. Liquidity risk, in turn, refers to the possibility that we may be unable to duly meet our expected and unexpected obligations, whether current or future.

Our market and liquidity risk management team plays a critical role in safeguarding the stability and integrity of our financial operations, being responsible for processing, measuring, and reporting exposures in various market risk factors, mainly focused on interest rates and foreign exchange, resulting from positions held by the company.

This team also diligently monitors our liquidity risk with the goal of ensuring that we maintain a sufficient buffer of high-quality liquid assets capable of withstanding severe stress scenarios. Furthermore, such team assists our senior management in preserving an appropriate funding profile in terms of tenor, type, and counterparties.

In the event of deteriorating liquidity indicators, our contingency funding plan sets forth potential management actions to be taken, ensuring readiness and resilience in adverse conditions.

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*Operational Risk*

Operational risk is defined as the possibility of losses resulting from external events or from failure, deficiency or inadequacy of our internal processes, personnel or systems. This definition includes the legal risk associated with inadequacy or deficiencies in contracts we have entered into, sanctions due to non-compliance with legal provisions, and compensation for damages to third parties arising from our activities.

In our operational risk and internal controls framework, we operate within a three lines of defense model. The first line is executed by our business units, the second one by our operational risk and internal controls team, and the third one by our internal audit team.

Our operational risk and internal controls team, in collaboration with the applicable business unit, is responsible for identifying and assessing potential operational risks and establishing control mechanisms. They conduct assessments of control mechanisms through design and effectiveness tests.

Moreover, such team is responsible for preparing and periodically testing business continuity plans, as well as coordinating risk assessments for significant product launches and changes within our business environment.

Within our operational risk management framework, our business units must report suspected and actual operational risk events to the operational risk and internal controls team. These events are reported in specific forums, where applicable action plans are defined and monitored until their complete resolution.

*Money Laundering Prevention*

Our money laundering prevention team plays a crucial role in safeguarding us from illicit activities. The main activities of such team include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Customer Due Diligence (CDD) and Know Your Customer (KYC): verifying customer identities, assessing risks associated with them and ensuring compliance with regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Know Your Employee (KYE): verifying and monitoring employees to prevent internal risks, such as employee collusion with money launderers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Know Your Partner (KYP): assessing and monitoring business partners with the goal of ensuring they do not represent a money laundering risk to the organization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Know Your Supplier (KYS): evaluating and vetting suppliers to mitigate the risk of them being involved in money laundering activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transaction Monitoring: monitoring financial transactions to detect suspicious activities or patterns that may indicate money laundering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Suspicious Activity Reporting (SAR): investigating and reporting any unusual or potentially criminal financial activities to regulatory authorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compliance Oversight: promoting compliance with anti-money laundering (AML) policies and regulations through ongoing monitoring and audits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Training and Awareness: educating employees on money laundering risks, detection techniques, and reporting obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Risk Assessment: conducting regular assessments to identify and mitigate money laundering risks within the organization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Technology Utilization: implementing sophisticated software and tools for enhanced monitoring, analysis and reporting of suspicious activities.

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*Cybersecurity Risk*

Our cybersecurity team consists of one information security executive and professionals specialized in various areas, such as cloud security, incident response, SOC — Security Operations Center and Security Platform, identity and access management — IAM, governance, risk and compliance — GRC, application security, vulnerability management, and offensive security.

Our cybersecurity employees hold leading certifications in the security market, such as ISC2 — Certified Information Systems Security Professional (CISSP), EXIN — Information Security Foundation (ISFS) ISO 27002 Foundation, EC-Council — Certified Ethical Hacker (CEH), among others.

*Secure Development*

During the development of our products, our security team performs threat models foreseeing potential flaws, delivers security requirements to avoid such flaws and performs rigorous penetration tests. Our methodology comprehends concepts such as security by design and shift-left security, which are proven to be efficient manners to deliver security-centered products. Moreover, our products and infrastructure are subject to constant security analysis through the use of automated tools, bug bounty and real attack simulations. Any weaknesses identified are managed from their discovery until mitigation through a thorough risk and vulnerability management process.

*Cybersecurity Culture*

We believe that culture is the fundamental basis for change and that the human factor is essential to ensure comprehensive information security for our products and services. Therefore, programs such as awareness training have their effectiveness periodically measured, considering that the human factor is the most susceptible to cybersecurity failures in companies.

*Guardrails*

The speed required for the development of our products and services is guided through the implementation of limits, or guardrails, to ensure that standardized security controls are automatically followed in real-time to implement secure applications.

*Threat Intelligence*

We have a team that works around the clock, monitoring and creating automated detection and action controls in case of suspected cyber-attacks. Through log tracking and audit, with the use of artificial intelligence and automation, suspicious actions or actions from malicious agents are contained and remediated.

#### Our Culture
Alignment with our mission, values and beliefs has been crucial for the success of our employees, our business partners, our communities and our shareholders.

We adhere to seven values that guide our culture and way of being, as described below:

#### Ownership Attitude
We are committed to results, we possess in-depth knowledge of what we do, and have a holistic view. We act with determination, discipline, and are detail-oriented people. Hands-on, always striving to be the best at what we do and never give up. We are always available and set an example. We are indignant, don't accept mediocrity, don't stay silent or passive when we see something not working well or that could be improved. We are mindful regarding expenses and the saving of every penny. We are engaged with the organization's culture.

#### Availability
We are approachable, accessible, and always available, without regard to day or hour, always ready and prioritizing work. We are open to the new, embrace change, and are motivated by new challenges.

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#### Honesty
We are straightforward, sincere, truthful, and transparent in our relationships, always with respect, in a positive, inclusive, and welcoming approach. We do not hold back, we express our opinions even when we differ from others. We know how to say no.

#### Humbleness
We listen and take into consideration others' opinions. We are not afraid to ask or admit not knowing something. We are not arrogant or vain and we are always respectful to others. We do not care about status or consider ourselves the sole owner of the truth. Prioritizes "we" over "I."

#### Simplicity
We make things happen in a simple and practical way, we are hands-on, go straight to the point, simplify and streamline while respecting the rules.

#### Determination
We are resolute, deliver superior results, and keep our commitments. We make things happen, seek alternatives for problems, and engage people towards a common goal. We have a sense of urgency, an ownership attitude, and never give up.

#### Discipline
We comply with our agreements, are punctual with time and commitments. We execute tasks in a disciplined manner. We are focused, pragmatic, optimize time, activities, and resources. We deliver results and we don't make excuses.

#### J&F Institute
We are deeply committed to being a good corporate citizen and striving to give back to our society and community. Based on the strong integration between Company, School, Family, and Community, PicPay has a partnership with the J&F Institute, a Business Education Center, which exists to support educational companies committed to training young professionals capable of working in technology and becoming future leaders of these companies.

The institute aims to inspire, guide, and implement this proposal that combines the culture of learning and working in the country, betting on people's growth as the driving force for the evolution of companies. The focus is to make education as the main strategy in the business progress and longevity.

![](timage_pg295.jpg)

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Verticalizing education through two major areas of activity, the J&F Institute offers high-quality education completely free of charge — designed and provided for young individuals who, in addition to cognitive and emotional intelligence, also possess the will to make things happen, identify with the values of PicPay's culture, and embody each one of them in their actions.

Furthermore, it also provides educational solutions for partnerships with public schools through training of teachers and managers, discretionary financial support, and a gamified platform for students.

Currently, there are two primary initiatives within J&F Institute — Germinare Tech and Germinare Business.

![](timage_pg295a.jpg)

#### Germinare Tech
As an initiative of J&F Institute's basic education branch, Germinare Tech is a vocational high school program with a mission to excel in training young systems developers and data analysts. Focused on results, this education program fosters innovation and a systemic perspective among our students, who demonstrate full alignment with our culture.

During the three years of study, students have the opportunity to work on more complex and visible company projects, guided and trained by more senior professionals. After their training period, students have the opportunity to work as developers or data analysts at PicPay. Until 2028, we project to have approximately 400 new young entrants.

We also participate in the J&F Institute's "Family School" program, which was created to echo a culture that values families and instill confidence in students' education. The project aims to emphasize and strengthen the role of the family in education, proposing personalized and ongoing contact with family members through scheduled and systemic appointments, including home visits and in-person meetings at the J&F Institute. The program is a reflection of the Institute's commitment to increasingly high-quality comprehensive education.

#### Germinare Business
Germinare Business School is designed for students ranging from the 6<sup>th</sup> grade of elementary school to senior high school. It follows an educational model that simultaneously focuses on technical skills and academic content. At the beginning of high school, students, in addition to their academic responsibilities, also become interns in a work environment.

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This pathway aims at shaping future business owners who join the company to not only experience corporate life but also contribute with new ideas, decisions, and the scope of a business leader. Furthermore, PicPay also has a core operations team in the investment market led by students.

Currently, we have 257 students in training, and we can already consider an additional 41 who will begin this tech education journey still in 2025. Approximately 96% of them secure employment in the group's businesses.

These two pathways, Germinare Tech and Business, not only prioritize social impact but also align with the creation of our legacy of sustainability and future business and tech leaders as an educational company.

The definitions are based on data from the Brazilian Institute of Geography and Statistics (IBGE).

#### Our Facilities
Our corporate headquarters, which house our technology, sales, marketing, and business operations, are located in São Paulo in two different locations. One in Vila Leopoldina, comprising 9,125.0 square meters under a lease that expires in 2032, and another one located in Brooklin, comprises 3,689.9 square meters under a lease that expires in 2029. Our office located in Vitória, in the state of Espírito Santo, comprises 3,689.9 square meters under a lease that expires in 2029. We also have an office located in Brasília, in the Federal District, comprising 153.0 square meters under a lease that expires in 2026.

We believe that our facilities are suitable and adequate for our business as presently conducted, however, we periodically review our facility requirements and may acquire new space to meet the needs of our business or consolidate and dispose of facilities that are no longer required.

#### Our Competition
We operate across a range of highly competitive and rapidly evolving industries. As a dual-sided financial services platform, we face competition from a variety of participants in Brazil, including financial institutions and payment companies. Our primary competitors for each of our strategic pillars are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Consumer Banking**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• paper-based transactions (principally cash);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• banks and financial institutions in Brazil that provide traditional payment methods, particularly credit and prepaid cards and electronic bank transfers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• international and regional payment processing companies, such as PayPal, MercadoPago from MercadoLibre and PagBank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other technology companies, including digital and mobile apps, that provide P2P, P2B and P2M electronic payment services in Brazil, and companies that offer the Pix instant payment system developed by the Brazilian Central Bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• traditional banks and other financial institutions in Brazil that accept retail deposits, provide credit and prepaid cards, loans and other financial products and services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other technology companies, including digital and mobile apps, that provide financial services in Brazil, such as Nu, Mercado Pago, Inter & Co and PagBank from PagSeguro; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investment platforms and digital players that offer investment products, such as NuInvest, XP and Inter Invest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Small & Medium**-Sized **Businesses:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• merchant acquirers in Brazil, such as GetNet, Stone, PagBank, Rede, Mercado Pago and Cielo;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• traditional banks, digital banks and other financial institutions in Brazil that provide credit and other financial solutions for small and medium-sized businesses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other companies that offer corporate benefits, such as Flash, Caju, Alelo, VR, Ticket and Sodexo.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Audiences and Ecosystem Integration:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• providers of digital and physical goods who offer their products through their own digital stores;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other technology companies, including digital and mobile apps, that offer third party digital goods to consumers in Brazil, such as Meliuz, Nu and PagBank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• travel companies such as Decolar, BeFly, Booking.com, and Hurb; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• companies that offer raffles such as Sorte Online and Mega Loterias.

For information on risks relating to increased competition in our industry, see "Risk Factors — Risks Relating to Our Business and Industry — We operate across a range of highly competitive and rapidly evolving industries, and any inability to compete successfully would materially and adversely affect our business, results of operations, financial condition, and future prospects."

#### Research and Development
Our research and development focuses on developing an integrated suite of advanced technologies designed to provide differentiated capabilities and seamless client experiences in a more secure, all-in-one environment. We are able to develop, host and deploy our own solutions, conduct a broad range of transactions seamlessly across in-store, online and mobile channels and optimize our client support functions in a fully digital, fully integrated, and holistic manner. Research and development includes all capital expenditures with own and third-party developers and technology. Such expenditures for the years ended December 31, 2024 and 2023 were R$420 million and R$440 million, respectively. We expect that our research and development expenditures in 2025 will total R$454 million.

#### Compliance Program
In line with the initiatives adopted by our controlling shareholder, we consider ethics, transparency and integrity to be fundamental pillars for the development of our business and we are fully committed to maintaining the highest standard of conduct in all of our relationships, including interactions with the public administration, public agents, regulatory and self-regulatory bodies, in addition to the private sector.

With the purpose to ensure compliance with these pillars, we establish certain guidelines, as determined by our Code of Conduct and Ethics, our Compliance, Anti-Bribery and Anti-Corruption Policies and Procedures that establish the respective departments' processes, rules, stages, responsibilities and reports.

Our compliance department has the purpose to maintain our integrity program, focusing on ensuring that our business management is carried out ethically and ensuring compliance through the main actions below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Monitoring interaction with public agents:* we carry out monthly monitoring to identify the level of compliance in activities and processes carried out by our areas that have interactions with public agents and/or companies responsible for intermediation with agents or public companies, in compliance with the provisions of our Anti-Bribery and Interaction with Public Agents Policy, in accordance with Law No. 12,846/2013 and with the best practices of the CGU Integrity Program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Monitoring payments from suppliers/partners*: we carry out monthly monitoring to identify the level of compliance in the activities and processes carried out by our departments that need to contract products and/or services from suppliers/partners, verifying the compatibility of the amounts spent with what was duly established and agreed upon in the contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Approval of suppliers and partners*: we carry out integrity due diligence, with the purpose to evaluate whether third parties (suppliers/partners) have anti-corruption, integrity, ethics, compliance and policies compatible with their sector in their organization, following the guidelines of Brazilian Anti-Corruption Law and CGU best practices, as well as a know your supplier and partner assessment carried out by our Money Laundering Prevention department to identify risks relating to money laundering, terrorist financing and reputation, in order to ensure that we have no links with companies that do not meet our established standards and values;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Policies and Procedures*: our compliance department is responsible for the governance and maintenance of internal regulations with the purpose to prevent risks associated with our business, addressing topics such as bribery and corruption, conflicts of interest, gifts, meals, entertainment, donations, sponsorships and third-parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Acculturation (training and communications)*: as part of our compliance program and acculturation pillar, our employees undergo training and receive periodic communications on topics, such as work environment, antitrust, reporting channel, conflict of interest, misconduct, opportunity and diversity, gifts and anti-corruption policy, harassment, among others, as well as compliance with our Code of Conduct and Ethics at the time they are hired and through periodic reviews;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Assessment of the maturity of the integrity program*: we recently carried out, together with a renowned consultancy, a study to identify our potential exposure to improper practices. Such study has been used to adapt and improve our integrity program; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Ethics Channel*: we have an outsourced reporting channel, which allows anyone to anonymously report potential misconduct and non-compliance with our Code of Ethics and Policies, we have specific policies aimed at handling cases through our reporting channel, as well as applying disciplinary measures, if necessary.

#### Legal Proceedings
We are, and may be from time to time, involved in disputes that arise in the ordinary course of our business. Claims against us can be time-consuming, result in costly litigation, require significant management time and result in the diversion of significant operational resources.

In particular, we are subject to a number of judicial and administrative proceedings in the Brazilian court systems, including civil, labor and tax law claims and other proceedings. We recognize provisions for legal proceedings in our financial statements when (i) it is probable that an outflow of resources will be required to settle the obligation, and (ii) a reliable estimate can be made of the amount of the obligation. The assessment by our management of the likelihood of loss includes analysis by outside counsel of available evidence, the hierarchy of laws, available case law and recent court rulings and their relevance in the Brazilian legal system. Our provisions for probable losses arising from these matters are estimated and periodically adjusted by management. In making these adjustments, our management considers the opinions of our external legal advisors.

As of September 30, 2025, we recorded total provisions of R$38.3 million in our consolidated financial statements in connection with legal proceedings. However, legal proceedings are inherently unpredictable and subject to significant uncertainties. If one or more cases were to result in a judgment against us in any reporting period for amounts that exceeded our management's expectations, the impact on our operating results or financial condition for that reporting period could be material. See "Risk Factors — Risks Relating to Legal and Regulatory Matters — The costs and effects of pending and future litigation, investigations or similar matters, or adverse facts and developments related thereto, could materially affect our business, financial position and results of operations."

#### Civil Matters
In general, the civil claims to which we are a party generally relate to consumer claims, where consumers claim compensation, moral and/or material damages, among other claims. We believe these proceedings are unlikely to have a material adverse impact, individually, or in the aggregate, on our results of operations or financial condition. As of September 30, 2025, we recorded aggregate provisions of R$18.5 million in connection with civil claims for which the likelihood of loss was probable.

PicPay Brazil, one of our Brazilian subsidiaries, is a defendant in a lawsuit filed by plaintiffs that claim to have entered into an agreement in 2013 with two other individual defendants, who allegedly granted them a call option for shares of a certain entity, exercisable if certain conditions were met. According to the plaintiffs, the exercise of the call option was blocked by the individual defendants. In June 2022, the plaintiffs filed this lawsuit asking the court (i) to order the individual defendants to sell 7.5% of the total share capital of such entity to the plaintiffs, which allegedly was succeeded by our subsidiary; or (ii) alternatively, hold the defendants liable for losses allegedly arising from the individual defendants' breach of the call option, in an aggregate amount equivalent to the

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difference between the amount that plaintiffs would be required to pay for the shares and their current market value. On May 17, 2023, the lawsuit was dismissed by the trial court, which recognized that (i) our subsidiary should not have been named in this litigation, as it was not a party to the alleged call option, and (ii) the alleged breach of the call option by the individual defendants was time barred, so the court did not consider the merits of this claim. The plaintiffs have appealed the trial court's decision, but the appeal was not recognized. Therefore, the plaintiffs filed a motion for clarification (*embargos de declaração*), which are being analyzed by the court. Our advisors indicated that the risk of loss of this lawsuit is remote.

#### Labor Matters
In general, the labor claims to which we are a party were filed by former employees or third-party employees seeking our joint and/or subsidiary liability for the acts of our suppliers and service providers. The principal claims involved in these labor suits relate to overtime, salary equalization termination fees, and indemnities based on Brazilian labor laws. We believe these proceedings are unlikely to have a material adverse impact, individually or in the aggregate, on our results of operations or financial condition. As of September 30, 2025, we recorded aggregate provisions of R$19.8 million in connection with labor claims for which the likelihood of loss was probable.

#### Tax and Social Security Matters
As of September 30, 2025, we were not party to any tax and social security proceedings for which the likelihood of loss was probable. Accordingly, we did not record any provisions in connection with these proceedings.

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#### Industry Overview

#### Our Market

#### Overview
We currently operate in Brazil, a large and dynamic country with a total population of 213.4 million, according to the estimate provided by IBGE on August 28, 2025. Brazil's GDP is R$11.7 trillion, and household consumption is R$7.5 trillion, or 64% of GDP, all according to information provided by the IBGE as of December 31, 2024.

Despite the size of its economy and its relatively high penetration rate of internet and mobile connectivity, Brazil remains significantly underpenetrated with respect to financial services compared to developed economies and also has relatively low levels of household and corporate debt, with aggregate debt of 35% of its GDP as of December 2023, compared to more developed economies, such as the United States (74%) and Japan (68%), based on information provided by the International Monetary Fund.

In summary, Brazil offers a conducive environment for disruptors, such as PicPay, due to its large population, expanding digital infrastructure, and continuously growing demand for financial services. The nation has a sizeable underserved population which presents a potential opportunity, while recent regulatory developments are positive for promoting innovation. Additionally, there is a strong culture of adopting digital solutions which further enhances Brazil's appeal as an attractive market for us.

We believe that new players like digital banks, e-commerce platforms and payment and digital wallet providers, such as PicPay, have made significant progress in disrupting the financial services landscape that was traditionally controlled by a small number of large incumbent financial institutions, providing consumers with new and innovative solutions for settling payments and streamlining the financial services landscape.

#### Trends in Our Favor
According to Sensor Tower for 2024, Brazil is the fourth country in the world in terms of time spent (measured in hours) on mobile devices. In December 2024, the Brazilian population spent 229.6 billion hours on mobile devices, only behind United States (323.0 billion hours), Indonesia (355.1 billion hours) and India (1,126.6 billion hours), all countries with populations that are larger than Brazil.

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#### Total Time Spent on Mobile (Hours, 2024)
____________

*Source:* Sensor Tower, 2024. *Note*: iOS and Google Play combined. iOS only for China.

Dividing the results by each applicable country's population results in an average of hours on mobile spent per person. According to data provided by UNdata for population estimate, with a base date of December, 2024 (1.13 billion for India, 355.1 million for Indonesia, 340.1 million for United States, and 212 million for Brazil), Brazil is ranked second (with a ratio of 1,083.0 hours/person), placed only behind Indonesia (with a ratio of 1,252.6 hours/person) and ahead of the United States (with a ratio of 949.7 hours/person) and India (with a ratio of 771.6 hours/person).

#### Payments and Banking Landscape

#### Disruption Across the Brazilian Market
Broadly across financial services in Brazil, traditional banks have been and are continuing to be disrupted. We believe that traditional banking and payments in Brazil have significant pain points, such as poor customer service or high fees, and we believe that the Brazilian consumer is demanding more. Moreover, there are significant secular trends underway across the regulatory landscape and significant technology adoption permeating across the everyday Brazilian. This disruption is occurring from all angles of financial services, from digital banks and credit providers, to E-Commerce, to payments and digital wallets. We believe that PicPay is at the forefront of this disruption and a market leader disrupting Brazilian financial services.

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*Instant Payments*

Pix is an instant payments system that was launched by the Brazilian Central Bank in 2020, with the purpose of fostering digital financial inclusion among the Brazilian population, providing rails for easier and frictionless money transfers. Since its launch, Pix has grown rapidly and is now the most used payment method in Brazil, having reached 29% of all financial transactions in 2022, ahead of other forms of payments such as credit and prepaid cards. Based on data provided by the Brazilian Central Bank, between 2023 and 2024, Pix transactions volume increased by 53%, from R$14.5 trillion in the year ended December 31, 2023 to R$22.1 trillion in the year ended December 31, 2024, which exceeds more than four times the total volume of credit and prepaid card transactions in Brazil in the same period.

The Pix system established itself as a unique tool for enhancing financial inclusion among the Brazilian population. As of December 31, 2024, 171.5 million users had made or received at least one Pix transaction since its launch, according to information provided by the Brazilian Central Bank. Pix has a broad reach amongst the Brazilian adult population, and is widely used in all regions of the country.

According to data provided by EBANX and PCMI, Pix is considered a game changer in rising markets, with a projected CAGR of 35% from 2023 to 2027, the biggest growth of all the other alternatives in the payment system, reaching an average of 40% of its market share by the end of 2027. This rapid growth of real-time payment transactions results from the widespread adoption of Pix by consumers and merchants for their daily expenditures.

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In 2028, real-time payments in Brazil are expected to represent 50% of the volume of non-cash transactions, only behind India, where real-time payments are expected to represent 87% by 2028, according to ACI Worldwide. The rapid growth of Brazilian real time payments already surpasses, and is expected to continue to surpass developed economies such as the United Kingdom (12%) and the United States (5%). The rapid growth of real-time payment transactions is driven by the widespread adoption of Pix by consumers and merchants for daily expenditures.

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#### Share of Real-Time Payments in Non-Cash Transactions <br>(% of total non-cash payments volume, 2023 – 2028E)
____________

*Source:* ACI Worldwide Real-Time Payment Report, 2024.

Building upon the initial strong demand, additional features were subsequently launched on top of Pix to offer more choices for consumers such as Pix Credit which was instrumental in driving usage of our digital wallet. Consumers can use their credit cards to fund a Pix transaction and transfer money to another person or pay a merchant that typically does not accept credit transactions through installment payments in Brazil, such as restaurants and gas stations. Moreover, merchants who choose to receive payments through Pix receive these payments instantaneously and hence are generally willing to offer discounts since there are no acceptance costs compared to traditional payment methods. This has been a key growth driver for our business, as evidenced by the total payment volume of Pix Credit increasing almost 70% in 2024 when compared to 2023. Since 2022, the total Pix Credit TPV has increased approximately 235% (for further details, see "Management's Discussion and Analysis of Financial Condition and Results of Operations"). Other current and upcoming features in the Brazilian Central Bank's agenda for Pix products include "*Pix Saque*" (or Pix Withdraw, Pix as an instrument to facilitate cash withdrawal through commercial establishments), "*Pix Troco*" (or Pix Change, allowing consumers to receive cash as change from a digital payment), "*Pix Garantido*" (or Pix Guaranteed, a buy now pay later solution), and "*Pix Automático*" (or Pix Automatic, aimed to facilitate recurring payments through Pix in an automatic way leveraging prior authorization received from payers).

Pix also has played an important role in promoting the increase of mobile remote payments in Brazil, which include digital and/or electronic purchases made by a consumer to a business in which the location of the device in relation to the POS terminal is irrelevant. Based on the "E-commerce and Payment Landscape in Latin America" report made public by PagSeguro in a partnership with PCMI Advisory, real-time payment solutions such as Pix in Brazil have been progressively gaining share over total e-commerce expenditures in Latin America. In the same report, Pix transactions are expected to present a CAGR of 30% from 2023 to 2026, representing 19% of all e-commerce expenditures in Latin America by 2026.

According to information provided by Payments and Commerce Market Intelligence, or "PCMI," Pix was set to move US$81 billion in online sales in 2023, an amount 60% higher than registered in the previous year. To emphasize the significant impact of Pix and its extensive penetration, this amount is almost equivalent to the entire Brazilian digital commerce market of 2018, which totaled US$85.5 billion. By 2026, according to PCMI's projections, Pix transactions are expected to total approximately US$200 billion, reaching 40% of the country's digital commerce market.

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#### Share of Digital Commerce by Payment Method (2020 – 2026E)
____________

*Source:* PCMI, 2023.

Based on information made public by EBANX, the dominant alternative payments in digital commerce are P2P-born with widespread adoption, Brazil's Pix and India's UPI set global benchmarks for alternative payment methods. The results reported for 2024 indicate that 40% of online sales, which represent a volume of US$137.4 billion, were made using Pix as the payment method, placing Brazil as the country with the highest volume traded through alternative payment methods.

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____________

*Source:* PCMI, with EBANX estimates for 2024 volume. Share of online sales within the payment country.

#### Credit Cards
Despite the relatively low penetration of credit card usage in Brazil compared to more developed economies, such as the United States and the United Kingdom, a notable shift is happening in Brazil. The use of credit cards to fund online transactions is on the rise in the country, with a significant portion attributed to the increasing adoption of digital wallets. As one of the largest digital wallets in Brazil, PicPay played a pivotal role in driving this shift as one of the forerunners in launching payment solutions that enabled use of credit cards to conduct day-to-day transactions, such as money transfers between individuals and businesses, as well as bill payments. With the introduction of these solutions, consumers have the ability to pay by installments in situations such as dining at restaurants, refueling vehicles at gas stations, or paying for freelance services, which were not possible before.

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#### Penetration of Credit Card and Credit Card Usage among adult population<br> (%, 2021)
____________

*Source:* The Global Findex Database, 2021.

#### Household Credit
Brazil has a relatively low level of household debt, accounting for 35% of its GDP as of December 2023, in contrast to developed countries such as the United States (at 73%) and the United Kingdom (at 78%), or other emerging markets such as Chile (at 46%), based on information provided by the International Monetary Fund. Demand for consumer lending in Brazil has grown recently driven principally by inflation, and Brazilians have had to rely on credit not only for significant expenses like housing and vehicles but also for day-to-day living costs, including short-term purchases such as groceries, clothing, and medicines, which underscores the importance of products like credit cards and personal loans. Nonetheless, incumbent banks in Brazil have traditionally focused on the more affluent segments of the population, and the credit market in Brazil has been mainly concentrated among a few institutions, leading to a large unserved or underserved population.

The outstanding volume of household credit in Brazil reached a total value of R$2.3 trillion as of September 30, 2025, an increase of 12% compared to September 30, 2024. From 2019 to 2024, the credit portfolio presented a CAGR of 14%, according to information provided by the Brazilian Central Bank. The two main credit lines used by individuals in Brazil through those years remained concentrated in personal loans and credit cards.

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#### Household Credit Outstanding — Brazil (R$ billion) — 2019 – 9M25
____________

*Source:* Brazilian Central Bank, 2025. Current Prices. Others are the aggregating of: Personal credit — renegotiation, other goods financing, discount of checks and other non-earmarked credit instruments.

#### Insurance
***With the acquisition of Kovr, which is conditioned on the approval of CADE and SUSEP, we will enter in an insurance market of R$191.5 billion in written premiums in 2024, an increase of 9.2% compared to R$175.4 billion in 2023, according to SUSEP.***

***Property and casualty insurance written premiums totaled R$135.8 billion in 2024, an increase of 7.9% compared to the previous year. Personal insurance (excluding VGBL —*** *Vida Geradora de Benefícios Livres****) reached R$71.3 billion in written premiums in 2024, up 15.5% from 2023.***

***Property and casualty and personal insurance payouts totaled R$75.1 billion in 2024, a 7.7% increase from the previous year.***

*Property and Casualty Insurance*

***According to SUSEP, in 2024, property and casualty insurance written premiums grew by 7.9% compared to 2023. A total of R$135.8 billion was written, compared to R$125.9 billion the previous year.***

***Auto insurance written premiums reached R$57.7 billion in 2024, 3.2% higher than in 2023. This business line represented 42.5% of property and casualty insurance written premiums for the year.***

***Other property and casualty insurance written premiums totaled R$78.1 billion in 2024, 11.5% higher than in 2023. This set of business lines was responsible for 57.5% of property and casualty insurance written premiums for the year.***

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***The following business lines registered written premiums growth above the average of other property and casualty insurance: comprehensive, special risks — property, financial, property — other, civil liability, marine and aeronautical, rental guarantee, and others (with emphasis on microinsurance).***

#### Share over total property and casualty written premiums
*<u>Personal insurance</u>*

***Personal insurance (excluding VGBL) generated R$71.3 billion in written premiums in 2024, a 15.5% increase compared to 2023. Life insurance grew by 12.6% from the previous year, totaling R$34.2 billion in 2024.***

**Share over total personal written premiums**

#### Business Credit
Similar to the consumer credit market, incumbent banks also have traditionally focused on providing credit only to more affluent corporate customers. As of December 31, 2024, 38% of the aggregate credit portfolio was concentrated in large corporations, according to the Brazilian Central Bank. This contrasts with the fact that micro, small and medium-sized companies accounted for 54% of total outstanding credit as of December 31, 2024, with micro companies only having 5% of the total credit available to businesses in Brazil, which points to the need for alternative credit sources for smaller businesses in Brazil.

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#### Commercial Credit Outstanding by Size of Company — Brazil (%) 2024
____________

*Source:* Brazilian Central Bank, 2024.

The outstanding volume of non-earmarked corporate credit in Brazil reached a total value of R$1.6 trillion as of September 30, 2025, an increase of 4% compared to September 30, 2024. From 2019 to 2024, the portfolio reflected a CAGR of 12%, as reported by the Brazilian Central Bank, showing that the private sector has increased its credit exposure despite the higher interest rates over the period.

#### Commercial Credit Outstanding — Brazil (R$ billion) 2019 – 9M25
____________

*Source:* Brazilian Central Bank, 2025, Current Prices. Others are the aggregation of: Discount of trade bills, Discount of checks, Guaranteed overdraft accounts, Overdraft, Vehicles and other goods financing, Vehicles and other goods leasing, Vendor, Compror, Advances on exchange contracts, Imports financing, Exports financing, Foreign on lendings, Other non-earmarked credit instruments.

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<u><u>Merchant Acquirer Services</u></u>

According to SEBRAE ("*Portal do Empreendedor*") and Brazil's federal tax authority ("*Receita Federal*"), there were 16.3 million micro-merchants ("MEIs") in the country as of December 31, 2024. Based on the latest Annual Social Information Report ("RAIS"), as of December 2023, there were 4.6 million businesses with at least one employee in the country. According to IBGE's PNAD, as of December 2024, there were 19.2 million self-employed individuals in Brazil. This could represent a TAM of up to 40.1 million businesses that can adopt our payment acceptance solutions and our credit products for their day-to-day operations.

These millions of merchants have been impacted by significant transformations in the merchant acquiring services market due to technological advancements, shifts in consumer preference, and regulatory developments, such as the following key changes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Rise of Digital Payments***: the emergence of digital payments, driven by digital wallets, payment apps, and contactless payment solutions, has transformed the way transactions are conducted. This has prompted acquirers to adapt to process and facilitate these new payment methods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Expansion of E***-commerce: the growth of e-commerce has increased the demand for online payment solutions. Acquirers now need to provide secure and efficient platforms for merchants operating in virtual environments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Competition and Innovation***: intensified competition in the sector has led acquirers to seek constant innovation. This includes the launch of new products such as Tap to Pay, which enables merchants to use their mobile phones as POS terminals when accepting payments from their consumers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***More positive regulatory environment***: as of 2010, the Brazilian Central Bank implemented a series of measures to promote competition in the merchant acquiring market. The main changes included the separation of activities between card networks (such as Visa and Mastercard) and acquiring institutions and the end of exclusivity, which prohibited exclusivity arrangements between card networks and merchants, allowing merchants to accept cards from different networks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Contactless Payments***: the growing popularity of contactless payments, whether through cards or mobile devices, has required adjustments to payment infrastructures to support this fast and convenient transaction modality. According to information provided by the ABECS for 2023. Brazilians have begun to pay more on an aggregate basis through contactless methods than with traditional cards for in-person purchases.

*Open Finance*

Open Finance is an initiative aimed at increasing competition and innovation in the financial sector by allowing consumers to securely share their financial data with other financial institutions. Introduced in 2020 by the Brazilian government, Open Finance potentially provides consumers with a wide range of benefits, such as greater choice of financial products, more competitive interest rates, and a more personalized financial experience.

According to the Brazilian Central Bank, as of September 30, 2025, the average number of bank accounts per individual/business reached 6.0 accounts. Considering from 2012 to 2019, we observed a CAGR of only 4%. Since the pandemic, this growth accelerated with a CAGR from 2020 to 2024 of 16%. Based on Global Findex Database, bank penetration among the adult population in Brazil reached 84% as of December 31, 2021. Open Finance creates an opportunity beyond mere financial inclusion, enabling the population to not only participate in the financial system, but also benefit from differentiated offers of products and financial services that meet their needs with security and transparency. In this context, Open Finance helps to streamline individuals' financial management through the integration of their financial data and also raises the standard of service quality in institutions, with a special focus on optimizing the user experience.

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#### Average Bank Accounts per Individual/Business in Brazil (2012 – 9M25)
____________

*Source:* Brazilian Central Bank, 2025.

The Brazilian Central Bank has divided the launch of Open Finance into four phases:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Phase 1***: the entire ecosystem was established by participating financial institutions, enabling them to share information among themselves via APIs. During this stage, only information on banking products and services offered by each financial institution, service channels and other relevant data from the participating institutions was included.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Phase 2***: individual users have the ability to share registration information between institutions. This information includes, for example, full name, tax identification numbers, transaction data, addresses, and phone numbers. All sharing is done with the user's consent and can be halted at their discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Phase 3:*** users are already able to make payments and access other financial services from third parties, by connecting their bank account to those counterparties. Users are able to share their banking history to gain access to services from other institutions, such as instant payments and other credit-related proposals, facilitated by API technology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Phase 4:*** users are able to share more data besides just their banking history with other institutions. An example is their entire history, including investments and insurance data, which will facilitate access to a wider range of products and services beyond traditional banking. This marks the beginning and definitive transition into Open Finance.

Open Finance has been one of our key strategic pillars since our acquisition of Guiabolso in 2021. Guiabolso was the forerunner of Open Banking in Brazil which provided a holistic platform that aimed to facilitate and improve people's financial management by organizing their budgets, coordinating payment schedules, expense categorization, offering financial products, and allowing them to make instant and free transfers at any date and time. Since our full integration of the business of Guiabolso in 2022, we have been leveraging Open Finance initiatives within all the business units of our ecosystem, improving our product offering across our digital wallet, financial marketplace, investments, services, and financial and non-financial solutions for business. Moreover, we launched our PFM (personal financial management) feature in October 2022 and started operating as a payment initiator in February 2023, allowing our consumers to pull funds from any of their bank accounts directly from their PicPay account, adding another frictionless way to cash-in.

Based on a variety of metrics, we are a leading enabler of Open Finance in Brazil. We are currently the third largest player in terms of market share of active consents received (consumers that opted in to share their financial information from other institutions with PicPay) with 12.3%, placing us only behind Nubank (22.3%) and Mercado Pago (13.0%), and ahead of Caixa Econômica (6.5%), Santander (6.2%), Banco do Brasil (6.1%), Itaú (5.8%) and Bradesco (4.4%), according to data provided by the Brazilian Central Bank. We are also the third largest Brazilian player in payments initiation based on the cumulative number of API calls to authorize payments in our ecosystem

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through the Account Aggregator since April 2023. Open Finance has been highly instrumental in expanding our consumers' principality, which allows us to capture new opportunities and increase the overall adoption of financial and non-financial products and services offered through our open platform.

One of the key initiatives from Open Finance is the Payment Initiation Service Provider, which allows third-party providers to initiate payments on behalf of consumers, making it easier for them to transfer funds and make payments using different financial providers without having to switch between different mobile apps and bank accounts, reducing time and friction (for further details, please see "Business — Our Two-Sided Ecosystem — Our Unique Approach"). We started operating as a payment initiator in February 2023, providing Pix transactions from other financial institutions through our account aggregator. We have noted that transactions initiated by PicPay are growing, allowing us to capture new possibilities to increase the overall level of expenditures across financial and non-financial products and services offered through our open platform.

#### Competition Landscape
The Brazilian banking sector has been undergoing a transformation driven by the rise of digital banks, which challenged the traditional model by offering more accessible, transparent, and low-cost digital services. Their simplified, frictionless experience quickly attracted millions of customers, highlighting how the sector still carried barriers and inefficiencies in meeting the needs of the modern consumer.

Although traditional banks still hold a significant share of the market, their operations are often marked by large structures, high costs, and inflexible processes. These factors limit the agility needed to respond to new demands and explain why many people have shifted (or begun to split) their financial relationships to digital alternatives.

According to data reported by Brazil's five largest incumbent banks (Caixa Econômica, Itaú, Bradesco, Santander, and Banco do Brasil) in their annual results, and complemented by the Brazilian Central Bank's 2023 Banking Economy Report, these institutions still capture roughly 70% of the industry's total profit pool. This level of concentration underscores how much value remains tied to traditional players despite the ongoing digital disruption.

Digital banks, however, are uniquely positioned to compete not only by eroding this concentration but also by unlocking a new profit pool for the market as a whole. As a result of their lower cost-to-serve, neobanks can expand financial inclusion and shift a growing portion of retail customers, who today are still largely served by traditional banks, into more efficient, digital-first platforms.

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**In addition, since December 2021, we have rapidly accelerated account openings, positioning us, according to data provided by the Brazilian Central Bank, as the third largest financial institution in the country in terms of new accounts acquired (only behind Mercado Pago and Nubank) with an increase of nearly 30 million new accounts over the period. Digital banks are driving the growth in the number of accounts nationwide, and our performance is a clear reflection of this trend.**

____________

*Source***: Brazilian Central Bank.**

#### Our Opportunity

#### Total Addressable Market (TAM)
Our addressable markets include all of the aforementioned sectors. We define our estimated addressable market through the main verticals below:

*Total addressable market (TAM) as revenues*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Wallet and Banking*: takes into consideration the estimated transactional fee charged by the market over total volumes, net of credit card interchange and funding costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Cards*: considers interchange fees paid by merchants to issuers plus net interest income resulting from credit card revolving operations and balance financing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Consumer Loans*: consists of net interest income from payroll loans, personal loans and other categories of non-earmarked credit products, excluding credit cards for individuals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Others (Insurance and Investments):* comprised by revenues from distribution of policies to customers, including automobile, assistance, voluntary third-party liability and other coverages, such as residential and warranty extension. For investment estimates, we consider income from take rate and distribution of investment products, such as CDBs, funds and other fixed income products to our customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• SMB Banking:* consists of net revenues from interchange and annual fees charged by card issuers from their debit, prepaid, and credit card operations, as well as net interest income from revolving and balance financing products. It also includes additional transactional revenue from bill issuance and other banking services offered for SMBs (such as Pix payments funded via credit card). In addition, revenues from distribution of insurance policies to businesses, including loss of profits, engineering risks, miscellaneous

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risks, group life insurance, general liabilities and other coverages, such as guaranteed insurance for public and private sectors, are also taken into consideration. For the investments segment, it consists of income from administration fees for the management of middle fixed income portfolios from companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Payment Acceptance:* consists of fees charged by acquirers to process credit, debit and prepaid transactions accepted by merchants, net of card interchange costs. It also considers revenues originated from an estimated market yield for POS terminals rental and net interest income from prepayment of credit card receivables.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Business Loans*: consists of net interest income from non-earmarked credit products for businesses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Corporate Benefits*: consists of interchange or MDR fees paid by merchants to issuers of corporate benefit cards plus income with account balance floating and income with settlements scheduled floating.

The chart below presents the TAM for our two-sided ecosystem for the year of 2026 in terms of net revenues:

![](timage_pg315.jpg)

____________

*Source*: Company's proprietary data and estimates.

(1) TAM calculated as an addressable net revenue pool.

(2) Pix/P2P transfers and bill payments using a credit card.

(3) Life insurance, automobile insurance and investments.

(4) Payments made using a credit or prepaid card, and credit card loans (revolving and refinanced balances).

(5) Non-earmarked loans to individuals, other than credit card operations.

(6) Account balance floating, ITC settlements schedule floating.

(7) Business cards, bill issuance and Pix financing, insurance and investments.

(8) Rental fees, MDR credit card receivables.

(9) Non-earmarked loans for business.

(10) Based on Brazil's 2024 GDP of R$11.7 trillion.

Our TAM represents the total potential net revenue generation of our two-sided ecosystem in the Brazilian market. As detailed above, we calculate our TAM by analyzing information of each of the following sectors in which we operate: wallet and banking, cards, consumer loans, insurance, investments, corporate benefits, payment acceptance, and business loans. As an initial step to calculate TAM, we estimate the addressable market for each sector in terms of volume, as volume growth is a key driver of net revenue potential. Our estimates are based on a combination of publicly available information and internal data. Using our estimates of the total volume of our addressable markets, we can then calculate the potential net revenue of the addressable market for each sector. In order to do so, we make several assumptions, such as market adoption rates, pricing strategies and competitive dynamics, using both public and internal data. Our TAM is calculated as the aggregate of these net revenues.

We believe that this measure is helpful for investors since it offers a view of the market's potential scale and growth trajectory, which is essential for assessing our business's long-term viability and profitability. Moreover, we believe that the calculation of TAM enables investors to measure our market penetration and growth potential.

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In addition, our strategic decisions must be informed by a clear understanding of the markets in which we operate in order to capture opportunities and increase our market penetration. We continuously monitor and update our TAM to reflect changes in the market landscape, with the aim of ensuring that our business strategies are aligned with current and future market opportunities. Our management uses TAM estimates to assess our penetration potential in each of the markets in which we operate. These estimates help us understand the size and opportunity of each market segment, providing a clear view of our growth and expansion potential across our different areas of operation.

Below we present the main data sources and assumptions that we adopted for the calculation of our TAM for each sector.

#### Consumers' Addressable Market
*Wallet and Banking*

We define the digital wallet sector as Pix transactions and bill payments using credit cards as a source of funding. The net revenue pool for the digital wallet sector comprises potential fee-based revenues generated when consumers make instant payments using their credit cards as a source of funding. Such payments can occur either in a single transaction or multiple installments. The net revenue pool also includes bill payments settled using wallet balances or credit cards, either in single payments or several installments.

Combining the revenues from such sources, we calculated a total net revenue pool of R$13 billion for 2024. Within such pool, PicPay holds a market share of 9.3%.

We estimate the volume for Pix transactions based on historical data provided by the Brazilian Central Bank for P2P (person-to-person) and P2B (person-to-business) total volumes, as well as on the main following assumptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• growth projections for real-time payment transactions, as publicly disclosed in the ACI Worldwide 2024 Real-Time Payments Report; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• estimates of Pix installment payments using credit cards, based on Open Finance data from major market players (leading banks), with an additional rate derived from internal data that reflects consumer transactional behavior involving Pix installments using a credit card as the source of funding.

For bill payments funded through credit cards, we estimate the volume taking into consideration historical data provided by the Brazilian Central Bank, as well as the following main assumptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to estimate the increase in bill payments, we considered the future household consumption projection from the Focus report, published by the Brazilian Central Bank (real projection) and the inflation growth projection, since our figures are in nominal value; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• considering that our consumers' behavior for the payment of bills with a credit card and making Pix installment payments is similar, we assume that both products have the same installment penetration rate.

In both scenarios, net revenue is reported after deducting interchange and card scheme fees and funding costs related to receivables prepayment, given Brazil's current credit cycle. In addition, we also considered PicPay's digital wallet business economics to estimate net revenue, based on internal data and considering the increased competitive scenario, which reduces consumer fees over time.

We believe that net revenues from the digital wallet business in Brazil could reach R$50 billion until the end of 2030. Considering internal estimates, it represents a CAGR of 25% compared to R$13 billion of net revenues for this sector in 2024. One of the main factors that contribute to such growth is related to the consolidation of instant payments in Brazil led by Pix, as well as credit card new use cases enhanced by digital wallets given that consumers are increasingly adopting credit cards as a source of funding while paying their bills. Additionally, Pix Credit TPV for person-to-person and person-to-business transactions, according to internal estimates, is expected to reach R$36.7 billion in the year 2030, a CAGR of 25% compared to R$9.4 billion observed for 2024.

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However, there are certain limitations as a result of the absence of public information. With respect to estimates for competitor market share and penetration, an accurate assessment of the competitive landscape is challenging without strategic information regarding each company's market share and penetration. Moreover, our position is informed by internal data and it may not fully represent the entire market. Various factors influence pricing decisions, and each company has its unique strategy.

*Cards*

We define the cards sector as revenues from fees charged by card issuers and net interest income from credit card operations, including revolving and balance financing products. We estimate that the net revenue pool for this market totaled R$153 billion in 2024, resulting in a market share of 0.7% for PicPay.

We estimated the market from card issuance activities and the volume for credit and prepaid card transactions through the evaluation of historical data from 2020 to 2024 and projections provided by the Brazilian Central Bank. For the following years, we assumed a stable growth pace. With respect to the credit market, we relied on historical data for credit card outstanding balances from the Brazilian Central Bank and projections provided by Febraban.

The Brazilian Central Bank reports interchange fee data on a monthly basis, which is used to calculate transactional revenues. Additionally, the Brazilian Central Bank also reports the average annual fee and the number of cards used to estimate the total amount of annual fee revenues in the market, as well as interest rate data from balance financing and revolving credit, which are considered in the calculation of credit revenues (net of funding costs).

We expect net revenues from card transactions to reach R$310 billion in the year 2030, a CAGR of 12% compared to R$153 billion observed for 2024. We believe that the consolidation of this business is based on behavior change, as consumers are increasingly preferring more convenient and secure payment methods, such as cards over paper-based transactions. This behavior is driven by the ease of use of cards, the possibility to accrue benefits, such as points and miles, and the additional security offered by electronic transactions. In addition, as more consumers opt for online shopping due to the convenience and variety of options available, the volume of card transactions also tends to increase.

*Consumer loans*

We define the consumer loans segment as non-earmarked credit operations for consumers, excluding credit card balances, which are already covered by the section above.

For the credit market, we considered historical data for non-earmarked outstanding loans from the Brazilian Central Bank and projections provided by Febraban.

Moreover, we estimated net revenues considering market data for interest rates as reported by the Brazilian Central Bank and calculated such revenues net of funding costs.

Based on such assumptions, we estimate a net revenue pool of R$313 billion in 2024 for consumer loans, with PicPay's share at 0.3%.

When we take into consideration net revenues coming from consumer loans it is estimated to reach R$484 billion in Brazil in the year 2030, a CAGR of 8% from R$313 billion in 2024. Unlike other segments, consumer credit is more sensitive to the income cycle due to the qualitative profile of its products, which tend to respond more immediately to labor market conditions and disposable income dynamics. In this context, household indebtedness has continued to increase even in an environment of restrictive monetary policy, a movement explained in part by the persistence of inflation at elevated levels, but also by the maintenance of the unemployment rate at historical lows, which has sustained income and increased appetite for credit. This increase in indebtedness requires close monitoring of its effects on credit quality. After reaching a peak in 2025, the delinquency indicator has already shown signs of an inflection, remaining at a level lower than that observed in the period immediately prior to the pandemic.

As a result of this environment, credit expansion has been accompanied by higher household income commitment. Nonetheless, the macroeconomic backdrop — marked by resilient economic growth and stimulus stemming from expansionary fiscal policies — has helped mitigate part of the associated risks by expanding the available monetary base and supporting borrowers' repayment capacity.

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On the other hand, the increasing digitalization of the Brazilian financial sector has facilitated access to credit for many individuals. Fintechs and digital banks have been offering more agile and accessible solutions, expanding access to credit for a portion of the population that previously had difficulties obtaining loans. In this scenario, other loans such as car loans and overdraft loans are estimated to reach a net revenue pool of R$93 billion in 2026, an average increase of 6.2% compared to R$83 billion in 2024.

Loan market projections present two main limitations. The first is related to the absence of information on the provision balance for doubtful accounts by type of credit. This lack of detail makes it impossible to perform calculations with a reasonable degree of accuracy for net interest margin after losses. As a consequence, calculating net revenue up to the level of net interest income may lead to distortions, since risk and provisioning levels vary significantly across different portfolios.

The second limitation is related to future interest rate estimates. In these projections, a constant spread is applied based on the funding cost projection, represented by the SELIC rate. This approach may fail to capture variations in the pricing strategies adopted by the market throughout the projected period.

*Others (Insurance and Investments)*

We define the insurance segment as revenues from distribution of insurance policies to consumers, including automobile, assistance, voluntary third-party liability and other coverages, such as residential and warranty extension. In our estimates, we considered constant commercial fee ratios, which are fees paid to insurance distributors.

For the investments segment, we consider income from take rate and distribution of investment products, such as CDBs, funds and other fixed income products to our customers. In our estimates, we considered constant yield and gross take rate ratios for the estimation of volume of their respective markets.

We estimate the volume for insurance policies based on total volumes historical data provided by (*Superintendência de Seguros Privados*), or the "SUSEP," as well as projections provided by the National Confederation of Insurers (*Confederação Nacional das Seguradoras*), or the "CNSEG." For the investment segment, we estimate the volume for the fixed income market and funds distribution based on data provided by (*Associação Brasileira das Entidades dos Mercados Financeiro e de Capitais*), or the "ANBIMA", as well as internal projections for gross take rate for funds and fixed income markets.

We estimated the net revenue pool to total R$34 billion in 2024, resulting in a market share of 0.3% for PicPay. According to internal estimates related to the TAM of this business ecosystem, the volume of this segment will reach R$51 billion in 2030, reflecting a CAGR of 7% from 2024.

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#### Evolution and Estimation of Consumers' Addressable Market
We present below the estimates for our TAM for our Consumers Addressable Market until 2030. We estimate that the net revenue pool will reach R$895 billion in 2030, reflecting a CAGR of 10% from 2024.

![](timage_pg319.jpg)

#### Merchants' Addressable Market
*SMB Banking*

We define the SMB Banking segment as revenues from financial products and services offered to small and medium-sized businesses, which include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• interchange and annual fees from card issuers and net interest income from credit card operations, such as revolving and installment financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• commission fee from bill issuance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial income from Pix or payments of bills funded via credit card.

We estimate the volume for Pix transactions based on historical data provided by the Brazilian Central Bank for B2P (*business*-to-person) and B2B (*business*-to-business*)* total volumes, as well as on the main following assumptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• growth projections for real-time payment transactions, as publicly disclosed in the ACI Worldwide 2024 Real-Time Payments Report; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• estimates of Pix installment payments using credit cards, based on Open Finance data from major market players (leading banks), with an additional rate derived from internal data that reflects consumer transactional behavior involving Pix installments using a credit card as the source of funding.

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For bill payments funded through credit cards, we estimated the volume taking into consideration historical data provided by the Brazilian Central Bank, as well as the following main assumptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to estimate the increase in bill payments, we considered the future household consumption projection from the Focus report, by the Brazilian Central Bank (real projection), and the inflation growth projection, since our figures are in nominal value; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• considering that our consumers' behavior for the payment of bills with a credit card and making Pix installment payments is similar, we assume that both products have the same installment penetration rate.

In addition, for SMB banking, we also consider in our estimates the business insurance and investment segments, which are composed by revenues from distribution of insurance policies to businesses, including loss of profits, engineering risks, miscellaneous risks, group life insurance, general liabilities and other coverages, such as guaranteed insurance for public and private sectors. For the investments segment, we define the management of middle fixed income portfolios from companies as income from administration fee. For these sectors, we considered the following main assumptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• constant commercial fee ratios, which are fees paid to insurance distributors. We estimate the volume for insurance policies based on total volumes historical data provided by (*Superintendência de Seguros Privados*), or the "SUSEP," as well as projections provided by the National Confederation of Insurers (*Confederação Nacional das Seguradoras*), or the "CNSEG."; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• constant yield and administration fee ratios to estimate the volume of the revenues of their respective markets for the investment segment. We estimate the volume for the fixed income market and funds distribution based on data provided by (*Associação Brasileira das Entidades dos Mercados Financeiro e de Capitais*), or the "ANBIMA," as well as on internal projections for gross take rate for funds and fixed income markets.

Our calculation places the net revenue pool at R$13 billion in 2024, resulting in a market share of 0.05% for PicPay. For the TAM related to this business line, according to internal estimates, the net revenue pool of this segment will reach R$38 billion in the year 2030, representing a CAGR of 20% from 2024.

*Corporate Benefits*

We define the corporate benefits sector as interchange fees or MDR paid by merchants to issuers of corporate benefit cards, plus financial income from account balance floating and settlements scheduled floating.

The volume of corporate benefits is closely related to workforce dynamics and economic indicators. Therefore, we considered data from IBGE with respect to the number of formal workers, data from the Brazilian Ministry of Labor and Employment (*Ministério do Trabalho e Emprego*) regarding the penetration of corporate benefits among formal workers and information from private companies that offer corporate benefits, such as Swile and Alelo.

In addition, we estimated net revenues considering PicPay's Corporate Benefits business economics, which is based entirely on internal data.

Our estimate places the net revenue pool at R$17 billion in 2024, resulting in a market share of 0.1% for PicPay.

In Brazil, the corporate benefits market thrives on labor laws mandating minimum offerings and a strong demand for competitive benefits to retain talent. Economic stability supports businesses in providing these benefits. Additionally, technology streamlines benefit administration, while a growing focus on employee well-being drives demand for comprehensive wellness programs.

However, the high competition in this segment leads to lower margins and a contracted net revenue pool. The main limitation for this sector is related to the availability of data on product penetration among formal workers, which could affect the accuracy of our projection. However, we seek to mitigate this risk by using what we consider are reliable variables, such as the total number of formal workers (provided by the IBGE) and the average meal allowance benefits used for calculation of the Total Payment Volume (TPV), as reported by Alelo — one of the major players in the sector.

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Our internal data might not fully represent market conditions, since several factors may influence pricing decisions, and each company has its unique strategy.

In addition, a potential regulatory change could make market rules more flexible and expand the TAM and net revenue pool, or the opposite may happen. However, due to the uncertainty surrounding these changes, we did not incorporate such changes into our market growth projections.

*Payment Acceptance*

We define the payment acceptance sector as revenues from transactions using credit and prepaid cards, Pix at POS terminals, equipment rental, and receivables prepayment.

We estimated the volume for credit and prepaid cards considering historical data from 2024 and projections from the Brazilian Central Bank, with stable growth expected for the subsequent years. As reported by acquirers, the volume from Pix transactions through POS terminals was estimated based on its penetration within the card market volume. For the prepayment of receivables, we used data from the Brazilian Central Bank and projections from the Febraban.

Moreover, we calculated net revenues taking into consideration market data, such as the average Merchant Discount Rate (MDR), average interchange fees, interest rate and funding costs, as reported by the Brazilian Central Bank. In addition, we took into consideration the relationship between rental revenue and Total Payment Volume (TPV), as shared by our competitors, as well as internal data. Net revenues were also calculated after discounting interchange fees and funding costs.

We estimated a net revenue pool of R$18 billion in 2024, resulting in a market share of 0.8% for PicPay.

According to our internal estimates based on information provided by the Brazilian Central Bank, net revenues coming from merchant acquiring services in Brazil will reach R$28 billion in the year 2030, a CAGR of 10% since 2024, when we observed that revenues from acquirers totaled R$18 billion. Among the main factors contributing to this increase we can mention the increasing use of electronic payment methods, the expansion of e-commerce, the adoption of technologies such as NFC payments, and the growth of financial inclusion, with more people accessing banking services and using cards. These combined elements are contributing to a significant increase in transaction volume and the development of the payments sector in the country.

We believe that the use of Brazilian Central Bank transactional and pricing data helps to mitigate the risk of significant inaccuracies in the projected TAM and net revenue pool data for 2026. Such projections' main limitations are related to information on POS rental and Pix on POS terminals, as both projections are based only on data disclosed by major players.

*Business loans*

We define the business loans sector as non-earmarked credit operations for small and medium-sized businesses, excluding prepayment of credit card receivables. For the credit market, our calculations used historical data for non-earmarked outstanding loans provided by the Brazilian Central Bank and projections from Febraban. In addition, we estimated net revenue considering market data for interest rates as reported by the Brazilian Central Bank, net of funding costs.

For 2024, our operation did not include business loans, so our market share for this segment was zero.

According to internal estimates based on data provided by the Brazilian Central Bank, revenues could reach a volume of R$105 billion in 2030, presenting a CAGR of 5% compared to R$77 billion observed for 2024. In recent years, Brazil's corporate credit market has seen notable shifts. Interest rates for business loans have decreased alongside the personal credit market, driven by reduced basic interest rates and heightened competition among financial institutions. The advent of digital credit has streamlined access to financing, with fintechs and traditional banks offering online platforms for swift and efficient lending. Moreover, there has been a concerted effort to expand financing opportunities for small and medium businesses (SMBs) through targeted programs and partnerships. Companies increasingly seek tailored financial solutions, such as technology investment credit and export financing. Concurrently, financial institutions have tightened credit policies and bolstered risk assessment processes to navigate economic uncertainties effectively. These dynamics underscore a transformative period in Brazil's corporate credit landscape, blending technological innovation with evolving market demands.

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The main limitation of such projection is related to net interest income. Since the Brazilian Central Bank does not disclose data for performing credit outstanding loans, we use the difference between outstanding credit and non-performing loan balance as a proxy for performing credit outstanding loans.

#### Evolution and Estimation of Merchants' Addressable Market
We present below our estimations for our TAM until 2030. We estimate that the net revenue pool will reach R$183 billion in 2030, reflecting a CAGR of 7% from 2024.

![](timage_pg323.jpg)

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*Source*: Company's proprietary data and estimates.

See "Presentation of Financial and Other Information — Total Addressable Market."

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#### Regulatory Overview

#### Our Regulatory Position
Our business is subject to a number of laws and regulations that affect payment schemes and payment institutions, many of which are still evolving and could be interpreted in ways that could harm our business. While it is difficult to fully ascertain the extent to which new legal developments will affect our business, there has been a trend towards increased consumer, data privacy protection and prudential requirements. General business regulations and laws, or those specifically governing payment institutions, may be interpreted and applied in a manner that may place restrictions on the conduct of our business.

Four of our subsidiaries in Brazil, PicPay Instituição de Pagamento S.A., or "PicPay Brazil," PicPay Bank — Banco Múltiplo S.A., or "PicPay Bank," PicPay Invest Distribuidora de Títulos e Valores Mobiliários Ltda., or "PicPay Invest," and Crednovo Sociedade de Empréstimo entre Pessoas S.A., or "Crednovo," perform activities that are subject to Brazilian regulation enacted by the Brazilian Central Bank (*Banco Central do Brasil*), or "BCB," by the Brazilian National Monetary Council (*Conselho Monetário Nacional*), or the "CMN" and/or by the Brazilian Securities and Exchange Commission (*Comissão de Valores Mobiliários*), or the "CVM," as applicable, and have obtained authorizations from the Brazilian Central Bank to operate, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PicPay Brazil is authorized by the Brazilian Central Bank to operate as a payment institution (*instituição de pagamento*) in the capacities of: (1) issuer of electronic currency (*emissor de moeda eletrônica*), (2) issuer of postpaid payment instruments (*emissor de instrumento de pagamento pós*-pago) and (3) acquirer (*credenciador*); and (4) payment transaction service provider (*iniciador de transação de pagamentos*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PicPay Bank is authorized by the Brazilian Central Bank to operate as a multi-purpose bank (*banco múltiplo*), with authorization to perform both commercial and credit, financing and investment activities, as well as to carry out transactions in the foreign exchange market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PicPay Invest is authorized by the Brazilian Central Bank to operate as a securities dealership firm (*sociedade distribuidora de títulos e valores mobiliários*), or "DTVM," performing the activities provided by CMN Resolution No. 5,008, of March 24, 2022, as amended, or "CMN Resolution 5,008/2022." In addition, PicPay Invest is authorized by the CVM to perform securities custodian services (*custodiante de valores mobiliários*) and fiduciary administration and trustee (*administrador fiduciário de carteira de valores mobiliários*) activities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Crednovo is authorized by the Brazilian Central Bank to operate as a P2P lending fintech company (*sociedade de empréstimo entre pessoas*), or "SEP," intermediating credit operations between lenders and borrowers.

Moreover, Kovr Seguradora is authorized and supervised by SUSEP. Therefore, once the acquisition occurs, it will become one of our subsidiaries and be subject to SUSEP's oversight and the regulatory framework of CNSP and SUSEP.

Our main subsidiaries in Brazil are subject to extensive regulation. We offer various payment, financial and capital markets services and we perform activities related to credit, payments, digital accounts, brokerage services and portfolio management.

#### Regulation Applicable to the Brazilian Payment System

#### General Rules
The activities developed by PicPay Brazil in Brazil are subject to Brazilian laws and regulations applicable to payment schemes (*arranjos de pagamento*) and payment institutions. Brazilian Federal Law No. 12,865, of October 9, 2013, as amended, or "Law 12,865/2013," established the first set of rules regulating the electronic payments industry within the Brazilian Payments System (*Sistema de Pagamentos Brasileiro*), or "SPB," and created the concepts of payment schemes, payment schemes settlors (*instituidores de arranjos de pagamento*) and payment institutions.

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In addition, Law 12,865/2013 granted to the Brazilian Central Bank (in accordance with the guidelines set out by the CMN), and to the CMN, authority to regulate entities involved in the payments industry. Such authority covers matters such as the operation of these entities, capital requirements, internal controls, risk management, opening of payment accounts and the transfer of funds to and from payment accounts. After the enactment of Law 12,865/2013, the CMN and the Brazilian Central Bank created a regulatory framework regulating the operation of payment schemes and payment institutions. Such framework consists mainly of, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CMN Resolution No. 4,282, of November 4, 2013, as amended, or "CMN Resolution 4,282/2013," which sets forth the guidelines for the regulation, oversight, and supervision of payment institutions and payment schemes that are part of the SPB, as provided for in Law 12,865/2013;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• BCB Resolution No. 80, of March 25, 2021, as amended, or "BCB Resolution 80/2021," which regulates the establishment and operation of payment institutions, sets out the parameters for filing applications for authorization to operate by such institutions and governs the provision of payment services by other institutions authorized to operate by the Brazilian Central Bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• BCB Resolution No. 81, of March 25, 2021, as amended, or "BCB Resolution 81/2021," which regulates the authorization processes related to the operation of payment institutions and the provision of payment services by other institutions authorized to operate by the Brazilian Central Bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• BCB Resolution No. 96, of May 19, 2021, as amended, or "BCB Resolution 96/2021," which regulates the opening, maintenance and closing of payment accounts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• BCB Resolution No. 150, of October 6, 2021, as amended, or "BCB Resolution 150/2021," which consolidates regulations on payment schemes, approves the regulation governing the provision of payment services within payment schemes that are part of the SPB, sets forth the criteria under which payment schemes do not fall within the scope of the SPB, among other related measures.

The Brazilian Central Bank's regulations also allow payment schemes settlors to set additional rules for entities that use their brands. Since we participate in third-party payment schemes, we must comply with their rules in order to continue accepting payments from payment instruments bearing their brands. Below is a summary of the most relevant laws that apply to our operations in the SPB.

#### Payment Schemes
A payment scheme, for Brazilian regulatory purposes, is the collection of rules and procedures that governs payment services provided to the public, with direct access by its end consumers (*i.e.*, payors and receivers). In addition, such payment service must be accepted by more than one receiver in order to qualify as a payment scheme:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Payment schemes that exceed certain thresholds are considered to form part of the SPB and are subject to the legal and regulatory framework applicable to the payment industry in Brazil, according to Article 2, II, of BCB Resolution 150/2021, including the requirement to obtain an authorization by the Brazilian Central Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Payment schemes that operate below these thresholds are not considered to form part of the SPB, according to Article 2, II, of BCB Resolution 150/2021, and are therefore not subject to the legal and regulatory framework applicable to the payment industry in Brazil, including the requirement to obtain an authorization from the Brazilian Central Bank, although they are required to report certain operational information to the Brazilian Central Bank on an annual basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Limited-purpose payment schemes are not considered to form part of the SPB and, therefore, are not subject to the legal and regulatory framework applicable to the payment industry in Brazil, including the requirement to obtain authorization from the Brazilian Central Bank. Limited-purpose payment schemes include, among others, those whose payment orders are: (i) accepted only at the network of merchants that clearly display the same visual identity as that of the issuer, such as franchisees and other merchants licensed to use the issuer's brand; (ii) intended for payment of specific public utility services, such as public transport and public telecommunications; (iii) intended for payment of specific products or services; and/or (iv) related to employee benefits (such as meal vouchers).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certain types of payment schemes have specific exemptions from the requirement to obtain authorization from the Brazilian Central Bank. This applies, for example, to payment schemes set up by governmental authorities, payment schemes set up by certain financial institutions, closed-loop payment schemes set up by payment institutions authorized to operate by the Brazilian Central Bank, payment schemes aimed at granting benefits to natural persons due to employment relationships and payment schemes set up by an authorized payment institution in which financial settlement of payment transactions are carried out exclusively using the book-transfer method.

On November 10, 2025, the Brazilian Central Bank issued BCB Resolution No. 522, which amends BCB Resolution No. 150/2021 and implements rules resulting from Public Consultation No. 104. The new framework strengthens centralized risk management in payment schemes that are part of the SPB, expressly allocating to the payment scheme settlor (networks) ultimate and non-derogable liability to ensure the settlement of all transactions to receiving users, including with its own funds if adopted protection mechanisms are insufficient. Resolution No. 522 enhances transparency over risk allocation and financial risk mitigation tools, and bars delegation of sub-acquirer oversight: the settlor (network) becomes solely responsible for monitoring participants' risks and may not delegate sub-acquirer risk management to acquirers. It also reinforces "honor all cards," prohibits the requirement of collaterals among participants, limits participants' financial liability in chargebacks to 180 days from the transaction authorization (after which, where rules permit, liability shifts to the network), and strengthens controls on fraud, AML/CFT, as well as conduct standards with payers. The rule further advances interoperability, information sharing, authorization/change/cancellation processes for arrangements, full participation of sub-acquirers in centralized clearing and settlement, and transparency of fees charged within arrangements.

Resolution No. 522 became effective upon publication, which happened on November 12, 2025. In view of the structural changes to risk management, scheme settlors must, within 180 days of publication, (i) submit to the Brazilian Central Bank requests for authorization to amend the regulations of their payment schemes to reflect the new requirements and (ii) implement the full participation of all sub-acquirers in centralized settlement for schemes subject to centralized settlement, along with related operational interfaces (including information exchange between settlement infrastructures and receivables registries) and enhanced tariff and penalty disclosures.

#### Payment Schemes Settlors
A payment scheme is set up and operated by a payment scheme settlor, which is the entity responsible for the payment scheme's authorization and function. Payment scheme settlors, for Brazilian regulatory purposes, are the legal entities responsible for managing the rules, procedures and the use of the brand associated with a payment scheme. Brazilian Central Bank's regulations, in Article 3 of Annex I of BCB Resolution 150/2021, require that payment scheme settlors must be (i) incorporated in Brazil, (ii) have a corporate purpose compatible with its payments activities; and (iii) have the technical, operational, organizational, administrative and financial capacity to meet their obligations. They must also have clear and effective corporate governance mechanisms that are appropriate for the needs of payment institutions and the consumers of payment schemes.

#### Payment Institutions
A payment institution is defined as the legal entity that participates in one or more payment schemes and is dedicated, alternatively or cumulatively, to the activities described in Law 12,865/2013, including but not limited to the execution of the remittance of funds to the receivers in payment schemes.

Specifically, based on the Brazilian payment regulations, payment institutions are entities that can be classified into one of the following four categories, according to Article 3 of BCB Resolution No. 80/2021:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• issuers of electronic currency (prepaid payment instruments): these payment institutions manage prepaid payment accounts for cardholders or end-consumers. They carry out payment transactions using electronic currency deposited into such prepaid accounts, and convert the deposits into physical or book-entry currency or vice versa.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• issuers of post-paid payment instruments (e.g., credit cards): these payment institutions manage payment accounts where the end-user intends to make payment on a post-paid basis. They carry out payment transactions using these post-paid accounts.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acquirers: these payment institutions do not manage payment accounts, but enable merchants to accept payment instruments issued by a payment institution or by a financial institution that participates in a payment scheme. They participate in the settlement process for payment transactions by receiving the payment from the card issuer and settling with the merchant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Payment Initiator Service Provider (PISP): these payment institutions render initial payment services whereby it does not (i) manage the account from which the payment is being made; and (ii) hold the fund during the rendering of the services.

Payment institutions must operate in Brazil and must have a corporate purpose that is compatible with payments activities. As for payment schemes, the regulations applicable to payment institutions depend on certain features, such as the annual cash value of transactions handled by the payment institution or the value of resources maintained in prepaid payment accounts. Certain financial institutions have specific exemptions from the requirement to obtain authorization from the Brazilian Central Bank to act as a payment institution and provide payment services. Furthermore, certain payment institutions are not subject to the legal and regulatory framework applicable to the payment industry in Brazil. This applies, for example, to payment institutions that only participate in limited-purpose payment schemes and payment institutions that provide services in the scope of programs set up by governmental authorities aimed at granting benefits to natural persons due to employment relationships.

The CMN and Brazilian Central Bank's regulations applicable to payment institutions cover a wide variety of issues, including: (i) penalties for noncompliance; (ii) the promotion of financial inclusion; (iii) the reduction of systemic, operational and credit risks; (iv) reporting obligations; and (v) governance. The regulations applicable to payment institutions also cover payment accounts (*contas de pagamento*), which are the end-user accounts, in registered (*i.e.*, book-entry) form, which are opened with payment institutions that are card issuers of prepaid or post-paid instruments and used for carrying out each payment transaction. BCB Resolution 96/2021, in Article 3, classifies payment accounts into two types:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prepaid payment accounts: where the intended payment transaction is executed when the funds have been deposited into the payment account in advance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• post-paid payment accounts: where the payment transaction is intended to be performed regardless of funds having been deposited into the payment account in advance.

In order to provide protection from bankruptcy, Law 12,865/2013 requires payment institutions that issue electronic currency to segregate the funds deposited in prepaid payment accounts from their own assets. In addition, with respect to prepaid electronic currency, the payment institutions must hold a portion of the funds deposited in the prepaid payment account in certain specified instruments, either in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a specific account with the Brazilian Central Bank, which pays interest linked to the SELIC rate, pursuant to the provisions of BCB Resolution No. 237, of March 16, 2023; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Brazilian government bonds registered with the Special Settlement and Custody System (*Sistema Especial de Liquidação e Custódia*), or the "SELIC."

Since July 1, 2023, payment institutions have been able to operate in the foreign exchange market, as long as they comply with certain rules, such as the restriction to only operate with electronic currency and operational thresholds, pursuant to BCB Resolution No. 277, of December 31, 2022, as amended, or "BCB Resolution 277/2022," and subject to prior authorization.

#### Instant Payment System (Pix)
In 2020, the Brazilian Central Bank launched Pix, a payment system that allows real-time payments and transfers. The main goals of the Brazilian Central Bank with Pix are to foster innovation and differentiated services that meet the needs of end consumers, as well as expand and simplify the payment methods available, since less personal information is needed in order to materialize a payment. In this context, the Pix is an open ecosystem which various types of payment service providers can join.

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On August 12, 2020, the Brazilian Central Bank published BCB Resolution No. 1 or BCB Resolution 1/2020, which sets out implementation procedures and participation criteria for the Brazilian Instant Payments System (*Sistema de Pagamentos Instantâneos*), or "SPI," and the Brazilian Central Bank's instant payments arrangement. The arrangement requires that all financial and payment institutions authorized to operate by the Brazilian Central Bank and which have more than 500,000 active client accounts (including checking, savings and payment accounts) will mandatorily participate in the SPI and in the Brazilian Central Bank's instant payments arrangement. Moreover, according to BCB Resolution 1/2020, as amended by Resolution No. 429 and starting January 1, 2025, only institutions authorized by the Brazilian Central Bank are authorized to operate in the Pix ecosystem.

In addition to the traditional functionalities of Pix, such as transferring funds between individuals and/or legal entities, the Brazilian Central Bank is currently developing new tools to be integrated with Pix, enabling new possibilities to use Pix in different contexts. Such new functionalities are aligned with the Brazilian Central Bank's goals to promote competitiveness and innovation in the means of payment business, foster financial inclusion, reduce costs related to means of payment and improve the user experience, which should be simple and secure.

The following features have already been developed by the Brazilian Central Bank:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pix Collection (*Pix Cobrança*): As provided in the Subsection II of the Annexed Regulation to BCB Resolution 1/2020, Pix Collection is the possibility for a receiving user to easily manage and receive collections related to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• immediate payments, which are those related to business models in which payment must be made at the same time of the collection, such as physical points of sale and e-commerce;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payments with maturity date, which are those related to business models in which the payment can be made at a future date, with the possibility of covering interest, fines, other additions, discounts and other rebates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payments related to the facilitation of cash withdraw service, meaning those related to the receipt of Pix transactions for cash withdraw or change purposes, as requested by the withdrawing person, to enable the availability of funds to the paying user under Pix Withdraw and Pix Change products, further described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pix Withdraw and Pix Change (*Pix Saque* and *Pix Troco*): As provided in the Subsection III of the Annexed Regulation to BCB Resolution No. 1/2020, Pix Withdraw consists of a transaction in which a payer user, holding a transactional account in any Pix participant, issues a Pix with the purpose of making a withdraw from their transactional account to the transactional account of a withdraw service facilitator or withdraw agent, receiving funds in paper money in an amount corresponding to the payment made. Pix Change consists of a transaction in which a payer user, holding a transactional account at any Pix participant, upon making a purchase at a withdraw agent that is a merchant or a corresponding withdraw facilitator service, issues a Pix with the purpose of changing from their transactional account to the transactional account of the withdraw agent, receiving funds in paper money in an amount corresponding to the difference between the Pix for the purpose of change and the purchase amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Scheduled Pix (*Pix Agendado*): As provided in the Subsection I of the Annexed Regulation to BCB Resolution 1/2020, scheduled Pix consists of the possibility of a payer user to schedule a Pix for a certain future date. The request for a Scheduled Pix should be retained in the internal systems of the transactional account provider participant, not affecting the transactional wallet balances of the payer user, until the time of initiation of the Pix transaction. In the event of lack of sufficient funds in the payer user's account on the scheduled date for Pix, the initiation of the transaction is not authorized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Automated Pix (Pix *Automático*): As provided in the Subsection IV of the Annexed Regulation to BCB Resolution 1/2020, Automated Pix enables automatic recurring payments through a single authorization by the payer. Payees (e.g., utilities) may generate recurring payments using the Pix rail without the need for individual agreements with the payer's payment service providers. Under recent updates, CMN Resolution No. 5,251, of September 25, 2025, and BCB Resolution No. 505, of September 22, 2025, provided new requirements to require debit authorizations with corporate or non-regulated payees to follow Automated Pix rules and require depositary and recipient institutions to update contracts and related procedures.

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In addition, Guaranteed Pix (*Pix Garantido*) is currently under development by the Brazilian Central Bank. With Guaranteed Pix, consumers would be able to pay for their purchases, with a guarantee of payment to the recipient of the funds by the financial institution holding the checking account; this feature remains under development with launch expected in the long term (not expected at least until 2027). Installment Pix is being designed as a new product that will allow the payer to obtain credit to split a Pix transaction into installments, with the recipient receiving the full amount instantly and a standardized user experience for the installment process; this proposal is currently under discussion, while other non-official initiatives are already being offered by financial institutions.

#### Financial Institutions Regulation

#### General Rules
The current Brazilian banking and financial system was established by Brazilian Federal Law No. 4,595, of December 31, 1964, as amended, or "Law 4,595/1964."

Law 4,595/1964 set forth the structure of the National Financial System (*Sistema Financeiro Nacional*), or the "SFN," which consists of the CMN, the Brazilian Central Bank, Banco do Brasil S.A., the National Bank for Economic and Social Development (*Banco Nacional de Desenvolvimento Econômico e Social*), or the "BNDES," and other public or private financial institutions. Moreover, while the following entities are not covered by the Banking Law, they play key roles in the financial system, including: the CVM, the Brazilian Private Insurance Authority (*Superintendência de Seguros Privados*), or the "SUSEP," the National Superintendency of Pension Plans (*Superintendência Nacional de Previdência Complementar*), or the "PREVIC," the National Private Insurance Council (*Conselho Nacional de Seguros Privados*), or the "CNSP," the National Council for Pension Plans (*Conselho Nacional de Previdência Complementar*), or the "CNPC", and the Board of Appeals of the National Financial System (*Conselho de Recursos do Sistema Financeiro Nacional* — CRSFN).

Brazilian Federal Law No. 4,728, of July 14, 1965, as amended, or "Law 4,728/1965," regulates the Brazilian capital markets establishing standards and several other mechanisms. Moreover, pursuant to Brazilian Federal Law No. 6,385, of December 7, 1976, as amended, or "Law 6,385/1976," the distribution and issuance of securities in the market, trading of securities and settlement and/or clearance of securities transactions all require prior authorization by the CVM. The banking and capital markets regulatory framework in Brazil is further supplemented by regulation issued by the CMN, CVM and the Brazilian Central Bank, and self-regulation policies, such as those issued by several associations, over-the-counter organized markets and securities exchanges, that govern their members and participants, such as the Brazilian stock exchange *— Brasil, Bolsa, Balcão*, or the "B3," the Brazilian Association of Financial and Capital Markets Entities (*Associação Brasileira das Entidades dos Mercados Financeiro e de Capitais*), or "ANBIMA," and the Brazilian Association of Investment Analysts (*Associação dos Analistas e Profissionais do Mercado de Capitais*), or "APIMEC."

The incorporation and operation of financial institutions in Brazil depend on prior authorization from the Brazilian Central Bank. Pursuant to Decree No. 10,029 of September 26, 2019, the Brazilian Executive Branch granted authority for the Brazilian Central Bank to approve foreign investments in financial institutions. Such decree was further regulated by BCB Circular No. 3,977, of January 22, 2020 and foreign investments in financial institutions are also subject to oversight from the CVM when they participate in the Brazilian capital markets (such as PicPay Invest).

Financial institutions in Brazil may operate under various forms, such as commercial banks, investment banks, credit, financing and investment companies, cooperative banks, leasing companies, securities brokerage firms, securities dealership firms, real estate credit companies, mortgage companies, among others, all of which are regulated by different rules issued by the CMN, the Brazilian Central Bank and the CVM (if such financial institutions participate in capital markets activities). In addition, similarly to financial institutions, stock exchanges are also subject to CMN, Brazilian Central Bank and the CVM approval and regulation as well as to regulation established by Brazilian Federal Law No. 4,728, of July 14, 1965, as amended, or "Law 4,728/1965."

Pursuant to Law 4,595/1964, CMN Resolution No. 4,970, of November 25, 2021, as amended, or "CMN Resolution 4,970/2021" and CMN Resolution 5,008/2022, financial institutions, such as PicPay Bank, PicPay Invest Crednovo, and securities brokerage and dealership firms (CTVMs and DTVMs), such as PicPay Invest, must seek approval from the Brazilian Central Bank when appointing managers (including directors, officers and members of certain statutory boards, such as fiscal councils), as provided in Article 3, V, of CMN Resolution 4,970/2021. According to Law 4,728/1965, for securities dealership firms (such as PicPay Invest), managers are subject to further

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restrictions and are prohibited from working for or fulfilling any administrative, advisory, tax or decision-making positions at entities listed on the Brazilian stock exchange. In addition, managers of PicPay Invest are prohibited from filling managerial functions in other brokerage firms authorized to carry out foreign exchange transactions pursuant to CMN Resolution No. 5,009, of March 24, 2022, as amended, or "CMN Resolution 5,009/2022."

Pursuant to Article 2 of CMN Resolution No. 5,043 of November 25, 2022, as amended, or "CMN Resolution 5,043/2022," with the exception of (i) equity interests typically held in proprietary investment portfolios by investment banks, development banks, development agencies and multi-purpose banks; (ii) temporary equity interests not categorized as permanent assets (*ativos permanentes*) and not subject to consolidation by the financial institution; and (iii) minority equity interests in financial organizations and institutions abroad, made exclusively for the purpose of gaining access to export financing instruments and the international transfer of resources, financial institutions must receive prior authorization from the Brazilian Central Bank to hold capital interest in other companies. In order to receive authorization, the financial institutions' activities must justify the need to hold capital interest in other companies. However, should the financial institutions participate in underwriting activities under certain exceptions established by the CMN, they will not need to provide such justification.

According to Law 4,595/1964, Brazilian financial institutions are prohibited from granting loans or cash advances to their managers (officers, directors, and members of advisory boards, as well as their relatives). Certain exceptions to such restrictions are set forth in CMN Resolution No. 4,693 of October 29, 2018, as amended, or "CMN Resolution 4,693/2018."

#### Multi-Purpose Banks
According to CMN Resolution No. 5,060 of February 16, 2023, as amended, or "CMN Resolution 5,060/2023," Brazilian multi-purpose banks (such as PicPay Bank) are subject to extensive and continuous regulatory scrutiny by Brazilian authorities. Multi-purpose banks conduct at least two types of banking activities, according to Article 4 of CMN Resolution 5,060/2023, provided that at least one of such activities is either commercial or investment banking. Banking regulation is enforced by the relevant government entities and regulators with the goal of controlling credit availability and reducing or increasing consumption.

Certain controls are temporary in nature and may vary from time to time in accordance with the relevant government's or regulator's credit policies, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• minimum capital requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compulsory reserve requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• lending limits and other credit restrictions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accounting and statistical requirements.

The following rules are applicable to multi-purpose banks (such as PicPay Bank):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• they must ensure the adequacy of products and services for consumers' needs, interests and objectives, as well as the integrity, reliability, security and confidentiality of transactions, services and products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• they may not own real estate other than the property they occupy, unless they take possession of real estate in satisfaction of a debt or when expressly authorized by the Brazilian Central Bank, subject to certain CMN rules. Moreover, the total amount of fixed assets must be limited to fifty per cent (50%) of the institution's regulatory working capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• they must comply with the principles of selectivity, guarantee, liquidity and risk diversification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial institutions are prohibited from granting loans or advances without an appropriate agreement formalizing such debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial institutions may not grant loans to, or guarantee the transactions of, their affiliates, except in certain limited circumstances (refer to "— Other Rules" below);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the registered capital and total net assets of financial institutions must be compatible with the rules governing share capital and minimum capitalization enforced by the Brazilian Central Bank for each type of financial institution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial institutions shall maintain internal policy and procedures governing their relationships with clients and consumers of their products and services.

On September 26, 2019, CMN issued Resolution No. 4,753, as amended, or "CMN Resolution 4,753/2019," which, effective as of January 1, 2020, replaced and consolidated several sparse CMN Resolutions dealing with the opening of bank accounts, which were issued over the years due to changes made to enable the creation of new products and services for specific public and clients, such as the rules applicable to "simplified accounts" previously governed by CMN Resolution No. 3,211, of June 30, 2004, and CMN Resolution No. 4,480, of April 25, 2016, which previously regulates the opening and closing of bank deposit accounts by Brazilian residents through the exclusive use of electronic means and establishes terms and conditions applicable thereto. In addition, CMN Resolution No. 4,949, of September 30, 2021, as amended, or "CMN Resolution 4,949/2021," sets forth procedures to be adopted by financial institutions with respect to client relationship.

With the purpose to enable the use of more modern and efficient technology to attract new consumers through electronic service channels (a process known as digital onboarding), CMN Resolution 4,753/2019 removed from the regulatory framework several existing restrictions arising from the adoption of procedures relating to physical handling of documents, such as the requirement that the identification and location details of the client must be physically checked, as previously established by Resolution No. 2,025, of November 24, 1993. The Brazilian Central Bank acknowledged that there are currently more efficient and secure ways of verifying data by electronic means, which reduces administrative costs.

The integration of modern technology such as Application Programming Interfaces, or "APIs," big data and Blockchain/Distributed Ledger Technology, or "DLT," has incentivized the CMN and the Brazilian Central Bank to develop new rules in connection with *Agenda BC#*, which is the Brazilian Central Bank innovation program, and the regulatory framework tends to evolve accordingly. Regulatory authorities are striving to create technological solutions that would plug the gaps from traditional inefficiencies in the banking system. The regulators have expressed significant interest in the benefits and efficiencies that such technology may bring to the banking industry and to its financial inclusion strategies.

Pursuant to Article 2 of CMN Resolution No. 4,893, of February 26, 2021, as amended, or "CMN Resolution 4,893/2021," financial institutions and other institutions authorized to operate by the Brazilian Central Bank must implement cybersecurity policies in order to ensure the integrity of their data systems. Under CMN Resolution 4,893/2021, which regulates cybersecurity policies and the requirements for contracting data processing, storage and cloud computing services, covered institutions are required to appoint an officer who will be responsible for implementing and overseeing cybersecurity policy and to adopt procedures and controls to prevent and respond to cybersecurity incidents.

CMN Resolution 4,893/2021 also requires relevant institutions to provide an annual report to the Brazilian Central Bank disclosing any cybersecurity incidents, as well as remediation efforts. In addition, communication to the Brazilian Central Bank is required should any third-party service providers be hired for data processing, storage and cloud computing services. When services are rendered abroad, there are additional requirements for contracting, including the existence of a cooperation agreement between the Brazilian Central Bank and the supervisory authority of the foreign country, or, absent such cooperation agreement, such contracting is subject to prior approval of the Brazilian Central Bank.

#### Securities Brokerage and Dealership Firms (CTVMs and DTVMs)
Securities trading in stock exchange markets shall be carried out exclusively by securities brokerage or dealership firms (such as PicPay Invest) and certain other authorized institutions. Brokerage and dealership firms are part of the SFN and subject to regulation and oversight of the CMN, the Brazilian Central Bank and the CVM. Securities brokerage and dealership firms must be authorized by the Brazilian Central Bank to trade on the stock exchange market. Among other roles, securities brokerage and dealership firms and certain other authorized institutions may act as underwriters in the public offering of financial instruments and may participate in the foreign exchange trades in any foreign exchange market, subject to certain limitations, as set forth in the Brazilian Central Bank's regulations.

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Brokerage and dealership firms are regulated by CMN Resolution 5,008/2022, which allows such entities to engage in the following activities (among others):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• trading in stock exchanges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• underwriting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• intermediating public offerings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• managing investment portfolios; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• intermediating foreign currency trades.

In addition to CMN Resolution 5,008/2022, brokerage and dealership firms are also subject to regulations issued by the CVM.

Pursuant to the rules set forth by the Brazilian Central Bank, brokerage and dealership firms (such as PicPay Invest) cannot execute transactions that may result in loans, facilities or cash advances to their clients, including through synthetic transactions (such as assignment of rights), with the exception of margin transactions and other limited transactions.

Moreover, brokerage and dealership firms can neither charge commissions in connection with trades during primary distribution, nor purchase real property, except for their own use or as payment under "bad debts" (in which case, the asset must be sold within a year).

#### Credit Fintechs (SCDs and SEPs)
CMN enacted Resolution No. 4,656 on April 26, 2018, subsequently replaced by CMN Resolution No. 5,050, of November 25, 2022, as amended, or "CMN Resolution 5,050/2022," with the purpose to regulate online lending fintechs and established two new categories of financial institutions. Pursuant to CMN Resolution 5,050/2022 and Law 4,595/1964, the following new categories of financial institutions are the only financial institutions authorized to grant credit through electronic platforms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On-Line Lending Company (*sociedade de crédito direto*), or "SCD," which is a financial institution that carries out loan transactions, financing and acquisition of credit rights exclusively through an electronic platform, using mainly its own capital as financial source for such transactions. The SCDs are authorized to assign credits related to their own transactions to: (i) financial institutions; (ii) investment funds; or (iii) securitization companies, provided that the quotas of the investment funds and the securitization assets issued by the securitization company are offered exclusively to qualified investors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Peer-to-Peer Lending Company (*sociedade de empréstimo entre pessoas*), or "SEP": which is a financial institution that intermediates lending and financing transactions between individuals, exclusively through an electronic platform (such as Crednovo). Creditors may be individuals, financial institutions, investment funds exclusively destined to qualified investors, securitization companies or other legal entities, but similarly to the SCD, the quotas of the investment funds and the securitization assets issued by the securitization company can only be offered to qualified investors. CMN Resolution 5,050/2022 limits the exposure of non-qualified investors (as per CVM regulation) to R$15,000.00 per debtor, for transactions intermediated by the same SEP.

As financial institutions, *SCD*s and *SEP*s, among other provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are free to charge any compensatory interest rates, without caps or limitations, being excluded from the restrictions imposed by Decree No. 22,626, of April 7, 1933, as amended, or the "Brazilian Usury Law";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• will have direct access to the Credit Risk Data System of the Brazilian Central Bank (*Sistema de Informação de Crédito*), or "SCR," for credit purposes analysis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• perform credit collection for third parties and consumers (in the case of SEPs);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• issue electronic currency and post-paid instruments, in accordance with applicable regulation; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may opt to have direct access to the SPB, which allows the performance of domestic wire transfers and issuance of bank slips (*boletos*) without the intervention of a traditional financial institution.

On the other hand, *SCD*s and *SEP*s must comply with certain key governance, compliance and supervision requirements applicable to all the institutions that are a part of the SFN, such as: minimum requirement of paid-in capital stock and net equity, prior authorization to operate, banking secrecy, establishment of internal controls and procedures, implementation of risk management structures, observation of know your client, anti-money laundering and counter terrorist financing rules, cybersecurity rules, constitution of ombudsman office and preparation of accounting statements pursuant to the Standard Chart of Accounts of the National Financial System (*Plano Contábil das Instituições do Sistema Financeiro Nacional*, or "COSIF," administrative penalties for noncompliance, among others.

Both companies are subject to prior licensing from the Brazilian Central Bank in order to operate, following the procedure set forth by this new regulatory framework. Licensing requirements are slightly simpler (the business plan, for instance, is replaced by a statement of reasons), but are generally similar to those already in place for financial institutions, such as: (i) identifying the controlling group; (ii) proving financial and economic capacity, expertise and know-how; and (iii) showing evidence of approval from the applicant's officer members.

#### Securities Custodians
According to CVM Resolution No. 32, of May 19, 2021, as amended, or "CVM Resolution 32/2021," the provision of securities custody services includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the event of the provision of services to investors: (i) the preservation, control and reconciliation of securities positions in custody accounts held in the name of the investor; (ii) the handling of trading instructions received from investors or persons legitimized by agreement or mandate; and (iii) the handling of events incident to the securities under custody; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the event of services being provided to issuers: (i) the physical safekeeping of non-book-entry securities; and (ii) carrying out the procedures and registrations necessary for the centralized deposit regime to be effective and applied to securities.

In order to be able to provide the services listed above, it is necessary to apply for authorization with the CVM, which is granted to commercial, multiple or investment banks, savings banks, brokerage firms or securities dealership firms (such as PicPay Invest), and entities providing clearing and settlement services and centralized securities depository.

In addition, in order to be able to apply to provide custody services, the applicant must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• set up and maintain operational and technological capacity for the performance of its activities, with a view to the satisfactory provision of custody services, in particular with regard to guaranteeing the quality and confidentiality of information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• set up and maintain secure computerized processes and systems suitable for carrying out its activities, so as to enable the recording, processing and control of positions and custody accounts.

The aforementioned processes and systems must be compatible with the size, characteristics and volume of the operations for which the institution is responsible, as well as with the nature and type of the securities under its custody. Further, in order to apply for authorization to provide securities custody services, the institution must demonstrate economic and financial capacity compatible with the operations to be carried out.

#### Investment Portfolio Trustees
The activity of managing securities portfolios is also regulated by the CVM. CVM Resolution No. 21, of February 25, 2021, as amended, or "CVM Resolution 21/2021," defines securities portfolio management activities as professional activities directly or indirectly related to the operation, maintenance and management of securities portfolios, including the investment of funds in the securities market on behalf of and in the name of clients.

CVM Resolution 21/21 provides for two categories of securities portfolio managers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investment portfolio trustees (such as PicPay Invest); and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investment portfolio managers.

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In order to be accredited by the CVM to carry out this activity, legal entities acting as securities portfolio administrators must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• be headquartered in Brazil;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• have securities portfolio administration as their corporate purpose and be duly incorporated and registered with the National Register of Legal Entities (*Cadastro Nacional da Pessoa Jurídica*), or "CNPJ";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• have one or more officers duly accredited as asset managers, responsible for the activity of securities portfolio management, under the terms of CVM Resolution 21/2021;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• appoint an officer responsible for compliance and an officer responsible for risk management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• be controlled by shareholders (direct and indirect) who have an unblemished reputation and who have not been convicted of certain crimes detailed in article 3, VI, of CVM Resolution 21/2021;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• appoint officers who are not prevented or suspended from holding office in a financial institution or other entities authorized to operate by the CVM, the Brazilian Central Bank, SUSEP or PREVIC, and who have not been prevented from carrying out securities portfolio management activities by a judicial or administrative decision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• put in place and maintain personnel and information technology resources appropriate to the size and types of investment portfolios managed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sign and provide the CVM with the appropriate forms to prove the capacity of their partners and officers to carry out such activities, under the terms of CVM Resolution 21/2021.

Under CVM Resolution 21/2021, in Article 18, portfolio managers must, among other requirements, conduct their activities with good faith, transparency, diligence and loyalty in dealing with their clients and perform their duties in such a way as to meet their clients' investment objectives. Article 16 of CVM Resolution 21/2021 also requires portfolio managers to maintain a website on the internet, with various up-to-date information, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a reference form to be filled in annually;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a code of ethics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• rules, procedures and a description of internal controls to comply with CVM Resolution 21/2021;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a risk management policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a securities trading policy for managers, employees, collaborators and the company itself;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a manual for pricing the assets of the securities portfolios it manages, even if this manual has been developed by third parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a policy for apportioning and dividing orders between securities portfolios.

In addition, according to Article 20 of CVM Resolution 21/2021, securities portfolio managers are prohibited from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• advertising guaranteed levels of profitability, based on the historical performance of the portfolio or securities and securities market indices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• modifying the basic characteristics of the services it provides without prior formalization in accordance with the agreement and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• making any promises regarding future portfolio returns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• contracting or making loans on behalf of their clients, subject to certain exceptions established in the applicable regulations;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• providing a guarantee, endorsement, acceptance or co-obligation in any other form in relation to the assets it manages;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• neglecting, under any circumstances, to defend the rights and interests of the client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• trading in the securities of the portfolios it manages for the purpose of generating brokerage or rebate income for itself or for third parties; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• subject to certain exceptions established in CVM Resolution 21/2021, acting as a counterparty, directly or indirectly, in business with portfolios it manages.

#### Virtual Assets Service Providers (VASPs)
Law No. 14,478, of December 21, 2022, or "Law 14,478/2022," sets forth Brazil's legal framework for virtual asset services and regulates Virtual Asset Service Providers, or "VASPs." Under Law 14,478/2022, virtual asset is defined as a digital representation of value that may be electronically traded or transferred and used for payment or investment purposes, excluding: (i) domestic and foreign currencies; (ii) electronic currency as defined under Law 12,865/2013; (iii) instruments that provide their holder with access to specified products, services, or benefits derived therefrom, including loyalty program points and rewards (*i.e*., utility tokens); and (iv) representations of assets whose issuance, registration, trading, or settlement is established by applicable law or regulation, such as securities and other financial assets (*i.e*., security tokens).

Law 14,478/2022 also defines VASP as a legal entity that, on behalf of third parties, performs at least one of the following virtual assets activities: (i) exchange between virtual assets and fiat currency; (ii) intermediation of virtual assets; (iii) transfer of virtual assets; (iv) custody or administration of virtual assets or instruments enabling control over them; or (v) participation in financial services related to the offering or sale of virtual assets. Additional services directly or indirectly related to virtual asset activities may be authorized by the competent federal authority.

Following the enactment of Law 14,478/22, the Brazilian Central Bank, as the authority responsible for regulating the provision of virtual assets services and the operations of VASPs, issued, on November 10, 2025, Resolutions No. 519, or "BCB Resolution 519/25," 520, or "BCB Resolution 520/25," and 521, or "BCB Resolution 521/25," respectively regulating the licensing process applicable to VASPs, the general rules related to the organization and operations of VASPs, and the foreign exchange registrations related to cross-border virtual assets transactions.

Pursuant to BCB Resolution 520/25, VASPs must operate under one of three regulated modalities, each defined by the scope of services performed on behalf of clients: (i) intermediary of virtual assets; (ii) custodian of virtual assets; and (iii) exchange (*i.e.*, combining both intermediation and custody). BCB Resolution 520/25 classifies VASPs by modality and restricts cross-activity combinations, except where expressly authorized, thereby structuring the market by function and corresponding controls, governance, and client-facing obligations.

Under BCB Resolution 520/25, an intermediary of virtual assets has as its corporate purpose the intermediation of virtual assets and may, solely on behalf of third parties, subscribe issuances, buy, sell and exchange virtual assets, administer portfolios comprising virtual assets and financial instruments, act as fiduciary agent in virtual asset market operations, perform staking operations, and conduct foreign exchange-related virtual asset services, among other activities authorized by the BCB. Intermediaries may also, with prior notice or authorization where applicable, act as e-money issuers, liquidity providers, market makers, or providers of financial services such as issuer advisory and independent financial counseling, subject to applicable BCB and CVM rules and any specific foreign exchange regulations for activities related to foreign exchange, or FX.

On the other hand, a custodian of virtual assets has as its corporate purpose the custody of virtual assets and is responsible for safeguarding and controlling instruments that confer control over virtual assets (such as private keys); maintaining accurate, timely position records and reconciliations; carrying out client instructions; handling events affecting the assets; and administering data and information necessary to exercise rights. Only custodians authorized to perform the full set of core custody functions may offer staking for clients, and any technology service engaged by a custodian must not enable the technology provider to interfere with core custody activities or clients' exercise of rights. Such arrangements are deemed relevant outsourcing and are subject to prudential outsourcing and cloud rules applicable to BCB-supervised institutions.

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An exchange (*corretora de ativos virtuais*), in its turn, combines, as its corporate purpose, both intermediation and custody of virtual assets, effectively operating as an integrated broker-custodian platform under a single license. By contrast, standalone intermediaries and standalone custodians are prohibited from combining activities of other modalities, which prevents unlicensed commingling of functions and reinforces the separation of roles unless the entity is formally licensed as an exchange.

Across modalities, BCB Resolution 520/25 sets forth baseline operational and prudential requirements, including: segregation of client funds and assets from the VASP's own; prohibitions on using client assets for proprietary transactions (with narrow, disclosure-based exceptions, such as staking under specific safeguards or express consent from qualified/professional investors); robust governance, risk management, cybersecurity, and AML/CFT frameworks; conflict-mitigation and transparency obligations; and enhanced disclosures regarding services, risks, safeguards, and the absence of deposit-insurance coverage for virtual assets. These safeguards are designed to protect client rights, ensure orderly operations, and harmonize VASPs with standards applicable to BCB-supervised financial institutions.

BCB Resolution 520/25 also clarifies that, in addition to licensed VASPs, the following BCB-authorized institutions may provide virtual assets intermediation and custody services: commercial, exchange, investment and multi-purpose banks, Caixa Econômica Federal, securities brokerage and dealership firms, and foreign-exchange brokers (limited to intermediation). These activities are subject to eligibility, prior formal communication to the BCB (with a 90-day stand-still for new entrants) and supervisory conditions, including independent technical certification where applicable.

BCB Resolution 519/25 establishes the authorization processes applicable to VASPs and certain broker-dealers, setting minimum requirements for authorization, including controlling shareholders' financial capacity and lawful capital, business viability, IT and governance adequacy, and fit-and-proper and technical capacity of controlling shareholders and managers. Transactions subject to prior BCB approval include: authorization to operate, changes in VASP modality, transfers of control and reorganizations (merger, spin-off, incorporation), corporate transformations, appointments to management positions, and capital and corporate purpose changes. For VASPs already active prior to February 2, 2026, the licensing runs in two phases: phase 1 (evidence of activity; assessment of controllers/qualified holders and basic prudential conditions) and phase 2 (full compliance with remaining requirements). If an application is denied or archived with final effect, incumbents must cease operations and arrange the orderly return of clients' virtual assets and funds.

BCB Resolution 521/25 integrates specific virtual-asset services into the FX framework, listing activities such as international payments or transfers with virtual assets, transfers to/from self-hosted wallets, and buy/sell or swaps of fiat-referenced virtual assets. It imposes operational limits and conditions, including maximum values when the counterparty is not an FX-authorized institution (*e.g.*, US$100,000 for VASPs and US$500,000 for certain brokers/banks), a prohibition on buying/selling virtual assets with payment in foreign currency, and enhanced data and monthly reporting duties, including purpose codes, counterpart data, and self-custody wallet identification. It also provides a transitional rule allowing incumbents to continue FX-related virtual asset services while they apply for authorization, which must include a request to operate in the FX market.

The BCB rules will enter into force on February 2, 2026. VASPs already operating as of that date benefit from a transitional "grandfathering" regime. Such entities must submit a licensing application to the BCB within 270 days from February 2, 2026, and evidence compliance with core risk, cybersecurity, AML/CFT, sanctions, and accounting/audit requirements. If a timely application is filed, the VASP may continue providing its existing services during the authorization process, but it may not assume a different modality until the process concludes. Entities that fail to apply on time must cease operations within thirty days after the deadline. These transitional provisions align legacy operators to the new framework while avoiding market disruption during the authorization period.

#### Insurance Regulation
CNSP and SUSEP are the authorities responsible for regulating the Brazilian National Private Insurance System ("SNSP"), which is composed by insurance and reinsurance companies, entities operating open-ended private pension funds, capitalization companies and insurance and reinsurance brokers.

Decree-Law No. 73 of November 21, 1966 ("Decree-Law 73") is the main law regulating the insurance industry and both CNSP and SUSEP are responsible for issuing consequential and more detailed regulations.

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CNSP is the policy board for the insurance market. It was formed to set general governmental policies regarding private insurance and capitalization. Later, open-ended private pension funds were also included in its purview.

SUSEP further details the rules enacted by the CNSP, and supervises the entities of the SNSP through reports, dashboards, routine inspections and disciplinary proceedings in the administrative sphere.

Insurance companies are subject to capital and solvency requirements and must create and maintain technical reserves invested in specified categories of securities; consequently, they rank among the principal investors in Brazil's securities markets and are subject to CMN rules governing the investment of those reserves.

Insurance companies may have two different types of assets: (i) free assets, which can be freely invested (except for a few prohibited transactions set forth in CNSP Resolution No. 432/2021); and (ii) assets that are invested specifically to create technical reserves and provisions, which must be invested according to CMN Resolution No. 4,993/2022, which are subject to more restricted regulations.

Brazilian legislation requires insurers to obtain reinsurance when liabilities exceed technical limits set by CNSP and SUSEP, and such contracts may be executed through direct negotiation between insurers and reinsurers or via authorized reinsurance brokers operating in Brazil.

If SUSEP decrees a special regime for an insurer — such as intervention, *Regime de Administração Especial Temporária* (RAET, or Temporary Special Administration Regime), or out-of-court liquidation — the controlling shareholders will be jointly and severally liable with the company's former directors for obligations assumed by the insurer. In addition, their assets may be declared unavailable, as provided in Law No. 5,627/1970.

On December 10, 2024, Law No. 15,040 was issued, setting forth private insurance rules, repealing prior provisions of the Brazilian Civil Code, and amending Decree No. 73/1966. This law has strong client-protection provisions and places challenges to insurers and reinsurers operating in Brazil. The law effectiveness starts on December 11, 2025 and practices and precedents may be reset given the new framework.

Kovr Seguradora operates in the following regulated lines of business, subject to CNSP and SUSEP rules:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Life Insurance: Covers risks related to death, survival, or disability. SUSEP regulations require clear disclosure of coverage terms, exclusions, and benefit conditions, with specific rules for individual and group policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Property Insurance (*Patrimonial*): Includes coverage for physical assets such as buildings, equipment, and inventory. CNSP resolutions define minimum coverage standards and risk classification criteria.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Financial Insurance: Encompasses products like credit insurance, guarantee insurance, and performance bonds. These are subject to strict solvency and risk assessment requirements due to their financial nature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Capitalization: A hybrid product regulated by SUSEP, combining savings and lottery-like features (there are multiple sub-categories). Capitalization bonds must comply with specific rules on prize draws, redemption, and transparency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Civil Liability Insurance: Covers third-party claims for damage caused by the insured. CNSP and SUSEP regulations mandate minimum coverage levels and define liability scopes, including professional and environmental liability.

Each of these lines must comply with detailed regulatory frameworks, including product registration, solvency requirements, consumer protection standards, and periodic reporting to SUSEP.

#### Main Regulatory Authorities in Brazil

#### National Financial System
The main regulatory authorities in the Brazilian financial system are the CMN, the Brazilian Central Bank and the CVM. In addition, most Brazilian securities brokers, securities dealerships and asset managers are associated with and subject to the self-regulatory rules issued by ANBIMA.

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Moreover, trading segments managed by B3 are self-regulated and supervised by BSM Supervisão de Mercados, or "BSM," a non-profit organization that forms part of the B3 group.

<u><u>CMN</u></u>

The CMN is the main monetary and financial policy authority in Brazil, responsible for creating financial, credit, budgetary and monetary rules. The current Brazilian banking and financial institutional system was established by Law 4,595/1964.

According to Law 4,595/1964, the CMN's main responsibilities are to oversee the regular organization, operation and inspection of entities that are subject to Law 4,595/1964, as well as the enforcement of applicable penalties. In addition, Law 4,728/1965 delegates to the CMN the power to set general rules for underwriting activities for resale, distribution or intermediation in the placement of securities, including rules governing the minimum regulatory capital of the companies that contemplate the underwriting for resale and distribution of instruments in the market and conditions for registration of the companies or individual firms which contemplate intermediation activities in the distribution of instruments in the market.

The CMN has power to regulate credit transactions involving Brazilian financial institutions and Brazilian currency, supervise the foreign exchange and gold reserves of Brazil, establish saving and investment policies in Brazil and regulate the Brazilian capital markets. The CMN also oversees the activities of the Brazilian Central Bank, the CVM and the SUSEP. The CMN also has the following functions: (i) coordinating monetary, credit, budget and public debt policies; (ii) establishing policies on foreign exchange and interest rates; (iii) seeking to ensure liquidity and solvency of financial institutions; (iv) overseeing activities related to the stock exchange markets; (v) regulating the structure and operation of financial institutions; (vi) granting authority to the Brazilian Central Bank to issue currency and establish reserve requirement levels; and (vii) establishing general guidelines for the banking and financial markets.

<u><u>Brazilian Central Bank</u></u>

The activities of financial institutions are subject to limitations and restrictions. The Brazilian Central Bank is responsible for implementing those CMN policies that are related to monetary, credit and foreign exchange control matters; regulating Brazilian financial institutions in the public and private sectors and monitoring and regulating foreign investments in Brazil.

The President of the Brazilian Central Bank is appointed by the President of Brazil (subject to ratification by the Brazilian Senate) for a four-year term, always beginning on January 1 of the third year of the President of Brazil's term in office.

Law 4,595/1964 delegated to the Brazilian Central Bank the responsibility of permanently overseeing companies that directly or indirectly interfere in the financial and capital markets, controlling such companies' operations in the foreign exchange market through operational proceedings and various modalities and supervising the relative stability of foreign exchange rates and balance of payments.

In addition, Law 4,728/1965 determines that the CMN and the Brazilian Central Bank must exercise their duties related to the financial and capital markets with the purpose of, among other things, facilitating the public's access to information related to bonds or securities traded in the market and on the companies that issue them, protecting investors from illegal or fraudulent issuances of bonds or securities, preventing fraud and manipulation modalities intended to create artificial conditions of the demand, supply or pricing of bonds or securities distributed in the markets and ensuring the observance of equitable commercial practices by professionals who participate in the intermediation of the distribution or trading of bonds or securities.

The Brazilian Central Bank has authority over brokerage firms, financial institutions, companies or individual firms performing underwriting for resale and distribution of bonds or securities, and maintains a record on, and inspects the transactions of, companies or individual firms that carry out intermediation activities in the distribution of bonds or securities, or which conduct, for any purposes, the prospecting of popular savings in the capital market.

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Other important responsibilities of the Brazilian Central Bank are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• controlling and approving the organization, operation, transfer of control and corporate reorganization of financial institutions and other institutions authorized to operate by the Brazilian Central Bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• managing the daily flow of foreign capital and derivatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establishing administrative rules and regulation for the registration of foreign investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• monitoring remittances of foreign currency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• controlling the repatriation of funds (in case of a serious deficit in Brazil's payment balance, the Brazilian Central Bank may limit remittances of profits and prohibit remittances of capital for a limited period);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• receiving compulsory collections and voluntary deposits in cash from financial institutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• executing rediscount transactions and granting loans to banking financial institutions and other institutions authorized to operate by the Brazilian Central Bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• intervening in the financial institutions or placing them under special administrative regimes, and determining their compulsory liquidation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acting as depositary of the gold and foreign currency.

<u><u>CVM</u></u>

The CVM is a federal authority responsible for implementing the CMN's policies related to the Brazilian capital market and for regulating, developing, controlling and inspecting the securities market. The main responsibilities of the CVM are the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulating the Brazilian capital markets, in accordance with Brazilian corporation and securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• setting rules governing the operation of the securities market, including custodian and investment portfolio trustees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• defining the types of financial institutions that may carry out activities in the securities market, as well as the types of transactions that they may perform and services that they may provide in such market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• controlling and supervising the Brazilian securities market through, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the approval, suspension and delisting of publicly held companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the authorization of securities brokerage and dealership firms to operate in the securities market and public offering of securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the supervision of the activities of publicly held companies, stock exchange markets, commodities and futures markets, financial investment funds and variable income funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the requirement of full disclosure of relevant events that affect the market, as well as the publication of annual and quarterly reports by publicly held companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the imposition of penalties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• permanently supervising the activities and services of the securities market, as well as the dissemination of information related to the market and the amounts traded therein, to market participants.

The CVM has jurisdiction to regulate and supervise financial investment funds and derivatives markets, a role previously fulfilled by the Brazilian Central Bank. Pursuant to Brazilian Federal Law No. 10,198, of February 14, 2001, as amended, and Brazilian Federal Law No. 10,303, of October 31, 2001, as amended, the regulation and supervision of both financial mutual funds and variable income funds and of transactions involving derivatives were transferred to the CVM.

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In compliance with Brazilian legislation, the CVM is managed by a president and four officers, all of whom are appointed by the President of Brazil (subject to ratification by the Brazilian Senate). The persons appointed to the CVM shall have strong reputations and be recognized as experts in the capital markets sector. CVM officers are appointed for a single term of office of five years, and one-fifth of the members shall be renewed on an annual basis.

<u>SUSEP</u>

SUSEP (*Superintendência de Seguros Privados*) is Brazil's federal authority responsible for the supervision and regulation of the private insurance, reinsurance, capitalization (savings bonds), and open supplementary pension (*vida e previdência aberta*) markets. SUSEP operates under the policy directives of Brazil's National Council of Private Insurance (*Conselho Nacional de Seguros Privados* — CNSP), which issues high-level resolutions setting the regulatory framework for the sector. SUSEP's mandate encompasses the authorization and ongoing supervision of market participants, oversight of product offerings and distribution channels, prudential regulation designed to safeguard policyholder interests, and enforcement of market conduct standards.

SUSEP's prudential regime includes licensing requirements for insurers and reinsurers, capitalization and solvency requirements, the establishment and valuation of technical reserves, and rules governing asset admissibility and investment concentration. Insurers must maintain sufficient solvency capital to cover underwritten risks and match liabilities/exposures with appropriately valued technical provisions, supported by robust internal controls and risk management frameworks. The regulator also sets governance expectations, including oversight of risk, compliance, actuarial function, and internal audit. SUSEP conducts routine inspections and requires periodic financial and regulatory reporting, including statutory accounts and solvency metrics, to monitor ongoing compliance.

From an operational perspective, SUSEP regulates product design, policy wording, distribution relationships and disclosure of information, with certain products subject to prior approval or standardized conditions. Distribution activities — whether by brokers, bancassurance partners, direct channels, or digital platforms — are governed by rules addressing risk allocation, business practices and consumer protection. SUSEP's enforcement tools range from directives and remediation plans to administrative penalties and, in severe cases, intervention and liquidation measures to protect clients and the financial stability of the sector.

Brazil's framework for reinsurance permits both local and foreign reinsurers subject to SUSEP authorization and oversight, with specific use-of-reinsurance rules, risk cessions, and counterparty requirements. The regulatory perimeter also interfaces with broader national legislation, including the LGPD and anti-money laundering and counter-terrorist financing obligations applicable to supervised entities. SUSEP continues to refine prudential and conduct standards, including the adoption of risk-based supervision, enhancements to capital and reserving methodologies, and modernization of digital reporting processes, with the objective of promoting market resilience, transparency, and client protection.

#### Self-Regulatory Entities
<u><u>ANBIMA</u></u>

ANBIMA is a private self-regulatory association of investment banks, asset managers, securities brokers and investment advisers, which, among other responsibilities, establishes rules and codes of best practices for the Brazilian capital markets, including punitive measures in case of non-compliance with its rules.

ANBIMA also examines and approves public offerings under a Cooperation Agreement with the CVM, which provides for a streamlined review process and automatic registration for certain offerings. Under this Cooperation Agreement, ANBIMA conducts a preliminary examination and clearance of public offerings in accordance with the Rules and Procedures set forth in its own Public Offerings Code and in compliance with CVM Resolution No. 160, of July 13, 2022.

<u><u>BSM</u></u>

BSM conducts market surveillance by monitoring transactions, orders and trades executed in the B3 trading environments, supervises market participants, provides compensation for losses up to a certain threshold and, if necessary, initiates punitive administrative proceedings and enforces sanctions against those who violate applicable regulations.

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Working in close collaboration with CVM and the Brazilian Central Bank, BSM acts to ensure that institutions and their professionals comply with market regulations, by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• conducting market surveillance: BSM monitors all orders and trades in B3's markets in order to identify signs of irregularities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• auditing: BSM audits all B3 participants to ensure their compliance with the regulations and to identify possible violations of market rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• imposing punitive processes and other enforcement actions: when violations of regulations occur, BSM adopts guidance, persuasion or disciplinary measures such as letters of recommendation, letters of censure or administrative sanctioning proceedings, in accordance with the severity of the violation that has been identified; in addition, BSM can, in connection with administrative sanctioning proceedings, apply penalties to or enter into terms of commitment (*termo de compromisso*) with the accused;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• providing compensation for loss: BSM analyzes and adjudicates complaints presented to the Investor Compensation Mechanism (*Mecanismos de Ressarcimento de Prejuízos*), or "MRP," which awards damages of up to one-hundred thousand Brazilian *reais* (R$120,000.00) to investors harmed by a B3 participant's inappropriate activity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• facilitating market development: BSM develops education initiatives, rule enhancements and institutional relationships with market participants, regulatory bodies and international organizations.

#### Other Rules

#### Prudential Framework and Limits of Exposure
<u><u>Financial Institutions</u></u>

Financial institutions are subject to an extensive set of rules issued by the CMN and the Brazilian Central Bank related to corporate capital, exposure limits and other solvency requirements that follow principles recommended by the Basel Committee, especially in light of the systemic risks associated with the relationship and activity of financial institutions. As such, the CMN and the Brazilian Central Bank seek to guarantee the solvency of the SFN and mitigate systemic risks.

In this regard, the Brazilian capital framework recently introduced by the Brazilian Central Bank sets forth an activities-based methodology for the ongoing maintenance of minimum paid-in capital and adjusted net worth by financial institutions and other entities authorized by the Brazilian Central Bank, subject to limited exclusions.

The minimum capital equals the sum of a base "cost" component and an "activities" component. The cost component is R$2,000,000 multiplied by the number of communicated operational activity categories, plus R$5,000,000 if the institution provides specified technology-intensive services, with 50% increments for each additional such service up to a R$10,000,000 cap. The activities component is the sum of the values attributed to the operational categories conducted — R$1,000,000 (services), R$3,000,000 (custody/management of third-party resources), R$5,000,000 (intermediation), and R$7,000,000 (concession) — and to the investment category — R$5,000,000 (restricted) or R$8,000,000 (free) — multiplied by a factor reflecting the main funding source: 60% (own resources), 80% (institutional resources), 120% (public resources other than deposits), or 200% (deposits).

For compliance testing, adjusted net worth equals equity plus credit balances from income accounts, minus appraisal adjustments, revaluation reserves, debit balances from income accounts, and specified participations, harmonized with applicable accounting standards. Institutions authorized to use the term "bank," or any term that suggests it, must add R$30,000,000 to the calculated minimum capital.

Institutions already operating on the effective date are subject to a phased transition to the new methodology over defined periods (until the first semester of 2028), with interim floors set by regulation to facilitate progressive alignment without abrupt changes.

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In accordance with the Basel Committee principles, other relevant prudential rules applicable financial institutions are CMN Resolution No. 4,955 and CMN Resolution No. 4,958, both of October 21, 2021, as amended, or "CMN Resolution 4,955/2021," and CMN Resolution 4,958/2021, which consolidated the methodology for determining the reference equity, as well as minimum requirements for Tier I Capital and Core Capital and the ACP (as defined below).

According to CMN Resolutions No. 4,955/2021 and 4,958/2021, the capital requirement standards are expressed as ratios of the capital available stated by the Total Capital, composed by the Tier I Capital (which comprises the Common Equity and Additional Tier I Capital) and Tier II Capital, and the risk-weighted assets, or "RWAs." For purposes of calculating these minimum capital requirements, the total RWA is determined as the sum of the risk-weighted asset amounts for credit, market and operational risks.

The Total Capital, used to monitor the compliance with the operational limits imposed by the Brazilian Central Bank, is the sum of three items:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Common Equity Tier I Capital: sum of social capital, reserves and retained earnings, less deductions and prudential adjustments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Additional Tier I Capital: consists of instruments of a perpetual nature that meet certain eligibility requirements. Together with Common Equity Tier I it makes up Tier I Capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tier II Capital: consists of subordinated debt instruments with defined maturity dates that meet certain eligibility requirements. Together with Common Equity Tier I and Additional Tier I Capital, it makes up Total Capital.

The Brazilian Central Bank divides the financial institutions into five categories of risk, with S1 being the most systemically relevant financial institutions and S5 being the least systemically relevant financial institutions.

CMN Resolution No. 4,557, of February 23, 2017, as amended, or "CMN Resolution 4,557/2017," unifies and expands Brazilian regulation on risk and capital management for financial institutions and other institutions licensed to operate by the Brazilian Central Bank. Such rule is also an effort to incorporate recommendations from the Basel Committee on Banking Supervision into Brazilian regulation and determines that risk management must be conducted through an unified effort by the relevant entity (*i.e.*, not only must risks be analyzed on an individual basis, but financial institutions and other institutions licensed to operate by the Brazilian Central Bank must also control and mitigate adverse effects caused by the interaction of different risks). Moreover, it strengthened the rules and requirements related to risk management governance and expanded on the competence requirements and duties of the risk management officer.

The rule sets out different structures for risk and capital management, which are applicable for different risk profiles set out in the applicable regulation. Consequently, less sophisticated financial institutions can have a simpler risk management structure, while institutions with more complexity must follow stricter protocols.

In addition to the existing prudential requirements applicable to financial institutions in Brazil, the CMN has recently enacted CMN Resolution No. 5,221, CMN Resolution No. 5,222 and CMN Resolution No. 5,223, all of May 30, 2025, which further strengthen the regulatory capital framework. These new rules, which will be effective as of July 1, 2026, provide enhanced requirements for the calculation and maintenance of regulatory capital, with a particular emphasis on individual capital controls alongside consolidated requirements.

Under the new framework, financial institutions classified within segments S1 and S2 will be required to comply with a minimum Leverage Ratio (*Razão de Alavancagem*) on both a consolidated and an individual basis. The minimum consolidated leverage ratio is set at 3%, with a phased implementation schedule: 2% from July 1, 2026, to December 31, 2026; 2.5% from January 1, 2027, to December 31, 2027; and 3% from January 1, 2028, onwards. Concurrently, a minimum individual leverage ratio of 2.25% will be required, also subject to a gradual phase-in: 0.75% from July 1, 2026, to December 31, 2026; 1.5% from January 1, 2027, to December 31, 2027; and 2.25% from January 1, 2028, onwards. The individual requirement may, under certain conditions and subject to regulatory approval, be fulfilled on a sub-consolidated basis within prudential sub-conglomerates.

The new rules also address liquidity risk management, requiring institutions to maintain appropriate funding profiles and to identify and mitigate any legal, contractual, or regulatory impediments to the timely transfer of liquidity within financial conglomerates. The calculation of the Liquidity Coverage Ratio (LCR) must now be performed both on a consolidated and a sub-consolidated basis, excluding foreign branches from the scope of sub-consolidation.

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<u><u>Payment Institutions</u></u>

Payment institutions authorized by the Brazilian Central Bank are subject to the same minimum capital methodology and values described in the financial institutions section above, including the base cost component, activities component and funding multipliers, and the adjusted net worth measure used for compliance purposes, except where specific regulation establishes otherwise. They follow the same communication, implementation and ongoing compliance framework applicable to financial institutions.

On March 11, 2022, the Brazilian Central Bank issued Resolutions No. 197 or BCB Resolution 197/2022, 198, 199, 200, 201 and 202, a new set of rules which established the new prudential framework applicable to payment institutions. The new prudential requirements will be enforceable according to an implementation calendar, with full implementation taking place in January 2025. Pursuant to the new prudential regulatory framework, prudential conglomerates integrated by at least one institution that performs a payment service shall be classified into one of the following types, provided for in Article 2 of BCB Resolution 197/2022:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Type 1*: prudential conglomerate led by a financial institution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Type 2*: prudential conglomerate led by a payment institution and not integrated by a financial institution or any other institution authorized to operate by the Brazilian Central Bank subject to the Law 4,595/1964 or Brazilian Federal Law No. 10,194, of February 14, 2001, as amended, or "Law 10,194/2001."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Type 3*: prudential conglomerate led by a payment institution and integrated by a financial institution or other institution authorized to operate by the Brazilian Central Bank subject to Law 4,595/1964 or Law 10,194/2001. We are a Type 3 prudential conglomerate.

According to the Brazilian Central Bank, the concept of regulatory capital applicable to payment institutions was modified in order to ensure a greater capacity to absorb unexpected losses. This treatment consists in deducting from the regulatory capital calculation the assets of the institution that, in situations of financial stress, have few or no value for maintaining the operation of the institution, in addition to considering debt instruments eligible to compose the Tier I and Tier II Reference Equity.

Moreover, the new rules seek to adjust the minimum capital requirement according to the intrinsic risks of each type of activity (payment or financial activity) for Type 3 prudential conglomerates (such as the conglomerate led by PicPay Brazil), recognizing the peculiarities of payment services and their different legal status, and give specific prudential treatment to the risks arising from them. In this context, the Payment Services Risk Weighted Assets (RWASP) was created as a component for the calculation of regulatory capital in Type 1 and Type 3 prudential conglomerates, comprising the activities of merchant acquiring, issuance of electronic currency, issuance of post-paid payment instruments and payment transaction initiation. Furthermore, as of January 1, 2025, CMN Resolution 4,966/2021 became effective. Such Resolution establishes new rules related to loan loss provisions that may affect regulatory capital requirements applicable to us. For more information about the new framework provided by such regulation, see "—Recent Developments on Loan Loss Provision Rules Applicable to Regulatory Reporting."

With respect to prudential segmentation, this also applies to Type 3 conglomerates, such as the conglomerate led by PicPay Brazil. Based on their size and complexity, Type 3 conglomerates are classified between S2 and S5 and comply with the prudential rules of the respective segment. As of the date of this prospectus, the conglomerate headed by PicPay Brazil is included in the S3 segment.

Type 2 conglomerates are subject to simplified payments, credit and market components of their risk weighted assets, for the purposes of calculating regulatory capital, given that such conglomerates are subject to less complexity and risks. Type 1 conglomerates, on the other hand, also have the RWASP component, with the exception of S1 institutions.

As a result of Public Consultation No. 80, held on May 12, 2022, the Brazilian Central Bank issued Resolution No. 229, or "BCB Resolution 229/2022," which improves and consolidates the procedures for the calculation of capital requirements in respect of exposures to credit risk through a standardized approach, or "RWACPAD." The new prudential framework is more sensitive to credit risk, as BCB Resolution 229/2022 increases the granularity of the weights associated with the exposures to credit risk and refines the differentiation of the credit risk of each transaction. In connection with residential real estate financing, for example, instead of using a single risk weighting factor, the risk weighting factors under BCB Resolution 229/2022 varies based on certain objective parameters, allowing less risky exposures to credit risk to have lower capital requirements.

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These changes align the Brazilian banking and finance regulations with the international best practice recommendations of the Basel Committee for Banking Supervision, or "BCBS," and integrate in the framework known as "Basel III" into the Brazilian banking and finance regulations. The recommendations of the BCBS have the purpose to harmonize the prudential regulation adopted by its members.

In addition to the changes introduced by BCB Resolution 229/2022, on April 30, 2025, the CMN and the Brazilian Central Bank issued CMN Resolution No. 5,207 and BCB Resolution No. 470, respectively, concluding the third phase of Brazil's market risk prudential reform under Basel III's Fundamental Review of the Trading Book. The new rules amended CMN Resolution 4,958/2021 to create a standardized sensitivity-based risk-weighted assets component for market risk (RWASENS) and adjusted CMN Resolution 4,557/2017 to include credit-spread movements among monitored market risk factors in internal risk management. For institutions in S1-S3, RWASENS replaces the existing exposure-based components within RWAMPAD for interest rate, equity, commodity, foreign exchange and related positions; institutions in S4 will, for now, continue using the prior components. The framework supersedes the former internal-models component (RWAMINT) for market risk capital, with any potential adoption of an Internal Models Approach contemplated in a later phase.

These resolutions enter into force on January 1, 2027, providing institutions with time to adapt processes and systems to the new standardized approach. According to the Brazilian Central Bank's explanatory note, the aggregate capital impact for institutions subject to the new rules is expected to be broadly neutral, while improving alignment between regulatory capital and trading book risk profiles. The RWASENS methodology consolidates position sensitivities to key risk factors applying prescribed risk weights and correlations, and includes specific add-ons (e.g., residual risk), thereby aligning Brazil's market risk framework with international Basel III standards and the phased local FRTB implementation (Phase 1: boundary/governance effective 2023; Phase 2: default risk capital effective July 2024; Phase 3: standardized market risk now finalized).

In addition to the existing consolidated prudential requirements applicable to payment institutions in Brazil, on May 30, 2025, the Brazilian Central Bank enacted two key regulations (BCB Resolution No. 478 and BCB Resolution No. 477) providing significant enhancements to the regulatory capital framework applicable to payment institutions in Brazil, which will apply to our prudential conglomerate. These new rules, which will become effective on July 1, 2026 and on September 1, 2025, respectively, are specifically designed to reinforce the prudential regime for payment institutions by establishing mandatory individual capital controls.

The new rules set forth the scope, methodology, and minimum requirements for the calculation of the Leverage Ratio (*Razão de Alavancagem*) for payment institutions. Under this regulation, payment institutions classified as Type 3 entities are now required to comply with minimum leverage ratio requirements on both a consolidated and individual basis. For those classified in S2, the minimum leverage ratio will be phased in, starting at 2% from July 1, 2026, increasing to 2.5% on January 1, 2027, and reaching 3% as of January 1, 2028, on a consolidated basis. For individual payment institutions within a prudential conglomerate, the minimum requirement will increase from 0.75% to 2.25% over the same period.

The updated requirements emphasize the maintenance of an adequate funding profile, diversification of funding sources, and the timely transfer of liquidity within prudential conglomerates. Payment institutions are now explicitly required to promptly identify any statutory, contractual, legal, or regulatory restrictions that could limit liquidity transfers and to implement measures to mitigate such risks.

Further, in May 2025, the CMN approved amendments to Resolution CMN No. 4,557/2017 and Resolution CMN No. 4,401/2015, under Resolution CMN No. 5,222/2025. The new rules require conglomerate leading institutions to implement policies, strategies and processes ensuring the timely intragroup transfer of liquidity, including prompt identification and mitigation of legal, regulatory, statutory or contractual impediments, and extend the Liquidity Coverage Ratio (LCR) to a Brazil subconsolidated perimeter for S1 groups (excluding foreign branches) at the same 100% minimum as the consolidated LCR. The qualitative risk-management changes took effect on September 1, 2025, and the subconsolidated LCR requirement will take effect on July 1, 2026. In parallel, the Brazilian Central Bank issued a complementary resolution updating the scope and methodology of the leverage ratio and introducing a 3% minimum RA for specified S2 broker/dealer-led groups and Type 3 payment-institution-led groups, while mandating RA measurement on a consolidated basis and, for materially relevant entities in S1-S2 groups, on an individual or (subject to conditions, including PRSO and legal opinions) a Brazil subconsolidated basis, with effectiveness from January 1, 2026.

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Moreover, in November 2025, the Brazilian Central Bank released Public Consultation No. 128, proposing amendments to RWACPAD regulations to refine recognition of credit risk mitigation instruments (financial collateral, bilateral netting, personal guarantees, credit derivatives, and credit insurance) and to revise the CEM for derivatives by aligning key parameters with SA-CCR (including a 1.4 multiplier and PFE floor). By means of the proposed new rules, the Brazilian Central Bank intends to allow single netting sets across derivatives and securities financing transactions. The draft rule also introduces preferential risk weights for specified payroll-deducted retail exposures, clarifies eligibility and haircuts for recognized collateral. The Public Consultation will be open for comments until February 3rd, 2026.

*Credit Guarantee Fund (Fundo Garantidor de Crédito — FGC)*

Resolution CMN No. 2,197 of 1995 established the Credit Guarantee Fund (*Fundo Garantidor de Crédito*), or the "FGC", as a private, non-profit association that administers a protection mechanism for holders of credit claims against financial institutions. As part of the SFN, credit guarantee funds safeguard depositors of member institutions, strengthen financial stability, and prevent systemic crises.

Resolution No. 4,222 of May 23, 2013, as amended, consolidates the rules governing the FGC's bylaws and regulations, establishing the contributions that member institutions must pay, conditions for accessing special guarantees, specifies the categories of eligible members, and details the FGC's governance framework and operating rules.

When the Brazilian Central Bank decrees intervention or extrajudicial liquidation, or confirms the insolvency of a member institution, the FGC reimburses depositors for their insured funds, subject to coverage limits and eligible financial instruments stated in its regulations.

#### Regulation of Credit Cards and Prepaid Payment Accounts
With the enactment of BCB Resolution 96/2021, the Brazilian Central Bank amended and restated the rules relating to the opening of postpaid payment accounts (*i.e.*, those used in products such as credit cards) and prepaid payment accounts, in addition to making the criteria for opening these accounts compatible with the rules applicable to the opening of deposit accounts (checking accounts).

Among other measures, BCB Resolution 96/2021 eliminated the list of minimum consumer registration information for opening prepaid and postpaid payment accounts. Each institution now has discretion, subject to the Brazilian Central Bank supervision, to determine what information it will require from the consumer, depending on its profile. Such Resolution also established new procedures with the goal of facilitating requests for prepaid and postpaid payment accounts to be closed.

In addition, BCB Resolution 96/2021:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• revised the items that must be included in the invoices for postpaid payment accounts (i.e., credit cards), such as the need to include the total consolidated balance of contracted future obligations, such as installment purchases, credit operations and fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• defined minimum provisions that must be included in the account agreements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• mandated that the institution sends or makes available to the consumer, through physical or electronic means, the credit card and the corresponding invoices, according to the form and channel chosen by the consumer (among the options made available by the institution).

On December 21, 2023, the Brazilian Central Bank issued Resolution No. 365, which amended BCB Resolution 96/2021 and established requirements for the information that must be included in the credit card bills and other postpaid instrument invoices, such as presenting information in an orderly form according to groups of information (*e.g.* highlighted area, payment alternatives and complementary information). This Resolution entered into force on July 1, 2024.

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#### Compliance and Internal Controls
All Brazilian financial and payment institutions must maintain internal guidelines and procedures to control their financial, operational and managerial information systems and shall comply with applicable legislation. CMN Resolution No. 4,595 of August 28, 2017, states that Brazilian financial institutions must implement and maintain a compliance policy compatible with the nature, size, complexity, structure, risk profile and business model of the institution. BCB Resolution No. 65, of January 26, 2021, sets forth similar rules for Brazilian payment institutions.

On November 25, 2021, the CMN also issued Resolution No. 4,968, or "CMN Resolution 4,968/2021," which revoked, as of January 1, 2022, the previous CMN Resolution No. 2,554, of September 24, 1998, or "CMN Resolution 2,554/1998."

According to a statement issued by the CMN, CMN Resolution 2,554/1998 was issued before the document from the Basel Committee Framework for Internal Control Systems in Banking Organizations, even though its provisions were essentially aligned with the precepts of such international document. In this context, with the enactment of CMN Resolution 4,968/2021, the CMN deemed appropriate to update and improve certain rules concerning internal control systems, mainly in order to better adhere to internal standards and best internationally recognized practices. In particular, it sought adherence to the document published by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), entitled Internal Control — Integrated Framework, of 2013.

In addition, CMN Resolution 4,968/2021 also sought to enhance the responsibilities attributed to the senior management of financial institutions, especially to the board of directors, as well as to detail the responsibilities of the executive office. CMN Resolution 4,968/2021 provides that financial institutions must designate an officer responsible for internal controls matters (who may perform other duties within the institution, as long as there is no conflict of interest).

Finally, it should be noted that CMN Resolution 4,968/2021 expressly provides that its provisions do not apply to payment institutions. As of the date of this prospectus, no equivalent rules applicable to payment institutions on this matter have been issued by the Brazilian Central Bank.

#### Insolvency Regimes
Brazilian financial and payment institutions authorized by the Brazilian Central Bank are subject to the resolution regimes that the Brazilian Central Bank may apply, which are set forth in: (i) Brazilian Federal Law No. 6,024, of March 13, 1974, as amended, or "Law 6,024/1976," which provides for intervention and extrajudicial liquidation; (ii) Decree-Law No. 2,321, of February 25, 1987, as amended, or Decree-Law 2,321/1987, which provides for the temporary special administration regime (*regime de administração especial temporária*), or "RAET"; and (iii) Brazilian Federal Law No. 9,447, of March 14, 1997, as amended, or "Law 9,447/1997," which provides for the joint and several liability of controlling shareholders and the freezing of their assets, as well as for the liability of independent auditors. The provisions applicable to bankruptcy, set forth in Brazilian Federal Law No. 11,101, of February 9, 2005, as amended, or "Law 11,101/2005," apply secondarily to the extrajudicial liquidation regime.

Under Law No. 12,865/2013, payment institutions are subject to the temporary special administration regime, intervention, and extrajudicial liquidation, under the conditions and in the manner established by the legislation applicable to financial institutions.

Recent developments on the matter have prompted discussion of a Complimentary Law Bill applicable to these regimes. The Complementary Law Bill No. 281 of December 23, 2019, provides for resolution regimes applicable to institutions authorized to operate by the Brazilian Central Bank, SUSEP, and CVM, and addresses the types, purposes, and directives of these regimes, including principles such as the preservation of public interest, the continuity of critical functions essential to the economy, the prohibition on using public funds until all other funding sources provided by law are exhausted, the expeditious conduct of resolution proceedings, and cooperation and information exchange between domestic and foreign resolution authorities and the legal entities subject to the law. The bill also introduces preventive and safeguard mechanisms, including the Recovery and Organized Exit Plan ("PRSO") and other regulatory and compliance obligations applicable to authorized institutions. The Brazilian Central Bank is responsible for establishing and overseeing resolution regimes, adjudicating administrative appeals against decisions made by boards, intervenors, or liquidators, and authorizing specific acts provided for by law, and is further required to initiate investigations to determine the causes leading to the application of a special resolution regime and to assess the liability of management, controlling shareholders, fiscal council members, and independent auditors.

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CMN Resolution No. 5,187, of November 28, 2024 ("CMN Resolution 5,187") and BCB Resolution No. 440, of November 28, 2024 ("BCB Resolution 440") establish the recovery and resolution planning process for financial institutions and other entities authorized to operate by the Brazilian Central Bank, including payment institutions. The objective is to promote the soundness, stability, and regular functioning of the National Financial System (SFN), the Brazilian Payments System (SPB), while aligning Brazil with leading international standards for the resolution of financial institutions.

These resolutions govern the content, preparation, and submission of the Recovery and Organized Exit Plan ("PRSO") to the Brazilian Central Bank and require institutions to develop robust, verifiable strategies for restoring viability during recovery, as well as for managing situations in which viability is irreversibly compromised. In resolution scenarios, the aim is to ensure the orderly wind-down of institutions in a manner that preserves financial stability and minimizes adverse impacts on the economy.

The regulatory framework applies to all entities that are part of a prudential conglomerate, as well as to entities within an economic group engaged in core business activities, the provision of essential services, or the performance of critical functions. In addition, at its discretion, the Brazilian Central Bank may require, in whole or in part, that financial institutions and other authorized entities not classified under Segment S1 undertake recovery and resolution planning and prepare a PRSO, if it determines that such institutions perform critical functions.

<u><u>Intervention</u></u>

Pursuant to Law 6,024/1974, the Brazilian Central Bank has the power to appoint an intervener to intervene in the operations of or to liquidate any financial or payment institution other than public financial institutions controlled by the Brazilian government. According to Article 2 of Law 6,024/1974, an intervention may be ordered at the discretion of the Brazilian Central Bank if any of the following is detected:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• due to mismanagement, the institution has suffered losses leaving creditors at risk;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the institution has consistently violated Brazilian banking laws or regulations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• such intervention constitutes a viable alternative to the liquidation of the institution.

Intervention may also be ordered upon the request of a financial or payment institution's management, if its respective bylaws authorize — with an indication of the causes of the request, without prejudice to civil and criminal liability in which the same administrators incur, by the false or malicious indication.

As of the date on which it is ordered, the intervention will automatically, according to Article 6 of Law 6,024/1974: (i) suspend the enforceability of payable obligations; (ii) suspend maturity of any previously contracted obligations; and (iii) freeze deposits existing on the date on which the intervention is ordered. The intervention period should not exceed six months, which may be extended only once for up to six additional months by the Brazilian Central Bank, according to Article 4 of Law 6,024/1974.

The intervention ceases, according to Article 7 of Law 6,024/1974: (i) if interested parties undertake to continue the economic activities of the institution, by presenting the necessary guarantees, as determined by the Brazilian Central Bank; (ii) when the situation of the institution is normalized, as determined by the Brazilian Central Bank; or (iii) when extra-judicial liquidation or bankruptcy of the entity is ordered.

<u><u>Extrajudicial Liquidation</u></u>

The purpose of the extrajudicial liquidation is to withdraw the relevant institution from the Brazilian financial and payment system, primarily in case of irrecoverable insolvency. The extrajudicial liquidation may also apply in cases of severe infractions, among other events pursuant to applicable law.

Under the extrajudicial liquidation regime, the institution's activities are interrupted, and all obligations are deemed due. Lenders are then submitted to a classification process based on the order of preference set forth by Law 11,101/2005. This regime seeks the liquidation of existing assets to pay lenders.

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The liquidator appointed by the Brazilian Central Bank has ample administration and liquidation powers, especially regarding the assessment and rating of credit. The liquidator may appoint and dismiss employees, determine their compensation, grant and terminate powers-of-attorney, propose actions and represent the institution in court or out of court. Under specific circumstances set forth by law, certain acts performed by the liquidator require the authorization of the Brazilian Central Bank, including to complete pending business, pledge or sell assets and file for bankruptcy.

The extrajudicial liquidation ceases, according to Article 19 of Law 6,024/1974: (i) by decision of the Brazilian Central Bank, in the following cases: (a) full payment of unsecured creditors; (b) change of the institution's corporate purpose to an economic activity that is not part of the SFN; (c) transfer of the institution's corporate control; (d) conversion into ordinary liquidation; (e) exhaustion of the institution's assets through complete distribution of the proceeds among the creditors, even if the claims are not paid in full; or (f) illiquidity or difficult realization of the institution's remaining assets, recognized by the Brazilian Central Bank; or (ii) if the institution is declared bankrupt. Only the liquidator can file for bankruptcy, subject to the authorization of the Brazilian Central Bank. Bankruptcy may be granted if the assets of the institution are not sufficient to cover at least half of the unsecured credit, or in case of grounded evidence of bankruptcy crimes.

<u><u>Temporary Special Administration Regime (RAET)</u></u>

The RAET is a resolution regime that does not interrupt or suspend the usual activities of institutions. RAET's main effects include the removal of members of management from office and their replacement by a board or legal entity specialized in the area, with ample management powers.

The Brazilian Central Bank determines the duration of the RAET. Depending on the circumstances of each case, the RAET ceases, according to Article 14 of the Decree-Law 2,321/1987: (i) if the Brazilian government takes over the control of the institution due to social interest; (ii) in the event of conversion, merger, consolidation, spin-off or transfer of the institution's control; (iii) once the institution resumes its usual activities; or (iv) upon the adjudication of extrajudicial liquidation of the institution.

The foregoing list of laws and regulations to which we are subject is not exhaustive and the regulatory framework governing our operations changes continuously. Although we do not believe that compliance with future laws and regulations related to the payment processing industry and our business will have a material adverse effect on our business, financial condition or results of operations, the enactment of new laws and regulations may increasingly affect the operation of our business, directly and indirectly, which could result in substantial regulatory compliance costs, litigation expense, adverse publicity, the loss of revenue and decreased profitability.

<u><u>Repayment of Creditors in a Liquidation or Bankruptcy</u></u>

Pursuant to the provisions of Law 11,101/2005, in the event of extrajudicial liquidation or bankruptcy of a financial institution, creditors are paid pursuant to a system of priorities. Pre-petition claims are paid on a *pro rata* basis in the following order, provided by Article 83 of Law 11,101/2005:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• labor claims, capped at an amount equal to 150 times the minimum wages per employee, and claims relating to labor accidents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• secured claims up to the encumbered asset value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax claims, regardless of their nature and commencement of time, except tax penalties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• claims with special privileges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• claims with general privileges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unsecured claims;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• contractual fines and pecuniary penalties for breach of administrative or criminal laws, including those of a tax nature; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• subordinated claims.

Super-priority and post-petition claims (for example, costs related to the liquidation or bankruptcy procedure), as defined under Law 11,101/2005, are paid with preference over pre-petition claims.

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#### Anti-Money Laundering
Our activities are subject to Brazilian laws and regulations relating to anti-money laundering, terrorism financing and other potentially illegal activities, or "AML/CFT." These rules require financial and payment institutions to implement policies and internal procedures to monitor and identify suspicious transactions, which must be duly reported to the relevant authorities.

The Financial Action Task Force (FATF) is an intergovernmental body that develops and promotes national and international policies to fight money laundering, terrorist financing, and the proliferation of weapons of mass destruction (AML/CFT). It periodically reviews member countries to assess how they apply AML/CFT measures. The FATF's recommendations help countries set standards and enforce legal, regulatory, and operational measures to combat AML/CFT and other threats to the integrity of the financial system. Brazil follows these recommendations and is subject to FATF reviews.

Brazil also established the National Strategy for Combating Corruption and Money Laundering ("ENCCLA") to strengthen efforts against financial crimes. ENCCLA functions as the primary coordination network bringing together various public authorities from the Brazilian executive, legislative, and judicial branches at the federal, state, and municipal levels, as well as the Brazilian Public Prosecutor's Offices. It has the purpose to develop public policies and practical measures aimed at preventing, detecting, and prosecuting corruption and money laundering offenses. The National Secretariat of Justice within the Ministry of Justice and Public Security, acting through the Department of Asset Recovery and International Legal Cooperation, serves as ENCCLA's Executive Secretariat and is responsible for conducting its administrative and coordination duties.

BCB Circular No. 3,978, of January 23, 2020, as amended, or "BCB Circular 3,978/2020," which amended and restated the provisions related to the AML/CFT, require financial and payment institutions to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identify consumers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• record transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• monitor events and report them to the Financial Activities Control Council (*Conselho de Controle de Atividades Financeiras*, or "COAF";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• conduct business with politically exposed persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establish and maintain relationships with financial institutions and foreign correspondents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• train employees; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• appoint the officer responsible for the implementation and enforcement of these measures.

BCB Circular 3,978/2020, as amended by Resolution No. 119 of July 27, 2021, adopted a risk-based approach for dealing with AML/CFT. The regulated institutions have discretion to determine which procedures will be adopted for each client, based on the internal risk assessment concerning the committing of crimes relating to money laundering and terrorism financing latent in their business.

Money laundering involves the transformation of unlawfully obtained funds into legitimate assets, obscuring the true origins of the money. This practice typically consists of three main stages: placement, layering, and integration. In Brazil, money laundering is a crime pursuant to Federal Law No. 9,613/98 (the "Brazilian Anti-Money Laundering Law").

It also prohibits the concealment or dissimulation of the origin, location, availability, handling or ownership of assets, rights or financial resources directly or indirectly originated from crimes, and subjects the agents of these illegal practices to imprisonment, temporary disqualification from managing enterprises up to 10 years and monetary fines.

The Brazilian Anti-Money Laundering Law also created the COAF, which is the Brazilian entity responsible for overseeing the so-called "gatekeepers." Under the Brazilian Anti-Money Laundering Law, "gatekeepers" are legal entities that are legally required to have enhanced anti-money laundering controls and are subject to reporting obligations in view of the potential money laundering risks associated with the activities they are involved in. These obligations include, for example, the requirement to report suspicious transactions and to maintain Know-Your-Client databases for their clients. Under the definition provided by the Brazilian Anti-Money Laundering Law, we are considered a "gatekeeper," and are therefore subject to enhanced anti-money laundering requirements.

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#### Sharing Information on Indications of Fraud
On October 4, 2023, the Brazilian Central Bank issued Resolution No. 343, or "BCB Resolution 343/2023," establishing the necessary measures for sharing data and information on indications of fraud as established by CMN and Brazilian Central Bank Joint Resolution No. 6, of May 23, 2023, or "Joint Resolution 6/2023."

Joint Resolution 6/2023 sets forth the requirements for sharing data and information on indications of fraud. In addition, BCB Resolution 343/2023 establishes that financial institutions, payment institutions and other institutions authorized to operate by the Brazilian Central Bank should consider signs of actual or attempted fraud in the following activities: (i) opening deposit accounts or payment accounts; (ii) providing payment services; (iii) maintaining deposit accounts or payment accounts; and (iv) contracting credit transactions.

The new rules also establish the minimum set of data and information that must be retained. In this context, records containing indications of actual or attempted fraud must contain (i) the identification of whoever perpetrated or attempted to perpetrate the fraud; (ii) a description of the indications of actual or attempted fraud; (iii) details of the institution responsible for recording the information; and (iv) details of the recipient account and its holder, if the activity is a payment service.

#### Fraud Prevention in the Provision of Payment Services
On September 23, 2021, the Brazilian Central Bank issued Resolution No. 142, or "BCB Resolution 142/2021," which set forth measures to be adopted by institutions to prevent fraud in the provision of payment services by financial institutions, other institutions authorized to operate by the Brazilian Central Bank and payment institutions that are members of the SPB. According to Article 2 of BCB Resolution 142/2021, such institutions shall limit to a maximum of R$1,000.00 per deposit account or prepaid payment, the provision of payment services for the period from 8:00 pm to 6:00 am. Such limit may be changed at the consumer's request, formalized in the channels of electronic service; however, the institution must establish a minimum period of 24 hours for the effecting the increase.

Subject to the guidelines provided by BCB Resolution 142/2021, institutions must implement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• procedures intended for the evaluation of the consumer prior to the offer of anticipation service of the settlement of receivables on the same date as the transaction under a payment arrangement of which participate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• daily records of the occurrences of fraud or attempted fraud in the provision payment services, including the corrective measures adopted.

Based on these records, institutions must prepare a monthly report consolidating the occurrences and measures preventive and corrective measures adopted. This report should be forwarded to the audit and risk committees, the internal audit, the Executive Board and the Board of Administration, if any.

The Brazilian Central Bank and the CMN have also recently adopted new measures that intensify controls over fraud prevention and the integrity of banking and payment accounts. These measures require institutions to reject certain payment transactions linked to suspected fraudulent accounts and to terminate accounts used for unauthorized financial or payment services or where grave customer-information irregularities are identified.

Under BCB Resolution No. 501, of September 11, 2025, Brazilian financial institutions and licensed payment institutions must reject payment transactions destined to demand deposit, savings, or prepaid payment accounts where there is a well-founded suspicion of fraud, with the receiving institution required to notify the account holder of the measure. Institutions may determine suspicion using their own factors and data sources, including public or private databases.

In addition, BCB Resolution No. 518, of November 3<sup>rd</sup>, 2025, amends the framework for opening, maintaining, and closing payment accounts by mandating account closure where there are grave irregularities in customer information or where the account is used by the holder to provide financial or payment services within the Brazilian Financial System or Payments System without legal basis or in noncompliance with applicable regulations. The rule provides a non-exhaustive example covering the use of payment account funds to make or receive payments, or to settle obligations, on behalf of third parties in a manner that could conceal or substitute third-party obligations and prevent their identification. Institutions must adopt and board-approve internal criteria for such determinations, may rely on public or private databases, and must retain related documentation for at least ten years.

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Similarly, for deposit accounts, CMN Resolution No. 5,261, of November 3rd, 2025, amends the core deposit account framework to require closure where there are grave irregularities in customer information or where the holder uses the account to provide unauthorized financial or payment services within the Brazilian systems referenced above. As with payment accounts, the rule identifies as an example the use of deposit account funds for payments, receipts, or netting of obligations on behalf of third parties in a manner that may conceal or substitute third-party obligations and impede identification. Institutions must establish internal criteria, obtain board approval, and maintain related documentation for at least ten years.

<u><u>Politically Exposed Persons</u></u>

BCB Circular 3,978/2020 and CVM Resolution 50/2021 define Politically Exposed Persons as any government agent who in the last five years have held or is holding, in Brazil or in foreign territories, relevant government positions, jobs or public office, as well as their representatives, family members and other closely related persons. Article 27 of BCB Circular 3,978/2020 and Article 1 of Annex A of CVM Resolution 50/2021 specifically list which government agents and persons fall under the definition of Politically Exposed Persons. This list must always be considered by financial and payment institutions and other institutions authorized to operate by the Brazilian Central Bank or the CVM.

Pursuant to BCB Circular 3,978/2020 and CVM Resolution No. 50, of August 31, 2021, as amended, or "CVM Resolution 50/2021," payment and financial institutions and other institutions authorized to operate by the Brazilian Central Bank or the CVM are required to obtain sufficient information from their consumers to identify any Politically Exposed Persons from their consumer base and monitor their transactions accordingly.

BCB Circular 3,978/2020 and CVM Resolution 50/2021 establish that the internal procedures developed and implemented by the payment and financial institutions and other institutions authorized to operate by the Brazilian Central Bank or the CVM, subject to such regulation must be structured to enable the identification of Politically Exposed Persons and the origin of the funds for such consumers' transactions.

<u><u>Transactions with Related Parties</u></u>

Paragraph 4, article 34 of Law 4,595/1964 as amended by Brazilian Federal Law No. 13,506, of November 13, 2017, as amended, or "Law 13,506/2017," restricts financial institutions from conducting credit transactions with related parties. Pursuant to Article 2 of CMN Resolution 4,693/2018, the following persons are considered related parties of a financial institution for the purpose of such restriction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• its controlling shareholders (individuals or legal entities), pursuant to Article 116 of Brazilian Federal Law No. 6,404, of December 15, 1976, as amended, or "Brazilian Corporation Law";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• its officers and members of statutory or contractual bodies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• spouses, partners and blood relatives up to the second degree of the aforementioned individuals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• its individual shareholders with participation equal to or greater than 15% in its capital; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• its legal entities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• with participation equal to or greater than 15% in the financial institutions' corporate capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in which capital stock the financial institution holds directly or indirectly stakes equal to or greater than 15%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in which the financial institution holds effective operational control or relevance in the deliberations, regardless of the equity interest held; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• with a common officer or board member in relation to the financial institution.

Notwithstanding the general restrictions, the following credit transactions with related parties are allowed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transactions carried out under market conditions, without additional benefits or privileges when compared to transactions executed with other consumers of the same profile of the respective institutions;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transactions performed with companies controlled by the Brazilian government, in the case of federal public financial institutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• credit transactions whose counterparty is a financial institution that is part of the same prudential conglomerate, provided that they contain a contractual subordination clause, subject to the provisions of Article 10, V, of Law 4,595/1964, in the case of banking financial institutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• interbank deposits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• obligations assumed between related parties as a result of liability imposed on clearinghouse participants or providers of clearing and settlement services authorized by the Brazilian Central Bank or by the CVM; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other cases authorized by CMN Resolution 4,693/2018.

Total credit exposure to all related parties may not exceed 10% of the institution's adjusted net worth. Within this cap, exposure per related individual is limited to 1%, and per related entity to 5%. These limits include indirect exposures, such as loans transferred to third parties where risks or control are retained, and loans acquired from third parties, regardless of retention or transfer of risks or control.

According to CMN Resolution 4,693/2018, all financial institutions must adopt internal policies regulating transactions with related parties.

Brazilian Federal Law No. 7,492, of June 16, 1986, as amended, or "Law 7,492/1986," which regulates crimes against the SFN, criminalized the extension of credit by a financial institution to related parties in the cases not allowed by Law 4,595/1964 and CMN Resolution 4,693/2018.

#### Punitive Sanctions
Legal violations under Brazilian payments, banking and/or securities laws may lead to administrative, civil and criminal liability. Offenders may be separately prosecuted under all three legal spheres, before different courts and regulatory authorities, and face different sanctions with respect to the same legal offense.

Law 13,506/2017, BCB Resolution No. 131, of August 20, 2021, as amended, or "BCB Resolution 131/2021," and CVM Resolution No. 45, of June 18, 2019, as amended, or "CVM Resolution 45/2021," regulate administrative sanctioning proceedings as well as the various penalties, consent orders, injunctive measures, fines and administrative settlements imposed by the Brazilian Central Bank and the CVM.

Law 13,506/2017 establishes the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sets fines imposed by the Brazilian Central Bank of up to R$2 billion or 0.5% of the entity's revenue, arising from services and financial products provided in the year prior to the violation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limits fines imposed by the CVM to the greater of the following amounts: R$50 million, twice the value of the irregular transaction, three times the amount of the economic gain improperly obtained or loss improperly avoided, or twice the damage caused by the irregular conduct. Repeat offenders may be subject to treble the amounts above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provides for the suspension, disqualification and prohibition from engaging in certain activities or transactions in the banking or securities market for a period of up to 20 years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• temporarily bans offending individuals from serving in any managerial capacity for financial institutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• imposes coercive or precautionary fines of up to R$100,000.00 per day, subject to a maximum period of 30 days in punitive fines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• defines the scope of the Brazilian Central Bank's regulatory authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prohibits the offending institutions themselves from participating in the markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provides for a penalty of "public admonition" in place of "warning," imposed by the Brazilian Central Bank;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• empowers the Brazilian Central Bank to enter into cease-and-desist commitments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• empowers the Brazilian Central Bank and the CVM to enter into administrative agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provides the CVM with the authority to ban the accused from contracting with official Brazilian financial institutions and participating in public bidding processes for a period of up to five years; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• redefines related party transactions.

Penalties may be aggregated, and are calculated based on the following factors: gains obtained or attempted to be gained by the offender; economic capability to comply; severity of the offense; actual losses; any recurrence of the offense; and the offender's cooperation with the investigation.

Law 7,492/1986 provides a legal framework to hold controlling shareholders, officers and managers of a financial institution criminally liable. The regime under Law 7,492/1986 also covers interventionists, liquidators and real estate managers, in the context of interventions, extrajudicial liquidation or bankruptcy, respectively. Those found criminally liable under Law 7,492/1986 will be subject to detention and/or pecuniary fines.

Law No. 6,385/1976 also imposes imprisonment and/or fines for banking or securities infractions.

#### Internal Auditing
CMN Resolution No. 4,879 of December 23, 2020 (applicable to financial institutions), and Brazilian Central Bank Resolution No. 93, of May 6, 2021 (applicable to payment institutions), establish rules that govern internal audits at financial institutions and others authorized to operate by the Brazilian Central Bank. Pursuant to such rules, financial and payment institutions must implement and maintain internal audit functions compatible with the nature, size, complexity, structure, risk profile and business model of the respective institution. Such activity must be the responsibility of a specific department in the institution or institutions that are part of its financial conglomerate, directly subordinated to the board of directors or, if one does not exist, the board of executive officers or an independent auditor provided that such independent auditor is not in charge of auditing the institution's financial statements or any other activity that may create a conflict of interest.

#### Independent Auditors and Audit Committee
Pursuant to CMN Resolution No., 4,910 of May 27, 2021, as amended, or "CMN Resolution 4,910/2021," all financial institutions must be audited by independent auditors. The financial institutions may only hire independent auditors registered with the CVM and certified as experts in by the Brazilian Central Bank. After such auditors have issued opinions auditing the financial statements of a certain financial institution for up to five complete and consecutive fiscal years, such auditor's team including managers, supervisors or any members with managerial positions, must be replaced. BCB Resolution No. 130, of August 20, 2021, as amended, or "BCB Resolution 130/2021," applicable to payment institutions, also contains provisions in this regard.

CMN Resolution 4,910/2021 and BCB Resolution 130/2021, respectively, require financial institutions (and other institutions licensed to operate by the Brazilian Central Bank) and payment institutions to implement an individual audit committee or an unified audit committee for its conglomerate, as the case may be, if they, according to Article 8 of CMN Resolution 4,910/2021, (i) are registered as a publicly-held company; (ii) are leaders of a prudential conglomerate classified in Segment 1 (S1), Segment 2 (S2) or Segment 3 (S3), according to specific regulations; or (iii) meet the criteria set forth in the specific regulation classified as S1, S2 and S3.

#### Ombudsman
Pursuant to CMN Resolution No. 4,860 and BCB Resolution No. 28, both issued on October 23, 2020, financial and payment institutions, respectively, must (i) create an ombudsman department (individually for the institution or unified for its conglomerate) compatible with the nature and complexity of the institutions' products, services, activities, processes and systems to establish an independent communication channel with their consumers; and (ii) appoint individuals as an ombudsman and an ombudsman officer (who can also be the ombudsman himself).

The ombudsman department has the following main responsibilities, according to Articles 6 and 12 of CMN Resolution No. 4,860: (i) receiving, recording, instructing, analyzing and providing formal and adequate attention to claims from consumers and users of the institution's products and services; (ii) providing clarification regarding the

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status of a claim and information as to when a response is expected to be given; (iii) sending a final answer within the applicable deadline; (iv) keeping the board of directors or, if one does not exist, the board of executive officers, informed of the problems and shortcomings detected in the performance of its duties and the results of the actions taken by the institution's officers to resolve them; and (v) preparing and sending, to the internal audit department, to the audit committee (if one exists), and to the board of directors (or if one does not exist, to the board of executive officers), a semi-annual quantitative and qualitative report on the ombudsman department's activities and its performance.

#### Whistleblowing and Hotline
Pursuant to CMN Resolution No. 4,859, of October 23, 2020, financial institutions and other institutions licensed to operate by the Brazilian Central Bank are required to have a whistleblower hotline (*canal de denúncias*), through which their employees, consumers, contractors, users and/or suppliers may anonymously report situations involving potential illicit activities of any nature related to the institution's activities. Accordingly, financial institutions are required to appoint a responsible department for forwarding all reported events to the appropriate departments for further handling. This department is also required to prepare reports semi-annually detailing, at least, the following information relating to each reported event: (i) number of reported events and their nature; (ii) the departments that handled them; and (iii) the average timeframe and relevant measures adopted to solve them. Such reports must be approved by the board of directors of the institution or, if one does not exist, the institution's board of executive officers and made available to the Brazilian Central Bank for at least 5 years.

#### Foreign Investment in Brazilian Financial Institutions
According to Decree No. 10,029, of September 26, 2019, as amended, or "Decree 10,029/2019," of direct or indirect foreign investments in voting or non-voting equity interest in Brazilian financial institutions by any individual or legal entity, regardless of the nationality, requires prior approval of the Brazilian Central Bank. Following the enactment of Decree 10,029/2019, the Brazilian Central Bank published, on January 22, 2020, Circular No. 3,977, or "BCB Circular 3,977/2020," which generally recognized as an interest of the Brazilian government the foreign holding of equity or increase in equity interest in any financial institution headquartered in Brazil (which is still subject to the same requirements and procedures applicable to the acquisition of equity in any Brazilian financial institution), as well as the opening of any local branch of foreign financial institutions.

Until the enactment of such rules, the execution of such investments was subject to the enactment of a specific presidential decree on a case-by-case basis.

#### Corporate Interest Held by Financial Institutions in Other Legal Entities
Pursuant to CMN Resolution 5,043/2022, financial institutions may only, directly or indirectly, hold equity interest in other legal entities (incorporated locally or offshore) that supplement or subsidize their activities, provided that they obtain prior authorization from the Brazilian Central Bank and that the invested entity does not hold, directly or indirectly, equity of the referred financial institution. However, according to Article 2 of CMN Resolution 5,043/2022, this requirement does not apply to (i) equity interests typically held in the investment portfolios by investment banks, development banks, development agencies (*agências de fomento*) and multiservice banks with investment or development portfolios; and (ii) temporary local equity interests not registered as permanent assets and not subject to consolidation by the financial institution.

#### Change of Corporate Control and Qualified Equity Interest
Pursuant to the provisions of CMN Resolution 4,970/2021 (applicable to financial institutions, such as PicPay Bank and Crednovo, and to securities brokerage and dealership firms, such as PicPay Invest) and the provisions of BCB Resolution 81/2021 (applicable to payment institutions, such as PicPay Brazil), the change, transfer or modification of the control of financial or payment institutions authorized by the Brazilian Central Bank must be submitted to the prior approval of the Brazilian Central Bank in accordance with the above mentioned regulations and such change, transfer or modification shall only be effected after such approval is duly obtained.

In addition, pursuant to the above mentioned rules, if an individual or legal entity acquires, directly or indirectly, a qualified equity interest (*i.e.*, 15% or more of the voting equity interest or 10% or more of the total equity interest) or expands qualified equity interest previously acquired, such acquisitions shall be notified to the Brazilian Central Bank, which has the right to request documents and information, as well as order that the acquisition be regularized or undone in case of any irregularities.

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#### Open Finance
According to CMN and Brazilian Central Bank Joint Resolution No. 1, of May 4, 2020, as amended, Open Finance is the standardized sharing of data, products and services by financial institutions, payment institutions and other institutions licensed to operate by the Brazilian Central Bank, at their consumers' discretion, through the opening and integration of their systems. Therefore, Open Finance is considered by the Brazilian Central Bank as an important tool for innovation in the financial and payments markets, and is expected to make such sectors more efficient, inclusive and competitive.

On February 23, 2023, the Brazilian Central Bank issued Resolution No. 294, which came into effect on April 1, 2023, establishing, among other aspects, technical requirements, and operational procedures for the Open Finance implementation in Brazil. The main change introduced by this rule is related to the scope of the monitoring function assigned to the governance structure responsible for implementing Open Finance.

On October 26, 2023, the Brazilian Central Bank issued Joint Resolution No. 7, which came into effect on October 30, 2023, and simplifies the process of renewing consents for data sharing in Open Finance. To ease the process for clients, the new rule allows participating institutions to offer longer terms than the current 12-month limit for data sharing, while maintaining the provision allowing clients to revoke their consent at any time.

On July 4, 2024, the Brazilian Central Bank issued Joint Resolution No. 10, modifying the rules governing participation in the Open Finance system. Such changes specifically affect the integration and operational requirements within this ecosystem, particularly in relation to the Pix payment system.

Previously, participation in Open Finance was mandatory only for certain financial institutions, primarily large banks and institutions with significant market share. However, under the new rules, the mandatory participation threshold has been decreased, extending the obligation to a broader range of financial institutions and payment institutions of different sizes.

Starting January 2025, only institutions with more than five million customers are required to participate in data sharing within the open finance ecosystem, while smaller institutions will have the option to opt-in voluntarily. Furthermore, for payment initiation services, participation will no longer be mandatory for all account-holding institutions and only payment initiation service providers and mandatory Pix participants will be required to be involved.

Additionally, the new regulations introduced streamlined procedures for connecting to the Pix payment system, reducing the technical and administrative burden on institutions through simplified integration protocols and reduced requirements for data sharing, with the purpose to facilitate easier and faster participation in the Pix payment scheme.

Nevertheless, Open Finance is under gradual legal, operational and technological development and implementation in Brazil, according to certain stages defined by the Brazilian Central Bank, which are still ongoing. Consequently, some of the applicable requirements and standards that will need to be complied with by Open Finance participants are still under discussion and preparation by a self-regulatory body created specifically for this purpose, as well as by the Brazilian Central Bank itself.

#### Brazilian Payment Slip (Boleto)
On December 12, 2024, the Brazilian Central Bank issued Resolution No. 443 ("BCB Resolution 443"), creating a new regulatory framework for Brazil's payment slip system (*boleto*). The resolution introduces enhanced governance standards for the payment arrangement and sets forth comprehensive rules covering, among other matters: (i) eligibility requirements for participants; (ii) types and characteristics of payment slips; (iii) rules applicable to the governing convention; and (iv) rights and obligations associated with the issuance and processing of payment slips.

With BCB Resolution 443, the Brazilian Central Bank seeks to promote representative and diverse participation; guarantee non-discriminatory access to participants, services, and infrastructure; minimize conflicts of interest; and ensure that fees and cost reimbursements comply with principles of fairness, transparency, and economic justification.

#### Regulation on Payment Arrangement Receivables
On June 27, 2019, the CMN enacted Resolution No. 4,734, or "CMN Resolution 4,734/2019," and the Brazilian Central Bank issued Resolution No. 264 on November 25, 2022, or "BCB Resolution 264/2022," which impose new regulations regarding (i) the prepayment and discount operations related to receivables from credit and debit payment instruments issued under the Brazilian Payment System (SPB); (ii) credit transactions guaranteed by such receivables;

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and (iii) the creation of liens and encumbrances on such receivables. With this regulatory framework, the Brazilian Central Bank sought to provide greater efficiency and security for the prepayment, discount and credit transactions guaranteed by receivables from payment arrangements, increasing competition and thus reducing the cost of credit.

CMN Resolution 4,734/2019 and BCB Resolution 264/2022 introduced a number of relevant changes to transactions involving receivables from credit and debit cards, including to the prepayment of such receivables by acquirers, which are subject to new procedures, as well as to the assignment of these receivables. Credit transactions guaranteed by these receivables are also covered by the new regulations and new rules and procedures have been created for the creation of liens and encumbrances on the receivables.

BCB Resolution 264/2022 deals in particular with the procedures for the registration of receivables from credit and debit cards. BCB Resolution 264/2022 requires a convention among market infrastructures, which guarantee the uniqueness of the receivables as financial assets that can be registered, interoperability, exchange of information between registration systems and participants in the structure.

With the enactment of CMN Resolution 4,734/2019 and BCB Resolution 264/2022, the Brazilian Central Bank sought to increase transparency and competition in the use and acquisition of receivables from payment arrangements in credit transactions.

#### Foreign Exchange
On December 30, 2021, Brazilian Federal Law No. 14,286, or the "New Foreign Exchange Law," was published and entered into effect on December 31, 2022. Such law regulates Brazilian capital abroad and foreign capital in the country.

The main purpose of the New Foreign Exchange Law is to regulate the Brazilian FX market, which is subject to complex regulation, as well as correct certain inconsistencies, modernize the system and enhance innovation and competition.

According to the Brazilian Central Bank, the new legislation has a positive impact on the attraction of foreign capital, both for investment in the financial and capital markets and for direct investment, including long-term investments and investments in infrastructure projects and concessions. In addition to greater international insertion, the New Foreign Exchange Law contributes to a greater use of the Brazilian real internationally, facilitating the use of the domestic currency in international financial operations, such as the permission for the entry and remittance of payment orders in Brazilian *reais* from Brazilian *reais* denominated accounts of foreign institutions held in banks located in Brazil.

The new legislation also consolidates more than 40 legal provisions issued over the last 100 years, which previously totaled more than 400 articles (many of which contained archaic language). The new legislation is more concise, with 29 articles and has an updated language, which is expected to bring more legal certainty to this subject. Additionally, the New Foreign Exchange Law seeks the simplification of the operational and legal structures of foreign exchange market participants, with more efficiency in the operations and provision of certain information as determined by the Brazilian Central Bank.

Moreover, pursuant to article 15 of the New Foreign Exchange Law, Brazilian financial institutions will also be allowed to allocate, invest and use the funds raised in Brazil and abroad, with the purpose to carry out credit and financing transactions, both in Brazil and abroad, provided that the regulatory and prudential requirements established by the CMN and by the Brazilian Central Bank are observed.

In addition, the rules for transactions carried out by individuals will also be subject to certain changes, such as the permission for individuals to trade foreign individuals on an occasional, non-professional basis, with a limit of up to US$500.00, as provided by Article 19 of the New Foreign Exchange Law which is currently forbidden. Also, the amount that travelers entering or leaving Brazil must declare they have in cash, was also increased to US$10,000, or its equivalent in other currencies, as provided by paragraph 1, Article 14, of the New Foreign Exchange Law.

In order to regulate the New Foreign Exchange Law, CMN issued Resolution No. 5,042, that came into force on December 31, 2022, with the purpose to establish general guidelines applicable to the foreign exchange transactions. The Brazilian Central Bank also issued Resolutions No. 277, 278, 279, 280 and 281, which came into force on December 31, 2022. Furthermore, certain provisions of BCB Resolution No. 348, which was published on October 19, 2023, came into effect on November 1, 2023. This resolution superseded certain transitional provisions that were previously set forth in BCB Resolution No. 281, providing (among other aspects) that the execution of simultaneous foreign exchange transactions will no longer be required for foreign direct investments and granting of loans to foreign investors when there is no actual flow of funds involved in the underlying transaction. Foreign exchange transactions must still be followed in investments performed by non-resident investors in the Brazilian capital and finance markets.

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On December 3, 2024, the Brazilian Central Bank and the CVM issued Joint Resolution No. 13, establishing a new regulatory framework for foreign investors in the financial and securities markets. This new rule has the purpose to simplify and modernize procedures for non-resident operations in Brazil, enhancing efficiency in line with international best practices. Such rule replaced previous resolutions, such as CMN Resolution No. 4,373, dated September 29, 2014. The main changes established by Joint Resolution include equalizing the minimum registration requirements for resident and non-resident investors, eliminating the need for non-resident individual investors to appoint a representative in Brazil or register with the CVM for certain operations, and expanding the use of non-resident checking or payment accounts for financial investments. In addition, such rule removes the requirement for mandatory simultaneous foreign exchange operations for investment conversions and the need to register such investments in the RDE-Portfolio system. Such measures have the purpose to provide greater clarity and security for investors, particularly regarding changes in residency. Joint Resolution No. 13 came into effect on January 1, 2025.

#### Bets and Fixed-Odds Betting
Under Law No. 13,756, of December 12, 2018, and Law No. 14,790, of December 29, 2023, fixed-odds betting is classified as lottery. It covers wagers on real or virtual events where the potential payout is determined at the time the bet is placed by applying a fixed multiplier ("odds") to each unit wagered. A bet may be placed online, via electronic platforms, or in person, by purchasing a printed ticket, either before or during the event.

The Ministry of Finance oversees the sector, granting paid operating authorizations with no cap on the number of licensed companies. Authorized operators may distribute their products through any lawful commercial channel. Regulatory authority is delegated to the Secretariat of Prizes and Betting, or "SPA," a specialized unit within the Ministry of Finance responsible for licensing, regulation, compliance monitoring, and enforcement across fixed-odds betting, lotteries, promotional contests, philanthropic raffles, and advance fundraising.

To qualify for authorization, companies must be incorporated under Brazilian law, maintain headquarters and management in Brazil, and comply with all Ministry of Finance regulations. The Ministry issues detailed implementing rules, which govern operational standards, oversight procedures, and sanctions for non-compliance.

The SPA enforces a comprehensive legal framework for Brazil's fixed-odds betting sector, covering both online and in person operations. Together, they establish a detailed set of rules on licensing, technical standards, compliance, consumer protection, The initial ordinances addressed the sector's foundational regulatory elements.

#### E-Commerce , Data Protection and Taxes
In addition to regulations affecting digital payment schemes, our subsidiaries are also subject to laws relating to internet activities, e-commerce and data protection, as well as consumer protection laws, tax laws and other regulations applicable to Brazilian companies generally. Internet activities in Brazil are regulated by Brazilian Federal Law No. 12,965, of April 23, 2014, as amended, known as the Brazilian Civil Rights Framework for the internet, which embodies a substantial set of rights of internet consumers, and obligations relating to internet service providers. This law exempts intermediary platforms such as PicPay Brazil from liability for user generated content in certain cases. On the other hand, this law provides for penalties (including fines) in case of non-compliance.

The laws and regulations applicable to the Brazilian digital payments industry are subject to ongoing interpretation and change, and our digital payments business may become subject to regulation by other authorities.

#### Consumer Protection Laws
We are subject to several laws and regulations designed to protect consumer rights, most importantly, Brazilian Federal Law No. 8,078, of September 11, 1990, as amended (*Código de Defesa do Consumidor*) or the Consumer Protection Code, which sets forth the legal principles and requirements applicable to consumer relations in Brazil. This law regulates, among other things, commercial practices, product and service liability, strict liability of the supplier of products or services, reversal of the burden of proof to the benefit of consumers as the hypo sufficient party, the joint and several liability of all companies within the supply chain, abuse of rights in contractual clauses, advertising and information on products and services offered to the public. The Consumer Protection Code further establishes the consumers' rights to access and modify personal information collected about them and stored in private databases. These consumer protection laws could result in substantial compliance costs.

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#### Consumer and User Relations
On October 18, 2021, the Brazilian Central Bank issued Resolution No. 155, or "BCB Resolution 155/2021," which sets forth rules and procedures regarding the relationship with consumers and users of products and services by payment institutions authorized to operate by the Brazilian Central Bank. Such new resolution became effective on October 1, 2022.

BCB Resolution 155/2021 establishes certain new rules, which mainly have the purpose to ensure a fair and equitable treatment at all stages of the relationship with institutions that provide financial and payments services, as well as an alignment between the service providers' and consumers' interests.

Pursuant to BCB Resolution 155/2021, payment institutions authorized to operate by the Brazilian Central Bank must also draft and implement an institutional policy for their relationship with consumers. This new policy must consolidate guidelines, strategic objectives and organizational values to ensure that its activities are guided by ethical principles, accountability, transparency and diligence. Moreover, BCB Resolution 155/2021 provides that payment institutions authorized to operate by the Brazilian Central Bank must appoint to a director that will be responsible for compliance with the obligations provided by BCB Resolution 155/2021.

Finally, BCB Resolution 155/2021 sets forth other obligations of payment institutions authorized to operate by the Brazilian Central Bank, such as observing transparency and suitability rules, which are aligned with certain requirements already established for financial institutions.

#### Data Privacy and Protection
Consumer accounts on our digital platform are subject to data protection under the Brazilian Civil Rights Framework for the internet, bank secrecy laws (Complementary Law 105/01 c/c/ Article 17 of CMN Resolution 4,282/2013) and the Brazilian Federal Law No. 13,709, of August 14, 2018, as amended (*Lei Geral de Proteção de Dados Pessoais*), or "LGPD." We are also subject to intellectual property rules, and to tax laws and related obligations such as the rules governing the sharing of consumer information with tax and financial authorities. It is unclear whether the tax and regulatory authorities would seek to obtain information regarding our consumers. Any such request could come into conflict with the data protection rules, which could create risks for our business.

The Brazilian Civil Rights Framework for the internet establishes principles, guarantees, rights and duties for the use of the internet in Brazil, including regulation about data privacy for internet consumers, for example regarding the retention period for consumers' log information.

The LGPD establishes detailed rules to be observed in the maintenance and processing of personal data and provides, among other measures, rights to data subjects, cases in which the processing of personal data is allowed, obligations and requirements relating to security incidents involving personal data and the transfer and sharing of personal data.

The LGPD further establishes penalties for non-compliance with its provisions, ranging from a warning and exclusion of personal data treated in an irregular way to fines or the prohibition from processing personal data. The LGPD also authorizes the creation of the National Data Protection Authority (*Autoridade Nacional de Proteção de Dados — "*<u>ANPD</u>"), an authority that oversees the compliance with the rules on data protection.

Any additional privacy laws or regulations enacted or approved in Brazil or in other jurisdictions in which we operate could seriously harm our business, financial condition or results of operations.

#### Bank Secrecy
Brazilian financial and payment institutions are subject to bank secrecy rules, pursuant to Supplementary Law No. 105, of January 10, 2001, as amended. These institutions are required to maintain the secrecy of their transactions and services, except for certain events, including: (i) disclosure of confidential information upon the express consent of the interested parties; (ii) exchange of information between financial institutions for recording purposes; (iii) remittance of record information to credit protection agencies related to drawers of bad checks and borrowers in default; (iv) communication of criminal or administrative offenses to competent authorities; and (v) if the they are responsible for withholding and paying contributions, remittance of information to the Brazilian Internal Revenue Office required to identify taxpayers and global amounts involved in their transactions.

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***Developments on Revolving Credit (*Crédito Rotativo*) Regulations***

Over the past few years, several bills of law with the purpose to regulate the limitation revolving credit (*crédito rotativo*) and other types of credit applied on the financing of the outstanding balance of credit card invoices in Brazil have been presented in the National Congress, since the general perception is that this type of credit significantly burdens the consumer of financial services in Brazil (according to data provided by the Brazilian Central Bank, revolving credit rates in June 2022, averaged 440% per annum).

In this context, on October 3, 2023, Brazilian Federal Law No. 14,690, or "Law 14,690/2023," determined that credit card issuers must submit for the approval of the CMN any regulations that limit the interest and financial fees charged over the outstanding balance of credit cards invoices, in the categories of revolving credit (*crédito rotativo*) and its installments (*parcelado do rotativo*).

With the enactment of Law 14,690/2023, the Brazilian Central Bank regulated, through CMN Resolution No. 5,112, of December 21, 2023, or "CMN Resolution 5,112/2023," the limitation provided for in Law 14,690/2023, which sets forth that the total amount charged by institutions that grant financing through revolving credit and/or its installments as interest and financial charges may not exceed the original amount of the debt financed. This limitation applies to all issuers of credit cards and other post-paid payment instruments.

Overall, CMN Resolution 5,112/2023 provides the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all revolving credit operations and debt or invoice installment payments by issuers, as well as any renegotiation of these operations by issuers, will now be subject to the limit on interest and charges based on the original value of the debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• such limit applies to each new revolving credit operation or its installments with interest. In other words, each issuer must have a control per financed operation (revolving credit or installment credit with interest) in order to prevent the interest on these operations from exceeding the interest limit imposed by Law 14,690/2023; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• civil default interest and contractual fines resulting from penal clauses (imposed for late payments), as well as other fees and commissions incident to the financing operation, make up the calculation of interest that will be subject to the limit mentioned therein.

CMN Resolution 5,112/2023 also ensures that credit card issuers and holders can renegotiate the financing provided that the total amount charged as interest and financial charges applicable to each renegotiation does not exceed the amount of the debt originally constituted.

The rule provides that the original amount of the debt as well as the total amount charged as interest and financial charges applicable to each financing operation must be detailed in the respective statements and invoices in connection with current regulations (*i.e.*, CMN Resolution No. 5,004, of March 24, 2022, and BCB Resolution 96, of May 19, 2021).

CMN Resolution 5,112/23 came into force on July 1, 2024 (with the exception of its article 1, that came into force on the date of its publication). However, considering the provisions of the Law 14,690/2023, the interest rate limitation applies only to any new financing (revolving and its installments) agreed as of January 3, 2024. Financing operations agreed up to this date follow previous rules.

The provisions of CMN Resolution 5,112/2023 applied throughout the year of 2024. However, as Law 14,960/2023 sets forth that relevant stakeholders may submit to the Brazilian Central Bank a self-regulation proposal that can be reviewed on an annual basis, it is possible that in the next year such self-regulation is further approved by the Brazilian Central Bank and adopted as the market standard instead of the provisions of CMN Resolution 5,112/2023 (subject to the limitations provided in Law 14,960/2023).

#### ESG Aspects in Regulated Institutions
The Brazilian Central Bank has been progressively implementing transparency requirements. On November 21, 2024, the CMN issued Resolution No. 5,185, which requires larger financial institutions to prepare and disclose a report of financial information related to sustainability together their financial statements. Such report must comply with the International Sustainability Standards Board's IFRS S1 (General Requirements for Disclosure of Sustainability-related Financial Information) and IFRS S2 (Climate-related Disclosures) pronouncements, as well as with the Brazilian

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Sustainability Pronouncements Committee (CBPS)'s Technical Pronouncement 01 and 02 on the same matters. Such requirement is applicable to institutions that disclose consolidated annual financial statements in accordance with the international accounting standards of the International Accounting Standards Board (IASB), including publicly traded companies and leaders of prudential conglomerates in the S1, S2, or S3 segments, such as us. Consequently, institutions that voluntarily publish consolidated financial statements must also disclose the sustainability report, which must be verified by an independent auditor. Resolution No. 5,185 came into force on January 1, 2025, with the disclosure obligation beginning in 2026 for institutions registered as publicly-held companies or in the S1 or S2 segments, and in 2028 for institutions in the S3 segment and those that voluntarily publish consolidated financial statements. Early voluntary adoption is permitted.

On November 4, 2025, the Brazilian Central Bank launched Public Consultation No. 127, proposing amendments to BCB Resolution No. 139/2021 to expand and standardize the Social, Environmental and Climate Risks and Opportunities Report (GRSAC). The proposal introduces a second phase of requirements focused on quantitative metrics and targets, while refining the qualitative tables adopted in 2021, and aligns disclosures with international standards, including IFRS S1 and S2 and the Basel Committee's Pillar 3 framework for voluntary climate risk disclosures. The new framework structures the GRSAC Report into standardized qualitative and quantitative tables covering governance, strategy, risk management and climate risk (transition and physical), as well as sectoral exposures and emissions, agriculture by biome, power generation by source, physical risk metrics for drought and heavy rain, transition plans, and social and environmental risk exposures. Disclosure of business opportunities remains voluntary; disclosure of national and international voluntary commitments follows new standardized tables (COMP1 and COMP2). The consultation also clarifies the use of climate scenario analysis, with parameters for narratives, time horizons and scientific bases.

Implementation is phased. For S1 and S2 institutions, the new GRSAC format would take effect in January 2027, with the first publication in 2028 using a December 2027 reference date. S3 institutions become subject to all tables with the first required publication based on December 31, 2028; S4 institutions, previously limited to a qualitative governance table, must disclose standardized information on social, environmental or climate commitments via COMP1 and COMP2 on the same timeline as S3. S5 institutions remain exempt. The proposed rules preserve flexibility to add granularity or justify omissions where immaterial and allow complementing tables to meet the sustainability financial reporting requirements aligned with IFRS, subject to consolidation scope differences. The public consultation remains open for comments until February 13, 2026.

#### Recent Developments on Loan Loss Provision Rules Applicable to Regulatory Reporting
For regulatory reporting purposes, financial institutions and other institutions authorized to operate by the Brazilian Central Bank must classify credit transactions (e.g., loans) in ascending order of risk. In this regard, such entities must make loan loss provisions in amounts sufficient to cover probable losses on the realization of the loans, pursuant to CMN Resolution No. 2,682, of December 21, 1999, or CMN Resolution 2,682/1999.

On November 25, 2021, CMN issued Resolution No. 4,966, or CMN Resolution 4,966/2021, establishing new accounting standards and criteria applicable to financial instruments, as well as the designation and recognition of hedge accounting by financial institutions and other licensed entities, including loan loss provisions regulated under CMN Resolution 2,682/1999. In summary, the regulation's target is to align accounting practices of Brazilian financial institutions with the International Financial Reporting Standards Accounting Standards (IFRS), which are globally adopted. CMN Resolution 4,966/2021 is set to enter into force in stages and revoke CMN Resolution 2,682/1999. Except for specific provisions which will enter into force as of January 1, 2027, the key aspects of CMN Resolution 4,966/2021 have entered into force as of January 1, 2025.

Since the enactment of CMN Resolution 4,966/2021, financial institutions have been discussing new parameters for loan loss provisions. To ensure the proper calculation of expected losses and homogeneous application of regulations by all institutions, on April 11, 2024, the Brazilian Central Bank issued Normative Instruction No. 464, providing for the criteria to be followed when estimating the parameters for measuring the expected losses associated with credit risk addressing the main issues under discussion, revoked by Normative Instruction No. 560, of December 6, 2024.

#### Recent Developments on Interest Rates Limitations
On June 28, 2024, Law No. 14,905, or Law 14,905/2024, was enacted with the purpose of amending the Brazilian Civil Code to clarify interest rates limitations that are applicable for non-financial institutions in Brazil.

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With the enactment of Law 14,905/2024, which came into force sixty days after the date of its publication, the current article 406 of the Brazilian Civil Code now provides that when interest on debts is not agreed, or when it is determined by law, interest on debts for the year will correspond to the legal rate, which consists of the benchmark rate of the SELIC, less the monetary update index of the Expanded Consumer Price Index (IPCA) for the period.

Another significant development introduced by Law 14,905/2024 is that interest rates in general may be freely agreed upon, and exceeding the limits set forth in the Brazilian Usury Law, when the obligations are: (i) agreed between legal entities; (ii) represented by credit instruments or securities; (iii) entered into with financial institutions and other institutions authorized to operate by the Brazilian Central Bank (e.g., PicPay Brazil, PicPay Bank, PicPay Invest and/or Crednovo), investment funds (e.g., FIDCs) or clubs; or (iv) carried out in the financial, capital or securities markets.

#### Recent Developments on Compensation Rules for the Management of Brazilian Regulated Institutions
In September and November 2024, the Brazilian Central Bank and the National Monetary Council introduced new regulations addressing the compensation policies for officers of financial institutions, payment institutions, and other entities under its authorization. These measures, outlined in CMN Resolution No. 5,177 and BCB Resolution No. 432, which came into force on January 1, 2025, replaced the previous CMN Resolution No. 3,921, in effect since 2010. The new framework introduces enhancements aimed at aligning the current regulation with international standards for governance, risk management, and transparency, while expanding the applicability of these rules to smaller institutions.

A cornerstone of the new framework is the obligation for institutions to establish compensation policies that ensure variable compensation aligned with long-term performance and effective risk management. Among the key provisions, at least 50% of variable compensation must be paid in shares or equivalent instruments, and at least 40% of the total compensation must be deferred for a minimum period of three years. These deferred payments will be subject to *malus* mechanisms, which allows for reductions or cancellations in cases of financial losses or other adverse outcomes. Moreover, extraordinary payments to executives upon their departure are restricted unless they align with the institution's risk and value creation frameworks.

Governance requirements under the new regulations are also enhanced. Larger institutions, particularly those listed as public companies or leaders within designated financial segments, are required to establish statutory compensation committees, which must include independent members and have the task to oversee the design and implementation of compensation policies. For smaller institutions, the responsibility for such functions may be assigned to the company's Board of Directors.

The regulations also impose heightened transparency requirements. Institutions are now required to disclose annual reports detailing their compensation practices, which must include comprehensive descriptions of the performance metrics used, the mechanisms for risk adjustment, and the allocation of various compensation components.

By updating these rules, the National Monetary Council and Brazilian Central Bank seek to strengthen the governance and sustainability of regulated institutions, ensuring that compensation practices support prudent management and long-term stability across the sector.

#### Recent Developments on Banking as a Service (BaaS)
On November 28, 2025, the Brazilian Central Bank and the CMN issued Joint Resolution No. 16, or "Joint Resolution 16/25," which regulates the provision of Banking as a Service, or BaaS, by financial institutions, payment institutions, and other entities authorized to operate by the Brazilian Central Bank. Joint Resolution 16/25 defines BaaS as the contractual arrangement under which BaaS providers make specified financial and payment services available to clients through an integrating entity that interfaces with clients, and it clarifies the definitions of the BaaS service, the BaaS provider institution, the BaaS service-taking entity, and the client, while expressly excluding activities such as correspondent banking services, data processing/cloud services, Open Finance partnerships, and activities of sub-acquirers and network service providers from the BaaS scope.

Joint Resolution 16/25 sets forth that BaaS contracts may cover, exclusively, one or more of the following services: (i) opening, maintenance and closing of demand deposit, savings deposit, and prepaid or postpaid payment accounts; (ii) payment services conducted through those accounts; (iii) merchant acquiring services; (iv) credit

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operations (offer, contracting, administration, and collection); and (v) additional services that may be included by the Brazilian Central Bank in the future. It requires that services be provided by authorized institutions within their permitted activities and via electronic channels through system/platform/process integrations between the BaaS provider and the service-taking entity. It also sets conditions on account ownership, payment transaction flows, and debtor identity for credit operations, and clarifies that services outside the listed scope are not BaaS and cannot be offered as such.

BaaS contracts must specify the object, roles and responsibilities, remuneration, security measures, Brazilian Central Bank access rights to information, client demand handling, restrictions on fees charged in the name of the service-taking entity, declarations regarding the prohibition on unauthorized financial activities, and restrictions on sub-contracting BaaS services, among other terms. They must also ensure transparency about the status of the service-taking entity (including that it is not an institution authorized by the Brazilian Central Bank, as applicable), responsibilities for client communications (including upon termination and for credit portability and post-cession rights), data sharing necessary to fulfill responsibilities, and the provision of information for KYC, fraud prevention, and AML/CFT procedures. The contracts must address resolution scenarios and termination, including access by the resolution authority, advance notice of service interruption, transparency to clients, and client options regarding relationships with the provider and the service-taking entity.

The provider institution bears responsibility for the reliability, integrity, availability, security, confidentiality, and regulatory compliance of services provided under BaaS, including KYC, fraud prevention, and AML/CFT. While ancillary tasks may be performed by the service-taking entity, the provider must supply the necessary tools and remains responsible, and SCR access/sharing with the service-taking entity is prohibited for ancillary tasks related to credit operations. Institutions acting as BaaS providers or service-taking entities must designate a director responsible for compliance with the resolution.

#### Recent Developments on Naming Regulations for Authorized Institutions in Brazil
On November 28, 2025, the Brazilian Central Bank and the CMN issued Joint Resolution No. 17, or "Joint Resolution 17/25," which governs the nomenclature and public presentation of institutions authorized to operate by the Brazilian Central Bank. The rule applies to the institution's full nomenclature – comprising its corporate name, trade name, brand, and internet domain – and to any medium used for communication or public presentation to clients and users.

Joint Resolution 17/25 requires institutions to include, in their corporate names, terms that clearly reference the scope of their authorization to operate granted by the Brazilian Central Bank. It prohibits use, in any nomenclature, of terms — whether literally or by morphological or phonetic similarity — that suggest activities or an institutional type for which the entity does not have specific authorization. Cooperatives may reference their cooperative system in their nomenclature. Institutions that are part of a prudential conglomerate may incorporate the conglomerate's name, provided it is clear to clients which type of institution within the conglomerate they are interacting with and the conglomerate's name does not include terms identifying a type of institution not included in the conglomerate.

#### Recent Developments on Private Payroll Deduction Loans Rules
Law No. 10,820, of December 17, 2003, as amended by Law No. 15,179, of July 24, 2025, modernizes the framework for private payroll-deduction loans by facilitating the use of digital platforms for both the solicitation and management of these credit arrangements.

The reform is intended to enhance efficiency, strengthen security, and improve accessibility for workers. Under the updated rules, formal employees — including rural workers, domestic workers, and registered sole-proprietor micro-entrepreneurs (*MEIs*) — may apply for loans on more favorable terms directly through Brazil's official Digital Work Card application. Loan repayments are capped at 35% of the borrower's gross salary, with the option to pledge up to 10% of the FGTS (Severance Indemnity Fund) balance or up to 100% of the termination indemnity payable upon dismissal without cause as collateral, and installments are deducted automatically from payroll via the national eSocial system.

The measure is expected to deliver tangible benefits to workers by expanding access to lower-interest credit facilities and reducing administrative costs. For the first 120 days following the launch of the systems or platform,

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funds from new payroll-deducted loan transactions with authorized institutions must be used exclusively to repay either (i) non-payroll-deducted loans with outstanding installments without collateral, or (ii) payroll-deducted loans with outstanding installments, provided the borrower has such active obligations on the date the new loan is granted.

These new credit operations may be offered by any duly authorized payroll-deducting institution and must carry an interest rate lower than that of the original loan being refinanced. In such cases, lending institutions are required to report the relevant loan data to the designated public operating agents. This priority repayment structure is intended to encourage the replacement of higher-cost debt with cheaper, payroll-deducted alternatives, thereby contributing to broader economic stimulus.

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#### Management
PicPay Netherlands is managed by a board of directors, consisting of executive directors and non-executive directors, who may appoint executive officers to manage our day-to-day operations.

#### Board of Directors
We have a one-tier board of directors. The number of directors shall be determined by the board of directors, provided that the board of directors shall consist of a minimum of four directors and a maximum of 11 directors of which a minimum of one and a maximum of three executive directors and a minimum of three and a maximum of ten non-executive directors. Directors shall be appointed as such by our general meeting at the nomination of the board of directors. Only individuals may be a member of our board of directors. The board of directors or two executive directors acting jointly are authorized to represent PicPay Netherlands.

The general meeting shall appoint one of the non-executive directors as chairman of the board of directors. The board of directors may appoint a non-executive director as vice-chairman. If the chairman is absent or unable to act, the vice-chairman shall assume the duties of the chairman. The board of directors may also grant other titles to directors and may at any time revoke any such title granted to a director.

If the chairman of the board of directors is not independent within the meaning of the Dutch Corporate Governance Code, the board of directors may designate an independent non-executive director as the "Lead Independent Director." The Lead Independent Director shall, among other duties, deputize for the chairman in their absence and act as a liaison between the independent non-executive directors and the chairman and chief executive officer.

Under Dutch law, the board of directors is responsible for the company's management, the general affairs of the company's business and the general affairs of its subsidiaries. It is also responsible for determining the company's strategy and outlining its policy. The board of directors may allocate its duties among the directors pursuant to its board regulations dealing with matters such as its internal organization, the decision-making process, the composition, the duties and organization of committees and any other matters related to the board of directors, the directors and the board committees, provided that (i) supervising the performance of the executive directors, (ii) making a nomination for the appointment of directors, (iii) determining an executive director's remuneration, and (iv) instructing an auditor, may not be allocated to the executive directors. In the performance of their tasks, the directors must be guided by the interests of the company and the enterprise connected with it. Under Dutch law the corporate interest extends to the interests of all corporate stakeholders, such as shareholders, creditors, employees, customers and suppliers.

We are currently reviewing the composition of our board of directors and our corporate governance practices in light of this offering and applicable requirements of the SEC and Nasdaq. In subsequent filings with the SEC, we will update any relevant disclosure herein as appropriate.

Each director shall be appointed for a term of approximately one-year, which period shall end immediately after the annual general meeting that will be held in the calendar year after the date of his or her appointment (unless reappointed by the general meeting, taking into consideration the aforementioned term).

Our general meeting may at any time suspend or dismiss any director. Our board of directors may at any time suspend an executive director. A resolution by the general meeting to suspend or dismiss a director can only be adopted by a two/thirds majority in a meeting at which at least half of the issued and outstanding capital is present or represented.

We do not have any severance agreements or other arrangements with our directors that provide benefits upon termination of employment or service as a director of PicPay Netherlands.

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The following table sets forth certain information in respect of the current members of our board of directors:

---

| | | |
|:---|:---|:---|
|  **Name** | **Age** | **Position** |
|  José Antonio Batista Costa | 41 | Chairman and non-executive director |
|  Eduardo Chedid Simões | 55 | Executive director |
|  Eduardo Cruz | 62 | Non-executive director<sup>(1)</sup> |
|  Jackson Ricardo Gomes  | 68 | Non-executive director<sup>(1)</sup> |
|  Marcio Antonio Teixeira Linares | 77 | Non-executive director<sup>(1)</sup> |
|  Mauricio Costa de Moura | 57 | Non-executive director<sup>(1)</sup> |
|  William Rodney Pruett | 45 | Non-executive director<sup>(1)</sup> |

---

____________

(1) Independent director pursuant to Nasdaq listing rules and the DCGC.

The following is a brief summary of the business experience of the directors. The business address of our directors is c/o Picpay Holdings Netherlands B.V., Stroombaan 10, 1181 VX Amstelveen, the Netherlands.

*José Antonio Batista Costa* has served as a non-executive member of the board of directors of PicPay Netherlands since September 2024. From March 2024 to September 2024, he served as an executive director of the board of directors of PicPay Netherlands. He also serves as Chief Executive Officer and as a member of the board of directors of PicS Ltd. since February 2021 (and as its chairman since July 2023). He served as Chief Executive Officer of PicPay Brazil from July 2020 to August 2023, as its officer from August 2023 to June 2024, and also served as the chairman of its board of directors from October 2017 to December 2021. He also serves as Chief Executive Officer of J&F Participações since June 2022. Moreover, Mr. Batista served as Chief Executive Officer of J&F S.A. from October 2017 to April 2021. In addition, he served as a member of the board of directors of Banco Original from February 2019 to April 2021 and from July 2022 to July 2024 and as Chief Executive Officer of Banco Original from September 2022 to July 2024. Moreover, he served as Chief Executive Officer of Flora Cosméticos e Limpeza from July 2018 to January 2020. Prior to that, Mr. Batista served in different management capacities where he led multi-disciplinary teams and was responsible for strategic performance, finance and logistics in the investment and food industries, acting as Chief Financial Officer of PicPay Brazil in 2018, vice-president of logistics and supply chain of JBS USA Food Company in 2018 and as an executive officer of JBS S.A. from 2011 to 2015. Mr. Batista holds a degree in business administration from Universidade Paulista — UNIP and is a professional investor (*investidor profissional*) under Brazilian law.

*Eduardo Chedid Simões* has served as an executive member of the board of directors of PicPay Netherlands since October 2024 and our Chief Executive Officer since February 2024. He has served as Chief Operating Officer of PicS Ltd. since August 2023. He also serves as the Chief Executive Officer of PicPay Brazil since 2022, having previously served as Chief Operating Officer of PicPay Brazil in the same year. Mr. Chedid joined PicPay Brazil in January 2021 as Executive Vice President of Financial Services. He has almost 30 years of experience in the financial services and payments sector, being responsible for the acquisition of companies such as Credicard (at the time, the largest Brazilian credit cards issuer), VISA Inc. (both in Brazil and the USA) and Cielo (a top five acquiring company in the world at the time) as well as fintechs such as Elo (a Brazilian payment system company). He was also the Chief Executive Officer of Elo for 6 years and Commercial Vice President at Cielo. Mr. Chedid also served as a Vice President of Visa and as a Director of Credicard. With his vast experience, He was also a member of the board of directors of ABECS, the Brazilian Association of Credit Card Companies and Services, from 2015 to 2021. Mr. Chedid holds a bachelor's degree in Business Administration from EAESP Fundação Getúlio Vargas.

*Eduardo Cruz* has served as a non-executive independent member of the board of directors of PicPay Netherlands since September 2024 and PicS Ltd. since February 2024. He has more than 30 years of experience in financial services as a senior banker with broad product and client experience as both a lead originator and execution specialist for significant transactions. Mr. Cruz was a Managing Director of Citigroup in New York for almost 20 years, having served as head of the Latin America Corporate and Investment Banking team. He also served as a partner of Goldman Sachs Group, working at their Investment Banking division and Vice President at J.P Morgan. Mr. Cruz holds a bachelor's degree in chemical engineering with *cum laude* honors from Yale University and an MBA with honors at Harvard Business School.

*Jackson Ricardo Gomes* has served as a non-executive, independent member of the board of directors of PicPay Netherlands since September 2024 and PicS Ltd. since March 2021. He has worked in the banking industry for more than 35 years, currently serving as board member and advisor in new digital financial companies (fintechs) and as angel investor in startups in Brazil and Portugal. Mr. Gomes worked at Banco Original from 2013 to 2016, serving as Chief

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Executive Officer from 2015 to 2016. Previously, he was responsible for the implementation of the risk management, compliance and control divisions at Banco Itaú, where he worked for more than 20 years. Mr. Gomes has participated in several working groups organized by the IIF-International Institute of Finance to discuss Basel 2 and 3 regulations with the banking authorities at the BIS, from 2000 to 2011. Mr. Gomes holds an MBA from the University of Chicago Booth School of Business and an aeronautics engineering degree from the Aeronautical Institute of Technology in Brazil.

*Marcio Antonio Teixeira Linares* has served as a non-executive, independent member of the board of directors of PicPay Netherlands since October 2024 and PicS Ltd. since July 2024. He has more than 50 years of experience in the financial services sector. Mr. Linares currently serves as board member of Eldorado Celulose and from 2019 to 2023 he served as Chairman of the Board of Directors of Banco Original and Chairman of the Board of Directors of J&F. Mr. Linares also served as Chief Executive Officer of Banco Original from 2016 to 2018. Previously, from 2006 to 2009, he served as Executive Director at Itaú Unibanco, responsible for Middle Market. He also served as Executive Vice President at BankBoston from 1996 to 2006. At Banco Noroeste, he worked as Managing Director for 20 years, being responsible for the credit, retail banking, operations, legal, product, facilities, technology and human resources areas. He is a Mechanical Engineer graduated from Escola de Engenharia Mauá in São Paulo and holds an MBA from Fundação Getulio Vargas.

*Mauricio Costa de Moura* has served as a non-executive, independent member of the board of directors of PicPay Netherlands since October 2024. He served at the Brazilian Central Bank for 21 years (from 2003 to 2024), where he held key roles in banking supervision and as a board member. His responsibilities included on-site and remote assessments of financial institutions, focusing on financial soundness, corporate governance, risk management, internal controls, auditing and compliance. From 2017 to 2023, Mr. Moura was promoted to Deputy Governor, becoming a voting member of the Brazilian Monetary Policy Committee (*Copom*), the Financial Stability Committee (*Comef*), and the Board of Directors of the Brazilian Central Bank. He also led the conduct supervision area, overseeing anti-money laundering and anti-terrorism financing initiatives. Concurrently, Mr. Moura contributed to the Brazilian Central Bank Pension Foundation (*Centrus*) as a Board member from 2018 to 2024, serving as Chairman from 2020 to 2024. Mr. Moura holds a master's degree in Administration from the School of Administration, Economics, and Accounting of the University of São Paulo (FEA-USP), an MBA from the School of Advertising and Marketing (ESPM), and a degree in Administration from the University of the Amazon (Unama). He is currently pursuing an MBA in International Accounting (IFRS) at Fipecafi College, expected to be completed in 2025.

*William Rodney Pruett* has served as a non-executive, independent member of the board of directors of PicPay Netherlands since February 2025. From 2015 to 2025, Mr. Pruett was a portfolio manager in the equity division of Fidelity Investments. In this role, Mr. Pruett was responsible for managing the Fidelity Latin America Fund and was co-manager of the Fidelity Series Emerging Markets Opportunities Fund, responsible for investments in emerging markets financial services firms. Prior to that, Mr. Pruett worked as an equity research analyst, responsible for covering financial services, global mining and international consumer companies. Before joining Fidelity in 2008, Mr. Pruett was an international manager at HSBC, working in credit and digital banking roles. He has been in the financial industry since 2001. Mr. Pruett earned his bachelor of arts degree in economics from the University of Chicago and his master of business administration degree from Harvard University.

#### Director Independence
Our board of directors has determined that Eduardo Cruz, Jackson Ricardo Gomes, Marcio Antonio Teixeira Linares, Mauricio Costa de Moura and William Rodney Pruett qualify as independent under the Nasdaq rules on director independence.

In addition, Eduardo Cruz, Jackson Ricardo Gomes, Marcio Antonio Teixeira Linares, Mauricio Costa de Moura and William Rodney Pruett qualify as independent within the meaning of the Dutch Corporate Governance Code.

#### Executive Officers
Our executive officers are responsible for managing the day-to-day operations of the Company. The executive officers that are not also a member of our board of directors have been granted a general power of attorney (*algemene volmacht*) to represent PicPay Netherlands. Our executive officers who are not also a member of our board of directors were appointed by our board of directors for an indefinite term.

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The following table lists our current executive officers:

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| | | |
|:---|:---|:---|
|  **Name** | **Age** | **Position** |
|  Eduardo Chedid Simões | 55 | Chief Executive Officer |
|  Rodrigo Luís Rosa Couto | 50 | Chief Financial Officer |
|  André Augusto Cazotto | 39 | Investor Relations, Strategy and M&A Officer |

---

The following is a brief summary of the business experience of our executive officers. The business address of our executive officers is c/o Picpay Holdings Netherlands B.V., Stroombaan 10, 1181 VX Amstelveen, the Netherlands.

*Eduardo Chedid Simões* has served as our Chief Executive Officer since February 2024. For more information regarding Mr. Eduardo Chedid Simões, see "— Board of Directors."

*Rodrigo Luis Rosa Couto* has served as our Chief Financial Officer since October 2025. He is also PicPay Brazil's Chief Financial Officer. Mr. Couto has more than 20 years of experience in the financial sector. Before joining us, he served as the Chief Financial Officer at Itaú Chile for over four years, as well as in various senior Risk and Finance positions in Itaú Brazil for 11 years. Additionally, Mr. Couto worked as a Finance and Risk Management Consultant at McKinsey & Company for three years and served as a bank supervisor at the Brazilian Central Bank for more than five years.

*André Augusto Cazotto* has served as our Investor Relations, Strategy and M&A Officer since October 2025. Mr. Cazotto has over twenty years of experience in the payments and financial services sector in Brazil. He is also PicPay Brazil's executive officer. Before joining us in March 2021, he served as the Investor Relations Officer of PagSeguro (PagBank) for over three years, leading their IPO in the United States and worked as Investor relations and other roles in finance and treasury at Cielo for more than 10 years.

#### Family Relationships
Mr. José Antonio Batista Costa, our chairman and one of our non-executive directors, is a nephew of Messrs. Joesley Mendonça Batista and Wesley Mendonça Batista, our ultimate controlling shareholders. See "Principal Shareholders."

#### Committees

#### Audit Committee
Prior to listing, PicPay Netherlands will have an audit committee, which is expected to consist of Jackson Ricardo Gomes, Marcio Antonio Teixeira Linares and Mauricio Costa de Moura. Our audit committee will assist our board of directors in overseeing our accounting and financial and sustainability reporting processes and the audits of our financial statements. Jackson Ricardo Gomes is expected to serve as chairman of the audit committee. In addition, our audit committee will be directly responsible for the appointment (subject to board of directors and shareholder ratification), compensation, retention and oversight of the work of our independent registered public accounting firm. The audit committee will consist exclusively of members of our board of directors who are financially literate. Jackson Ricardo Gomes will be considered an "audit committee financial expert" as defined by the SEC.

Our board of directors has determined that Jackson Ricardo Gomes, Marcio Antonio Teixeira Linares and Mauricio Costa de Moura satisfy the "independence" requirements set forth in Rule 10A-3 under the Exchange Act. SEC and Nasdaq rules with respect to the independence of our audit committee require that all members of our audit committee must meet the independence standard for audit committee membership within one year of the effectiveness of the registration statement for our initial public offering.

The audit committee will be governed by a charter that complies with Nasdaq rules and the Dutch Corporate Governance Code. The audit committee is responsible for, among other matters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the appointment, compensation, retention and oversight of any auditor or accounting firm engaged for the purpose of preparing or issuing an audit report or performing other audit, review or attest services, subject to board of directors and shareholder ratification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pre-approving the audit services and non-audit services to be provided by our independent auditor before the auditor is engaged to render such services;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and discussing with the independent auditor its responsibilities under generally accepted auditing standards, the planned scope and timing of the independent auditor's annual audit plan(s) and significant findings from the audit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• obtaining and reviewing a report from the independent auditor describing all relationships between the independent auditor and us consistent with the applicable PCAOB requirements regarding the independent auditor's communications with the audit committee concerning independence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• confirming and evaluating the rotation of the audit partners on the audit engagement team as required by law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing with management and the independent auditor, in separate meetings whenever the audit committee deems appropriate, any analyses or other written communications prepared by the management and/or the independent auditor setting forth significant financial reporting issues and judgments made in connection with the preparation of the financial statements, including analyses of the effects of alternative IFRS Accounting Standards methods on the financial statements; and our other critical accounting policies and practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• supervising the policy on tax planning;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing, in conjunction with our Chief Executive Officer and Chief Financial Officer, our disclosure controls and procedures and internal control over financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establishing procedures for the receipt, retention and treatment of complaints received by us regarding accounting, internal accounting controls or auditing matters, and the confidential, anonymous submission by our employees of concerns regarding questionable accounting or auditing matters; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approving or ratifying any related party transaction (as defined in our related party transaction policy) in accordance with our related party transaction policy.

The audit committee will meet as often as it determines is appropriate to carry out its responsibilities, but in any event, at least four times per year.

#### Compensation Committee
Prior to listing, PicPay Netherlands will have a compensation committee, which is expected to consist of Jose Antonio Batista Costa, Eduardo Cruz and Marcio Antonio Teixeira Linares. Our compensation committee will assist our board of directors in determining the remuneration granted to individual directors and preparing the remuneration report and any other required compensation disclosure. Jose Antonio Batista Costa is expected to serve as chairman of the compensation committee.

The compensation committee will be governed by a charter that complies with the Dutch Corporate Governance Code. The compensation committee is responsible for, among other matters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• submitting a clean and understandable proposal to the board of directors concerning the remuneration policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• determining the remuneration of the individual directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• overseeing the implementation of the Company's remuneration policy and administering equity incentive and deferred compensation benefits plans of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• preparing the remuneration report and any other required compensation disclosure pursuant to the law and the rules of the SEC or the Nasdaq.

The compensation committee will meet as often as it determines is appropriate to carry out its responsibilities, but in any event, meets at least two times per year.

#### Nominating Committee
Prior to listing, PicPay Netherlands will have a nominating committee, which is expected to consist of Jose Antonio Batista Costa, Eduardo Cruz and Mauricio Costa de Moura. Our nominating committee will assist our board of directors on matters concerning succession planning of the board of directors. Jose Antonio Batista Costa is expected to serve as chairman of the nominating committee.

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The nominating committee will be governed by a charter that complies with the Dutch Corporate Governance Code. The nominating committee is responsible for, among other matters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• drawing up selection criteria and appointment procedures for directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• periodically assessing the size and composition of the board of directors, and making a proposal for a composition profile of the board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• periodically assessing the functioning of individual directors and the board of directors as a whole, and reporting on this to the board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• making recommendations for director appointments and reappointments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• supervising the policy of the board of directors on the selection criteria, appointment procedures and evaluation of senior management; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• making recommendations to the board of directors, at such times as the board of directors deems appropriate, as to the independence of each director.

The nominating committee meets as often as it determines is appropriate to carry out its responsibilities, but in any event, meets at least two times per year.

#### Foreign Private Issuer Status
PicPay Netherlands will be considered a "foreign private issuer" under U.S. securities laws and Nasdaq listing rules. Nasdaq listing rules include certain accommodations in the corporate governance requirements that allow foreign private issuers, such as us, to follow "home country" corporate governance practices in lieu of the otherwise applicable corporate governance standards of Nasdaq. The application of such exceptions requires that we disclose each Nasdaq corporate governance standard that we do not follow and describe the Dutch corporate governance practices we do follow in lieu of the relevant Nasdaq corporate governance standard. Upon completion of this offering, we intend to follow Dutch corporate governance practices in lieu of the corporate governance requirements of Nasdaq in respect of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the requirement under Section 5605(b)(2) of Nasdaq listing rules that the independent directors have regularly scheduled meetings with only the independent directors present;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the requirement under Section 5605(d) of Nasdaq listing rules that a compensation committee comprised solely of independent directors governed by a compensation committee charter oversee executive compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the requirement under Section 5605(e) of Nasdaq listing rules that director nominees be selected or recommended for selection by either a majority of the independent directors or a nominations committee comprised solely of independent directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the requirement under Section 5635(d) of Nasdaq listing rules that a listed issuer obtain stockholder approval prior to issuing or selling securities (or securities convertible into or exercisable for common stock) that equal 20% or more of the issuer's outstanding common stock or voting power prior to such issuance or sale.

#### Controlled Company Exemptions
J&F Participações, which is jointly controlled, pursuant to a shareholders' agreement, by Messrs. Joesley Mendonça Batista and Wesley Mendonça Batista, our ultimate controlling shareholders, will beneficially own 100% of our Class B common shares, which will represent approximately % of the combined voting power in our general meeting following this offering, assuming no exercise of the underwriters' option to purchase additional Class A common shares. Accordingly, we expect to be a "controlled company" within the meaning of the corporate governance standards of Nasdaq. Under Nasdaq rules, a "controlled company" (which is a company of which more than 50% of the voting power is held by an individual, group or another company) may elect not to comply with certain Nasdaq corporate governance standards, including the requirements that: (1) a majority of the board of directors consist of independent directors; (2) the board of directors have a compensation committee that is comprised entirely

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of independent directors with a written charter addressing the committee's purpose and responsibilities; and (3) the board of directors have a nominating and corporate governance committee that is comprised entirely of independent directors with a written charter addressing the committee's purpose and responsibilities.

Upon completion of this offering, we intend to rely on some of these exemptions, which are also applicable to foreign private issuers. For instance, our compensation and nominating committees are not required to consist entirely of independent directors in accordance with Nasdaq corporate governance rules. Accordingly, you will not have the same protections afforded to shareholders of companies that are subject to all of the corporate governance requirements applicable to companies that are not "controlled companies." Even if we were to lose our foreign private issuer status but remain a "controlled company," we may elect to avail ourselves of some or all of the "controlled company" exemptions under Nasdaq corporate governance rules.

#### Dutch Law
PicPay Netherlands is also subject to the Dutch Civil Code. In addition, a company having its corporate seat in the Netherlands, and its shares admitted to listing on a stock exchange, including a company with shares listed on Nasdaq, is required under Dutch law to disclose in its management report whether it complies with the provisions of the Dutch Corporate Governance Code and, if not, to explain the reasons why. The Dutch Corporate Governance Code contains, *inter alia*, principles and best practice provisions that regulate relations between a company's board of directors and its shareholders (e.g., the general meeting) and its audit and financial reporting functions.

PicPay Netherlands intends to comply with the relevant best practice provisions of the Dutch Corporate Governance Code from the date that its Class A common shares are listed on Nasdaq, except as may be noted from time to time in its management report.

#### Compensation of Directors and Officers
The board of directors determines the remuneration of the directors of PicPay Netherlands with due observance of the remuneration policy adopted by the general meeting at the proposal of the board of directors. Executive directors may not take part in the decision-making process in respect of the remuneration of executive directors. A proposal with respect to a remuneration scheme in the form of shares or rights to shares must be submitted by the board of directors to the general meeting for its approval. This proposal must set out at least the maximum number of shares or rights to shares to be granted to executive directors and the criteria for granting or amendment.

Under Dutch law, we are required to disclose compensation paid to our directors on an individual basis in the Company's management report. We are not required to disclose compensation paid to our executive officers on an individual basis, unless such executive officer is also a director.

In accordance with our remuneration policy, our directors receive fixed and may receive variable compensation. They also receive benefits in line with market practice. The fixed component of their compensation is set on market terms and may be adjusted annually, with due observance of the remuneration policy.

The compensation of our executive officers is determined by the board of directors. Our executive officers receive fixed and may receive variable compensation. They also receive benefits in line with market practice. The fixed component of their compensation is set on market terms and may be adjusted annually.

The amount paid as compensation for our key management, including short-term benefits, was R$18.2 million for the year ended December 31, 2024 and R$18.5 million for the year ended December 31, 2023.

#### Adjustments to Variable Remuneration
Pursuant to Dutch law, the variable remuneration of board members may be reduced or board members may be obliged to repay (part of) their remuneration to our company if certain circumstances apply, which are summarized below.

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Pursuant to Dutch law, the board of directors may adjust the variable remuneration to an appropriate level if payment of the variable remuneration were to be unacceptable according to the criteria of reasonableness and fairness.

In addition, the board of directors will have the authority under Dutch law to recover from an executive director any variable remuneration awarded on the basis of incorrect financial data in respect of underlying targets or other circumstances of which the variable remuneration is dependent.

#### Employment Agreements
We have entered into, through our Brazilian subsidiaries, employment agreements with each of the executive officers listed under "— Executive Officers" above. These agreements include provisions regarding duration, remuneration and employment benefits, among others.

#### Long-Term Incentive Plan
Prior to the closing of the offering, our board of directors expects to adopt a Long-Term Incentive Program, which will be applicable to us and our subsidiaries.

The purpose of our Long-Term Incentive Program is to: (1) incentivize the long-term commitment of its beneficiaries to us; (2) attract and retain the leading professionals by offering incentives that are aligned with our continued growth; and (3) provide us with a competitive advantage in the market when hiring talent.

Any of ours or our affiliates' employees, board members, executives officers or other members elected by our chief executive officer and board of directors, on a discretionary basis, may be beneficiaries under our Long-Term Incentive Program.

In connection with our Long-Term Incentive Program, beneficiaries will be granted rights to a percentage of our total shares, which will be delivered individually to participants upon the successful completion of our initial public offering or a private placement of our shares (i.e., a non-public offering).

The percentage of our total shares that may be granted to beneficiaries will be defined on a discretionary basis by our chief executive officer and the maximum aggregate number of shares that may be issued pursuant to awards under our Long-Term Incentive Program is equivalent to 3% of our total capital stock immediately following this offering.

Share awards are scheduled to vest in five equal annual installments and beneficiaries will receive our Class A common shares. If an employee terminates their employment with us prior to the end of any vesting period, the employee will forfeit the right to receive any unvested shares.

#### Directors' and Officers' Insurance
We provide civil liability insurance coverage for acts carried out by our directors and executive officers in the course of their duties.

#### Exculpation and Indemnification of Directors and Officers
Members of our board of directors, including former members, will have the benefit of the following indemnification provisions in our Articles of Association:

Current and former members of our board of directors shall be reimbursed for all expenses (including reasonably incurred and substantiated attorneys' fees), financial effects of judgments, fines and amounts paid in settlement actually and reasonably incurred by him or her in connection with such action, suit or proceeding, provided he or she acted in good faith and in a manner he or she reasonably believed to be in or not opposed to our best interests or out of his or her mandate, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful. Any indemnification shall be made only (unless ordered by a court) upon a determination that indemnification of a director or former director is proper under the circumstances because he or she had met the applicable standard of conduct set.

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Expenses that a director or former director has incurred in defending a civil or criminal action, suit or proceeding may be paid by PicPay Netherlands in advance of the final disposition of such action, suit or proceeding, upon a resolution of the board of directors with respect to the specific case upon receipt of an undertaking by or on behalf of the director to repay such amount, unless it is ultimately determined that such director is entitled to be indemnified by us.

A director or former director of PicPay Netherlands shall not be entitled to any indemnification, if and to the extent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dutch law would not permit such indemnification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a Dutch court, a judicial tribunal or, in case of an arbitration, an arbitrator has established by final judgment that is not open to challenge or appeal, that the acts or omissions of the director can be considered intentional, fraudulent, grossly negligent, willfully reckless, seriously culpable, or willful misconduct on the part of the director, unless this would in the given circumstances be unacceptable according to the standards of reasonableness and fairness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the costs or the decrease in assets of the director are covered by an insurance and the insurer started payment of the costs or the decrease in assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PicPay Netherlands brought up the procedure in question before a court.

#### Share Ownership
The shares and any outstanding beneficially owned by our directors and officers and/or entities affiliated with these individuals are disclosed in the section entitled "Principal Shareholders."

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#### Principal Shareholders
The following tables and accompanying footnotes presents information relating to the beneficial ownership of our Class A common shares and Class B common shares: (1) immediately prior to the completion of this offering; (2) following the sale of Class A common shares in this offering, assuming no exercise of the underwriters' option to purchase additional Class A common shares; and (3) following the sale of Class A common shares in this offering, assuming the underwriters' option to purchase additional Class A common shares is exercised in full, by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each person, or group of affiliated persons, known by us to own beneficially 5% or more of our outstanding shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each of our directors and executive officers that individually own 1% or more of our outstanding shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all of our directors and executive officers as a group.

The number of common shares beneficially owned by each entity, person, executive officer or director is determined in accordance with the rules of the SEC, and the information is not necessarily indicative of beneficial ownership for any other purpose. Under such rules, beneficial ownership includes any shares over which the individual has sole or shared voting power or investment power as well as any shares that the individual has the right to acquire within 60 days through the exercise of any option, warrant or other right. Except as otherwise indicated, and subject to applicable community property laws, we believe that each shareholder identified in the table below possesses sole voting and investment power over all the Class A common shares or Class B common shares shown as beneficially owned by the shareholder in the table. The following tables do not reflect the anchor investor's ownership of the controlling shareholder shares that the anchor investor may purchase upon exercise of the anchor investor warrants as these warrants are not exercisable within 60 days of the date of this prospectus. See "The Offering — anchor investor shares," "The Offering — Transfer restrictions on anchor investor shares" and "The Offering — anchor investor warrants."

The percentages of beneficial ownership in the table below are calculated on the basis of the following numbers of shares outstanding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• immediately prior to the completion of this offering: Class A common shares and Class B common shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• following the sale of Class A common shares in this offering, assuming no exercise of the underwriters' option to purchase additional Class A common shares: Class A common shares and Class B common shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• following the sale of Class A common shares in this offering, assuming exercise in full of the underwriters' option to purchase additional Class A common shares: Class A common shares and Class B common shares.

Unless otherwise indicated below, the address for each beneficial owner is c/o PicPay Brazil, Av. Manuel Bandeira, 291, Block A, 2<sup>nd</sup> floor, São Paulo, SP, 05317-020, Brazil.

The table below excludes any purchases that may be made in this offering through our directed share program. See "Underwriting — Directed Share Program."

#### Immediately Prior to this Offering

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Shares Outstanding** | **Shares Outstanding** | **Shares Outstanding** | **Shares Outstanding** | **Shares Outstanding** | **Shares Outstanding** |  |
|  | **Class A <br>common shares** | **Class A <br>common shares** | **Class B <br>common shares** | **Class B <br>common shares** | **Total** | **Total** | **% Voting <br>Power<sup>(1)</sup>** |
|  **Shareholder** | **Shares** | **%** | **Shares** | **%** | **Shares** | **%** | **% Voting <br>Power<sup>(1)</sup>** |
|  **5% Shareholders** |  |  |  |  |  |  |  |
|  J&F International<sup>(2)</sup> |  |  |  |  |  |  |  |
|  Banco Original S.A. |  |  |  |  |  |  |  |
|  **Executive Officers and Directors** |  |  |  |  |  |  |  |

---

____________

(1) Percentage of total voting power represents voting power with respect to the aggregate voting power of all of our Class A common shares and our Class B common shares combined. Holders of our Class B common shares are entitled to 10 votes per share, and holders of our Class A common shares are entitled to one vote per share.

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(2) J&F International B.V., a private limited liability company incorporated under Dutch law, is a wholly-owned subsidiary of J&F Participações, a Brazilian holding company. J&F Participações is jointly controlled, pursuant to a shareholders' agreement, by Messrs. Joesley Mendonça Batista and Wesley Mendonça Batista, our ultimate controlling shareholders. For more information about the shareholders' agreement of J&F Participações, see "— Shareholders' Agreement of J&F Participações." The address of J&F International is Gondel 1, 1186 MJ Amstelveen, the Netherlands.

#### Immediately Following this Offering
Assuming no exercise of the underwriters' option to purchase additional Class A common shares:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Shares Outstanding** | **Shares Outstanding** | **Shares Outstanding** | **Shares Outstanding** | **Shares Outstanding** | **Shares Outstanding** |  |
|  | **Class A <br>common shares** | **Class A <br>common shares** | **Class B <br>common shares** | **Class B <br>common shares** | **Total** | **Total** | **% Voting <br>Power<sup>(1)</sup>** |
|  **Shareholder** | **Shares** | **%** | **Shares** | **%** | **Shares** | **%** | **% Voting <br>Power<sup>(1)</sup>** |
|  **5% Shareholders** |  |  |  |  |  |  |  |
|  J&F International<sup>(2)</sup> |  |  |  |  |  |  |  |
|  Banco Original S.A. |  |  |  |  |  |  |  |
|  **Executive Officers and Directors** |  |  |  |  |  |  |  |

---

____________

(1) Percentage of total voting power represents voting power with respect to the aggregate voting power of all of our Class A common shares and our Class B common shares combined. Holders of our Class B common shares are entitled to 10 votes per share, and holders of our Class A common shares are entitled to one vote per share.

Assuming the underwriters' option to purchase additional Class A common shares is exercised in full:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Shares Outstanding** | **Shares Outstanding** | **Shares Outstanding** | **Shares Outstanding** | **Shares Outstanding** | **Shares Outstanding** |  |
|  | **Class A <br>common shares** | **Class A <br>common shares** | **Class B <br>common shares** | **Class B <br>common shares** | **Total** | **Total** | **% Voting <br>Power<sup>(1)</sup>** |
|  **Shareholder** | **Shares** | **%** | **Shares** | **%** | **Shares** | **%** | **% Voting <br>Power<sup>(1)</sup>** |
|  **5% Shareholders** |  |  |  |  |  |  |  |
|  J&F International<sup>(2)</sup> |  |  |  |  |  |  |  |
|  Banco Original S.A. |  |  |  |  |  |  |  |
|  **Executive Officers and Directors** |  |  |  |  |  |  |  |

---

____________

(1) Percentage of total voting power represents voting power with respect to the aggregate voting power of all of our Class A common shares and our Class B common shares combined. Holders of our Class B common shares are entitled to 10 votes per share, and holders of our Class A common shares are entitled to one vote per share.

The holders of our Class A common shares and Class B common shares have identical rights, except that holders of Class B common shares (i) are entitled to 10 votes per share, whereas holders of our Class A common shares are entitled to one vote per share and (ii) have certain conversion rights. Each Class B common share is convertible into one Class A common share and one conversion share. However, our Class A common shares are not convertible into Class B common shares under any circumstances. For more information see "Description of Share Capital — Conversion."

#### Shareholders' Agreement of J&F Participações
Currently, Messrs. Joesley Mendonça Batista and Wesley Mendonça Batista each directly own 50% of the total capital stock of J&F Participações.

On March 4, 2022, Messrs. Joesley Mendonça Batista and Wesley Mendonça Batista entered into a shareholders' agreement in respect of their interest in J&F Participações' capital stock, or the "J&F shareholders' agreement," with J&F Participações as intervening and consenting party. This agreement, which governs their relationship as shareholders of J&F Participações, has a ten-year term and also grants certain rights to the shareholders, among other matters.

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The following is a summary of certain terms of the J&F shareholders' agreement:

#### Principles
Pursuant to the J&F shareholders' agreement, Messrs. Joesley Mendonça Batista and Wesley Mendonça Batista have agreed to exercise their rights as shareholders of J&F Participações, particularly their voting rights, in order to ensure the terms of the J&F shareholders' agreement are fulfilled and in furtherance of the following principles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the management of the J&F Participações must be carried out by qualified and experienced professionals, who must be duly qualified for the positions they hold;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• J&F Participações' strategic decisions must seek to grow its business and maximize the return on investments to its shareholders, in accordance with prudent management practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• J&F Participações' management must always seek the highest levels of profitability, efficiency and competitiveness, in accordance with applicable legislation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• J&F Participações' management must comply with all monetary, social security, labor and environmental standards, including standards relating to safety and hygiene at work, with respect to J&F Participações' management, employees, agents and third-party subcontractors.

#### Prior Meetings
Pursuant to the J&F shareholders' agreement, Messrs. Joesley Mendonça Batista and Wesley Mendonça Batista have agreed that they will convene a meeting between them to agree their votes at any general meeting of J&F Participações' shareholders unless they previously agree such votes in writing.

#### Management
Pursuant to the J&F shareholders' agreement, the management of J&F Participações must comprise a minimum of two and a maximum of five officers who must be elected during the general meeting for three-year terms.

#### Pledges
Neither of Messrs. Joesley Mendonça Batista and Wesley Mendonça Batista may pledge, directly or indirectly, their shares of J&F Participações, except upon the prior written consent of the other shareholder.

#### Preemptive Rights
Pursuant to the J&F shareholders' agreement, in the event that either Messrs. Joesley Mendonça Batista and Wesley Mendonça Batista seeks to sell, assign, transfer or in any way divest all or a portion of his shares of J&F Participações and receives a proposal in writing from a third party to such effect, such selling shareholder will provide the other shareholder with notice of such proposal, including the proposal's terms and conditions and the intention of the selling shareholder to accept such proposal. Subject to certain exceptions, such other shareholder will have a preemptive right to acquire the shares subject to the proposal on the same terms and conditions of the proposal.

#### Tag-Along Rights
Pursuant to the J&F shareholders' agreement, in the event that either Messrs. Joesley Mendonça Batista and Wesley Mendonça Batista seeks to sell part or all of his shares of J&F Participações to an interested third party, the other shareholder will have the right, subject to certain exceptions, to sell all or a portion of his shares of J&F Participações in such sale.

#### Permitted Transfers
Pursuant to the J&F shareholders' agreement, certain transfers by Messrs. Joesley Mendonça Batista and Wesley Mendonça Batista are not subject to preemptive or tag-along rights, including, among others: (1) transfers to their heirs, spouse and/or legal entities in Brazil or abroad over which such shareholder holds control; (2) transfers in relation to

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trusts the beneficiaries of which are such shareholder and/or his heirs and/or spouse; (3) transfers to investment funds the shares of which are wholly owned by such shareholder and/or his heirs and/or spouse; and (4) transfers agreed by the shareholders.

#### Term
The J&F shareholders' agreement will expire on March 4, 2032, and may be amended or rescinded by the shareholders at any time. The J&F shareholders' agreement is governed by the laws of Brazil, and any disputes relating thereto must be litigated in the courts of the city of São Paulo.

#### Ownership through a Dutch Foundation
Certain of our shareholders, including certain members of the Batista family, hold the beneficial title to shares in PicPay Netherlands, for which shares the legal title is held by Dutch foundations. For more information, see "Summary — Our Corporate Structure." The objects of each of Stichting ACC Family, Stichting AGR, Stichting ECS and Stichting JAB as included in their respective Dutch law-governed articles of association are as follows: (i) to acquire ownership of assets for the purpose of holding, preserving and administering those assets for the exclusive benefit and enjoyment of the beneficiaries; (ii) disbursing or distributing all or part of the assets of the foundation at the discretion of the board or using all or part of the assets of the foundation for the purpose of maintenance or otherwise for the benefit of the beneficiaries or one or more of them; and (iii) all that is related to the aforementioned items (i) and (ii) in the broadest sense, in each case subject to the applicable terms and conditions of management. The objects of each foundation also include for it to have been established for personal estate planning purposes.

The articles of association of each foundation includes for one or more beneficiaries to be appointed who will receive distributions from such foundation. Members of the board of a foundation or any person or legal entity that at any time, directly or indirectly, is controlled or influenced by or under common control of a member of the board are excluded from being designated a beneficiary of such foundation. Considering the voting rights attached to shares in the capital of PicPay Netherlands held by each of the foundations will be exercised by the board of such foundation, the beneficiaries do not control the shares held by the foundation in respect of which it has been appointed a beneficiary. The foundations hold the legal title to the shares in the capital of PicPay Netherlands. The shares therefore do not form part of the beneficiary's estate and are not subject to foreclosure by creditors of the beneficiary.

There are no arrangements between any of the foundations and PicPay Netherlands (such as option agreements).

#### Civil and Criminal Actions and Investigations involving our Ultimate Controlling Shareholders

#### Brazilian Collaboration and Leniency Agreements , SEC Settlement and DOJ Plea Agreement
On May 3, 2017, former officers of our affiliate J&F S.A., or "J&F," former senior executives and board members of our affiliates JBS S.A. and JBS USA, each of which is controlled by our ultimate controlling shareholders, as well as our ultimate controlling shareholders, entered into collaboration agreements (*acordos de colaboração premiada*), or the "Collaboration Agreements," with the Brazilian Attorney General's Office (*Procuradoria*-Geral *da República*), setting forth facts and conduct relating to illicit payments made to Brazilian politicians from 2009 to 2015. The information and documents disclosed by J&F representatives through the Collaboration Agreements enabled Brazilian authorities to launch several legal and administrative proceedings involving third parties, including criminal investigations and lawsuits. On June 5, 2017, J&F, on behalf of itself and its subsidiaries, entered into a leniency agreement, or the "Leniency Agreement," with the Brazilian Federal Prosecution Office (*Ministério Público Federal*) in relation to the conduct described in the Collaboration Agreements, and J&F agreed to pay a fine of R$8.0 billion and to contribute an additional R$2.3 billion to social projects in Brazil, each adjusted for inflation, over a 25-year period. The total fine was subsequently reduced to R$3.5 billion (equivalent to approximately US$658.1 million, converted using the foreign exchange rate as of September 30, 2025). In December 2023, the Brazilian Supreme Court (*Supremo Tribunal Federal*) justice overseeing the case suspended J&F's obligation to make any additional installment payments under the Leniency Agreement based upon potential misconduct by enforcement authorities in connection with entering into the Leniency Agreement, which otherwise remains in effect. Although the Leniency Agreement involved matters unrelated to our company, we acceded to it as an affiliated company of J&F, as a result of which an annual independent audit of our compliance program is conducted. For more information about our compliance program, see "Business — Compliance Program."

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On October 14, 2020, J&F, JBS S.A. and our ultimate controlling shareholders, or collectively the "Respondents," entered into a settlement agreement with the SEC relating to the circumstances and payments that were the subject of the Collaboration Agreements and Leniency Agreement. In connection with the SEC settlement, the SEC issued a cease and desist, or the "SEC order," finding violations of certain provisions of Section 13(b) of the Exchange Act and the rules thereunder, including Exchange Act Rule 13b2-2, in connection with illicit payments made in Brazil from 2009 to 2015 pursuant to which, among other things, JBS S.A. received support from a government official to obtain financings from BNDES, which financing facilitated JBS S.A.'s acquisition of PPC in 2009, unbeknownst to the management of PPC. The SEC order required the Respondents to: cease and desist from further violations of certain provisions of Section 13(b) of the Exchange Act and rules thereunder, and Exchange Act Rule 13b2-2; evaluate, review and continue to enhance anti-bribery and anti-corruption compliance programs; and report to the SEC on such enhancements and report any illicit payments that it discovers for a period of three years. JBS S.A. was also ordered to pay disgorgement to the SEC in the amount of US$26.9 million, and each of our ultimate controlling shareholders was ordered to pay a civil penalty of US$550,000, each of which payments has been made in full. In January 2024, following a three-year reporting period, the SEC's Division of Enforcement issued termination letters that formally concluded its investigation into each of the Respondents, including JBS S.A. In these termination letters, the SEC stated that, as of the date of the letters, it did not intend to recommend any further enforcement action in this matter.

Also on October 14, 2020, J&F reached an agreement with the DOJ, pursuant to which J&F pled guilty to one count of conspiracy to violate the anti-bribery provisions of the FCPA, in relation to the circumstances and payments that were the subject of the Collaboration Agreements and Leniency Agreement. The plea agreement imposed a criminal penalty of US$256.5 million, payable in two installments of approximately US$128.2 million each. J&F paid a single installment of US$128.2 million to the U.S. government, with the remaining balance deemed to have been offset by payments made by J&F to Brazilian authorities under the Leniency Agreement. The plea agreement also required J&F to implement a compliance program that satisfied DOJ standards and to improve its internal accounting controls, policies, and procedures regarding compliance with the FCPA; report to the DOJ regarding remediation efforts and progress on the implementation of J&F's compliance program for three years; report evidence or allegations of violations of the anti-bribery provisions of the FCPA during the three-year period; and cooperate fully with the DOJ and other agencies in any investigation concerning J&F, its affiliates, executives, employees, or agents relating to the relevant conduct or any other conduct under investigation by the DOJ during the three-year period. Our ultimate controlling shareholders and J&F have informed us that they have satisfied all payment obligations and have complied with all undertakings and other obligations under the DOJ plea agreement.

#### Other Investigations and Proceedings
Our ultimate controlling shareholders and J&F were under investigation by the CVM in Brazil for alleged violations of Brazilian securities and corporate law, including possible violations of insider trading law involving shares of controlled companies, and foreign exchange futures contracts, as set forth below. These investigations have since been concluded as further described below. Our ultimate controlling shareholders are also subject to ongoing criminal proceedings by the Brazilian Federal Prosecution Office based on similar allegations.

On May 30, 2017, CVM filed an administrative proceeding against JBS S.A. and Mr. Wesley Mendonça Batista to investigate the alleged use of privileged information in connection with the purchase of U.S. dollar futures. On December 8, 2017, the CVM filed an administrative proceeding against Seara (a subsidiary of JBS S.A.) and Eldorado Brasil Celulose S.A. (an affiliate of JBS S.A.) to investigate the alleged use of privileged information in connection with trades of U.S. dollar derivatives contracts. On that date, the CVM joined the proceedings and began a punitive administrative proceeding (PAS 5388/2017) against JBS S.A., Seara, Mr. Wesley Mendonça Batista and Eldorado Brasil Celulose S.A. to determine possible liability in connection with these allegations. On October 31, 2023, the Board of Commissioners of the CVM acquitted the defendants of all charges.

On September 25, 2017, the CVM began a punitive administrative proceeding (PAS 5390/2017) against Messrs. Joesley Mendonça Batista and Wesley Mendonça Batista and J&F to determine possible liability in connection with allegations of price manipulation, misuse of privileged information, trading of assets in a blackout period, violation of the duty of loyalty and abuse of controlling power involving trades of JBS S.A. Common Shares. On October 31, 2023, the Board of Commissioners of the CVM acquitted the defendants of all charges except for imposing the fine on J&F of R$500 thousand for trading in JBS S.A. common shares during a blackout period.

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Furthermore, as a result of its investigation into the activities of our ultimate controlling shareholders for alleged insider trading, the CVM also alleged a lack of internal controls at JBS S.A. relating to former board members and asserted that Mr. Wesley Mendonça Batista had sole control over hedging transactions. In 2018, the CVM opened a punitive administrative proceeding (PAS 1225/2018) involving allegations of lack of proper care and diligence in monitoring JBS S.A.'s hedging policy and failing to implement recommendations proposed by JBS S.A.'s independent auditors, in violation of article 153 of the Brazilian Corporation Law. The alleged conduct took place in 2016 and 2017. JBS S.A. contested these allegations and disputed the CVM's claims of lack of internal controls relating to hedging transactions and that Mr. Wesley Mendonça Batista had sole control over these transactions. On August 15, 2023, the CVM approved a settlement proposal submitted jointly by Messrs. José Batista Sobrinho, Joesley Mendonça Batista and Wesley Mendonça Batista and two other defendants, pursuant to which the defendants agreed to pay fines in the aggregate amount of R$12.7 million (US$2.6 million), each of which payments has been made in full.

In April 2018, the CVM opened an investigation into alleged breaches by our ultimate controlling shareholders of certain provisions of the Brazilian Corporation Law that prohibits shareholders from voting in certain corporate matters in which they have a conflict of interest. This investigation related to the vote, by FB Participações S.A., or "FB" (at the time, the direct controlling shareholder of JBS S.A), to approve the 2016 financial statements of JBS S.A. at JBS S.A.'s annual general shareholders' meeting held in 2017. Messrs. Wesley Mendonça Batista and Joesley Mendonça Batista, both shareholders of J&F (at the time, the controlling shareholder of FB), acted as CEO and board member of JBS S.A., respectively, during 2016. The CVM initially argued that, by virtue of the relationship between FB and Messrs. Joesley Mendonça Batista and Wesley Mendonça Batista and their roles at JBS S.A., the approval of JBS S.A.'s financial statements by FB constituted a formal conflict of interest, under which allegedly conflicted shareholders are prohibited from voting, and, as a consequence, FB should have recused itself from this vote. However, the CVM later deliberated the matter on the basis of a substantive theory of conflicts of interest that relies on a facts and circumstances analysis. On April 18, 2023, the CVM agreed to settle the case with a payment of R$6.5 million (US$1.3 million) by Messrs. Joesley Mendonça Batista and Wesley Mendonça Batista with no assumption of guilt by the defendants. This proceeding was terminated after payment was made on June 19, 2023.

For additional information, see "Risk Factors — Risks Relating to Our Business and Industry — We are subject to reputational risk in connection with U.S. and Brazilian civil and criminal actions and investigations involving our ultimate controlling shareholders, which may materially adversely impact our business and prospects and damage our reputation and image."

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#### Related Party Transactions
Set forth below are descriptions of our principal agreements with related parties. This information should be read in conjunction with note 19 of our unaudited condensed consolidated interim financial statements, and note 3.17 and note 21 of our audited consolidated financial statements, included elsewhere in this prospectus.

#### Agreements with Banco Original
In 2023, J&F Participações announced its plan to integrate Banco Original's retail operations with PicPay, allowing both companies to focus on their respective strengths (PicPay in retail and Banco Original in wholesale, corporate and agribusiness). This is expected to allow each company to focus on its core businesses while benefiting from operational and financial synergies. The integration of Banco Original's retail operations began with the transfer of its personal checking accounts and associated assets to the PicPay platform in July 2023. We also began originating personal loans in October 2023, and the PicPay credit card portfolio was transferred to PicPay from Banco Original in January 2024, fully internalizing our credit card operations at the start of 2024. For more information, see "Business — Our History — Recent Acquisitions and Corporate Transactions" and "Management's Discussion and Analysis of Financial Condition and Results of Operations — Principal Factors Affecting our Financial Condition and Results of Operations — Acquisitions and New Lines of Business and Other Developments."

#### Rights Assignment Agreement
On January 26, 2024, PicPay Bank entered into a Rights Assignment Agreement (*Contrato de Cessão de Direitos*) with Banco Original with the purpose to establish the assignment of credit card agreements and credits arising from all credit operations linked to such cards from Banco Original to PicPay Bank. This agreement was terminated and fully settled on February 9, 2024.

#### Operational Agreement
On March 28, 2024, PicPay Bank and Banco Original entered into an Operational Agreement (*Acordo Operacional*) with the purpose to deal with cashback amounts due to the customers in connection with Banco Original's Cashback Program. Such agreement is related to the acquisition of Banco Original's credit card portfolio by PicPay Bank. Such agreement will remain valid for an indefinite period. This agreement was terminated and fully settled on the same date (March 28, 2024).

#### Recovering of Credit Services Agreement
On January 18, 2024, PicPay Bank entered into a Recovering of Credit Services Agreement (*Contrato de Prestação de Serviços de Cobrança de Crédito*) with Banco Original, pursuant to which PicPay Bank agreed to provide certain services to Banco Original relating to collection and recovery of amounts owed to Banco Original as a result of any debts of its defaulting customers. Such agreement has a twenty-four (24) months term, being effective from January 1, 2023. This agreement may be terminated by either party upon 30 days' prior notice.

#### Cost Sharing Agreement (PicPay Bank)
On January 10, 2024, PicPay Bank entered into a Cost Sharing Agreement (*Contrato de Compartilhamento de Despesas*) with Banco Original to regulate the terms and conditions governing the sharing of support areas between PicPay Bank and Banco Original, as well as the reimbursement by Banco Original of certain costs incurred by PicPay Bank in the contracting of suppliers who provide products and/or services that are also shared between PicPay Bank and Banco Original. This agreement will remain valid for an undetermined period. Either party may terminate this agreement for any reason and without penalty at any time with 30 days' prior written notice to the other party.

#### Cost Sharing Agreement (PicPay Brazil)
On November 16, 2023, PicPay Brazil entered into a Cost Sharing Agreement (*Contrato de Compartilhamento de Despesas*) with Banco Original to regulate the terms and conditions related to the cost sharing of back-office areas, as well as the reimbursement by Banco Original of certain costs incurred in the contracting certain suppliers, such as costs incurred by the technology area. Such agreement will remain valid for an indefinite period.

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#### Prepayment of Receivables (PicPay Bank)
In September 2024, PicPay Bank originated a transaction to J&F in the total amount of R$300 million, with a maturity of 30 days, at an interest rate of 1.76%. J&F assigned credit rights that J&F had against JBS S.A. derived from the right to receive interim dividends from JBS S.A. as a collateral. Such transaction was settled on October 7, 2024.

#### Operational Agreement
On May 5, 2022, PicPay Brazil entered into an Operational Agreement (*Contrato Operacional*) with Banco Original S.A. and Original Hub Ltda., granting a license for the use of APIs to offer its customers payment services for bank slips, taxes and utility bills from Banco Original, as well as account registration for automatic debit. On November 29, 2022, the parties executed an amendment to the Operational Agreement, assigning the agreement from Original Hub Ltda. to Banco Original. On December 21, 2022, new APIs were contracted to enable access to cash withdrawal and processing services using QR Codes at ATMs of the 24Horas network. In 2024, PicPay completed the development of such solutions, and on March 21, 2025, such agreement was terminated on March 21, 2025.

#### Partnership Agreement
On May 8, 2023, PicPay Brazil and Banco Original entered into a Partnership Agreement (*Contrato de Parceria*) with the purpose of payment to PicPay of an indication fee in the offering of the services of Banco Original in the anticipation of future receivables arising from payment transactions of PicPay's clients. On December 26, 2024, such agreement was terminated.

#### Cooperation Agreement
On March 2, 2021, PicPay Brazil and Banco Original amended and restated a cooperation agreement (*Termo de Cooperação*) dated June 9, 2020, pursuant to which PicPay Brazil and Banco Original share customer data and increase the efficiency of the parties' data intelligence, allowing them to: (1) develop, improve and offer financial and/or payment products suitable for their customers; and (2) comply more efficiently with their respective legal and regulatory obligations, such as validating registration information, monitoring money laundering and financing of terrorism, among other obligations. This agreement specifies the rights and obligations for the shared use of personal data by the parties. Each party is responsible for their own expenses in connection with this agreement. This agreement has an indefinite term and may be terminated by either party upon 30 days' prior notice, upon the breach by the other party that continues for more than ten days or upon the occurrence of certain specified events, such as the bankruptcy of either party.

This agreement does not provide for the payment of remuneration by either party.

#### Payment Arrangement Participation Agreement
On February 26, 2020, PicPay Brazil and Banco Original amended and restated a Closed-loop Payment Arrangements Agreement (*Contrato de Arranjo de Pagamento Fechado*) dated November 27, 2018. Taking into consideration that Banco Original is no longer a credit card issuer and that, on October 3, 2024, Banco Original advanced the amount corresponding to the settlement of all credit card transactions carried out under the PicPay payment arrangement, and, therefore, are no new transactions to be settled, the contractual obligations have been fulfilled, and such agreement was terminated.

#### Banking Correspondent Agreement
On February 24, 2021, PicPay Brazil and Banco Original amended and restated a Banking Correspondent Agreement (*Contrato de Correspondente Bancário*) dated September 11, 2018. However, due to the fact that PicPay has developed its own solutions for processing bill payments for its customers and Banco Original is no longer a card issuer, such agreement was terminated on March 21, 2025.

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#### Derivatives Master Agreement
On July 4, 2024, PicPay Bank and Banco Original entered into a Derivatives Master Agreement (*Contrato Global de Derivativos*), with the purpose of providing a standardized template for over-the-counter (OTC) transactions between the parties, streamlining the negotiation process and facilitating efficient and secure OTC derivatives trading. Such agreement establishes daily mark-to-market checks with bilateral margin exchange between the parties with the purpose of mitigating credit risk. As of September 30, 2025, under such agreement, there are only Payer OIS (Overnight Index Swaps) with the exposure (fair-value) fully collateralized by deposits from Banco Original.

#### Endorsement of Bank Credit Notes without Co-obligation Agreement
On April 10, 2024, Banco Original entered into an Endorsement Bank Credit Notes without Co-obligation Agreement (*Contrato de Endosso de Cédulas de Crédito Bancário sem Coobrigação*) with PicPay Bank, through which Banco Original committed to endorse and transfer to PicPay Bank the credit notes issued by Banco Original in its loan transactions that are collateralized by credit rights arising from the FGTS loans. Such agreement will remain valid for an indefinite period and may be terminated by either party with a 30-day prior notice.

#### Cost Sharing Agreement (PicPay Brazil)
On May 16, 2025, PicPay Brazil entered into a Cost Sharing Agreement (*Contrato de Compartilhamento de Despesas*), with Banco Original to regulate the terms and conditions related to the cost sharing of the Information Security area. This agreement will remain valid until December 31, 2025 and may be terminated by either party through a 30 days' prior notice.

#### Operational Agreement
On January 21, 2025, PicPay Brazil entered into an Operational Agreement (*Contrato Operacional*) with Banco Original to provide administrative services, including human resources, systems sharing, and materials used. The term of this agreement is indefinite. This agreement may be terminated by either party upon 30 days' prior notice. The expenses are recognized in the statement of profit or loss as "administrative expenses".

#### Asset Purchase and Sale Agreement
On June 23, 2025, PicPay Brazil entered into an Asset Purchase and Sale Agreement with Banco Original to establish the criteria for PicPay Brazil's acquisition of some tangible assets owned by Banco Original, with the purchase price determined based on an appraisal report under fair market conditions. This agreement was agreed to be terminated and fully settled on June 26, 2025.

#### Banking Correspondent Services Agreement with Guiabolso
On July 26, 2022, Banco Original and GuiaBolso entered into a Banking Correspondent Agreement (*Contrato de Correspondente Bancário*). This agreement is valid for an indefinite period and may be terminated by either party through a 30 days' prior notice.

#### Transfer of PicMarket
On October 28, 2022, JBS S.A., Guiabolso and PicPay Brazil entered into a Partnership Agreement and Other Covenants (*Contrato de Parceria e outras Avenças*) with the purpose to develop a digital B2B marketplace platform. On March 20, 2024, the parties acknowledged the amounts due by each party and determined the acquisition of the platform's intellectual property rights by JBS S.A. (the "Termination Agreement"). On May 27, 2024, the parties rectified some terms of the Termination Agreement to establish a transition period until November 30, 2024. On September 6, 2024, the parties signed a Settlement Agreement, formally ending the transition period and determining the outstanding balance, which was paid by JBS S.A. to Guiabolso on September 25, 2024.

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#### Credit Card Partnership Agreement
On March 5, 2021, PicPay Brazil and Banco Original amended and restated a Credit Card Partnership Agreement (*Contrato de Parceria para Emissão de Cartões de Pagamento)* dated September 9, 2020, entered with the purpose to develop and offer the PicPay Card through its service channels, with Banco Original as the card issuer. Such agreement is valid for a ten-year period and will be automatically extended for additional five years, unless either party expresses otherwise.

PicPay assigned its position under this Partnership Agreement to PicPay Bank, and therefore, the Partnership Agreement allow PicPay Bank to request Banco Original to anticipate the settlement of credit card transactions.

On October 3, 2024, PicPay Bank requested Banco Original to anticipate all the transactions made by credit card issued by Banco Original and processed under the Strategic Alliance and Incentive Program Agreement entered into with Mastercard Brazil. On October 31, 2024, such agreement was fully settled.

#### Assignment Agreement with Ambar
On October 1, 2024, PicPay Bank entered into a Receivables Assignment Agreement with Âmbar Energia S.A., of one installment in connection with the Reserve Energy Contract (CER) of Brazilian Electric Energy Trading Chamber (CCEE), at market conditions. Such transaction involved an amount of R$143.9 million and was liquidated on December 19, 2024.

#### Assignment Agreements with J&F
On December 10, 2025, and December 19, 2025, PicPay Bank entered into the following non-recourse credit rights assignment agreements with J&F for the acquisition of credit rights held against certain electric power distributors arising from the sale of electric power by J&F subsidiaries at market conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on December 10, 2025, Mauá III assigned receivables in the total amount of R$1,097 million, with an annual discount rate of 19.86%, for a total purchase price of R$581 million; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on December 19, 2025, Âmbar Energia assigned receivables in the total amount of R$376 million, with an annual discount rate of 19.11%, for a total purchase price of R$325 million.

#### Trademark Sale Agreement
On May 2, 2019, PicPay entered into a trademark sale agreement (*Instrumento Particular de Cessão de Titularidade e Exploração de Marcas e Domínios*) with J&F Participações, as amended on May 30, 2019, and June 7, 2019, pursuant to which PicPay sold the "PicPay" trademark and certain other trademarks and domain names to J&F Participações. Pursuant to such trademark sale agreement, PicPay may continue to use the trademark and domain names for a period of four years, which can be extended by an additional period of four years upon mutual agreement by the parties. After the execution of a termination agreement on September 20, 2021, the financial obligations of the parties pursuant to the trademark management agreement and the trademark sale agreement ended. Therefore, since that date, no royalty fees have been paid by PicPay, and PicPay has been responsible for all of its brand promotion and development expenses in connection with the "PicPay" trademark.

#### Indemnification Agreements
We intend to enter into indemnification agreements with our executive officers. The indemnification agreements require us to indemnify our executive officers to the fullest extent permitted by law.

See "Management — Exculpation and Indemnification of Directors and Officers" for a description of the indemnification provisions for our directors as included in our Articles of Association.

#### Directed Share Program
At our request, the underwriters have reserved up to 3% of the Class A Common Shares offered by this prospectus for sale, excluding the additional shares that the underwriters have an option to purchase within 30 days from the date of this prospectus, at the initial public offering price, to our eligible employees, including directors and officers. The number of Class A Common Shares available for sale to the general public will be reduced to the

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extent these individuals purchase such reserved shares. Participants in the directed share program will also be subject to the terms of a lock-up agreement (180-day lock-up restrictions) with respect to the shares purchased through the directed share program. The directed share program does not constitute, and should not be construed as, an offer to sell or the solicitation of an offer to purchase any securities to the general public of investors resident or domiciled in Brazil. The shares offered pursuant to the directed share program have not been, and will not be, registered with the CVM, nor have they been submitted for approval under Brazilian securities laws. Accordingly, the directed share program may not be offered, sold, solicited or distributed, directly or indirectly, in Brazil, except in circumstances that do not constitute a public offering under applicable Brazilian securities legislation and regulations. Other than the underwriting discount set forth on the cover page of this prospectus, the underwriters will not be entitled to any commission with respect to our Class A Common Shares sold pursuant to the directed share program. See "Underwriting — Directed Share Program."

#### Related Party Transaction Policy
Our related party transaction policy establishes certain guidelines that are applicable to transactions between us and our subsidiaries and related parties, with the purpose to ensure that all transactions are in accordance with applicable laws and regulations and seek our best interests, ensuring transparency and competitiveness, as well as best corporate governance practices.

Our related party transaction policy establishes the following guidelines in connection with the approval of related party transactions: (i) related party transactions in an amount lower than or equal to R$200,000 over a period of twelve months, must be approved by the executive officers of the contracting area; (ii) related party transactions in an amount higher than R$200,000 and lower than or equal to R$5,000,000 over a period of twelve months, must be approved by the majority of the executive officers; and (iii) related party transactions that exceed the amount of R$5,000,000 over a period of twelve months, must be approved by our audit committee. Any related party transactions may be at any time indicated by the audit committee to be approved by our board of directors. In accordance with the Dutch Corporate Governance Code, our related parties transactions policy also provides for any transactions between the Company or a subsidiary and (i) one or more shareholders holding at least 10% of the shares in the capital of the Company, (ii) a member of our board of directors or (iii) the spouse, registered partner or other life companion, foster child and relatives by blood or marriage up to the second degree of a member of our board of directors, to require prior approval by our non-executive directors and will be reported in our management report.

In addition, our related party transaction policy prohibits transactions with related parties that: (i) are not at arm's length conditions, aligned with our business goals, and adversely affect our interests, or (ii) involve a disproportionate compensation.

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#### Description of Share Capital
*The following includes a summary of the material terms of our Articles of Association and significant provisions of Dutch law as in effect on the date of this prospectus. Because the following is only a summary, it does not contain all of the information that may be important to you. You should carefully read the complete text of our Articles of Association, an unofficial English translation of the form of which has been filed as an exhibit to the registration statement of which this prospectus forms a part.*

#### General
PicPay Netherlands was incorporated on December 27, 2023 as a private limited liability company under Dutch law, with its corporate seat in Amsterdam, the Netherlands, with the name "Picpay Holdings Netherlands B.V." Prior to the completion of the offering, the issuer will be converted into a public limited liability company under Dutch law with the name "PicS N.V." Its registered office is located at Stroombaan 10, 1181 VX Amstelveen, the Netherlands.

We are registered with the trade register of the Dutch chamber of commerce under number 92410456.

#### Share Capital
Prior to the closing of this offering, PicPay Netherlands' share capital will consist of the: (1) Class A common shares, with a nominal value of €0.01 each; (2) Class B common shares, with a nominal value of €0.10 each; and (3) conversion shares, with a nominal value of €0.09 each. Any holder of Class B common shares may convert their shares at any time into Class A common shares and conversion shares on a ratio of one Class A common share and one conversion share for each Class B common share so converted. The rights of the two classes of common shares are otherwise identical, except as described below. See "— Anti-Takeover Provisions in our Articles of Association — Two Classes of Common Shares."

Upon the completion of this offering, our authorized share capital will amount to € divided into Class A common shares, with a nominal value of €0.01 each, Class B common shares, with a nominal value of €0.10 each, and conversion shares, with a nominal value of €0.09 each. Under Dutch law, at least 20% of the authorized capital of a public limited liability company must be issued and at least 25% of the nominal value of the issued shares (and authorized share capital) must be paid up. The issued and paid-up capital must total at least €45,000. Payment on shares in kind is possible. Our authorized share capital is the maximum capital that we may issue shares for without amending our Articles of Association. An amendment of our Articles of Association would require a resolution of our general meeting, at the proposal of the board of directors, to be passed by a simple majority.

Immediately prior to the completion of this offering our issued share capital amounts to € , divided into Class A common shares and Class B common shares. Upon the completion of this offering, we will have Class A common shares and Class B common shares issued, fully paid-up and outstanding (assuming the underwriters do not elect to exercise their option to purchase additional Class A common shares) or Class A common shares and Class B common shares issued, fully paid-up and outstanding (assuming the underwriters' option to purchase additional Class A common shares is exercised in full). No conversion shares will be issued and outstanding immediately prior to the completion of this offering.

#### History of Share Capital
Upon incorporation on December 27, 2023, PicPay Netherlands issued 100 ordinary shares, with a nominal value of €0.01 each, to J&F International.

Effective as of December 29, 2023, J&F International transferred the beneficial entitlement to: (i) 4% of the issued shares of PicPay Netherlands to Stichting JAB; (ii) 3% of the issued shares of PicPay Netherlands to Stichting ACC Family; (iii) 1% of the issued shares of PicPay Netherlands to Stichting AGR; and (iv) 1% of the issued shares of PicPay Netherlands to Stichting ECS. The legal transfer of these shares was effected on March 14, 2024.

Effective as of December 30, 2023, J&F International, at that time the beneficial holder of 100% of the Class B common shares of PicS Ltd. (representing 99.615% of the total issued and outstanding common shares of PicS Ltd.), contributed the beneficial entitlement to these common shares to PicPay Netherlands, by way of a share premium contribution on the shares in the capital of PicPay Netherlands. The legal transfer of the Class B common

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shares of PicS Ltd. to PicPay Netherlands was effected on March 14, 2024. As of the date of this prospectus, PicPay Netherlands directly holds 100% of the Class B common shares of PicS Ltd. (representing 99.615% of the total issued and outstanding common shares of PicS Ltd.) and indirectly owns the beneficial entitlement to 100% of the Class A common shares of PicS Ltd. (representing 0.385% of the total issued and outstanding common shares of PicS Ltd.).

Effective as of December 31, 2023, J&F International transferred the beneficial entitlement to 9% of the issued shares of PicPay Netherlands to Banco Original in consideration for the partial repayment of an outstanding debt to Banco Original that J&F International had assumed from its sole shareholder, J&F Participações. The legal transfer of these shares was effected on March 14, 2024.

Effective as of September 12, 2024, pursuant to an amendment of the articles of association of PicPay Netherlands, each of the 100 issued and outstanding ordinary shares in the capital of PicPay Netherlands, with a nominal value of €0.01 each, were split into 2 ordinary shares, with a nominal value of €0.005 each. As a result, the issued and outstanding capital of PicPay Netherlands consists of 200 ordinary shares, each with a nominal value of €0.005. Effective as of January 5, 2026, pursuant to an amendment of the articles of association of PicPay Netherlands, of the 200 issued and outstanding ordinary shares, with a nominal value of €0.005 each, in the capital of PicPay Netherlands, 38 ordinary shares were converted into 38 Class A common shares, with a nominal value of €0.01 each, and 162 ordinary shares were converted into 162 Class B common shares, with a nominal value of €0.10 each.

As of the date of this prospectus, the shareholders of PicPay Netherlands are J&F International (81%), Banco Original (9.5%), Stichting JAB (4%), Stichting ACC Family (3%), Stichting AGR (1%), Stichting ECS (1%) and others (0.5%).

*PicS Ltd.*

PicS Ltd. was incorporated by Maples Corporate Services Limited, its sole shareholder, on January 18, 2021, as a Cayman Islands exempted company with limited liability. On the same date, Maples Corporate Services Limited transferred its sole share, par value US$0.00005 to Mr. José Batista Sobrinho.

On April 19, 2021, the direct shareholders of PicPay Brazil at the time contributed substantially all of their shares in PicPay Brazil to PicS Ltd. In consideration for these contributions, PicS Ltd. issued new Class A common shares or Class B common shares, as follows: (1) to J&F Participações, 857,430,000 Class B common shares, representing 95.27% of PicS Ltd.'s total capital stock; (2) to Mr. Anderson Chamon, 29,970,000 Class A common shares, representing 3.33% of PicS Ltd.'s total capital stock; and (3) to Mr. José Antonio Batista Costa, 12,600,000 Class A common shares, representing 1.40% of PicS Ltd.'s total capital stock. In addition, the existing sole share currently in issue to Mr. José Batista Sobrinho was repurchased by PicS Ltd.

On May 10, 2021, the following transfers took place: (1) J&F Participações transferred (i) 847,440,000 Class B common shares, representing 94.16% of PicS Ltd.'s total capital stock, to J&F International, and (ii) 9,990,000 Class B common shares (which automatically converted into Class A common shares in accordance with PicS Ltd.'s Articles of Association), representing 1.11% of PicS Ltd.'s total capital stock, to AGR Holdings B.V., a private limited liability company incorporated under Dutch law ("AGR Holdings"); (2) Mr. Anderson Chamon transferred 29,970,000 Class A common shares, representing 3.33% of PicS Ltd.'s total capital stock, to Belami Holdings B.V., a private limited liability company incorporated under Dutch law ("Belami Holdings"); and (3) Mr. José Antonio Batista Costa transferred 12,600,000 Class A common shares, representing 1.40% of PicS Ltd.'s total capital stock, to JAB Holland B.V., a private limited liability company incorporated under Dutch law ("JAB Holland").

On June 16, 2021, Belami Holdings, JAB Holland and AGR Holdings transferred all of the shares held by them to Belami Capital SP, a private investment fund, organized within a segregated portfolio company in the Cayman Islands ("Belami Capital"), JAB Capital SP, a private investment fund, organized within a segregated portfolio company in the Cayman Islands ("JAB Capital") and AGR Capital SP, a private investment fund, organized within a segregated portfolio company in the Cayman Islands ("AGR Capital"), respectively.

On December 1, 2021, PicS Ltd. conducted a five-for-one share split of its common shares and recorded capital increases in an aggregate amount of R$104.8 million, pursuant to which it issued 677,728,496 Class B common shares to J&F International.

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On December 1, 2021, J&F Participações transferred all of its shares in PicPay Brazil that it had acquired in July and September 2021 to PicS Ltd. in exchange for 2,433,869,508 newly-issued Class B common shares. On January 7, 2022 (and effective from December 21, 2021), J&F Participações transferred these Class B common shares to J&F International.

On January 7, 2022 (and effective as from September 30, 2021), J&F Participações transferred all of its shares in PicPay Brazil that it had acquired in October and November 2021 to PicS Ltd. in exchange for 4,724,409,732 newly-issued Class B common shares. On January 7, 2022 (and effective as from September 30, 2021), J&F Participações transferred these Class B common shares to J&F International.

On May 17, 2022, J&F Participações transferred all of its shares in PicS Holding, a Brazilian holding company and direct controlling shareholder of PicPay Brazil, to PicS Ltd. in exchange for 23,883,522,726 newly-issued Class B common shares. On September 22, 2022, J&F Participações transferred these Class B common shares to J&F International.

On August 8, 2022 (and effective as from June 30, 2022), PicS Ltd. recorded a capital increase of R$59.1 million made in June 2022, pursuant to which it issued 4,101,097,815 Class B common shares to J&F International.

On October 18, 2022, PicS Ltd. conducted a 1-for-2,000 reverse share split of its common shares.

On November 4, 2022, J&F Participações transferred all of its shares in PicS Holding to PicS Ltd. in exchange for 13,993,823 newly-issued Class B common shares of PicS Ltd. On January 4, 2023, J&F Participações transferred these Class B common shares to J&F International.

Effective as of December 28, 2023, Belami Holdings, JAB Holland and AGR Holdings transferred their beneficial entitlements to 100% of the issued shares of Belami Capital, JAB Capital SP and AGR Capital SP, respectively, to J&F International. Effective as of December 30, 2023, J&F International contributed the beneficial entitlement to these shares to PicPay Netherlands, by way of a share premium contribution on the shares in the capital of PicPay Netherlands.

On June 28, 2024, J&F Participações invested R$100.0 million in PicS Holding, through the issuance and subscription of 100,000,000 quotas, all nominative and with par value of R$1.00. On the same date, PicS Holding invested the same amount in PicPay Bank through the issuance and subscription of 32,046,456 shares, all nominative and without par value.

On July 11, 2024, J&F International invested R$1.3 million in PicPay Netherlands, without the issuance of new shares.

On September 6, 2024, J&F International invested R$2.5 million in PicPay Netherlands, without the issuance of new shares.

On September 19, 2024, J&F Participações invested R$130.0 million in PicS Holding, through the issuance and subscription of 130,000,000 quotas, all nominative and with par value of R$1.00 each. On the same date PicS Holding invested the same amount in PicPay Bank through the issuance and subscription of 37,692,578 shares, all nominative and without par value.

On December 23, 2024, J&F International invested R$101.3 million in PicPay Netherlands without the issuance of new shares. On the same date, PicPay Netherlands invested the same amount in PicS Ltd., without the issuance of new shares. On December 27, 2024, PicS Ltd. invested R$101.8 million in PicS Holding, through the issuance and subscription of 101,795,602 quotas, all nominative and with par value of R$1.00 each. On the same date, PicS Holding invested R$100.0 million in PicPay Bank through the issuance and subscription of 27,943,204 shares, all nominative and without par value.

On February 25, 2025, J&F International invested R$319.9 million in PicPay Netherlands without the issuance of new shares. On the same date, PicPay Netherlands invested the same amount in PicS Ltd., without the issuance of new shares. On February 27, 2025, PicS Ltd. invested R$321.5 million in PicS Holding through the issuance and subscription of 321,489,832 quotas, all nominative and with a par value of R$1.00 each. On the same date, PicS Holding invested R$321.8 million in PicPay Bank through the issuance and subscription of 88,121,683 shares, all nominative and without par value.

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On March 25, 2025, J&F International invested R$50.3 million in PicPay Netherlands without the issuance of new shares. On the same date, PicPay Netherlands invested the same amount in PicS Ltd. without the issuance of new shares. On March 27, 2025, PicS Ltd. invested R$50.8 million in PicS Holding through the issuance and subscription of 50,774,638 quotas, all nominative and with par value of R$1.00 each. On the same date, PicS Holding invested R$50 million in PicPay Bank through the issuance and subscription of 31,643,364 shares, all nominative and without par value.

On April 28, 2025, J&F International invested R$125.5 million in PicPay Netherlands without the issuance of new shares. On April 29, 2025, PicPay Netherlands invested R$122.1 million in PicS Ltd. without the issuance of new shares. On April 30, 2025, PicS Ltd. invested R$121.6 million in PicS Holding through the issuance and subscription of 121,616,277 quotas, all nominative and with par value of R$1.00 each. On the same date, PicS Holding invested R$121.2 million in PicPay Bank through the issuance and subscription of 49,627,302 shares, all nominative and without par value.

On May 27, 2025, J&F International invested R$50.0 million in PicPay Netherlands without the issuance of new shares. On the same date, PicPay Netherlands invested the same amount in PicS Ltd. without the issuance of new shares. On May 28, 2025, PicS Ltd. invested R$50.2 million in PicS Holding through the issuance and subscription of 50,163,586 quotas, all nominative and with par value of R$1.00 each. On May 29, 2025, PicS Holding invested R$50.0 million in PicPay Bank through the issuance and subscription of 21,777,231 shares, all nominative and without par value.

On July 21, 2025, J&F International invested R$108.5 million in PicPay Netherlands without the issuance of new shares. On the same date, PicPay Netherlands invested the same amount in PicS Ltd., without the issuance of new shares. On July 23, 2025, PicS Ltd invested R$108.3 million in PicS Holding through the issuance and subscription of 108,317,593 quotas, all nominative and with a par value of R$1.00 each. On the same date, PicS Holding invested R$107.9 million in PicPay Bank through the issuance and subscription of 46,423,381 shares, all nominative and without par value.

On September 23, 2025, J&F International invested R$149.4 million in PicPay Netherlands without the issuance of new shares. On September 24, 2025, PicPay Netherlands invested the same amount in PicS Ltd., without the issuance of new shares. On September 25, 2025, PicS Ltd. invested R$150.4 million in PicS Holding through the issuance and subscription of 150,394,107 quotas, all nominative and with a par value of R$1.00 each. On September 26, 2025, PicS Holding invested R$150.0 million in PicPay Bank through the issuance and subscription of 60,880,607 shares, all nominative and without par value.

On November 25, 2025, J&F International invested R$360.0 million in PicPay Netherlands without the issuance of new shares. On the same day, PicPay Netherlands invested the same amount in PicS Ltd., without the issuance of new shares, and PicS Ltd. invested the same amount in PicS Holding, through the issuance and subscription of 360,000,000 quotas, all nominative and with a par value of R$1.00 each.

On November 26, 2025, we approved a disproportional partial spin-off of PicS Holding, which involved the transfer of equity in the amount of R$360.0 million to J&F Participações S.A. As a result, J&F Participações S.A. no longer holds a direct interest in PicS Holding. Following the completion of this transaction, PicS Ltd. became the holder of 100% of the share capital of PicS Holding.

#### Treasury Shares
At the date of this prospectus, PicPay Netherlands has no shares in treasury.

#### Listing
We intend to apply to list our Class A common shares, on Nasdaq under the symbol "PICS."

Initial settlement of our Class A common shares will take place on the closing date of this offering through The Depository Trust Company, or "DTC," in accordance with its customary settlement procedures for equity securities. Each person owning Class A common shares held through DTC must rely on the procedures thereof and on institutions that have accounts therewith to exercise any rights of a holder of the Class A common shares. Persons wishing to obtain certificates for their Class A common shares must make arrangements with DTC. The Class B common shares and conversion shares are not, and we do not expect that they will be, listed on a stock exchange.

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#### Transfer Agent
We intend to appoint Equiniti Trust Company, LLC as our agent in New York to maintain part of PicPay Netherlands' shareholders' register and to act as transfer agent, registrar and paying agent for the Class A common shares. Beneficial interests in the Class A common shares are held in book-entry form. The transfer agent, registrar and paying agent's address is 28 Liberty Street 53<sup>rd</sup> floor, New York, NY, 10005, and its telephone number is 1-800-937-5449.

#### Exercise of rights by controlling shareholders
Under Dutch law, shareholders are in principle entitled to pursue their own interests. However, the Dutch Civil Code provides that shareholders shall act in relation to PicPay Netherlands and its corporate bodies as well as their fellow shareholders in keeping with the principles of reasonableness and fairness (*redelijkheid en billijkheid*). The Dutch Corporate Governance Code adds that this includes the willingness to engage in a dialogue with PicPay Netherlands and the other shareholders. The foregoing means that an individual shareholder or a group of shareholders (whether or not acting in concert) (such as the controlling shareholders) may not in all circumstances be able to exercise their shareholder rights to the fullest extent. For example, if the controlling shareholders were to exercise their shareholder rights (including, without limitation, their voting rights) in breach of these principles of reasonableness and fairness, it may result in PicPay Netherlands and/or other (non-controlling) shareholders successfully opposing to such exercise and may, in extraordinary circumstances, expose the controlling shareholders to liability towards PicPay Netherlands and/or other (non-controlling) shareholders for damages incurred.

#### Issuance of Shares
The general meeting has the authority to resolve on any issuance of Shares. The general meeting may also delegate this authority to the board of directors. The foregoing also applies to the granting of rights to subscribe for Shares, such as options, but does not apply to the issuance of Shares to a person exercising a previously acquired right to subscribe for Shares. The designation granted pursuant to the aforesaid authorization must determine the number and class of shares that may be issued. The delegation may from time to time be extended for a period not exceeding five years. A resolution by the general meeting to issue shares or designate the board of directors to issue shares requires a prior or simultaneous approval by each group of holders of a class of common shares whose rights are affected by the issuance or designation.

Upon an issuance of Shares, the nominal amount thereof and any share premium must be paid. Shares may only be issued against payment in full of the amount. Insofar as no other form of payment has been agreed, payment on Shares shall be made in cash.

Any issuance of Shares or grant of rights to subscribe for Shares and/or any limitation or exclusion of pre-emptive rights in respect of such issuance or grant, whether resolved upon by the general meeting or by the board of directors, as applicable, shall be made with due observance of the applicable statutory provisions and the provisions included in the Articles of Association (including, without limitation, the principles of reasonableness and fairness as described above). The foregoing, for example, means that an issuance of Class A common shares to one shareholder or a specific group of shareholders (such as the controlling shareholders) against an issue price at a discount to the trading price may not in all circumstances be effected due to such transaction not being in the corporate interest and/or it constituting a breach of the principles of reasonableness and fairness as described above.

No new Class B common shares shall be issued when the aggregate number of voting rights attached to all issued and outstanding Class B common shares falls below 10% of the voting power in the general meeting.

Pursuant to a resolution adopted by the general meeting, the board of directors has irrevocably been granted the authority for a period of commencing on , 2026, to resolve to issue, or to grant rights to subscribe for, up to Class A common shares (equal to % of the issued and outstanding Class A common shares following completion of the offering assuming that the underwriters' option is not exercised) and up to Class B common shares (equal to % of the issued and outstanding Class B common shares following completion of the offering assuming that the underwriters' option is not exercised), provided that at any time that there are Class A common shares in issue additional Class B common shares may only be issued pursuant to (1) a dividend or other distribution paid by the issue of shares or rights to acquire shares or following capitalization of profits, (2) a merger, consolidation,

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or other business combination involving the issuance of Class B common shares as full or partial consideration, or (3) an issuance of Class A common shares, whereby holders of the Class B common shares exercise their pre-emptive right to allow them to maintain their proportional ownership interests in PicPay Netherlands. For more information see "— Pre-emptive or Similar Rights."

#### Share Certificates
Dutch law allows a public limited liability company to issue share certificates, provided these are kept by a central institute or intermediary within the meaning of article 1 of the Dutch Giro Securities Act (*Wet Giraal Effectenverkeer*). The Articles of Association do not allow the issuance of share certificates.

#### Financial Year
PicPay Netherlands' financial year begins on January 1 of each year and ends on December 31 of the same year.

#### Voting Rights
As a matter of Dutch law, the voting right of each class of Shares is proportionate to its respective nominal value such that each Class A common share confers the right to cast one vote at a general meeting, each Class B common share confers the right to cast ten votes at a general meeting. Shareholders may vote by proxy. If and to the extent voting rights are not suspended, each conversion share confers the right on the holder to cast nine votes at a general meeting. Resolutions are passed by a simple majority of the votes cast, unless Dutch law or the Articles of Association prescribe a larger majority or unanimity.

The holders of the Class A common shares and the Class B common shares have identical rights, except that (i) the holder of Class B common shares is entitled to 10 votes per share where holders of Class A common shares are entitled to one vote per share and (ii) Class B common shares have certain conversion rights. For more information see "— Conversion."

The holders of Class A common shares and Class B common shares vote together as a single class on all matters (including the appointment of directors) submitted to a vote of the general meeting, except as provided below and as otherwise required by law.

The Articles of Association provide for any resolution to amend the Articles of Association which specifically damages any right of the holders of Shares of a specific class to require the approval of the relevant class meeting (being a meeting of the holders of the class of Shares concerned).

No votes may be cast at a general meeting on Shares held by PicPay Netherlands or its subsidiaries. Also, no voting rights may be cast at a general meeting in respect of common shares for which depositary receipts have been issued that are owned by PicPay Netherlands or its subsidiaries, if the right of usufruct or pledge was granted prior to the time such shares were acquired by PicPay Netherlands or its subsidiaries. Nonetheless, the holders of a right of usufruct (*vruchtgebruik*) or pledge (*pandrecht*) in respect of shares held by PicPay Netherlands and its subsidiaries in our share capital are not excluded from the right to vote on such shares. Neither PicPay Netherlands nor any of its subsidiaries may cast votes in respect of a share on which it or its subsidiaries holds a right of usufruct or pledge. Shares which are not entitled to voting rights will not be taken into account for the purposes of determining the number of shareholders or other persons that are eligible to vote and that are present or represented.

Under Dutch law and/or the Articles of Association, a resolution to reduce the issued share capital requires at least two-thirds of the votes cast at a meeting if less than 50% of the issued share capital is present or represented.

Under Dutch law, our Articles of Association and/or our regulations of the board of directors any important change in the identity or character of PicPay Netherlands must be approved by the general meeting, including (i) the transfer of the business enterprise of PicPay Netherlands or practically the entire business enterprise of PicPay Netherlands business and/or assets to a third party, (ii) the entering into or termination of a long-lasting cooperation by PicPay Netherlands or a subsidiary (*dochtermaatschappij*) with any other legal person or company or as a fully liable general partner of a limited partnership or a general partnership, if such cooperation or the termination thereof is of essential importance to PicPay Netherlands, (iii) the acquisition or disposal by PicPay Netherlands or a subsidiary of a participating interest in the capital of a company with a value of at least one-third of the sum of our assets according to the consolidated balance sheet with explanatory notes set out in the last adopted annual accounts of PicPay Netherlands and (iv) a merger, consolidation, scheme, arrangement or other business combination in which PicPay Netherlands is involved with a value exceeding US$500,000,000.

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The absence of such approval of the general meeting does not affect the authority of the board of directors or directors to represent PicPay Netherlands.

#### Pre-emptive or Similar Rights
The Class A common shares and Class B common shares are not entitled to pre-emptive rights upon transfer and are not subject to conversion (except as described below under "— Conversion"), redemption or sinking fund provisions.

Under the Articles of Association, each shareholder has a pre-emptive right upon an issuance of common shares (or the granting of rights to subscribe for common shares) in proportion to the aggregate amount of its Class A common shares and Class B common shares, whereby each shareholder will receive Class A common shares and Class B common shares in the same proportion as is held by such shareholder at 9:00 a.m. Eastern Time on the date the issue of shares is resolved upon or such other date as determined by the board of directors, as a result of which holders of Class B common shares are able to maintain their proportionate ownership interest in the Company.

The pre-emptive right does not apply to: (1) shares issued to employees of PicPay Netherlands or a group company of PicPay Netherlands as referred to in Section 2:24b Dutch Civil Code, (2) shares that are issued against payment other than in cash; and (3) shares issued to a person exercising a previously granted right to subscribe for shares.

No pre-emptive rights shall apply in respect of any issuance of conversion shares.

Pre-emptive rights may also be limited or excluded by a resolution by the board of directors if the board has been designated the authority by the general meeting for a specific period and with due observance of applicable statutory provisions, and the board has also been designated the authority to issue shares. The designation may be extended by specific consecutive periods with due observance of applicable statutory provisions. Unless otherwise stipulated at its grant, the designation may not be withdrawn.

Pursuant to a resolution adopted by the general meeting, the board of directors has irrevocably been granted the authority for a period of commencing on , 2026, to resolve to limit or exclude the pre-emptive rights in respect of an issuance of shares.

Subject to Section 2:96a of the Dutch Civil Code, when adopting a resolution to issue new shares, the general meeting or the board of directors, as the case may be, may determine how and during which period pre-emptive rights may be exercised.

In addition, see "Risk Factors — Risks Relating to Our Class A Common Shares and this Offering — We have granted the holders of our Class B common shares preemptive rights to acquire shares that we may issue in the future, which may impair our ability to raise funds."

#### Change of Control
We will hold equity interest in PicPay Brazil, which is a regulated entity by the Brazilian Central Bank. If a proposed action would result in a change or modification of the control of PicPay Brazil, such proposed transfer, issuance, conversion or action must be submitted to the Brazilian Central Bank for prior approval in accordance with Article 3, IV, of BCB Resolution 81/2021, and such transfer, issuance, conversion or other action may only be effected after such approval is duly obtained. For more information, see "Regulatory Overview — Other Rules — Change of Corporate Control and Qualified Equity Interest."

#### Conversion
The outstanding Class B common shares are convertible at any time as follows: (1) at the option of the holder, a Class B common share may be converted at any time into one Class A common share and one conversion share or (2) upon a resolution by the class meeting of holders of Class B common shares, one or more outstanding Class B common shares shall be converted into Class A common shares and conversion shares in the same ratio as set out above or (3) upon a transfer of such Class B common share, with the exception of certain transfers as described in the

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Articles of Association or upon a holder of Class B common shares ceasing to be a "permitted transferee" as further defined in the Articles of Association or (4) upon the voting rights attached to the outstanding Class B common shares representing less than 10% of the aggregated number of voting rights attached to the shares in the capital of PicPay Netherlands then issued and outstanding.

A holder of Class B common shares wishing to convert its Class B common shares may at all times provide the board of directors with a conversion request requesting conversion of one or more of its Class B common shares. A conversion request must at least include (i) the number of Class B common shares to which the request relates, (ii) an irrevocable and unconditional power of attorney from the shareholder requesting conversion to PicPay Netherlands, with full power of substitution and governed by Dutch law, to offer and transfer the conversion shares resulting from the conversion to PicPay Netherlands against no consideration (*om niet*), and (iii) several representations as further set out in the Articles of Association.

After receipt of a request for conversion of Class B common shares into Class A common shares and conversion shares duly completed and signed to the satisfaction of our board of directors: (i) the board of directors shall resolve to convert the number of Class B common shares to which the conversion request relates into Class A common shares and conversion shares, whereby each Class B common share is converted into one Class A common share and one conversion share and (ii) the requesting shareholder shall be obliged to offer and transfer the conversion shares to PicPay Netherlands for no consideration.

In addition, each Class B common share will convert automatically into one Class A common share and one conversion share upon any transfer, whether or not against a consideration, except for certain transfers described in the Articles of Association, such as transfers to affiliates, transfers to and between holders of our Class B common shares, their family members and their respective heirs and successors, trusts solely for the benefit of the shareholder or their affiliates, and partnerships, corporations and other entities exclusively owned by the shareholder or their affiliates and certain transfers to organizations that are exempt from taxation under Section 501(c)(3) of the Internal Revenue Code of 1986, as amended.

Furthermore, each Class B common share will convert automatically into one Class A common share and one conversion share and no Class B common shares will be issued thereafter if, at any time, the voting rights attached to the outstanding Class B common shares represents less than 10% of the aggregated number of voting rights attached to the shares in the capital of PicPay Netherlands then issued and outstanding.

Upon the occurrence of any of the automatic conversion events described above, the shareholder concerned shall be obliged to notify the board of directors thereof by means of a written notice addressed to the board of directors.

The conversion shares are introduced to facilitate a 1:1 conversion of Class B common shares into Class A common shares under Dutch law. A 1:1 conversion of Class B common shares into Class A common shares would result in a capital reduction as the nominal value of the Class B common shares is higher than the nominal value of the Class A common shares. A capital reduction under Dutch law requires a resolution by the general meeting of PicPay Netherlands, adopted by a two/third majority if less than half of the issued capital is present or represented at the meeting. In addition, (minutes of) the resolution on the capital reduction will need to be deposited with the Dutch trade register and such is to be announced in a Dutch daily newspaper. Following the aforementioned announcement, a two-month opposition period will commence during which creditors may file an opposition to the capital reduction with the relevant Dutch court, requesting security for their claim. The resolution to reduce PicPay Netherlands' capital will not be effective until the opposition period has ended and, if opposition has been filed timely, upon the withdrawal of the opposition or upon an order setting aside the opposition becoming enforceable.

If a conversion share is held by anyone other than PicPay Netherlands (the "Transferor"), such Transferor shall be obliged to offer and transfer such conversion share to PicPay Netherlands unencumbered and for no consideration. If and for as long as the Transferor fails to offer and transfer the relevant conversion shares to PicPay Netherlands, the voting rights, meeting rights and rights to receive distributions attached to the relevant conversion shares are suspended. As such, a Transferor will not be entitled to vote on the conversion shares, nor to receive dividends on these shares. If the Transferor fails to offer and transfer the relevant conversion shares to PicPay Netherlands within 30 days after the conversion date, PicPay Netherlands is irrevocably empowered and authorized to offer and transfer the relevant conversion shares to PicPay Netherlands until such transaction occurs. No votes may be cast on conversion shares held by PicPay Netherlands or a subsidiary. For more information on the dividend rights of conversion shares, see "— Dividend and Capitalization of Profits."

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The end result of the conversion of Class B common shares and subsequent transfer to PicPay Netherlands of conversion shares is that a shareholder will hold one Class A common share for each Class B common share it held at the time of conversion.

Notwithstanding the conversion mechanics described above, PicPay Netherlands shall not proceed with the acquisition of conversion shares after receipt of a conversion request (as set out above) to the extent it would not be allowed to acquire such shares under Dutch law. In such event, the board of directors shall propose to our general meeting that the requisite number of Shares held in treasury be cancelled in order to again allow for the acquisition of conversion shares.

Upon the conversion of Class B common shares into Class A common shares and conversion shares, the authorized share capital of PicPay Netherlands shall decrease with the number of Class B common shares so converted and shall increase with the number of Class A common shares and conversion shares into which such Class B common shares are converted.

Our Class A common shares are not convertible into Class B common shares under any circumstances.

#### Equal Status
Except as expressly provided in the Articles of Association and as set forth in this prospectus, Class A common shares and Class B common shares have the same rights and privileges and rank equally, share ratably and are identical in all respects as to all matters.

#### Record Dates
The record date of each general meeting shareholders is the twenty-eighth day prior to the date of the general meeting so as to establish which shareholders are entitled to attend and vote at the general meeting. Only holders of shares and other persons entitled to vote or attend the general meeting at such record date are entitled to attend and vote at the general meeting.

#### General Meetings of Shareholders
*Annual Meeting.* Under Dutch law, we are required, as a public limited liability company, to hold at least one shareholder meeting each year. An annual general meeting must be held within six months from the end of the preceding financial year. The agenda of the annual general meeting shall announce, among other things, discussion of implementation of the remuneration policy, discussion and adoption of the annual accounts and other proposals brought up for discussion by the board of directors.

*General Meeting and Place of Meetings.* Other general meetings will be held if requested by the board of directors, or by the written request (stating the exact subjects to be discussed) of one or more shareholders representing in aggregate at least 10% of the issued share capital of PicPay Netherlands (taking into account the relevant provisions of Dutch law, the Articles of Association and the applicable stock exchange regulations). General meetings of shareholders will be held in Amsterdam, Amstelveen or Haarlemmermeer (Schiphol Airport), the Netherlands.

*Convocation Notice and Agenda.* General meetings can be convened by a notice, specifying the subjects to be discussed, the place and the time of the meeting and admission and participation procedure, issued with due observance of the statutory notice period and in accordance with Dutch law. Under Dutch law, the notice must be given at least fifteen days prior to the date of the meeting considering the applicable record date for the meeting. All convocations, announcements, notifications and communications to shareholders and other persons entitled to attend the general meeting must be made on our company's corporate website in accordance with the relevant provisions of Dutch law. The agenda for a general meeting may contain the items requested by one or more shareholders representing at least 3% of the issued share capital of PicPay Netherlands, taking into account the relevant provisions of Dutch law. Requests must be made in writing, including the reasons for adding the relevant item on the agenda, and received by the board of directors at least 60 days before the day of the meeting.

The Dutch Corporate Governance Code provides that, if one or more shareholders intend to request that an item be put on the agenda that may result in a change in PicPay Netherlands' strategy, the board of directors must be given the opportunity to invoke a response time granting a reasonable period not exceeding 180 days to respond to such intention. If invoked, the board of directors must use such response time for further deliberation and constructive consultation, in any event with the shareholder(s) concerned, and shall explore alternatives. At the end of the response

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time, the board of directors shall report on this consultation and the exploration of alternatives to the general meeting. The response time may be invoked only once for any given general meeting and shall not apply: (a) in respect of a matter for which a response period has been previously invoked; or (b) if a shareholder holds at least 75% of our issued share capital as a consequence of a successful public bid. The response time may also be invoked in response to shareholders or others with meeting rights under Dutch law requesting that a general meeting be convened.

*Admission and Registration.* Each shareholder entitled to vote, and each person holding a usufruct or pledge to whom the right to vote on the Shares accrues, shall be authorized to attend a general meeting, to address the general meeting and to exercise its voting rights. The record date of each general meeting is the twenty-eighth day prior to the date of the general meeting so as to establish which shareholders are entitled to attend and vote at the general meeting. Only holders of Shares and other persons entitled to vote or attend the general meeting at such record date are entitled to attend and vote at the general meeting. The convocation notice for the meeting shall state the record date and the manner in which the persons entitled to attend the general meeting may register and exercise their rights. Those entitled to attend a general meeting may be represented at a general meeting by a proxy authorized in writing. The requirement that a proxy must be in written form is also fulfilled when it is recorded electronically. Directors have the right to render their advice at a general meeting.

*Written resolutions*. The Articles of Association do not provide that resolutions of the general meeting can be adopted by written consent. However, for as long as Class B common shares or conversion shares, as applicable, are not admitted to listing and trading on a stock exchange with the cooperation of PicPay Netherlands, resolutions of the meeting of holders of Class B common shares or holders of conversion shares, as applicable, may be adopted in writing without holding a meeting.

**Holders whose shares are registered in the name of DTC or its nominee, which we expect will be the case for all holders of Class A common shares, will not be a shareholder or member of the company and must rely on the procedures of DTC regarding notice of shareholders' meetings and the exercise of rights of a holder of the Class A common shares.**

#### Dissolution and Liquidation; Merger and Demerger
The general meeting, at the proposal of the board of directors, may resolve to dissolve PicPay Netherlands. In the event of dissolution, PicPay Netherlands will be liquidated in accordance with Dutch law and the Articles of Association and the liquidation shall be arranged by the members of the board of directors, unless the general meeting appoints other liquidators. During liquidation, the provisions of the Articles of Association will remain in force as long as possible.

During liquidation, to the extent possible the Articles of Association shall continue to apply. The Class A common shares and Class B common shares have equal economic rights at liquidation such that any balance remaining after payment of the debts of PicPay Netherlands shall be transferred to the shareholders pro rata in proportion to the number of Class A common shares and Class B common shares held by each shareholder, provided that and with observance of the following order of priority: an amount equal to the nominal value of a conversion share shall first be transferred on each conversion share to the holders of the conversion shares.

A resolution by the general meeting regarding the legal merger or demerger of PicPay Netherlands requires a simple majority. If less than half of the issued capital of PicPay Netherlands is present or represented at the general meeting concerned, a resolution regarding the legal merger or demerger of PicPay Netherlands requires a two-thirds majority.

#### Amendments to the Articles of Association
The general meeting may, at the proposal of the board of directors and by a simple majority, resolve to amend the Articles of Association. The rights of shareholders may be changed only by amending the Articles of Association in compliance with Dutch law.

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#### Reduction of Share Capital
The general meeting, at the proposal of the board of directors, may resolve to cancel Shares which are held by PicPay Netherlands in treasury or to reduce the nominal value of the Shares. A resolution to reduce the share capital requires a majority of at least two-thirds of the votes cast at a general meeting if less than 50% of the issued capital is present or represented at the meeting. Any proposal for cancellation or reduction of nominal value is subject to general requirements of Dutch law with respect to reduction of share capital.

#### Transfer of Shares
Common shares are, in principle, freely transferable.

In accordance with the provisions of Dutch law and our Articles of association, the transfer of shares or creation of a right of pledge or right of usufruct thereon requires a deed executed for that purpose and, save in the event PicPay Netherlands itself is a party to such legal act, written acknowledgement by PicPay Netherlands of the transfer. Service of notice of the deed or of a certified notarial copy or extract of that deed on PicPay Netherlands will be the equivalent of such acknowledgement.

The beneficial entitlement to the Class A common shares sold in this offering will be traded on Nasdaq in book-entry form and may be transferred in accordance with Nasdaq's rules and regulations. Shares that have been entered into the electronic book-entry system will be registered in the name of Cede & Co. as nominee of DTC. The above-mentioned requirements applicable to a transfer of the shares do not apply to the trading of such beneficial entitlements in shares.

#### Share Repurchase
PicPay Netherlands may acquire its own fully paid-up shares for no consideration, or subject to certain provisions of Dutch law and the Articles of Association for consideration, if: (1) our equity less the payment required to make the acquisition does not fall below the sum of called-up and paid-in share capital and any statutory reserves; (2) PicPay Netherlands would thereafter not hold a pledge over shares or together with its subsidiaries hold shares with an aggregate nominal value exceeding 50% of the issued share capital; and (3) the board of directors has been authorized to do so by the general meeting, which authorization may be granted for a period not exceeding 18 months and shall specify the number of shares, the manner in which the shares may be acquired and the price range within which shares may be acquired. The authorization is not required for the acquisition of shares for employees under a scheme applicable to such employees, provided such shares are listed on a stock exchange.

PicPay Netherlands can, jointly with its subsidiaries, hold shares in its own capital exceeding 10% of its issued capital for no more than three years after acquisition of shares for no consideration or under universal title of succession. Owned shares pledged by PicPay Netherlands and its subsidiaries are taken into account in this respect. Any shares held by PicPay Netherlands in excess of the amount permitted shall automatically transfer to the directors jointly at the end of the last day of such three-year period. Each director shall be jointly and severally liable to compensate PicPay Netherlands for the value of the shares at such time, with interest at the statutory rate thereon from such time. The same applies to the acquisition of shares for employees under a scheme applicable to such employees, provided such shares are listed on a stock exchange and held by PicPay Netherlands for more than one year after acquisition thereof.

#### Dividends and Capitalization of Profits
*Dividend Policy.* We expect to adopt a dividend policy with respect to payments of any future dividends by PicPay Netherlands.

*Manner and Time of Dividend Payments.* Profit is distributed after the adoption of the annual accounts from which it appears that distribution of such profit is admissible. PicPay Netherlands may only make distributions to its shareholders to the extent its equity exceeds the sum of the paid-in and called-up part of the capital plus the reserves as required to be maintained by Dutch law.

The general meeting may determine which part of the profits shall be reserved for purposes of a distribution, and may subsequently resolve to distribute any part of such profits to shareholders as dividend after the adoption of PicPay Netherlands' annual accounts demonstrating that such distribution is legally permitted. The general meeting furthermore may resolve that the part of the profits remaining after reservation shall be distributed as a dividend on

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the Shares; without such resolution, these profits in respect of which the general meeting has not resolved for these to be distributed shall also be reserved. From time to time during the course of the year, the board of directors (without prior shareholder approval being required) may also make interim distributions or distributions from reserves, subject to certain conditions of Dutch law and our Articles of Association. Such distributions may only be made insofar as PicPay Netherlands' equity exceeds the aggregate of the paid up and called up part of the issued share capital with the reserves required to be maintained by Dutch law or the Articles of Association based on the (interim) financial statements signed by our board of directors. The interim financial statements should reflect the financial position of PicPay Netherlands no earlier than the first day of the third month before the resolution to distribute an interim dividend was made public.

PicPay Netherlands may declare dividends in kind by issuing new shares or otherwise provided that the general meeting has authorized the board of directors to do so.

The holders of Class A common shares and Class B common shares shall be entitled to share *pari passu* in any dividends that may be declared in respect of Shares from time to time as any and all distributions on the common shares shall be made in such a way that on each share an equal amount or value will be distributed provided that and with observance of the following order of priority: (a) in the event of a distribution of profits in respect of a financial year, for each conversion share issued and outstanding an amount equal to one percent (1%) of the nominal value of such conversion share shall first be added to the dividend reserve maintained for the holders of conversion shares, and (b) following such, no further distribution shall be made on conversion shares nor shall any profit be added to the dividend reserve maintained for the holders of conversion shares, in respect of such financial year. The conversion shares are entitled to distributions as Dutch law does not allow for a Dutch public limited liability company to issue non-profit shares. By prioritizing a distribution made on the conversion shares there is no limit as to the amount which may be distributed on Class A common shares and Class B common shares following the addition of an amount equal to 1% of the nominal value of each issued and outstanding conversion share to the dividend reserve maintained for the benefit of the holders of the conversion shares. If at any time distributions are made on the common shares, to the extent any conversion shares are issued and outstanding (i.e. held by anyone other than the Company) an amount equal to EUR 0.0009 per conversion share shall be added to the dividend reserve maintained for the holders of conversion shares. If and as long as a conversion share is held by anyone other than the Company, the rights to distributions attached to such share will be suspended. As such, a shareholder will not be entitled to receive a distribution on conversion shares if it has failed to offer and transfer such conversion shares to the Company for no consideration.

Any determination to pay dividends will be dependent on then-existing conditions, including our financial condition, earnings, legal requirements, including limitations under Dutch law, restrictions in our debt agreements that limit our ability to pay dividends to shareholders and other factors our board of directors deems relevant. For example, pursuant to the Dutch Civil Code, PicPay Netherlands may only make distributions to its shareholders to the extent its equity exceeds the sum of the paid-in and called-up issued capital plus the reserves as required to be maintained by Dutch law.

*Uncollected Dividends.* A claim for any dividend declared lapses five years after the date on which those dividends were released for payment. Any dividend that is not collected within this period reverts to PicPay Netherlands.

*Taxation of Dividends.* Dividend payments can be subject to withholding tax in the Netherlands. For information about the Dutch tax issues relating to dividend payments, see "Taxation — Material Dutch Tax Consequences — Dividend Withholding Tax."

For information about U.S. federal income issues relating to dividend payments, see "Taxation — Material U.S. Federal Income Tax Consequences — Taxation of Distributions."

#### Board of Directors
PicPay Netherlands has a one-tier board structure, comprising both executive directors having responsibility for the day-to-day management and non-executive directors having the task to supervise the performance of the directors. Our Articles of Association provide that the board of directors will be composed of not less than four and not more than 11 directors of which a minimum of one and a maximum of three executive directors and a minimum of three and a maximum of ten non-executive directors, with the number being determined by the board of directors. There are no provisions relating to retirement of directors upon reaching any age limit and only individuals can be a member of our board of directors. For more information about our board of directors, see "Management — Board of Directors."

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The directors shall be appointed as such by our general meeting. The board of directors may nominate one or more candidates for each vacancy. The general meeting determines whether a director is an executive director or a non-executive director upon his or her appointment. The general meeting shall appoint one of the non-executive directors as chairman of the board of directors. Under our Articles of Association, directors are appointed by the general meeting to serve on our board of directors for a term of approximately one year, which period shall end immediately after the annual general meeting that will be held in the calendar year after the date of his or her appointment. A director may be reappointed, with due observance of the provision in the previous sentence. A non-executive director may be in office for a period not exceeding 12 years, which period may or may not be interrupted, unless at the proposal of the board of directors the general meeting of shareholders resolves otherwise.

The task to supervise the performance by the directors of their duties can only be performed by the non-executive directors. Tasks that are not allocated fall within the power of the board of directors as a whole. Regardless of an allocation of tasks, all directors remain collectively responsible for the proper management and strategy of PicPay Netherlands (including supervision thereof in case of non-executive directors).

In the performance of their tasks, the directors shall be guided by the interests of PicPay Netherlands and the enterprise connected with it. Under Dutch law the corporate interest extends to the interests of all corporate stakeholders, such as shareholders, creditors, employees, customers and suppliers. The interest of the Company is usually determined primarily by promoting the continued success of the enterprise affiliated to the Company.

PicPay Netherlands has a policy in respect of the remuneration of the board of directors. With due observation of the remuneration policy, the board of directors may determine the remuneration for the directors in respect of the performance of their duties, provided that executive directors do not participate in the deliberations and decision-making regarding the determination of the remuneration of executive directors.

Prior to listing, we will have an audit committee, a compensation committee, a nomination committee and any other board committees that our board of directors resolves to create. See "Management — Committees" for an overview of the tasks and responsibilities of each committee.

#### Removing or Suspending a Director and Vacancies
A director may at any time be suspended or dismissed by the general meeting by a simple majority vote. An executive director may also be suspended by the board of directors. A suspension can be revoked by the general meeting at any time. A suspension may be extended one or more times, but may not last longer than three months in aggregate. If, at the end of that period, no decision has been taken on the termination of the suspension or on removal, the suspension shall end.

In the event of a vacancy, a new director shall be appointed by the general meeting, for which vacancy the board of directors may nominate one or more candidates. The Articles of Association provide that in the event of the absence or inability to act of one or more directors, the powers of the board of directors remain intact, provided that in the event of: (i) the absence or inability to act of all executive directors, the non-executive directors shall be temporarily entrusted with the management with the authority to temporarily entrust the management to one or more non-executive directors and/or others, (ii) the absence or inability to act of all non-executive directors, the general meeting shall be authorized to temporarily entrust the performance of the duties and the exercise of the authorities of the non-executive directors to one or more other individuals.

#### Proceedings of the Board of Directors
Our Articles of Association provide for PicPay Netherlands to be managed by the board of directors. The quorum necessary for the board meeting shall be a simple majority of the directors then in office (subject to there being a minimum of two directors present) and business at any meeting shall be decided by a majority of votes. The board regulations may provide for a qualified majority. In the case of an equality of votes, the chairman shall have a casting vote. Pursuant to Dutch law and our Articles of Association, a director shall not participate in deliberations and the decision-making process of a relevant resolution in the event they have a direct or indirect personal interest conflicting with the interests of PicPay Netherlands and the enterprise connected with it. If the board of directors is unable to adopt

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a resolution as a result of all directors being unable to participate in the deliberations and decision-making process due to such a conflict of interest, the decision shall nevertheless be taken by the board of directors, but the board of directors shall record in writing the reasons for the resolution. If a director does not comply with the provisions on conflicts of interest, the applicable resolution is subject to nullification and the director may be held liable towards our company. This nullification, however, only has internal effect and does not affect the external representation of the company by a director.

Subject to the provisions of our Articles of Association, the board of directors shall adopt board regulations dealing with its internal organization, the decision-making process, any quorum requirements, the composition, duties and organization of committees and any other matters concerning the board of directors, the executive directors, the non-executive directors and committees established by the board of directors. Board meetings shall be held at least once every calendar quarter.

Dutch law and/or the Articles of Association provide that resolutions of the board of directors involving major changes in PicPay Netherlands' identity or character, as well as resolutions regarding a merger, consolidation, scheme, arrangement or other business combination in which PicPay Netherlands is involved with a value exceeding US$10,000,000, are subject to the approval of the general meeting. See "— Voting Rights" for a description of such resolutions.

#### Liability of Directors
Under Dutch law, the management of a company is a collective and each director can be held jointly and severally liable to PicPay Netherlands for damages in the event of improper or negligent performance of their duties. In such scenario, all directors are jointly and severally liable to PicPay Netherlands for failure of one or more co-directors. An individual director is only exempted from liability if such director proves that they cannot be held liable for serious culpable conduct for the mismanagement and that they have not been negligent in seeking to prevent the consequences of the mismanagement. In this regard, a director may refer to the allocation of tasks between the directors. Further, individual directors can be held liable to third parties based on tort, pursuant to certain provisions of the Dutch Civil Code. In certain circumstances, including in the event of bankruptcy of PicPay Netherlands, directors may incur additional specific civil and criminal liabilities. See "Management — Exculpation and Indemnification of Directors and Officers" for a description of the indemnification provisions in our Articles of Association.

#### Executive Officers
Our board of directors has appointed executive officers and granted them a general power of attorney to represent PicPay Netherlands.

Our Articles of Association provide that the board of directors may appoint executive officers with general or limited power to represent the Company. Each executive officer shall be competent to represent the Company, subject to the restrictions imposed on them. The board of directors shall determine each executive officer's title. Such officers, and the contents of their powers to represent the Company, should be registered with the Dutch trade register, indicating the scope of their power to represent the Company.

For more information about our executive officers, see "Management — Executive Officers."

#### Inspection of Books and Records
Under Dutch law, the board of directors is required to provide the general meeting in good time with all information that a shareholder requires during a general meeting, unless this would be contrary to an overriding interest of the Company. If the board invokes an overriding interest, it must give reasons. On application by a shareholder or a pledgee or usufructuary of Shares, the board of directors shall furnish an extract from the shareholders' register, free of charge, insofar as it relates to the applicant's right in respect of a Share.

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#### Register of Shareholders
The Class A common shares offered in this offering will be held through DTC, and DTC or Cede & Co., as nominee for DTC, will be recorded in the shareholders' register as the holder of our Class A common shares.

Under Dutch law, the board of directors must keep a register of shareholders that includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the names and addresses of the shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date on which a shareholder was registered as such;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date on which a shareholder ceased to be a shareholder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any further information as required by Dutch law or considered appropriate by the board of directors.

The board of directors may appoint a registrar to keep the register on its behalf. The register must be regularly updated. The shareholders' register may be kept in several copies and in several places. Part of the register may be kept outside the Netherlands to comply with applicable local law or pursuant to stock exchange rules.

#### Annual Accounts and Independent Auditor
PicPay Netherlands will be required to publish its annual accounts within five months after the end of each financial year. The annual accounts are required to be made available to the public during a period of at least ten years.

All directors are required to sign the annual accounts and in case the signature of any member is missing, the reason for this must be stated. The annual accounts are to be adopted at the annual general meeting, at which meeting the directors may be discharged from liability for performance of their duties with respect to any matter disclosed in the annual accounts for the relevant financial year insofar this appears from the annual accounts. The annual accounts, the board report and independent auditor's report are made available through our website to the shareholders and other persons with meeting rights for review as from the day of the notice convening the annual general meeting.

#### Anti-Takeover Provisions in our Articles of Association
Some provisions of our Articles of Association may discourage, delay or prevent a change in control of PicPay Netherlands or the board of directors that shareholders may consider favorable. In particular, the capital structure of PicPay Netherlands concentrates ownership of voting rights in the hands of holders of our Class B common shares. These provisions, which are summarized below, are expected to discourage coercive takeover practices and inadequate takeover bids. These provisions are also designed to encourage persons seeking to acquire control of PicPay Netherlands to first negotiate with the board of directors. However, these provisions could also have the effect of discouraging others from attempting hostile takeovers and, as a consequence, they may also inhibit temporary fluctuations in the market price of the Class A common shares that often result from actual or rumored hostile takeover attempts. These provisions may also have the effect of preventing changes in the board of directors of PicPay Netherlands. It is possible that these provisions could make it more difficult to accomplish transactions that shareholders may otherwise deem to be in their best interests.

The Class B common shares of PicPay Netherlands are entitled to 10 votes per share, while the Class A common shares are entitled to one vote per share.

J&F Participações beneficially owns 100% of our Class B common shares and controls more than 50% of the voting rights in the general meeting immediately prior to and is expected to control more than 50% of the voting rights in the general meeting immediately following this offering. Accordingly, J&F Participações has the ability to appoint all directors, albeit the board of directors has a nomination right, and to determine the outcome of most matters submitted for a vote of the general meeting. This concentrated voting control could discourage others from initiating any potential merger, takeover, or other change of control transaction that other shareholders may view as beneficial. All of the issued and outstanding capital stock of J&F Participações is jointly controlled, pursuant to a shareholders' agreement, by our ultimate controlling shareholders. For more information about the shareholders' agreement of J&F Participações, see "Principal Shareholders — Shareholders' Agreement of J&F Participações."

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So long as J&F Participações has the ability to determine the outcome of most matters submitted to a vote of the general meeting, third parties may be deterred in their willingness to make an unsolicited merger, takeover, or other change of control proposal, or to engage in a proxy contest for the appointment of directors. As a result, the fact that PicPay Netherlands has two classes of common shares may have the effect of depriving you as a holder of Class A common shares of an opportunity to sell your Class A common shares at a premium over prevailing market prices and make it more difficult to replace the directors and management of PicPay Netherlands.

#### Protection of Non-Controlling Shareholders
Non-controlling shareholders may bring certain actions against us and our directors under Dutch law to protect their rights. We have included a non-exhaustive overview of certain actions that we believe may be relevant to non-controlling shareholders.

Under Dutch law, shareholders meeting certain thresholds (including non-controlling shareholders) and certain other stakeholders of the company can initiate inquiry proceedings (*enquêteprocedure*) with the Enterprise Chamber (*Ondernemingskamer*) of the Amsterdam Court of Appeal (*Gerechtshof Amsterdam*) ("Enterprise Chamber"). Inquiry proceedings are in principle limited in scope to corporate governance issues. Hence, no liability can be established in such proceedings nor can parties claim damages.

Inquiry proceedings are split into two phases. In the first phase of the proceedings, an inquiry into our policy and the conduct of our business may be requested. The Enterprise Chamber may order such an inquiry if it finds well-founded reasons to doubt the soundness of our policies and/or the conduct of our business. Within two months of the filing of the inquiry report, if any interested party finds sufficient grounds, they may file a new application with the Enterprise Chamber requesting it to establish mismanagement and to order definitive measures. This is the second phase of the inquiry proceedings. If the Enterprise Chamber establishes mismanagement in that second phase of the proceedings, it can order one or more definitive measures, *i.e.* the suspension or nullification of resolutions, appointment, suspension or dismissal of directors, temporarily setting aside specific clauses included in the Articles of Association, temporary transfer of shares to a trustee; and/or liquidation of the company.

Pending the inquiry proceedings, parties to such proceedings may request certain injunctive relief by means of immediate measures. The Enterprise Chamber may, at any time during the inquiry proceedings, order such immediate measures if — at its sole discretion — it deems such measures necessary in light of the state of the company and/or if this would be in the interest of the inquiry. If granted, such measures remain in effect until the earlier of the end of the inquiry proceedings or a set date so determined by the Enterprise Chamber at its sole discretion.

Non-controlling shareholders may initiate summary proceedings (*kort geding*) before the competent Dutch court seeking that injunctive relief is ordered.

Any interested party, including non-controlling shareholders, may bring an action before the competent Dutch court seeking to annul a resolution by one of our corporate bodies, including our board of directors and the general meeting. Such action may be granted within one year as from the date on which (a) sufficient publicity of the resolution was given or (b) the claimant(s) became aware of the resolution or was notified thereof. A resolution may be annulled by the competent court on the grounds that it is (a) contrary to statutory provisions or provisions in the Articles of Association regulating the passing of resolutions; (b) contrary to the principles of reasonableness and fairness; and/or (c) any of our by-laws.

#### Registration Rights and Restricted Shares
Although no shareholders of PicPay Netherlands have formal registration rights, they or entities controlled by them or their permitted transferees will, subject to the lock-up agreements described below, be able to sell their shares in the public market from time to time without registering them, subject to certain limitations on the timing, amount and method of those sales imposed by regulations promulgated by the SEC. We, our executive officers and directors, the anchor investor, the participants of our directed share program, and all of our existing shareholders intend to enter into lock-up agreements that restrict us and them, subject to specified exceptions, from selling or otherwise

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transferring any of our Class A common shares or securities convertible into, exchangeable for, exercisable for, or repayable with our Class A common shares, including our Class B common shares, for 180 days after the date of this prospectus without first obtaining the written consent of Citigroup Global Markets Inc. and BofA Securities, Inc. For more information about these lock-up agreements and the exceptions thereto, see "Underwriting."

#### Squeeze-Out Provisions
Pursuant to article 2:92a of the Dutch Civil Code, a shareholder who (alone or together with its group companies) holds at least 95 percent of the issued share capital of PicPay Netherlands may institute proceedings against the other shareholders jointly for the transfer of their shares to it. The proceedings are held before the Enterprise Chamber and can be instituted by means of a writ of summons served upon each of the minority shareholders in accordance with the provisions of the Dutch Code of Civil Procedure (*Wetboek van Burgerlijke Rechtsvordering*). The Enterprise Chamber may grant the claim for the squeeze-out in relation to all minority shareholders and will determine the price to be paid for the shares, if necessary after appointment of one or three expert(s) who will offer an opinion to the Enterprise Chamber on the value to be paid for the shares of the minority shareholders. Once the order to transfer becomes final before the Enterprise Chamber, the person acquiring the shares must give written notice of the date and place of payment and the price to the holders of the shares to be acquired whose addresses are known to it. Unless the addresses of all of them are known to it, it must also publish the same in a Dutch daily newspaper with a national circulation. A shareholder can only appeal against the judgment of the Enterprise Chamber before the Dutch Supreme Court.

Despite the fact that there is not any other specific statutory squeeze-out proceedings at a lower level of control than 95 percent, it is not uncommon for the offeror under a public offer and the target to agree on a post-offering restructuring transaction, pursuant to which the offeror may require the target to sell its assets to the offeror against payment of a consideration equal to the offering price. Such transaction is subject to the approval of the general meeting of the target. The remaining minority shareholders will receive their relative portion of the purchase price of this sale through a liquidation distribution in cash as part of the liquidation process of the target. Such transaction usually can be implemented if the offeror has obtained a supermajority acceptance of the offer which is lower than 95 percent.

Because Class A common shares will only be listed on Nasdaq, no mandatory bid requirement is applicable pursuant to Dutch law.

#### Cooling-off Period
Pursuant to Dutch law, a statutory cooling-off period of up to 250 days can be invoked by the board of directors, during which the general meeting of PicPay Netherlands would not be able to dismiss, suspend or appoint members of the board of directors (or amend the provisions in the Articles of Association governing these matters) unless these matters were proposed by the board of directors. This cooling-off period could be invoked by the board of directors in the event:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shareholders, using either their shareholder proposal right or their right to request a general meeting, propose an agenda item for the general meeting to dismiss, suspend or appoint a director (or to amend any provision in the Articles of Association dealing with those matters); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a public offer for PicPay Netherlands has been announced or made without agreement having been reached with PicPay Netherlands on such offer,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *provided*, in each case, that in the opinion of the board of directors such proposal or offer materially conflicts with the interests of PicPay Netherlands and its business.

The cooling-off period, if invoked, ends upon the earliest of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the expiration of 250 days from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in case of shareholders using their shareholder proposal right, the day after the deadline for making such proposal for the next general meeting has expired;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in case of shareholders using their right to request a general meeting, the day when they obtain court authorization to do so; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in case of a public offer as described above being made without agreement having been reached with PicPay Netherlands on such offer, the first following day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the day after a public offer without agreement having been reached with PicPay Netherlands on such offer, having been declared unconditional; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the board of directors deciding to end the cooling-off period earlier.

In addition, one or more shareholders that may (jointly) exercise the shareholder proposal right at the time that the cooling-off period is invoked, may request the Enterprise Chamber for early termination of the cooling-off period. The Enterprise Chamber must rule in favor of the request if the shareholders can demonstrate that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the board of directors, in light of the circumstances at hand when the cooling-off period was invoked, could not reasonably have come to the conclusion that the relevant shareholder proposal or hostile offer constituted a material conflict with the interests of PicPay Netherlands and its business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the board of directors cannot reasonably believe that a continuation of the cooling-off period would contribute to careful policy-making;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if other defensive measures, having the same purpose, nature and scope as the cooling-off period, have been activated during the cooling-off period and are not terminated or suspended at the relevant shareholders' written request within a reasonable period following the request (i.e., no 'stacking' of defensive measures).

During the cooling-off period, if invoked, the board of directors must gather all relevant information necessary for a careful decision-making process. In this context, the board of directors must at least consult with shareholders representing at least 3% of PicPay Netherlands' issued share capital at the time the cooling-off period was invoked and with PicPay Netherlands' works council (if applicable). Formal statements expressed by these stakeholders during such consultations must be published on PicPay Netherlands' website to the extent these stakeholders have approved that publication.

Ultimately one week following the last day of the cooling-off period, the board of directors must publish a report in respect of its policy and conduct of affairs during the cooling-off period on our company website. This report must also remain available for inspection by the shareholders and others with meeting rights under Dutch law at PicPay Netherlands' office and must be tabled for discussion at the next general meeting.

#### Comparison of Dutch and U.S. Corporate Law
Because PicPay Netherlands is, as of the date of completion of the offering, a Dutch public limited liability company, the rights of shareholders of PicPay Netherlands will be governed by applicable Dutch law and by the Articles of Association.

The following is a summary comparison of certain differences between the rights PicPay Netherlands' shareholders will have as shareholders under applicable Dutch law, including Book 2 of the Dutch Civil Code, and our Articles of Association effective upon completion of the offering, and the rights of shareholders under the Delaware general corporation law (the "DGCL"), in a corporation incorporated in Delaware. The discussion in this

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section does not include a description of rights or obligations under the U.S. federal securities laws or Nasdaq listing requirements or on our governance or other policies. Such rights, obligations or provisions generally apply equally to the Shares.

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|:---|:---|:---|
|  | **PicPay Netherlands** | **Delaware Entity** |
|  **Authorized and Outstanding Capital Stock; Payment on Shares** | Under Dutch law, at least 20% of the authorized capital of a public limited liability company must be issued and at least 25% of the nominal value of the issued shares (and authorized share capital) must be paid up. The issued and paid-up capital must amount to at least €45,000. Payment on shares in kind is possible. The articles of association include the authorized capital. <br> Under Dutch law, the general meeting is authorized to issue shares or delegate such authority to the board of directors. | Under the DGCL, capital stock issued by a Delaware corporation may be paid for in such form and manner as the board of directors determines, such payment to consist of cash, any tangible or intangible property or any benefit to the company, in each case, having a value not less than the par value or stated capital of the shares so issued, as determined by our company's board of directors.<br> Under the DGCL, the board of directors, without stockholder approval, may approve the issuance of authorized but unissued shares of common stock.<br> Delaware corporations generally provide their authorized capital stock in their certificate of incorporation. |
|  **Consolidation and Division; Subdivision** | Under Dutch law, the general meeting may resolve to reduce the issued capital by reducing the nominal value of shares by amending the articles of association or by cancelling shares which our company holds. The issued shares may also be combined into a smaller number of shares or split into a greater number of shares through an amendment of the articles of association. The articles of association include for a resolution by the general meeting to reduce the issued capital to be adopted at the proposal of the board of directors. | Under the DGCL, the issued shares of a corporation may be combined into a smaller number of shares or split into a greater number of shares through an amendment to its certificate of incorporation approved by shareholders. |
|  **Pre-emption Rights** | Under the Articles of Association, each shareholder has a pre-emptive right upon an issuance of common shares (or the granting of rights to subscribe for common shares) whereby each shareholder will receive Class A common shares and Class B common shares in the same proportion as is held by such shareholder at 9:00 a.m. Eastern Time on the date the issue of shares is resolved upon or such other date as determined by the board of directors, except *inter alia* if shares are issued for a non-cash contribution, if shares are issued to employees or if shares are issued to persons exercising a previously granted right to subscribe for shares. The general meeting is in principle authorized to limit or exclude pre-emptive rights or to delegate such authority to the board of directors. The general meeting can delegate such authority to the board of directors for a period not exceeding five years. No pre-emptive rights shall apply in respect of any issuance of conversion shares. | Under the DGCL, shareholders have no pre-emptive rights on any issuances of stock or security convertible into such stock unless, and to the extent, such rights are expressly provided for in the certificate of incorporation. |

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|  | **PicPay Netherlands** | **Delaware Entity** |
|  **Distributions, Dividends, Repurchases and Redemptions** | *Distributions/Dividends*<br> PicPay Netherlands can only make distributions insofar its equity exceeds the aggregate of the paid up and called up part of the issued capital increased with the reserves required to be maintained by Dutch law or the Articles of Association. This rule applies to both dividend distributions (out of profit) and distributions of freely distributable reserves (such as share premium). Subject to such restrictions, any future determination to pay dividends will be at the discretion of the general meeting and will depend on a number of factors.<br> The general meeting may determine which part of the profits shall be reserved for purposes of a distribution, and may subsequently resolve to distribute any part of such profits to shareholders as dividend after the adoption of PicPay Netherlands' annual accounts demonstrating that such distribution is legally permitted. Profits in respect of which the general meeting has not resolved for these to be distributed shall also be reserved.<br> From time to time during the course of the year, the board of directors (without prior shareholder approval being required) may also make interim distributions or distributions from reserves, subject to certain conditions of Dutch law and our Articles of Association. Such distributions may only be made insofar as PicPay Netherlands' equity exceeds the aggregate of the paid up and called up part of the issued share capital with the reserves required to be maintained by Dutch law or the Articles of Association based on the (interim) financial statements signed by our board of directors. The interim financial statements should reflect the financial position of PicPay Netherlands no earlier than the first day of the third month before the resolution to distribute an interim dividend was made public. | *Distributions/Dividends*<br> Under the DGCL, a Delaware corporation's board of directors may declare and pay dividends to the holders of such corporation's capital stock out of surplus or, if there is no surplus, out of net profits for the year in which the dividend is declared or the immediately preceding fiscal year, or both, provided that such payment would not reduce capital below the amount of capital represented by all classes of outstanding stock having a preference as to the distribution of assets. Dividends may be paid in cash, in shares of such corporation's capital stock or in other property.<br> *Repurchases/Redemptions*<br> Unless otherwise restricted in a Delaware corporation's certificate of incorporation and subject to notice requirements under the DGCL, a Delaware corporation may redeem or repurchase its own shares, except that generally it may not redeem or repurchase those shares if the capital of the corporation is impaired at the time or would become impaired as a result of the redemption or repurchase of such shares. If a Delaware corporation designates and issues shares of a series of preferred stock that are redeemable in accordance with its terms, such terms will govern the redemption of such shares.<br> Repurchased and redeemed shares may be cancelled or held as treasury shares. Shares that have been repurchased but have not been cancelled may be resold by a corporation for such consideration as the board may determine in its discretion. |

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|:---|:---|:---|
|  | **PicPay Netherlands** | **Delaware Entity** |
|  | *Repurchase*<br> The board of directors may — subject to several capital protection rules — repurchase shares if authorized thereto by the general meeting, which authorization may be granted for a period not exceeding 18 months and shall specify the number of shares, the manner in which the shares may be acquired and the price range within which shares may be acquired. No authorization of the general meeting is required if shares are acquired by PicPay Netherlands with the intention of transferring such shares to employees of PicPay Netherlands or any group company of PicPay Netherlands under a scheme applicable to such employee, provided that such shares are listed on a stock exchange. The general meeting may authorize the board of directors, each year to repurchase shares for a period of 18 months. |  |
|  **Dividends in Shares; Bonus Issues** | PicPay Netherlands may declare dividends in kind by issuing new shares or otherwise provided that the general meeting has authorized the board of directors to do so. | The DGCL does not restrict distributions of capital stock to shareholders in the form of a share dividend. |
|  **Lien on Shares, Calls on Shares and Forfeiture of Shares** | Upon an issuance of Shares, the nominal amount thereof, and any share premium, must be paid. Shares may only be issued against payment in full of the amount. Insofar as no other form of payment has been agreed, payment on Shares shall be made in cash. | Under the DGCL, a Delaware corporation may issue the whole or any part of its shares as partly paid and subject to call for the remainder of the consideration to be paid therefor. When the whole of the consideration payable for shares of a corporation has not been paid in full, and the assets of the corporation shall be insufficient to satisfy the claims of creditors, each holder of shares not paid in full shall be bound to pay the unpaid balance due for such shares. |
|  **Share Certificates** | Dutch law allows a public limited liability company to issue share certificates, provided these are kept by a central institute or intermediary within the meaning of article 1 of the Dutch Giro Securities Act. The Articles of Association do not allow the issuance of share certificates. | The DGCL does not restrict use of physical share certificates or book-entry shares. |

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|:---|:---|:---|
|  | **PicPay Netherlands** | **Delaware Entity** |
|  **Election of Directors** | Our executive directors and non-executive directors shall be appointed by the general meeting. In the event of a vacancy, a new director shall be appointed by the general meeting, for which vacancy the board of directors may nominate one or more candidates. The board of directors shall consist of a minimum of four directors and a maximum of 11 directors. In addition, the number of executive directors and the number of non-executive directors shall be determined by the board of directors, provided that the board of directors shall consist of a minimum of one and a maximum of three executive directors and a minimum of three and a maximum of ten non-executive directors. The general meeting shall appoint one of the non-executive directors as chairman of the board of directors. | A Delaware corporation's directors are elected by shareholders at an annual meeting of shareholders. The board of directors may determine the number of board members who will serve on the board, or such number may be fixed in the certificate of incorporation. The DGCL provides that shareholders of a corporation do not have the right to cumulate their votes in the election of directors unless such right is granted in the certificate of incorporation of the corporation. |
|  **Removal of Directors; Vacancies** | *Suspension/Dismissal*<br> A director may at any time be suspended or dismissed by the general meeting by a simple majority vote. An executive director may also be suspended by the board of directors which shall require a unanimous vote by all directors except the executive director whose suspension is the subject of the motion.<br> *Vacancies*<br> In the event of a vacancy, a new director shall be appointed by the general meeting, for which vacancy the board of directors may nominate one or more candidates. The Articles of Association provide that in the event of the absence or inability to act of one or more directors, the powers of the board of directors remain intact, provided that in the event of: (i) the absence or inability to act of all executive directors, the non-executive directors shall be temporarily entrusted with the management with the authority to temporarily entrust the management to one or more non-executive directors and/or others, (ii) the absence or inability to act of all non-executive directors, the general meeting shall be authorized to temporarily entrust the performance of the duties and the exercise of the authorities of the non-executive directors to one or more other individuals. | *Removal of Directors*<br> Under the DGCL, any director or the entire board of directors may be removed, with or without cause, by the holders of a majority of the shares then entitled to vote at an election of directors, except as follows: (i) unless the certificate of incorporation provides otherwise, in the case of a corporation whose board is classified, shareholders may effect such removal only for cause, or (ii) in the case of a corporation having cumulative voting, if less than the entire board is to be removed, no director may be removed without cause if the votes cast against his removal would be sufficient to elect him if then cumulatively voted at an election of the entire board of directors, or, if there are classes of directors, at an election of the class of directors of which he is a part.<br> *Vacancies*<br> Delaware corporations may specify in their certificate of incorporation or bylaws the procedure for addressing board vacancies, which may be filled by the board of directors or by the shareholders at a meeting. |

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|:---|:---|:---|
|  | **PicPay Netherlands** | **Delaware Entity** |
|  **Duties of Directors** | Under Dutch law, the board of directors, consisting of executive directors and non-executive directors, is responsible for the company's management, the general affairs of the company's business and the general affairs of its subsidiaries.<br> It is also responsible for determining the company's strategy and outlining its policy.<br> The board of directors may divide its duties among the directors by one or more sets of regulations dealing with such matters as its internal organization, the decision-making process, the composition, the duties and organization of committees and any other matters concerning the board of directors, the directors and the board committees. In the performance of their tasks, the directors shall be guided by the interests of the company and the enterprise connected with it. Unlike under Delaware law, under Dutch law the corporate interest extends to the interests of all corporate stakeholders, such as shareholders, creditors, employees, customers and suppliers.<br> The board of directors may divide its duties among the directors by one or more sets of regulations dealing with such matters as its internal organization, the decision-making process, the composition, the duties and organization of committees and any other matters concerning the board of directors, the directors and the board committees. | Under the DGCL, a corporation's directors are charged with fiduciary duties of care and loyalty. The duty of care requires that directors act in an informed and deliberate manner and inform themselves, prior to making a business decision, of all relevant material information reasonably available to them. The duty of care also requires that directors exercise care in overseeing and investigating the conduct of corporate employees. The duty of loyalty may be summarized as the duty to act in good faith, not out of self-interest, and in a manner that the director reasonably believes to be in the best interests of the corporation and its shareholders.<br> A party challenging the propriety of a decision of a board of directors typically bears the burden of rebutting the applicability of the presumptions afforded to directors by the "business judgment rule," which presumes that the director acted in accordance with the duties of care and loyalty. If the presumption is not rebutted, the business judgment rule attaches to protect the directors and their decisions. Notwithstanding the foregoing, Delaware courts may subject directors' conduct to enhanced scrutiny in respect of, among other matters, defensive actions taken in response to a threat to corporate control and approval of a transaction resulting in a sale of control of the corporation.<br> Under the DGCL, a member of the board of directors, or a member of any committee designated by the board of directors, shall, in the performance of such member's duties, be fully protected in relying in good faith upon the records of the corporation and upon such information, opinions, reports or statements presented to the corporation by any of the corporation's officers or employees, or committees of the board of directors, or by any other person as to matters the member reasonably believes are within such other person's professional or expert competence and who has been selected with reasonable care by or on behalf of the corporation. |

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|:---|:---|:---|
|  | **PicPay Netherlands** | **Delaware Entity** |
|  **Approval of Board Resolutions** | Under Dutch law and our Articles of Association any important change in the identity or character of PicPay Netherlands must be approved by the general meeting, including (i) the transfer of the business enterprise of PicPay Netherlands or practically the entire business enterprise of PicPay Netherlands business and/or assets to a third party, (ii) the entering into or termination of a long-lasting cooperation by PicPay Netherlands or a subsidiary with any other legal person or company or as a fully liable general partner of a limited partnership or a general partnership, if such cooperation or the termination thereof is of essential importance to PicPay Netherlands, and (iii) the acquisition or disposal by PicPay Netherlands or a subsidiary of a participating interest in the capital of a company with a value of at least one-third of the sum of our assets according to the consolidated balance sheet with explanatory notes set out in the last adopted annual accounts of PicPay Netherlands. In addition, under the Articles of Association any resolutions of the board of directors regarding a merger, consolidation, scheme, arrangement or other business combination in which PicPay Netherlands is involved with a value exceeding US$10,000,000 must be approved by the general meeting. | Under the DGCL, the vote of a majority of the outstanding shares of capital stock entitled to vote thereon generally is necessary to approve a merger or consolidation or the sale of all or substantially all of the assets of a corporation. The DGCL permits a corporation to include in its certificate of incorporation a provision requiring for any corporate action the vote of a larger portion of the stock or of any class or series of stock than would otherwise be required.<br> Under the DGCL, no vote of the stockholders of a surviving corporation to a merger is needed, however, unless required by the certificate of incorporation, if (i) the agreement of merger does not amend in any respect the certificate of incorporation of the surviving corporation, (ii) the shares of stock of the surviving corporation are not changed in the merger and (iii) the number of shares of common stock of the surviving corporation into which any other shares, securities or obligations to be issued in the merger may be converted does not exceed 20% of the surviving corporation's common stock outstanding immediately prior to the effective date of the merger. In addition, stockholders may not be entitled to vote in certain mergers with other corporations that own 90% or more of the outstanding shares of each class of stock of such corporation, but the stockholders will be entitled to appraisal rights. |

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|:---|:---|:---|
|  | **PicPay Netherlands** | **Delaware Entity** |
|  **Conflicts of Interest of Directors** | According to Dutch law, a director shall not take part in the deliberation and decision-making if he or she has a direct or indirect personal interest therein, which is in conflict with the interests of our company and its business. In case all directors have a conflict of interest, the resolutions will be adopted by the general meeting, unless the articles of association provide otherwise. The Articles of Association provide that if there is a personal conflict of interest in respect of all directors, the decision shall nevertheless be taken by the board of directors, and shall be disclosed and explained by the board of directors in the board report.<br> If a director does not comply with the provisions on conflicts of interest, the resolution concerned is subject to nullification and the director may be held liable towards our company. This nullification, however, only has internal effect and does not affect the external representation of the company by a director. | Under the DGCL, a contract or transaction in which a director has an interest will not be voidable solely for this reason if:<br> &nbsp;&nbsp;&nbsp;&nbsp;• the material facts with respect to such interested director's relationship or interest are disclosed or are known to the board of directors, and the board of directors in good faith authorizes the transaction by the affirmative vote of a majority of the disinterested directors;<br> &nbsp;&nbsp;&nbsp;&nbsp;• the material facts with respect to such interested director's relationship or interest are disclosed or are known to the shareholders entitled to vote on such transaction, and the transaction is specifically approved in good faith by vote of the majority of shares entitled to vote thereon; or<br> &nbsp;&nbsp;&nbsp;&nbsp;• the transaction is fair to the corporation as of the time it is authorized, approved or ratified.<br> The mere fact that an interested director is present and voting on a transaction in which he or she is interested will not itself make the transaction void. Under the DGCL, an interested director could be held liable for a transaction in which such director derived an improper personal benefit. |

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|:---|:---|:---|
|  | **PicPay Netherlands** | **Delaware Entity** |
|  **Indemnification of Officers and Directors** | Pursuant to the Articles of Association, current and former directors shall be reimbursed for all expenses (including reasonably incurred and substantiated attorneys' fees), financial effects of judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with such action, suit or proceeding, provided he or she acted in good faith and in a manner he or she reasonably believed to be in or not opposed to our best interests or out of his or her mandate, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful. Any indemnification shall be made only (unless ordered by a court) upon a determination that indemnification of the director or former director is proper under the circumstances because he or she had met the applicable standard of conduct set.<br> A director or former director shall not be entitled to any indemnification, if and to the extent: (a) Dutch law would not permit such indemnification; (b) a Dutch court, a judicial tribunal or, in case of an arbitration, an arbitrator has established by final judgment that is not open to challenge or appeal, that the acts or omissions of the director or former director can be considered intentional, fraudulent, grossly negligent, willfully reckless, seriously culpable, or willful misconduct on the part of such director, unless this would in the given circumstances be unacceptable according to the standards of reasonableness and fairness; (c) the costs or the decrease in assets of the director are covered by an insurance and the insurer started payment of the costs or the decrease in assets; or (d) PicPay Netherlands brought the procedure in question before a court. | Under the DGCL, a corporation has the power to indemnify any person who was or is a party to or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the corporation) by reason of the fact that the person is or was a director, officer, employee or agent of the corporation or is serving at the request of the corporation as a director, officer, employee or agent of another corporation against expenses actually and reasonably incurred by the person in connection with such action, suit or proceeding if the person acted in good faith and in a manner the person reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe the person's conduct was unlawful. However, no indemnification will be made in respect of any claim, issue or matter as to which such person has been adjudged to be liable to the corporation unless and only to the extent that the Delaware court or the court in which such action or suit was brought determines that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity.<br> The DGCL allows a corporation to purchase and maintain insurance on behalf of any person eligible for indemnification against any liability asserted against such person and incurred by such person in any capacity, or arising out of such person's status, whether or not the corporation would have the power to indemnify such person against such liability. |

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|:---|:---|:---|
|  | **PicPay Netherlands** | **Delaware Entity** |
|  **Limitation on Director Liability** | Under Dutch law, directors may be held liable for damages in the event of improper or negligent performance of their duties. They may be held jointly and severally liable for damages to our company for infringement of the articles of association or of certain provisions of the Dutch Civil Code. In certain circumstances, they may also incur additional specific civil and criminal liabilities.<br> The board of directors will be insured under an insurance policy taken out by us against damages resulting from their conduct when acting in the capacities as a member of the board of directors. | Under the DGCL, the certificate of incorporation may eliminate or limit the liability of a director for monetary damages for breach of his fiduciary duties as a director, provided that it does not eliminate or limit the liability of a director:<br> &nbsp;&nbsp;&nbsp;&nbsp;• for any breach of the director's duty of loyalty to the corporation or its shareholders;<br> &nbsp;&nbsp;&nbsp;&nbsp;• for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law;<br> &nbsp;&nbsp;&nbsp;&nbsp;• under Section 174 of the DGCL (i.e., unlawful payment of dividends or unlawful purchase or redemption of shares); or<br> &nbsp;&nbsp;&nbsp;&nbsp;• for any transaction from which the director derived an improper personal benefit. |
|  **Annual Meetings of Shareholders** | Under Dutch law, public limited liability companies are required to hold at least one shareholder meeting each year. This annual general meeting must take place within six months from the end of the preceding financial year.<br> The general meeting of PicPay Netherlands shall be held in Amsterdam, Amstelveen or Haarlemmermeer (Schiphol Airport), the Netherlands.<br> A subject for discussion at the general meeting that has been requested in writing by one or more shareholders who individually or jointly represent at least three percent of our company's issued share capital shall be included in the notice of the general meeting, provided that the company has received the request no later than 60 days before the day of the meeting | The DGCL provides that if a corporation has not held its annual meeting of shareholders for a period of 30 days after the date designated, or if no date has been designated, for a period of 13 months after its last annual meeting, a court may summarily order a meeting to be held upon the application of any shareholder or director.<br> The bylaws of a Delaware corporation generally provide for procedure for the determination of the date, time and place of the annual meeting of shareholders. The content of the meeting is dictated by the board of directors and included in the notice of a meeting. The bylaws also generally include advance notice provisions, which provide a means for a shareholder to raise a proposal at a meeting, and may further provide for proxy access, which enables a shareholder to include a proposal in the notice and proxy statement for a meeting. |
|  **Calling Special Meetings of Shareholders** | Other general meetings of shareholders will be held if requested by the board of directors, or by written request of one or more shareholders representing in aggregate at least 10% of our issued share capital. | Under the DGCL, special meetings of shareholders may be called by the board of directors and by such other person or persons authorized to do so by the corporation's certificate of incorporation or bylaws. |

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|  | **PicPay Netherlands** | **Delaware Entity** |
|  **Notice Provisions** | The convocation notice of the general meeting shall state the items to be dealt with, the items to be discussed and which items to be voted on, the place and time of the meeting, the procedure for participating at the meeting whether or not by written proxy-holder, the address of the website of PicPay Netherlands and, if applicable, the procedure for participating at the meeting and exercising one's right to vote by electronic means of communication. The notice of the meeting shall also state the record date and the manner in which the persons entitled to attend or vote at a meeting may procure their registration and exercise their rights. | Under the DGCL, without limiting the manner by which notice otherwise may be given effectively to shareholders, any notice to shareholders given by a corporation under any provision of the DGCL, its certificate of incorporation or its bylaws may be given in writing directed to the shareholder's mailing address (or by electronic transmission directed to the shareholder's electronic mail address, as applicable) as it appears on the records of the corporation. |
|  **Quorum at Shareholder Meetings** | Pursuant to Dutch law, the validity of a resolution of the general meeting is not dependent on the question which part of the share capital is represented at such meeting, unless Dutch law or the articles of association describes otherwise. | Under the DGCL, and as typically provided for in certificates of incorporation or bylaws, the presence in person or by proxy of the holders of a majority of the shares entitled to vote shall constitute a quorum at any meeting of shareholders, unless otherwise specified in the certificate of incorporation or bylaws. In no event will a quorum consist of less than one third of the shares entitled to vote at a meeting. |
|  **Voting Rights** | Each Class A common share confers the right to cast one vote at a general meeting and each Class B common share confers the right to cast ten votes at a general meeting. If and to the extent voting rights are not suspended, each conversion share confers the right on the holder to cast nine votes at a general meeting. Resolutions are passed by a simple majority of the votes cast, unless Dutch law or the Articles of Association prescribe a larger majority. | Under the DGCL, each shareholder is entitled to one vote per share of stock, unless the certificate of incorporation provides otherwise. |
|  **Shareholder Action by Written Consent** | The Articles of Association do not provide that resolutions of the general meeting can be adopted by written consent. However, for as long as Class B common shares or conversion shares, as applicable, are not admitted to listing and trading on a stock exchange with the cooperation of PicPay Netherlands, resolutions of the meeting of holders of Class B common shares or holders of conversion shares, as applicable, may be adopted in writing without holding a meeting. | Under the DGCL, shareholders may, unless the certificate of incorporation otherwise provides, act by written consent with the minimum number of votes that would be needed to approve such a matter at an annual or special meeting of shareholders. |

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|  | **PicPay Netherlands** | **Delaware Entity** |
|  **Shareholder Suit** | Under Dutch law, in the event that a third party is liable to PicPay Netherlands, only PicPay Netherlands itself can bring civil action against that party. Shareholders of PicPay Netherlands do not have the right to bring an action on behalf of PicPay Netherlands. Only in the event that the cause for the liability of a third party to PicPay Netherlands also constitutes a tortious act directly against a shareholder does that shareholder have an individual right of action against such third party in its own name. See the section entitled "— Enforcement of Civil Liabilities Against Foreign Persons" below. | Generally, Delaware corporations may be sued under federal securities law, and under the DGCL, a shareholder may bring a derivative action on behalf of the corporation to enforce the rights of the corporation. Generally, a person may institute and maintain such a suit only if such person was a shareholder at the time of the transaction that is the subject of the suit or his or her shares thereafter devolved upon him or her by operation of law. |
|  **Inspection of Books and Records** | Under Dutch law, the board of directors is required to provide the general meeting in good time with all information that a shareholder requires during a general meeting, unless this would be contrary to an overriding interest of our company. If the board invokes an overriding interest, it must give reasons.<br> On application by a shareholder or a pledgee or usufructuary of Shares, the board of directors shall furnish an extract from the shareholders' register, free of charge, insofar as it relates to the applicant's right in respect of a share. | Under the DGCL, a shareholder or his or her agent has a right to inspect the corporation's ledger, a list of all of its shareholders and its other books and records during the usual hours of business upon written demand stating his or her purpose (which must be reasonably related to such person's interest as a shareholder). If the corporation refuses to permit such inspection or fails to reply to the request within five business days after the demand, the shareholder may apply to a Delaware court for an order to compel such inspection. |
|  **Disclosure of Interests in Shares** | Under Dutch law, each shareholder of a company admitted to listing and trading on an EU regulated market who holds a substantial holding in that company should forthwith notify the competent authority of such substantial holding. Substantial holding means the holding of at least 3% of the shares or the ability to vote on at least 3% of the voting rights of such shares. Because the Shares will not be admitted to listing and trading on an EU regulated market, these (EU-regulated) disclosure provisions do not apply. | Although the DGCL requires Delaware corporations to maintain a list of registered stockholders and record transfers of registered shares, there is no requirement under the DGCL for shareholders to provide notifications of their share ownership. Such notification requirements are governed by the U.S. federal securities laws. |

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|  | **PicPay Netherlands** | **Delaware Entity** |
|  **Shareholder Approval of Transaction(s)** | Under Dutch law, any important change in the identity or character of PicPay Netherlands must be approved by the general meeting, including: (i) the transfer of the enterprise of PicPay Netherlands or practically the entire enterprise of PicPay Netherlands to a third party; (ii) the conclusion or cancellation of any long-lasting cooperation by PicPay Netherlands or its subsidiary with any other legal person or company or as a fully liable general partner of a limited partnership or a general partnership, provided that such cooperation or the cancellation thereof is of essential importance to PicPay Netherlands; and (iii) the acquisition or disposal by PicPay Netherlands or a subsidiary of a participating interest in the capital of a company with a value of at least one-third of the sum of our assets according to the consolidated balance sheet with explanatory notes thereto according to the last adopted annual accounts of PicPay Netherlands. In addition, under the Articles of Association any resolutions regarding a merger, consolidation, scheme, arrangement or other business combination in which PicPay Netherlands is involved with a value exceeding US$10,000,000 must be approved by the general meeting. The absence of any such approval of the general meeting does not affect the authority of the board of directors or directors to represent PicPay Netherlands. | Under the DGCL, in general, the affirmative vote of a majority of the outstanding voting power of a corporation entitled to vote on the matter is required to amend the certificate of incorporation and approve mergers and consolidations involving the incorporation (with certain exceptions), the dissolution of the corporation and the sale, lease or exchange of all or substantially all of the assets of the corporation.<br> Under the DGCL, if a parent entity owns 90% of the outstanding shares of each class of shares of a subsidiary corporation that otherwise would be entitled to vote on such merger, such corporation may be merged into its parent without the approval of shareholders of either entity. |
|  **Rights of Dissenting Shareholders** | The concept of dissenting rights does not exist under Dutch law other than in respect of a cross-border merger of PicPay Netherlands whereby the company acts as disappearing company and merges with and into a company governed by the laws of another EU Member State. Any shareholder of PicPay Netherlands who voted against such proposal to merge the company is to file a request with PicPay Netherlands within one month after adoption of the resolution. The shares held by such shareholder and to which the request pertains will be cancelled as per the moment the merger becomes effective. Dutch law as it currently stands provides for the compensation granted to such shareholders to be determined by one or more independent experts. | Under the DGCL, shareholders have appraisal rights in connection with mergers and consolidations, provided the shareholder complies with certain procedural requirements of the DGCL. However, this right to demand appraisal does not apply to shares of any class or series if, at the record date fixed to determine the shareholders entitled to receive notice of and to vote: (i) the shares are listed on a national securities exchange; or (ii) the shares are held of record by more than 2,000 shareholders.<br> However, even if the target corporation's shares were listed on a national exchange or held by more than 2,000 holders, when the target shareholders receive consideration of any form other than shares, depository receipts in respect thereof, cash in lieu of fractional shares, or any combination thereof, the right to demand appraisal still applies. |

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| | | |
|:---|:---|:---|
|  | **PicPay Netherlands** | **Delaware Entity** |
|  **Anti-Takeover Measures** | Under Dutch law, various protective measures are possible and permissible within the boundaries set by Dutch law and Dutch case law. Dutch law does not contain anti-takeover measures that are applicable by operation of law.<br> Our Articles of Association contain a dual-class share structure that gives greater voting power to the Class B common shares owned by our controlling shareholders that, although do not make us immune from takeovers, may delay or prevent a change of control, discourage bids at a premium over the market price of the Class A common shares and adversely affect the trading price of the Class A common shares and the voting and other rights of the holders of the Class A common shares.<br> For more information, see "Description of Share Capital — Anti-Takeover Provisions in our Articles of Association." | Under the DGCL, a merger, consolidation, sale, lease, exchange or other disposition of all or substantially all of the property of a corporation not in the usual and regular course of the corporation's business, or a dissolution of the corporation, is generally required to be approved by the holders of a majority of the shares entitled to vote on the matter, unless the certificate of incorporation provides otherwise.<br> Under the DGCL, unless required by its certificate of incorporation, mergers in which 20% or less of a corporation's shares are issued generally do not require shareholder approval. In addition, unless required by its certificate of incorporation, mergers in which one corporation owns 90% or more of each class of shares of a second corporation may be completed without the vote of the second corporation's board of directors or shareholders. In certain situations, the approval of a business combination may require approval by a certain number of the holders of a class or series of shares. |
|  **Variation of Rights Attaching to a Class or Series of Shares** | Dutch law provides for different classes of shares with different voting rights or preferred entitlement to profits. However, a class of shares without voting or profit rights is not possible with regard to public limited liability companies such as PicPay Netherlands. | Under the DGCL, Delaware corporations may provide for different rights for its different classes of shares and may provide such information in the corporation's certificate of incorporation and/or bylaws. |
|  **Amendments of Articles of Association** | The general meeting may, at the proposal of the board of directors and by a simple majority, resolve to amend the Articles of Association. | Under the DGCL, after a corporation has received payment for any of its shares, a corporation's certificate of incorporation may be amended with approval of the board of directors and a majority of the outstanding shares entitled to vote. |

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| | | |
|:---|:---|:---|
|  | **PicPay Netherlands** | **Delaware Entity** |
|  **Rights Upon Liquidation** | The general meeting may, at the proposal of the board of directors, resolve to dissolve PicPay Netherlands. | Under the DGCL, if a dissolution is initially approved by the board of directors, after the adoption of a resolution to that effect by a majority of the whole board at any meeting called for that purpose, it may be approved by the holders of a majority of the outstanding shares entitled to vote thereon.<br> Under the DGCL, if the board has not approved a proposal to dissolve, a dissolution must be approved by the written consent of shareholders holding 100% of the total voting power of the corporation. |
|  **Enforcement of Civil Liabilities Against Foreign Persons** | Judgments in civil and commercial matters obtained from U.S. federal or state courts may be enforced in the Netherlands. However, no assurance can be given that such judgments will be enforceable.<br> For more information, see "Enforceability of Civil Liabilities — The Netherlands." | A judgment for the payment of money rendered by a court in the United States based on civil liability generally would be enforceable elsewhere in the United States. |

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#### Class A Common Shares Eligible for Future Sale
Prior to this offering, there has been no public market for our Class A common shares. Future sales of substantial amounts of Class A common shares, including Class A shares into which Class B common shares have been converted, in the public market after this offering, or the possibility of these sales occurring, could adversely affect the prevailing market price for our Class A common shares or impair our ability to raise equity capital.

Upon the completion of this offering, we will have an aggregate of common shares outstanding. Of these shares, the Class A common shares sold in this offering will be freely tradable without restriction or further registration under the Securities Act, unless purchased by "affiliates" as that term is defined under Rule 144 of the Securities Act, who may sell only the volume of shares described below under "— Rule 144."

The remaining common shares, representing % of our outstanding shares, will be held by our pre-IPO shareholders, including J&F International, Banco Original, Stichting JAB, Stichting ACC Family, Stichting AGR and Stichting ECS. These shares will be "restricted securities" as that phrase is defined in Rule 144 under the Securities Act. Subject to certain contractual restrictions, including the lock-up agreements described below, holders of restricted shares will be entitled to sell those shares in the public market pursuant to an effective registration statement under the Securities Act or if they qualify for an exemption from registration under Rule 144. Sales of these shares in the public market after the restrictions under the lock-up agreements lapse, or the perception that those sales may occur, could cause the prevailing market price to decrease or to be lower than it might be in the absence of those sales or perceptions. As a result of the lock-up agreements described below, and of the provisions of Rules 144 under the Securities Act, the restricted securities will be available for sale in the public market.

Sales of these shares in the public market after the restrictions under the lock-up agreements lapse, or the perception that those sales may occur, could cause the prevailing market price to decrease or to be lower than it might be in the absence of those sales or perceptions.

#### Lock-up Agreements
We, our executive officers and directors, the anchor investor, the participants of our directed share program, and all of our existing shareholders intend to enter into lock-up agreements that restrict us and them, subject to specified exceptions, from selling or otherwise transferring any of our Class A common shares or securities convertible into, exchangeable for, exercisable for, or repayable with our Class A common shares, including our Class B common shares, for 180 days after the date of this prospectus without first obtaining the written consent of Citigroup Global Markets Inc. and BofA Securities, Inc. For more information about these lock-up agreements and the exceptions thereto, see "Underwriting."

#### Rule 144
In general, under Rule 144 under the Securities Act, a person (or persons whose shares are aggregated) who is not deemed to have been an affiliate of ours at any time during the three months preceding a sale, and who has beneficially owned restricted securities within the meaning of Rule 144 for at least six months (including any period of consecutive ownership of preceding non-affiliated holders) would be entitled to sell those shares, subject only to the availability of current public information about us. A non-affiliated person who has beneficially owned restricted securities within the meaning of Rule 144 for at least one year would be entitled to sell those shares without regard to the provisions of Rule 144.

A person (or persons whose shares are aggregated) who is deemed to be an affiliate of ours and who has beneficially owned restricted securities within the meaning of Rule 144 for at least six months would be entitled to sell within any three-month period a number of shares that does not exceed the greater of one percent of the then outstanding Class A common shares or the average weekly trading volume of our Class A common shares during the four calendar weeks preceding such sale. Such sales are also subject to certain manner of sale provisions, notice requirements and the availability of current public information about us.

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#### Taxation
The following summary contains a description of certain Dutch and U.S. federal income tax consequences of the acquisition, ownership and disposition of our Class A common shares. It does not purport to be a comprehensive description of all the tax considerations that may be relevant to a decision to purchase the Class A common shares, is not applicable to all categories of investors, some of which may be subject to special rules, and does not address all of the Dutch and U.S. federal income tax considerations applicable to any particular holder. The summary is based upon the tax laws of the Netherlands and regulations thereunder and of the United States and regulations thereunder as of the date hereof, which are subject to change.

Prospective purchasers of our Class A common shares should consult their own tax advisors about the particular Netherlands and U.S. federal, state, local and other tax consequences to them of the acquisition, ownership and disposition of our Class A common shares.

#### Material Dutch Tax Consequences
This summary solely addresses the principal Dutch tax consequences of the acquisition, ownership and disposition of Class A common shares and does not purport to describe every aspect of taxation that may be relevant to a particular holder. This summary does not describe any Dutch tax considerations or consequences arising from the Dutch Minimum Tax Act 2024 (the Dutch implementation of Council Directive (EU) 2022/2523 of 14 December 2022 on ensuring a global minimum level of taxation for multinational enterprise groups and large-scale domestic groups in the EU) which may be relevant for a particular holder. Tax matters are complex, and the tax consequences of the offer of Class A common shares to a particular holder will depend in part on such holder's circumstances. Accordingly, a holder is urged to consult his own tax advisor for a full understanding of the tax consequences of the offering to him, including the applicability and effect of Dutch tax laws.

Where in this summary English terms and expressions are used to refer to Dutch concepts, the meaning to be attributed to such terms and expressions shall be the meaning to be attributed to the equivalent Dutch concepts under Dutch tax law. Where in this summary the terms "the Netherlands" and "Dutch" are used, these refer solely to the European part of the Kingdom of the Netherlands. This summary assumes that PicPay Netherlands is organized, and that its businesses will be conducted, in the manner outlined in this prospectus. A change to such organizational structure or to the manner in which PicPay Netherlands conducts its business may invalidate the contents of this summary, which will not be updated to reflect any such change.

This summary is based on the tax law of the Netherlands (unpublished case law not included) as it stands at the date of this prospectus. The tax law upon which this summary is based, is subject to changes, possibly with retroactive effect. Any such change may invalidate the contents of this summary, which will not be updated to reflect such change.

The summary in this Material Dutch Tax Consequences paragraph does not address the Dutch tax consequences for a holder of Class A common shares who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is a person who may be deemed an owner of Class A common shares for Dutch tax purposes pursuant to specific statutory attribution rules in Dutch tax law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is, although in principle subject to Dutch corporation tax, in whole or in part, specifically exempt from that tax in connection with income from Class A common shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) is an investment institution as defined in the Dutch Corporation Tax Act 1969;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) is an entity that, although in principle subject to Dutch corporation tax, is fully or partly exempt from Dutch corporation tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) owns Class A common shares in connection with a membership of a management board or a supervisory board, an employment relationship, a deemed employment relationship or management role;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) has a substantial interest or a deemed substantial interest in PicPay Netherlands for Dutch tax purposes. Generally, a person holds a substantial interest if (a) such person — either alone or, in the case of an individual, together with his partner or any of his relatives by blood or by marriage in the direct line (including foster-children) or of those of his partner for Dutch tax purposes — owns or is deemed to own, directly or indirectly, 5% or more of the shares or of any class of shares of PicPay Netherlands, or rights to acquire, directly or indirectly, such an interest in the shares of PicPay Netherlands or profit participating

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certificates relating to 5% or more of the annual profits or to 5% or more of the liquidation proceeds of PicPay Netherlands, or (b) such person's shares, rights to acquire shares or profit participating certificates in PicPay Netherlands are held by him following the application of a non-recognition provision; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) is for Dutch tax purposes taxable as a corporate entity and resident of Aruba, Curaçao or Sint Maarten.

#### Taxes on income and capital gains

#### Resident holders of Class A common shares
A holder of Class A common shares who is resident or deemed to be resident in the Netherlands for Dutch tax purposes is fully subject to Dutch income tax if he is an individual or fully subject to Dutch corporation tax if it is a corporate entity, or an entity, including an association, a partnership and a mutual fund, taxable as a corporate entity, as described in the summary below.

*Individuals deriving profits or deemed to be deriving profits from an enterprise*

Any benefits derived or deemed to be derived from or in connection with Class A common shares that are attributable to an enterprise from which an individual derives profits, whether as an entrepreneur or pursuant to a co-entitlement to the net value of an enterprise, other than as a shareholder, are generally subject to Dutch income tax at progressive rates up to 49.5%.

*Individuals deriving benefits from miscellaneous activities*

Any benefits derived or deemed to be derived from or in connection with Class A common shares that constitute benefits from miscellaneous activities by an individual are generally subject to Dutch income tax at progressive rates up to 49.5%.

An individual may, *inter alia*, derive, or be deemed to derive, benefits from or in connection with Class A common shares that are taxable as benefits from miscellaneous activities if his investment activities go beyond regular active portfolio management.

*Other individuals*

If a holder of Class A common shares is an individual whose situation has not been discussed before in this section "Material Dutch Tax Consequences — Taxes on income and capital gains — Resident holders of Class A common shares," the value of his Class A common shares forms part of the yield basis for that calendar year for purposes of tax on benefits from savings and investments. A deemed benefit, which is calculated on the basis of a holder's actual bank savings plus his actual other investments (including the value of his Class A common shares), minus his actual liabilities whilst taking into account a deemed benefit for each of these categories, is taxed at the rate of 36%. For the year 2026, the estimated deemed benefit rate for actual bank savings is 1.28%, the deemed benefit rate for actual other investments, which category includes the Class A common shares, is 6.00% and the estimated deemed benefit rate for actual liabilities is 2.70%. The estimated deemed return percentages will be confirmed later. Actual benefits derived from the acquisition, ownership and disposition of Class A common shares are in principle not subject to Dutch income tax.

The Dutch Supreme Court has ruled that the regime as set out hereinabove is incompatible with the European Convention on Human Rights as well as the First Protocol to this Convention in cases where the deemed benefit is higher than the actual nominal return on the assets and liabilities, which includes unrealized changes in value of such assets and liabilities but excludes costs. In these cases, the Dutch Supreme Court has ruled that restoration rights must be granted to such holder of Class A common shares. In response to these rulings, Dutch tax law has been amended to include a rebuttal mechanism for taxpayers subject to tax on benefits from savings and investments. Under this mechanism, taxpayers may challenge the deemed benefit if the actual benefit calculated in accordance with specific rules is lower in a given year. Taxpayers wishing to make use of this rebuttal mechanism must submit a form provided by the Dutch tax authorities. If the rebuttal is successful, taxation under the savings and investments regime will only apply to the actual benefit realized in the relevant year. This rebuttal mechanism serves as a transitional measure pending the introduction of a new regime for the taxation of savings and investments, which is not expected to enter into force before January 1, 2028. Holders of Class A common shares that are taxed in this manner with respect to their Class A common shares are therefore recommended to consult a professional tax adviser.

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*Corporate entities*

Any benefits derived or deemed to be derived from or in connection with Class A common shares that are held by a corporate entity, or an entity, including an association, a partnership and a mutual fund, taxable as a corporate entity, are generally subject to Dutch corporation tax at up to a maximum rate of 25.8%.

*General*

A holder of Class A common shares will not be or be deemed to be resident in the Netherlands for Dutch tax purposes by reason only of the acquisition, ownership and disposition of the Class A common shares or the execution and/or enforcement of the documents relating to the issue of Class A common shares or the performance by PicPay Netherlands of its obligations under such documents or under the Class A common shares.

#### Non-resident holders of Class A common shares
*Individuals*

If a holder of Class A common shares is an individual who is neither resident nor deemed to be resident in the Netherlands for purposes of Dutch income tax, he will not be subject to Dutch income tax in respect of any benefits derived or deemed to be derived from or in connection with Class A common shares, except if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) he derives profits from an enterprise, whether as an entrepreneur or pursuant to a co-entitlement to the net value of such enterprise, other than as a shareholder, and such enterprise is carried on, in whole or in part, through a permanent establishment or a permanent representative in the Netherlands, and his Class A common shares are attributable to such permanent establishment or permanent representative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) he derives benefits or is deemed to derive benefits from or in connection with Class A common shares that are taxable as benefits from miscellaneous activities performed in the Netherlands; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) he derives profits pursuant to the entitlement to a share in the profits of an enterprise, other than as a holder of securities, which is effectively managed in the Netherlands and to which enterprise his Class A common shares are attributable.

Such profits and benefits as specified under (i) and (ii) are subject to Dutch income tax at progressive rates up to 49.5%. Such profits as specified under (iii) that are not already included under (i) or (ii) are subject to Dutch income tax on the basis of a deemed benefit from savings and investments (as described under "Resident holders of Class A common shares — Other individuals").

*Corporate entities*

If a holder of Class A common shares is a corporate entity, or an entity including an association, a partnership and a mutual fund, taxable as a corporate entity, which is neither resident, nor deemed to be resident in the Netherlands for purposes of Dutch corporation tax, it will not be subject to Dutch corporation tax in respect of any benefits derived or deemed to be derived from or in connection with Class A common shares, except if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it derives profits from an enterprise directly which is carried on, in whole or in part, through a permanent establishment or a permanent representative in the Netherlands, and to which permanent establishment or permanent representative its Class A common shares are attributable; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) it derives profits pursuant to a co-entitlement to the net value of an enterprise which is managed in the Netherlands, other than as a holder of securities, and to which enterprise its Class A common shares are attributable.

Such profits and benefits are subject to Dutch corporate income tax at up to a maximum rate of 25.8%.

*General*

If a holder of Class A common shares is neither resident nor deemed to be resident in the Netherlands, such holder will for Dutch tax purposes not carry on or be deemed to carry on an enterprise, in whole or in part, through a permanent establishment or a permanent representative in the Netherlands by reason only of holding Class A common shares or the performance by PicPay Netherlands of its obligations under the Class A common shares.

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#### Withholding taxes

#### Dividend withholding tax
PicPay Netherlands is generally required to withhold Dutch dividend withholding tax at a rate of 15% from dividends distributed by PicPay Netherlands, subject to possible relief under Dutch domestic law, the Treaty on the Functioning of the European Union or an applicable Dutch income tax treaty depending on a particular holder of Class A common shares' individual circumstances.

The concept "dividends distributed by PicPay Netherlands" as used in this Material Dutch Tax Consequences paragraph includes, but is not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• distributions in cash or in kind, deemed and constructive distributions and repayments of capital not recognised as paid-in for Dutch dividend withholding tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liquidation proceeds and proceeds of repurchase or redemption of Class A common shares in excess of the average capital recognised as paid-in for Dutch dividend withholding tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the nominal value of Class A common shares issued by PicPay Netherlands to a holder of Class A common shares or an increase of the nominal value of Class A common shares, as the case may be, to the extent that it does not appear that a contribution, recognised for Dutch dividend withholding tax purposes, has been made or will be made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• partial repayment of capital, recognised as paid-in for Dutch dividend withholding tax purposes, if and to the extent that there are net profits, unless (a) the general meeting has resolved in advance to make such repayment and (b) the nominal value of the Class A common shares concerned has been reduced by an equal amount by way of an amendment to PicPay Netherlands' articles of association.

#### Additional withholding tax
An additional Dutch withholding tax at a rate of 25.8% may apply with respect to dividends distributed or deemed to be distributed by PicPay Netherlands if the dividends are distributed or deemed to be distributed to a related party, which (i) is resident in a low-tax or non-cooperative jurisdiction as specifically listed in an annually updated Dutch regulation, (ii) has a permanent establishment in any such jurisdiction to which the dividend is attributable, (iii) is neither resident in the Netherlands nor in a low-tax or non-cooperative jurisdiction, and is entitled to the dividend with the main purpose or one of the main purposes to avoid withholding tax of another person, (iv) is a hybrid entity, or (v) is not resident in any jurisdiction, within the meaning of the Dutch Withholding Tax Act 2021. The additional Dutch withholding tax rate is equal to the highest Dutch corporate income tax rate at the time of the dividend payment, which is 25.8%. The additional Dutch withholding tax on dividends may be reduced by any regular Dutch dividend withholding tax withheld in respect of the same dividend distribution.

#### Gift and inheritance taxes
No Dutch gift tax or Dutch inheritance tax will arise with respect to an acquisition or deemed acquisition of Class A common shares by way of gift by, or upon the death of, a holder of Class A common shares who is neither resident nor deemed to be resident in the Netherlands for purposes of Dutch gift tax or Dutch inheritance tax except if, in the event of a gift whilst not being a resident nor being a deemed resident in the Netherlands for purposes of Dutch gift tax or Dutch inheritance tax, the holder of Class A common shares becomes a resident or a deemed resident in the Netherlands and dies within 180 days after the date of the gift.

For purposes of Dutch gift tax and Dutch inheritance tax, a gift of Class A common shares made under a condition precedent is deemed to be made at the time the condition precedent is satisfied.

#### Registration taxes and duties
No Dutch registration tax, transfer tax, stamp duty or any other similar documentary tax or duty, other than court fees, is payable in the Netherlands in respect of or in connection with the acquisition, ownership and disposition of Class A common shares and the execution and/or enforcement (including by legal proceedings and including the enforcement of any foreign judgment in the courts of the Netherlands) of the documents relating to the issue of Class A common shares, the performance by PicPay Netherlands of its obligations under such documents, or the transfer of Class A common shares.

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#### U.S. Federal Income Tax Considerations for U.S. Holders
The following is a description of certain U.S. federal income tax consequences to U.S. Holders (defined below) of acquiring, owning and disposing of our Class A common shares, but it does not purport to be a comprehensive description of all tax considerations that may be relevant to a particular person's decision to acquire Class A common shares. This discussion applies only to a U.S. Holder that acquires our Class A common shares in this offering and that owns Class A common shares as capital assets for U.S. federal income tax purposes. This discussion is based on the Internal Revenue Code of 1986, as amended (the "Code"), its legislative history, administrative pronouncements, judicial decisions, and final, temporary and proposed Treasury regulations, all as of the date hereof. Except as expressly described herein, this discussion does not address the U.S. federal income tax consequences that may apply to U.S. Holders under the Convention Between the United States of America and the Kingdom of the Netherlands for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income (the "Treaty"). All of the foregoing authorities are subject to change, which change could apply retroactively and could affect the tax consequences described below. In addition, it does not describe all of the tax consequences that may be relevant in light of a U.S. Holder's particular circumstances, including any state, local or non-U.S. tax law, alternative minimum tax consequences, Medicare contribution tax consequences, and any estate or gift tax laws, and it does not describe differing tax consequences applicable to U.S. Holders subject to special rules, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certain banks or financial institutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulated investment companies and real estate investment trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• dealers or traders in securities that use a mark-to-market method of tax accounting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• insurance companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons holding Class A common shares as part of a hedge, straddle, constructive sale or conversion, integrated or similar transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons whose functional currency for U.S. federal income tax purposes is not the U.S. dollar;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons required for U.S. federal income tax purposes to accelerate the recognition of any item of gross income with respect to our common shares as a result of such income being recognized on an applicable financial statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• entities or arrangements classified as partnerships or pass-through entities for U.S. federal income tax purposes or holders of equity interests therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax-exempt entities, "individual retirement accounts" or "Roth IRAs";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "controlled foreign corporations";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certain U.S. expatriates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons that own, directly, indirectly or constructively, ten percent (10%) or more of the total voting power or value of all of our outstanding stock; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons owning Class A common shares in connection with a trade or business conducted outside the United States.

U.S. Holders should consult their tax advisors concerning the U.S. federal, state, local and foreign tax consequences of acquiring, owning and disposing of Class A common shares in their particular circumstances.

A "U.S. Holder" is a person that, for U.S. federal income tax purposes, is a beneficial owner of Class A common shares and is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an individual citizen or resident of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a corporation, or other entity taxable as a corporation, created or organized in or under the laws of the United States, any state therein or the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an estate, the income of which is subject to U.S. federal income taxation regardless of its source; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a trust if a court within the United States is able to exercise primary supervision over its administration and one or more United States persons have the authority to control all substantial decisions of the trust or otherwise if the trust has a valid election in effect under current Treasury regulations to be treated as a United States person.

If an entity or arrangement that is classified as a partnership for U.S. federal income tax purposes owns Class A common shares, the U.S. federal income tax treatment of a partner will generally depend on the status of the partner and the status and activities of the partnership. Partnerships owning Class A common shares and partners in such partnerships should consult their tax advisors as to the particular U.S. federal income tax consequences of acquiring, owning and disposing of our Class A common shares.

THE DISCUSSION OF U.S. FEDERAL INCOME TAX CONSIDERATIONS SET OUT BELOW IS FOR GENERAL INFORMATION ONLY. ALL PROSPECTIVE PURCHASERS SHOULD CONSULT THEIR TAX ADVISORS CONCERNING THE TAX CONSEQUENCES OF THE ACQUISITION, OWNERSHIP, OR DISPOSITION OF OUR CLASS A COMMON SHARES IN LIGHT OF THEIR PARTICULAR CIRCUMSTANCES, INCLUDING THE APPLICABILITY AND EFFECT OF OTHER FEDERAL, STATE, LOCAL, NON-U.S. AND OTHER TAX LAWS, INCLUDING THE TREATY, AND POSSIBLE CHANGES IN TAX LAW.

#### Taxation of Distributions
Subject to the PFIC rules described below, distributions paid on our Class A common shares will generally be treated as dividends to the extent paid out of our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Distributions in excess of our current and accumulated earnings and profits will be treated first as a non-taxable return of capital, thereby reducing the U.S. Holder's adjusted tax basis in our Class A common shares (but not below zero), and thereafter as either long-term or short-term capital gain depending upon whether the U.S. Holder held our Class A common shares for more than one year as of the time such distribution is actually or constructively received. Because we do not prepare calculations of our earnings and profits using U.S. federal income tax principles, it is expected that distributions generally will be taxable to U.S. Holders as dividends, and taxable at ordinary income tax rates (unless eligible for reduced rates as described below).

As used below, the term "dividend" means a distribution that constitutes a dividend for U.S. federal income tax purposes. Dividends will be treated as foreign-source dividend income and will not be eligible for the dividends-received deduction available to U.S. corporations under the Code with respect to dividends received from other U.S. corporations. With respect to certain non-corporate U.S. Holders, dividends will be taxed at the lower capital gains rate applicable to "qualified dividend income," provided that (i) we are eligible for the benefits of the Treaty or our Class A common shares are readily tradable on Nasdaq, (ii) we are not a PFIC (as discussed below under "Passive Foreign Investment Company Rules") for the taxable year in which the dividend is paid and the preceding taxable year, and (iii) certain holding period and other requirements are met. For so long as we are treated as PFIC with respect to a U.S. Holder (or were treated as a PFIC with respect to the U.S. Holder in the preceding taxable year), dividends paid to certain non-corporate U.S. Holders will not be eligible for taxation as "qualified dividend income." A dividend will generally be included in a U.S. Holder's income on the date of the U.S. Holder's actual or constructive receipt of the dividend.

A U.S. Holder may be entitled to a credit against its U.S. federal income tax liability, or to a deduction, if elected, in computing its U.S. federal taxable income, for non-refundable Dutch income taxes withheld from dividends at a rate not exceeding the rate provided in the Treaty (if applicable). For purposes of the foreign tax credit limitation, dividends paid by us generally will constitute income in the "passive category income" basket. However, there are significant complex limitations on a U.S. Holder's ability to claim such a credit or deduction. U.S. Holders should consult their tax advisors concerning their availability in their particular circumstances.

#### Sale, Exchange or Other Taxable Disposition of Class A Common Shares
Subject to the PFIC rules described below, gain or loss realized by a U.S. Holder on a sale, exchange or other taxable disposition of our Class A common shares will be capital gain or loss, and will generally be long-term capital gain or loss if the U.S. Holder has held the Class A common shares for more than one year. The amount of such gain or loss will generally be equal to the difference between the amount realized on the disposition and the U.S. Holder's adjusted tax basis in the Class A common shares disposed of, in each case as determined in U.S. dollars. Long-term capital gains of certain non-corporate U.S. Holders (including individuals) are generally eligible for reduced rates of taxation. The deductibility of capital losses is subject to limitations under the Code.

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#### Passive Foreign Investment Company Rules
In general, a non-U.S. corporation will be a PFIC for any taxable year in which (1) 75% or more of its gross income consists of passive income or (2) 50% or more of the value of its assets (generally determined on a quarterly average basis) consists of assets that produce, or are held for the production of, passive income. For purposes of the above calculations, a non-U.S. corporation that directly or indirectly owns at least 25% by value of the shares of another corporation is treated as if it held its proportionate share of the assets of the other corporation and received directly its proportionate share of the income of the other corporation. For this purpose, passive income generally includes, among other things, interest, rents, dividends, royalties and certain gains, subject to various exceptions.

Based on the Company's gross income, gross assets, and the nature of the Company's business, it is possible that the Company was a PFIC for the taxable year ended December 31, 2024, and taking into account certain estimates of the aforementioned items, together with the expected use of the proceeds from the offering and the Company's anticipated Market Capitalization for the taxable year ended December 31, 2025, it is possible that the Company may be classified as a PFIC for the taxable year ended December 31, 2025 and may be so classified in one or more future taxable years. Further, because a determination of whether a company is a PFIC must be made annually after the end of each taxable year, and because our PFIC status for each taxable year will depend on facts, including the composition of our income and assets, and the value of our assets from time to time (and the value of our assets, including goodwill, may be determined in part by reference to the market value of the Class A common shares, which will change over time), it is possible that we may be a PFIC in any given taxable year. We will not provide an annual determination of our PFIC status for any taxable year. If the Company is or becomes a PFIC, a U.S. Holder who owns our Class A common shares will generally be subject to adverse tax treatment, as discussed in more detail below. Accordingly, you are urged to consult your tax advisors regarding the risks associated with investing in a company that may be a PFIC.

Under attribution rules, if we were a PFIC for any taxable year and any subsidiary or other entity in which we held a direct or indirect equity interest is also a PFIC (a "Lower-tier PFIC"), U.S. Holders would be deemed to own their proportionate share of any such Lower-tier PFIC and would be subject to U.S. federal income tax according to the rules described in the following paragraph on (i) certain distributions by the Lower-tier PFIC and (ii) a disposition of equity interests of the Lower-tier PFIC, in each case as if the U.S. Holders held such interests directly, even though the U.S. Holders have not received the proceeds of those distributions or dispositions directly. Generally, a mark-to-market election (as described below) cannot be made for equity interests in a Lower-tier PFIC. Therefore, if we are a PFIC for any taxable year during which you hold our Class A common shares, you generally will continue to be subject to the rules described in the following paragraph with respect to your indirect interest in any Lower-tier PFIC, even if you were to make a valid mark-to-market election with respect to our Class A common shares. You are urged to consult your tax advisors about the application of the PFIC rules to our subsidiaries.

Generally, if we are a PFIC for any taxable year during which a U.S. Holder owns our Class A common shares, gain recognized by the U.S. Holder upon a disposition (including, under certain circumstances, a pledge) of Class A common shares would be allocated ratably over the U.S. Holder's holding period for such shares. The amounts allocated to the taxable year of disposition and to years before we became a PFIC would be taxed as ordinary income. The amount allocated to each other taxable year would be subject to tax at the highest rate in effect for that taxable year for individuals or corporations, as appropriate, and an interest charge would be imposed on the tax attributable to each allocated amount. Further, to the extent that any distribution received by a U.S. Holder on the Class A common shares exceeds 125% of the average of the annual distributions on such shares received during the preceding three years or the U.S. Holder's holding period, whichever is shorter, that distribution would be subject to taxation in the same manner. If we are a PFIC for any year during which a U.S. Holder owns Class A common shares, we would generally continue to be treated as a PFIC with respect to such U.S. Holder for all succeeding years during which the U.S. Holder owns the Class A common shares, even if we ceased to meet the threshold requirements for PFIC status.

If we are or become a PFIC, certain elections would result in alternative treatments, such as a mark-to-market election (discussed below) of the Class A common shares, or such as a ''qualified electing fund'' ("QEF") election to include in income the U.S. Holder's share of the corporation's income on a current basis. A U.S. taxpayer may generally make a QEF election with respect to shares of a foreign corporation only if such taxpayer is furnished annually with a PFIC annual information statement as specified in the applicable Treasury regulations. We do not intend to provide information necessary for U.S. Holders to make QEF elections. Therefore, U.S. Holders should assume that they will not receive such information from us and would therefore be unable to make a QEF election with respect to any of our Class A common shares.

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Alternatively, if we are a PFIC for any taxable year and if the Class A common shares are "regularly traded" on a "qualified exchange," a U.S. Holder could make a mark-to-market election with respect to the Class A common shares (but not with respect to any Lower-tier PFICs, if any) that would result in tax treatment different from the general tax treatment for PFICs described above. The Class A common shares will be treated as "regularly traded" in any calendar year in which more than a *de minimis* quantity of the Class A common shares is traded on a qualified exchange on at least 15 days during each calendar quarter. Nasdaq, on which we intend to apply to list our Class A common shares, is a qualified exchange for this purpose.

Generally, under the mark-to-market election the U.S. Holder will recognize at the end of each taxable year (i) ordinary income in respect of any excess of the fair market value of the Class A common shares over their adjusted tax basis or (ii) ordinary loss in respect of any excess of the adjusted tax basis of the Class A common shares over their fair market value (but only to the extent of the net amount of income previously included as a result of the mark-to-market election). If a U.S. Holder makes the election, the U.S. Holder's tax basis in the Class A common shares will be adjusted to reflect these income or loss amounts. Any gain recognized on the sale or other disposition of Class A common shares in a year when we were a PFIC will be treated as ordinary income and any loss will be treated as an ordinary loss (but only to the extent of the net amount of income previously included as a result of the mark-to-market election). U.S. Holders should consult their tax advisors regarding the availability and advisability of making a mark-to-market election in their particular circumstances. As to any elections with respect to our Class A common shares, including mark-to-market elections or QEF elections, U.S. Holders should consult their own tax advisors to determine whether any of these elections would be available or advisable if we are or become a PFIC and, if so, what the consequences of the alternative treatments would be in their particular circumstances.

If a U.S. Holder owns our Class A common shares during any year in which we are a PFIC, the U.S. Holder generally will be required to file an IRS Form 8621 annually with respect to the Company, generally with the U.S. Holder's U.S. federal income tax return for that year unless specified exceptions apply.

U.S. Holders should consult their tax advisors regarding our PFIC status for any taxable year and the potential application of the PFIC rules.

#### Information Reporting and Backup Withholding
Payments of dividends and proceeds from the sale, exchange or other taxable disposition (including redemption) of our Class A common shares that are made within the United States, by a U.S. payor or through certain U.S.-related financial intermediaries to a U.S. Holder generally are subject to information reporting, unless the U.S. Holder is a corporation or other exempt recipient, and if required, demonstrates that fact. In addition, such payments may be subject to backup withholding, unless (1) the U.S. Holder is a corporation or other exempt recipient or (2) the U.S. Holder provides a correct taxpayer identification number and certifies that it is not subject to backup withholding.

Backup withholding is not an additional tax. The amount of any backup withholding from a payment to a U.S. Holder will generally be allowed as a credit against the U.S. Holder's U.S. federal income tax liability and may entitle the U.S. Holder to a refund, provided that the required information is timely furnished to the United States Internal Revenue Service.

#### Foreign Financial Asset Reporting
Certain U.S. Holders who are individuals or certain specified entities that own "specified foreign financial assets" with an aggregate value in excess of US$50,000 (and in some circumstances, a higher threshold) may be required to report information relating to the Class A common shares by attaching a complete IRS Form 8938, Statement of Specified Foreign Financial Assets (which requires U.S. Holders to report "foreign financial assets," which generally include financial accounts held at a non-U.S. financial institution, interests in non-U.S. entities, as well as stock and other securities issued by a non-U.S. person), to their tax return for each year in which they hold our Class A common shares, subject to certain exceptions (including an exception for our Class A common shares held in accounts maintained by U.S. financial institutions). U.S. Holders should consult their tax advisors regarding their reporting obligations with respect to their acquisition, ownership and disposition of the Class A common shares.

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#### Underwriting
We and the underwriters named below have entered into an underwriting agreement dated , 2026, with respect to the Class A common shares being offered. Subject to certain conditions, each underwriter has severally agreed to purchase the number of shares indicated in the following table. Citigroup Global Markets Inc., BofA Securities, Inc. and RBC Capital Markets, LLC are acting as global coordinators in this offering and representatives of the underwriters.

---

| | |
|:---|:---|
|  **Underwriter** | **Number of<br>Class A<br>Common<br>Shares** |
|  Citigroup Global Markets Inc. |  |
|  BofA Securities, Inc. |  |
|  RBC Capital Markets, LLC |  |
|  **Mizuho Securities USA LLC** |  |
|  **Nomura Securities International, Inc.** |  |
|  **WR Securities, LLC** |  |
|  **FTP Securities LLC** |  |
|  **Total** |  |

---

Subject to the terms and conditions set forth in the underwriting agreement, the underwriters have agreed, severally and not jointly, to purchase all of the Class A common shares sold under the underwriting agreement, if any of these Class A common shares are purchased, other than the shares covered by the option described below unless and until this option is exercised. If an underwriter defaults, the underwriting agreement provides that the purchase commitments of the non-defaulting underwriters may be increased or the underwriting agreement may be terminated.

We have granted the underwriters an option to buy up to an additional Class A common shares to cover sales by the underwriters of a greater number of shares than the total number set forth in the table above. They may exercise that option for 30 days from the date of this prospectus. If any shares are purchased pursuant to this option, the underwriters will severally purchase shares in approximately the same proportion as set forth in the table above.

The following table shows the per share and total public offering price, underwriting discounts and commissions to be paid to the underwriters by us, and proceeds before expenses to us. These amounts are shown assuming both no exercise and full exercise of the underwriters' option to purchase up to an additional Class A common shares from us.

---

| | | | |
|:---|:---|:---|:---|
|  | **Total** | **Total** | **Total** |
|  | **Per Share** | **No Exercise** | **Full Exercise** |
|  |  | **(US$)** |  |
|  Initial public offering price |  |  |  |
|  Underwriting discounts and commissions to be paid by us |  |  |  |
|  Proceeds, before expenses, to us |  |  |  |

---

We estimate that our share of the total expenses of this offering, excluding underwriting discounts and commissions, will be approximately US$ . We have agreed to reimburse the underwriters for certain expenses relating to clearance of this offering with FINRA in an amount not to exceed US$ .

Shares sold by the underwriters to the public will initially be offered at the initial public offering price set forth on the cover of this prospectus. Any shares sold by the underwriters to securities dealers may be sold at a discount of up to US$ per share from the initial public offering price. After the initial offering of the shares, the representatives may change the offering price and the other selling terms. The offering of the Class A common shares by the underwriters is subject to receipt and acceptance and subject to the underwriters' right to reject any order in whole or in part.

We, our executive officers and directors, the anchor investor, the participants of our directed share program, and all of our existing shareholders have agreed with the underwriters, subject to certain exceptions, not to dispose of or hedge any of our common shares or securities convertible into or exchangeable for our common shares during the period from the date of this prospectus continuing through the date 180 days after the date of this prospectus, except with the prior written consent of Citigroup Global Markets Inc. and BofA Securities, Inc.

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Specifically, we have agreed, with certain specified exceptions, not to directly or indirectly to: (1) issue, offer, sell, contract to sell, pledge, grant any option to purchase, make any short sale or otherwise transfer or dispose of, directly or indirectly, or file the SEC a registration statement under the Securities Act relating to, any securities that are substantially similar to our common shares, including but not limited to any options or warrants to purchase common shares or any securities that are convertible into or exchangeable for, or that represent the right to receive, common shares or any such substantially similar securities; or (2) enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of our common shares or any such other securities, whether any such transaction described in clause (1) or (2) above is to be settled by delivery of common shares or such other securities, in cash or otherwise (other than the shares to be sold in this offering or pursuant to employee share option plans existing on, or upon the exchange of convertible or exchangeable securities outstanding as, the date of this prospectus), or to publicly disclose the intention to undertake any of the transactions described in clause (1) or (2) above

With respect to us, these lock-up restrictions will not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the issuance of common shares to be sold pursuant to this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the grant by us of any options, warrants or shares, provided that, if such options or warrants are exercised, the recipients of the shares shall be bound by a written letter agreement agreeing to remain subject to the lock-up restrictions set forth in such agreement with the underwriters, or the issuance of common shares upon the exercise of an option or warrant or under the long-term incentive plan described in this prospectus, provided that the recipients of such common shares who are our directors or executive officers enter into a written letter agreement agreeing to remain subject to the lock-up restrictions set forth in such agreement with the underwriters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the issuance of common shares upon the conversion of a security described in this prospectus outstanding as of the date of this prospectus, provided that the recipients of such common shares enter into a written letter agreement agreeing to remain subject to the lock-up restrictions set forth in such agreement with the underwriters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the issuance of common shares in connection with a merger, acquisition, joint venture or strategic participation entered into by us, provided that the recipients of such common shares enter into a written letter agreement agreeing to remain subject to the lock-up restrictions set forth in such agreement with the underwriters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the filing by us of any registration statement on Form S-8 or a successor form thereto relating to our long term incentive plans described in this prospectus; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the issuance of common shares in connection with the establishment of a trading plan pursuant to Rule 10b5-1 of the Exchange Act, provided that such a plan does not provide for the transfer of common shares during the lock-up period and no public announcement under the Exchange Act whether required or voluntary will be made regarding the establishment of such plan.

We also agreed not to file with the SEC a registration statement under the Securities Act relating to, any securities that are substantially similar to the common shares, including but not limited to any options or warrants to purchase common shares or any securities that are convertible into or exchangeable for, or that represent the right to receive, common shares or any such substantially similar securities, or publicly disclose the intention to make any offer, sale, pledge, disposition or filing or enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of common shares or any such other securities.

Specifically, our executive officers and directors, the anchor investor, the participants of our directed share program, and all of our existing shareholders have agreed, with certain specified exceptions, not to directly or indirectly to: (1) offer, sell, contract to sell, pledge, grant any option to purchase, lend or otherwise dispose of any common shares, or any options or warrants to purchase any common shares, or any securities convertible into, exchangeable for or that represent the right to receive our common shares (such options, warrants or other securities, collectively, Derivative Instruments), including without limitation any such shares or Derivative Instruments now owned or hereafter acquired by the signatory; (2) engage in any hedging or other transaction or arrangement (including, without limitation, any short sale or the purchase or sale of, or entry into, any put or call option, or combination thereof, forward, swap or any other derivative transaction or instrument, however described or defined) which is designed to or which reasonably could be expected to lead to or result in a sale, loan, pledge or other disposition (whether by the signatory or someone other than the signatory), or transfer of any of the economic consequences of ownership, in whole or in part, directly

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or indirectly, of any common shares or Derivative Instruments, whether any such transaction or arrangement (or instrument provided for thereunder) would be settled by delivery of common shares or other securities, in cash or otherwise; or (3) otherwise publicly announce any intention to engage in or cause any action or activity described in clause (1) above or transaction or arrangement described in clause (2) above.

With respect to our executive officers and directors and our existing shareholders, these lock-up restrictions will not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) transfers as bona fide gifts, provided that (a) such donee or donees agree to be bound in writing by the terms of the lock-up agreement, and (b) the signatory is not required to and does not voluntarily effect any public filing or report regarding such transfers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) transfers to any trust for the direct or indirect benefit of the signatories of the lock-up agreement or their immediate family, which shall mean any relationship by blood, marriage or adoption, not more remote than first cousin, provided that (a) the trustee of such a trust agrees to be bound in writing by the terms of the lock-up agreement, (b) any such transfer shall not involve a disposition for value, and (c) the signatory is not required to and does not voluntarily effect any public filing or report regarding such transfers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) transfers that occur by reason of a will or under the laws of descent, or pursuant to statutes governing the effects of a qualified domestic order or divorce settlement, provided that (a) the transferee or transferees agree to bound in writing by the terms of the lock-up agreement, and (b) the signatory is not required to and does not voluntarily effect any public filing or report regarding such transfers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) transactions relating to our common shares or other securities acquired in open market transactions after the completion of this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) transfers following the consummation of our initial public offering, pursuant to a bona fide third-party tender offer, merger, consolidation or other similar transaction made to all holders of our issued share capital involving a "change of control" (meaning a change in our ownership of not less than 50.1%) that has been approved by our board of directors, provided that (a) should such a transaction not be completed, the lock-up restrictions will continue to apply to the signatories of the lock-up agreement, and (b) the signatory is not required to and does not voluntarily effect any public filing or report regarding such transfers other than filings under Section 13 of the Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) pursuant to the underwriting agreement and any reclassification, conversion or exchange in connection with such sale of shares to be sold thereby, provided that the signatory is not required to and does not voluntarily effect any public filing or report regarding such transfers other than filings under Section 13 of the Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) as a result of the operation of law, or pursuant to an order of a court or regulatory agency, provided that the signatory is not required to and does not voluntarily effect any public filing or report regarding such transfers other than filings under Section 13 of the Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) transfers whereby a signatory of the lock-up agreement that is an entity transfers or otherwise dispose of its common shares to a subsidiary or an "affiliate" (as defined by Rule 405 of the Securities Act) or distributes its common shares to direct or indirect partners, members, shareholders or holders of similar equity interest in the signatory to the lock-up agreement, provided that (a) the transferee or transferees agree to remain subject to the restrictions set forth in the lock-up agreement, and (b) the signatory does not voluntarily effect any public filing or report regarding such transfers other than filings under Section 13 of the Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) transfers whereby a signatory of the lock-up agreement that is an individual transfers its common shares to any immediate family member or any entity controlled by the signatory, provided that (a) the transferee or transferees agree to remain subject to the restrictions set forth in the lock-up agreement, (b) any such transfer shall not involve a disposition for value, and (c) the signatory is not required to and does not voluntarily effect any public filing or report regarding such transfers other than filings under Section 13 of the Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the establishment of a trading plan pursuant to Rule 10b5-1 under the Exchange Act, provided that (a) such a plan does not provide for the transfer of common shares during the lock-up period, and (b) to the extent a public announcement or filing under the Exchange Act is required of or voluntarily made during the

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lock-up period by or on behalf of the signatory or us regarding the establishment of such plan, such announcement or filing shall include a statement to the effect that no transfer of common shares may be made under such plan during the lock-up period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) any third-party pledge or other encumbrance in a bona fide transaction as collateral to secure the obligations pursuant to lending or other arrangements between such third parties (or their affiliates or designees) and the signatory and its affiliates, provided that (a) any such pledgee or other party shall, upon foreclosure on the pledged common shares during the term of the lock-up, execute and deliver an agreement stating that the transferee is receiving and holding such common shares subject to the provisions of the lock-up agreement, and (b) none of us, the signatory, nor such pledgee or other party shall effect any public filing or report regarding such pledge, foreclosure or otherwise relating to the pledge; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) if the signatory of the lock-up agreement is our director or officer, the exercise of any rights to purchase, exchange or convert any stock options granted to the undersigned pursuant to our equity incentive plans referred to in this prospectus, or any options, warrants or other securities convertible into or exercisable or exchangeable for our common shares, which options, warrants or other securities are described in this prospectus, provided that (a) no filings shall be required or made during the period from the date of this prospectus continuing through the date 180 days after the date of this prospectus, (b) the underlying common shares continue to be subject to the restrictions set forth in the lock-up agreement, and (c) neither us nor the signatory otherwise voluntarily effects any other public filings, announcements or reports regarding such exercise during the period from the date of this prospectus continuing through the date 180 days after the date of this prospectus.

Prior to this offering, there has been no public market for the shares. The initial public offering price has been negotiated among us and the representatives. Among the factors to be considered in determining the initial public offering price of the shares, in addition to prevailing market conditions, will be our historical performance, estimates of the business potential and earnings prospects of the Company, an assessment of our management and the consideration of the above factors in relation to market valuation of companies in related businesses.

We have agreed to indemnify the several underwriters against certain liabilities, including liabilities under the Securities Act of 1933 or to contribute to payments the underwriters may be required to make in respect of those liabilities.

The underwriters and their respective affiliates are full-service financial institutions engaged in various activities, which may include sales and trading, commercial and investment banking, advisory, investment management, investment research, principal investment, hedging, market making, brokerage and other financial and non-financial activities and services. Certain of the underwriters and their respective affiliates have provided, and may in the future provide, a variety of these services to us and to persons and entities with relationships with us, for which they received or will receive customary fees and expenses.

In the ordinary course of their various business activities, the underwriters and their respective affiliates, officers, directors and employees may purchase, sell or hold a broad array of investments and actively traded securities, derivatives, loans, commodities, currencies, credit default swaps and other financial instruments for their own account and for the accounts of their consumers or affiliates, and such investment and trading activities may involve or relate to assets, securities and/or instruments of ours (directly, as collateral securing other obligations or otherwise) and/or persons and entities with relationships with us. The underwriters and their respective affiliates may also communicate independent investment recommendations, market color or trading ideas and/or publish or express independent research views in respect of such assets, securities or instruments and may at any time hold, or recommend to clients that they should acquire, long and/or short positions in such assets, securities and instruments.

We intend to apply to list our Class A common shares on Nasdaq under the symbol "PICS."

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short position, the underwriters will consider, among other things, the price of shares available for purchase in the open market as compared to the price at which they may purchase additional Class A common shares pursuant to the option described above. "Naked" short sales are any short sales that create a short position greater than the amount of additional Class A common shares for which the option described above may be exercised. The underwriters must cover any such naked short position by purchasing Class A common shares in the open market. A naked short position is more likely to be created if the underwriters are concerned that there may be downward pressure on the price of the Class A common shares in the open market after pricing that could adversely affect investors who purchase in this offering. Stabilizing transactions consist of various bids for or purchases of Class A common shares made by the underwriters in the open market prior to the completion of this offering.

The underwriters may also impose a penalty bid. This occurs when a particular underwriter repays to the underwriters a portion of the underwriting discount received by it because the representatives have repurchased shares sold by or for the account of such underwriter in stabilizing or short covering transactions.

Purchases to cover a short position and stabilizing transactions, as well as other purchases by the underwriters for their own accounts, may have the effect of preventing or retarding a decline in the market price of our Class A common shares, and together with the imposition of the penalty bid, may stabilize, maintain or otherwise affect the market price of the Class A common shares. As a result, the price of the Class A common shares may be higher than the price that otherwise might exist in the open market. The underwriters are not required to engage in these activities and may end any of these activities at any time. These transactions may be effected on Nasdaq, in the over-the-counter market or otherwise.

"Wolfe \| Nomura Alliance" is the marketing name used by Wolfe Research Securities and Nomura Securities International, Inc. in connection with certain equity capital markets activities conducted jointly by the firms. Both Nomura Securities International, Inc. and WR Securities, LLC are serving as underwriters in the offering described herein. In addition, WR Securities, LLC and certain of its affiliates may provide sales support services, investor feedback, investor education, and/or other independent equity research services in connection with this offering.

#### Directed Share Program
At our request, the underwriters have reserved up to 3% of the shares offered by this prospectus for sale, excluding the additional shares that the underwriters have an option to purchase within 30 days from the date of this prospectus, at the initial public offering price, to our eligible employees, including directors and officers. An invitation to participate in the directed share program does not guarantee that the participant will receive an allocation of shares. Accordingly, we cannot provide any assurance that any eligible participant will receive an invitation or will receive an allocation in the directed share program.

The directed share program does not constitute, and should not be construed as, an offer to sell or the solicitation of an offer to purchase any securities to the general public of investors resident or domiciled in Brazil. The shares offered pursuant to the directed share program have not been, and will not be, registered with the CVM, nor have they been submitted for approval under Brazilian securities laws. Accordingly, the directed share program may not be offered, sold, solicited or distributed, directly or indirectly, in Brazil, except in circumstances that do not constitute a public offering under applicable Brazilian securities legislation and regulations.

Prospective participants must submit required documentation to the program administrator. The program administrator will not accept orders from any participant until after the registration statement for this offering is declared effective, this offering is priced and the participants are notified of their final allocation and given an opportunity to confirm that they wish to purchase the shares allocated to them. If the directed share program is oversubscribed, allocations will be made at the discretion of our management to eligible participants that indicated an interest in purchasing. After the registration statement has been declared effective and this offering is priced, we will prepare a final approved list of allocations. The program administrator will notify each participant of his or her respective share allocation, along with the total purchase price due upon confirmation of participation. Thereafter, participants who confirm their allocation and elect to participate will be required to fully fund their account with the program administrator to pay the purchase price for the shares by the closing of this offering. The shares under the directed share program will be allocated following pricing and will settle in the same manner as the shares sold to the general public. Shares purchased through the directed share program will also be subject to a 180-day lock-up restriction (as described above).

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#### Selling Restrictions

#### European Economic Area
In relation to each Member State of the European Economic Area, an offer of the Class A common shares to the public may not be made in that Member State, except that an offer of Class A common shares may be made to the public in that Member State at any time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to any legal entity which is a qualified investor as defined under the Prospectus Regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to fewer than 150 natural or legal persons in a Member State (other than qualified investors as defined in the Prospectus Regulation), subject to obtaining the prior consent of the representatives for any such offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in any other circumstances falling within Article 1(4) of the Prospectus Regulation,

*provided* that no such offer of Class A common shares shall result in a requirement for the publication by us or any underwriter of a prospectus pursuant to Article 3 of the Prospectus Regulation.

For the purposes of this provision, the expression "an offer of the public" in relation to any Class A common shares in any Member State means the communication in any form and by any means of sufficient information on the terms of the offer and the Class A common shares to be offered so as to enable an investor to decide to purchase or subscribe for the Class A common shares, and the expression "Prospectus Regulation" means Regulation (EU) 2017/1129.

#### United Kingdom
An offer to the public of the Class A common shares may not be made in the United Kingdom, except that an offer to the public in the United Kingdom of the Class A common shares may be made at any time under the following exemptions under the UK Prospectus Regulation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to any legal entity which is a "qualified investor" as defined under the UK Prospectus Regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to fewer than 150 natural or legal persons in the United Kingdom (other than "qualified investors" as defined under the UK Prospectus Regulation), subject to obtaining the prior consent of the representatives for any such offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in any other circumstances falling within Article 1(4) of the UK Prospectus Regulation, provided that no such offer of Class A common shares shall result in a requirement for the Company or any underwriter to publish a prospectus pursuant to section 85 of the Financial Services and Markets Act 2000, as amended ("FSMA") or a supplemental prospectus pursuant to Article 23 of the UK Prospectus Regulation.

For the purposes of this provision, the expression an "offer to the public" in relation to the Class A common shares in the United Kingdom means the communication in any form and by any means of sufficient information on the terms of the offer and the Class A common shares to be offered so as to enable an investor to decide to purchase or subscribe for the Class A common shares, and the expression "UK Prospectus Regulation" means Regulation (EU) 2017/1129 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018.

In the United Kingdom, this prospectus is only being distributed to and is only directed at: (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"); or (ii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons being referred to as "relevant persons"). The Class A common shares are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire the Class A common shares will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this prospectus or any of its contents.

#### Argentina
The Class A common shares are not authorized for public offering in Argentina by the *Comisión Nacional de Valores* pursuant to Argentine Public Offering Law No. 17,811, as amended, and they shall not be sold publicly. Therefore, any transaction carried out in Argentina must be made privately.

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#### Australia
No placement document, prospectus, product disclosure statement or other disclosure document has been lodged or will be lodged with the Australian Securities and Investments Commission (ASIC), in relation to this offering. This document does not constitute a prospectus, product disclosure statement or other disclosure document under the Corporations Act 2001 (the Corporations Act), and does not purport to include the information required for a prospectus, product disclosure statement or other disclosure document under the Corporations Act.

Any offer in Australia of the Class A common shares may only be made to persons (the Exempt Investors) who are "sophisticated investors" (within the meaning of section 708(8) of the Corporations Act), "professional investors" (within the meaning of section 708(11) of the Corporations Act) or otherwise pursuant to one or more exemptions contained in section 708 of the Corporations Act so that it is lawful to offer the Class A common shares without disclosure to investors under Chapter 6D of the Corporations Act.

The Class A common shares applied for by Exempt Investors in Australia must not be offered for sale in Australia in the period of 12 months after the date of allotment under this offering, except in circumstances where disclosure to investors under Chapter 6D of the Corporations Act would not be required pursuant to an exemption under section 708 of the Corporations Act or otherwise or where the offer is pursuant to a disclosure document which complies with Chapter 6D of the Corporations Act. Any person acquiring Class A common shares must observe such Australian on-sale restrictions.

The Company is not licensed in Australia to provide financial product advice in relation to the Class A common shares. This prospectus contains general information only and does not take account of the investment objectives, financial situation or particular needs of any particular person. It does not contain any securities recommendations or financial product advice. Any advice contained in this document is general advice only. Before making an investment decision on the basis of this document, investors should consider the appropriateness of the information in this document, having regard to their own objectives, financial situation and needs, and, if necessary, seek expert advice on those matters. No cooling off period applies to an acquisition of the Class A common shares.

#### Brazil
*Notice to Prospective Investors in Brazil*

The offer and sale of our Class A common shares has not been, and will not be, registered (or exempted from registration) with the Brazilian Securities Commission (*Comissão de Valores Mobiliários* — CVM) and, therefore, will not be carried out by any means that would constitute a public offering in Brazil under (i) Brazilian Federal Law No. 6,385, of December 7, 1976, as amended and (ii) CVM Resolution No. 160, of July 13, 2022, as amended. Any representation to the contrary is untruthful and unlawful. As a consequence, our Class A common shares cannot be offered and sold in Brazil or to any investor resident or domiciled in Brazil. Documents relating to the offering of our Class A common shares, as well as information contained therein, may not be supplied to the public in Brazil, nor used in connection with any public offer for subscription or sale of shares to the public in Brazil.

#### Canada
The Class A common shares may be sold in Canada only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument 45-106 Prospectus Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and are permitted clients, as defined in National Instrument 31-103 Registration Requirements, Exemptions, and Ongoing Registrant Obligations. Any resale of the Class A common shares must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable securities laws.

Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus (including any amendment thereto) contains a misrepresentation; *provided* that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province or territory of these rights or consult with a legal advisor.

Pursuant to section 3A.3 of National Instrument 33-105 Underwriting Conflicts (NI 33-105), the underwriters are not required to comply with the disclosure requirements of NI 33-105 regarding underwriter conflicts of interest in connection with this offering.

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#### Cayman Islands
This prospectus does not constitute a public offer of the Class A common shares, whether by way of sale or subscription, in the Cayman Islands. The Class A common shares have not been offered or sold, and will not be offered or sold, directly or indirectly, in the Cayman Islands.

#### Chile
The offer of the Class A common shares is subject to CMF Rule 336. The Class A common shares being offered will not be registered under the Chilean Securities Market Law in the Securities Registry (*Registro de Valores*) or in the Foreign Securities Registry (*Registro de Valores Extranjeros*) of the CMF and, therefore, the Class A common shares are not subject to the supervision of the CMF. As unregistered securities, we are not required to disclose public information about the Class A common shares in Chile. Accordingly, the Class A common shares cannot and will not be publicly offered to persons in Chile unless they are registered in the corresponding securities registry. The Class A common shares may only be offered in Chile in circumstances that do not constitute a public offering under Chilean law or in compliance with CMF Rule 336. Pursuant to CMF Rule 336, the Class A common shares may be privately offered in Chile to certain "qualified investors" identified as such therein (which in turn are further described in Rule No. 216, dated June 12, 2008, and in Rule No. 410, dated July 27, 2016, both issued by the CMF).

***LA OFERTA DE LAS ACCIONES COMUNES CLASE A SE ACOGE A LA NORMA DE CARÁCTER GENERAL N°336 DE LA CMF. LAS ACCIONES COMUNES CLASE A QUE SE OFRECEN NO ESTÁN INSCRITOS BAJO LA LEY DE MERCADO DE VALORES EN EL REGISTRO DE VALORES O EN EL REGISTRO DE VALORES EXTRANJEROS QUE LLEVA LA CMF, POR LO QUE TALES VALORES NO ESTÁN SUJETOS A LA FISCALIZACIÓN DE ÉSTA. POR TRATARSE DE VALORES NO INSCRITOS, NO EXISTE OBLIGACIÓN POR PARTE DEL EMISOR DE ENTREGAR EN CHILE INFORMACIÓN PÚBLICA RESPECTO DE ESTOS VALORES. LAS ACCIONES COMUNES CLASE A NO PODRÁN SER OBJETO DE OFERTA PÚBLICA EN CHILE MIENTRAS NO SEAN INSCRITOS EN EL REGISTRO DE VALORES CORRESPONDIENTE. LAS ACCIONES COMUNES CLASE A SOLO PODRÁN SER OFRECIDOS EN CHILE EN CIRCUNSTANCIAS QUE NO CONSTITUYAN UNA OFERTA PÚBLICA O CUMPLIENDO CON LO DISPUESTO EN LA NORMA DE CARÁCTER GENERAL N°336 DE LA CMF. EN CONFORMIDAD CON LO DISPUESTO POR LA NORMA DE CARÁCTER GENERAL N°336, LAS ACCIONES COMUNES CLASE A PODRÁN SER OFRECIDOS PRIVADAMENTE A CIERTOS "INVERSIONISTAS CALIFICADOS," IDENTIFICADOS COMO TAL EN DICHA NORMA (Y QUE A SU VEZ ESTÁN DESCRITOS EN LA NORMA DE CARÁCTER GENERAL N°216 DE LA CMF DE FECHA 12 DE JUNIO DE 2008 Y EN LA NORMA DE CARÁCTER GENERAL N°410 DE LA CMF DE FECHA 27 DE JULIO DE 2016***).

#### China
The Class A common shares may not be offered or sold directly or indirectly to the public in the People's Republic of China (China) and neither this prospectus, which has not been submitted to the Chinese Securities and Regulatory Commission, nor any offering material or information contained herein relating to the Class A common shares may be supplied to the public in China or used in connection with any offer for the subscription or sale of Class A common shares to the public in China. The Class A common shares may only be offered or sold to China-related organizations which are authorized to engage in foreign exchange business and offshore investment from outside of China. Such China-related investors may be subject to foreign exchange control approval and filing requirements under the relevant Chinese foreign exchange regulations. For the purpose of this paragraph, China does not include Taiwan and the special administrative regions of Hong Kong and Macau.

#### Colombia
The Class A common shares have not been and will not be registered on the Colombian National Registry of Securities and Issuers or in the Colombian Stock Exchange. Therefore, the Class A common shares may not be publicly offered in Colombia. This material is for your sole and exclusive use as a determined entity, including any of your shareholders, administrators or employees, as applicable. You acknowledge the Colombian laws and regulations (specifically foreign exchange and tax regulations) applicable to any transaction or investment consummated pursuant hereto and represent that you are the sole liable party for full compliance with any such laws and regulations.

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#### Hong Kong
The Class A common shares may not be offered or sold in Hong Kong by means of any document other than (1) in circumstances which do not constitute an offer to the public within the meaning of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32 of the Laws of Hong Kong) ("Companies (Winding Up and Miscellaneous Provisions) Ordinance") or which do not constitute an invitation to the public within the meaning of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong) ("Securities and Futures Ordinance"), or (2) to "professional investors" as defined in the Securities and Futures Ordinance and any rules made thereunder, or (3) in other circumstances which do not result in the document being a "prospectus" as defined in the Companies (Winding Up and Miscellaneous Provisions) Ordinance, and no advertisement, invitation or document relating to the Class A common shares may be issued or may be in the possession of any person for the purpose of issue (in each case whether in Hong Kong or elsewhere), which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to Class A common shares which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" in Hong Kong as defined in the Securities and Futures Ordinance and any rules made thereunder.

#### Israel
This document does not constitute a prospectus under the Israeli Securities Law, 5728-1968, or the "Securities Law," and has not been filed with or approved by the Israel Securities Authority. In Israel, this prospectus is being distributed only to, and is directed only at, and any offer of the Class A common shares is directed only at, (1) a limited number of persons in accordance with the Israeli Securities Law; and (2) investors listed in the first addendum, or the "Addendum," to the Israeli Securities Law, consisting primarily of joint investment in trust funds, provident funds, insurance companies, banks, portfolio managers, investment advisors, members of the Tel Aviv Stock Exchange, underwriters, venture capital funds, entities with equity in excess of NIS 50 million and "qualified individuals," each as defined in the Addendum (as it may be amended from time to time), collectively referred to as qualified investors (in each case, purchasing for their own account or, where permitted under the Addendum, for the accounts of their clients who are investors listed in the Addendum). Qualified investors are required to submit written confirmation that they fall within the scope of the Addendum, are aware of its meaning and agree to it.

#### Japan
The securities have not been and will not be registered under the Financial Instruments and Exchange Act of Japan (Act No. 25 of 1948, as amended), or the "FIEA." The securities may not be offered or sold, directly or indirectly, in Japan or to or for the benefit of any resident of Japan (including any person resident in Japan or any corporation or other entity organized under the laws of Japan) or to others for reoffering or resale, directly or indirectly, in Japan or to or for the benefit of any resident of Japan, except pursuant to an exemption from the registration requirements of the FIEA and otherwise in compliance with any relevant laws and regulations of Japan.

#### Kuwait
The Class A common shares have not been authorized or licensed for offering, marketing or sale in the State of Kuwait. The distribution of this prospectus and the offering and sale of the Class A common shares in the State of Kuwait is restricted by law unless a license is obtained from the Kuwait Ministry of Commerce and Industry in accordance with Law 31 of 1990. Persons into whose possession this prospectus comes are required by us and the international underwriters to inform themselves about and to observe such restrictions. Investors in the State of Kuwait who approach us or any of the international underwriters to obtain copies of this prospectus are required by us and the international underwriters to keep such prospectus confidential and not to make copies thereof or distribute the same to any other person and are also required to observe the restrictions provided for in all jurisdictions with respect to offering, marketing and the sale of the Class A common shares.

#### Mexico
The Class A common shares have not been registered in Mexico with the Securities Section (*Sección de Valores*) of the National Securities Registry (*Registro Nacional de Valores*) maintained by the *Comisión Nacional Bancaria y de Valores*, and that no action has been or will be taken that would permit the offer or sale of the Class A common shares in Mexico absent an available exemption under Article 8 of the Mexican Securities Market Law (*Ley del Mercado de Valores*).

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#### Peru
The Class A common shares and this prospectus have not been registered in Peru under the *Decreto Supremo Nº 093*-2002-EF*: Texto Único Ordenado de la Ley del Mercado de Valores* (the "Peruvian Securities Law") or before the *Superintendencia del Mercado de Valores* and cannot be offered or sold in Peru except in a private offering under the meaning of the Peruvian Securities Laws. The Peruvian Securities Law provides that an offering directed exclusively to "institutional investors" (as defined in the Institutional Investors Market Regulations) qualifies as a private offering. The Class A common shares acquired by institutional investors in Peru cannot be transferred to a third party, unless such transfer is made to another institutional investor or the Class A common shares have been previously registered with the *Registro Público del Mercado de Valores*.

#### Qatar
The Class A common shares described in this prospectus have not been, and will not be, offered, sold or delivered, at any time, directly or indirectly in the State of Qatar in a manner that would constitute a public offering. This prospectus has not been, and will not be, registered with or approved by the Qatar Financial Markets Authority or Qatar Central Bank and may not be publicly distributed. This prospectus is intended for the original recipient only and must not be provided to any other person. It is not for general circulation in the State of Qatar and may not be reproduced or used for any other purpose.

#### Saudi Arabia
Any investor in the Kingdom of Saudi Arabia or who is a Saudi person (a Saudi Investor) who acquires the Class A common shares pursuant to this offering should note that the offer of the Class A common shares is an exempt offer under sub-paragraph (3) of paragraph (a) of Article 16 of the "Offer of Securities Regulations" as issued by the Board of the Capital Market Authority resolution number 2-11-2004 dated October 4, 2004, and amended by the resolution of the Board of Capital Market Authority resolution number 1-33-2004 dated December 21, 2004 (the KSA Regulations). The Class A common shares may be offered to no more than 60 Saudi Investors and the minimum amount payable per Saudi Investor must not be less than Saudi Riyal (SR) 1 million or an equivalent amount. The offer of Class A common shares is therefore exempt from the public offer provisions of the KSA Regulations, but is subject to the following restrictions on secondary market activity: (a) A Saudi Investor (the transferor) who has acquired Class A common shares pursuant to this exempt offer may not offer or sell Class A common shares to any person (referred to as a transferee) unless the price to be paid by the transferee for such Class A common shares equals or exceeds SR1 million; (b) if the provisions of paragraph (a) cannot be fulfilled because the price of the Class A common shares being offered or sold to the transferee has declined since the date of the original exempt offer, the transferor may offer or sell the Class A common shares to the transferee if their purchase price during the period of the original exempt offer was equal to or exceeded SR1 million; and (c) if the provisions of paragraphs (a) and (b) cannot be fulfilled, the transferor may offer or sell the Class A common shares if he/she sells his entire holding of the Class A common shares to one transferee.

#### United Arab Emirates
The Class A common shares have not been, and are not being, publicly offered, sold, promoted or advertised in the United Arab Emirates (including the Dubai International Financial Centre) other than in compliance with the laws of the United Arab Emirates (and the Dubai International Financial Centre) governing the issue, offering and sale of securities. Furthermore, this prospectus does not constitute a public offer of securities in the United Arab Emirates (including the Dubai International Financial Centre) and is not intended to be a public offer. This prospectus has not been approved by or filed with the Brazilian Central Bank of the United Arab Emirates, the Securities and Commodities Authority of the United Arab Emirates or the Dubai Financial Services Authority.

#### Singapore
This prospectus has not been and will not be registered as a prospectus with the Monetary Authority of Singapore under the Securities and Futures Act, Chapter 289 of Singapore (the "SFA"). Accordingly, each underwriter has not offered or sold any Class A common shares or caused such Class A common shares to be made the subject of an invitation for subscription or purchase and will not offer or sell such Class A common shares or cause such Class A common shares to be made the subject of an invitation for subscription or purchase, and has not circulated or

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distributed, nor will it circulate or distribute, this prospectus or any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of such Class A common shares, whether directly or indirectly, to persons in Singapore other than (1) to an institutional investor under Section 274 of the SFA; (2) to a relevant person pursuant to Section 275(1), or any person pursuant to Section 275(1A), and in accordance with the conditions specified in Section 275, of the SFA; or (3) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.

Where the Class A common shares are subscribed or purchased under Section 275 of the SFA by a relevant person which is: (a) a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or (b) a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is an accredited investor, securities (as defined in Section 239(1) of the SFA) of that corporation or the beneficiaries' rights and interest (howsoever described) in that trust shall not be transferred within six months after that corporation or that trust has acquired the Class A common shares pursuant to an offer made under Section 275 of the SFA, except: (1) to an institutional investor under Section 274 of the SFA or to a relevant person (as defined in Section 275(2) of the SFA), or to any person arising from an offer referred to in Section 275(1A), or Section 276(4)(i)(B) of the SFA; (2) where no consideration is or will be given for the transfer; (3) where the transfer is by operation of law; (4) as specified in Section 276(7) of the SFA; or (5) as specified in Regulation 32 of the Securities and Futures (Offers of Investments) (Shares and Debentures) Regulations 2005 of Singapore.

Singapore Securities and Futures Act Product Classification — Solely for the purposes of its obligations pursuant to sections 309B(1)(a) and 309B(1)(c) of the SFA, we have determined, and hereby notify all relevant persons (as defined in Section 309A of the SFA) that the Class A common shares are "prescribed capital markets products" (as defined in the Securities and Futures (Capital Markets Products) Regulations 2018) and Excluded Investment Products (as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment Products).

#### South Korea
The Class A common shares have not been and will not be registered with the Financial Services Commission of Korea for public offering in Korea under the Financial Investment Services and Capital Markets Act, or the "FSCMA." The Class A common shares may not be offered, sold or delivered, or offered or sold for re-offering or resale, directly or indirectly, in Korea or to any Korean resident (as such term is defined in the Foreign Exchange Transaction Law of Korea, or "FETL") other than the Accredited Investors (as such term is defined in Article 11 of the Presidential Decree of the FSCMA), for a period of one year from the date of issuance of the Class A common shares except pursuant to the applicable laws and regulations of Korea, including the FSCMA and the FETL and the decrees and regulations thereunder. The Class A common shares may not be resold to Korean residents unless the purchaser of the Class A common shares complies with all applicable regulatory requirements (including but not limited to government reporting requirements under the FETL and its subordinate decrees and regulations) in connection with the purchase of the Class A common shares.

#### Switzerland
This prospectus is not intended to constitute an offer or solicitation to purchase or invest in our Class A common shares. The Class A common shares may not be publicly offered, directly or indirectly, in Switzerland within the meaning of the Swiss Financial Services Act, or "FinSA," and no application has or will be made to admit the Class A common shares to trading on any trading venue (exchange or multilateral trading facility) in Switzerland. Neither this prospectus nor any other offering or marketing material relating to the Class A common shares constitutes a prospectus pursuant to the FinSA, and neither this prospectus nor any other offering or marketing material relating to the Class A common shares may be publicly distributed or otherwise made publicly available in Switzerland.

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#### Expenses of the Offering
We estimate that our expenses in connection with this offering, other than underwriting discounts and commissions, will be as follows:

---

| | |
|:---|:---|
|  **Expenses** | **Amount** |
|  SEC registration fee | US$ |
|  Nasdaq listing fee |  |
|  FINRA filing fee |  |
|  Printing and engraving expenses |  |
|  Legal fees and expenses |  |
|  Transfer agent and registrar fees |  |
|  Accounting fees and expenses |  |
|  Miscellaneous costs |  |
| &nbsp;&nbsp;&nbsp; **Total** | **US$** |

---

All amounts in the table are estimates except the SEC registration fee, the Nasdaq listing fee and the FINRA filing fee. We will pay all of the expenses of this offering.

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#### Legal Matters
Certain matters of U.S. federal and New York State law will be passed upon for us by White & Case LLP, and for the underwriters by Davis Polk & Wardwell LLP. The validity of the Class A common shares offered in this offering and other legal matters as to Dutch law will be passed upon for us by Loyens & Loeff N.V. and for the underwriters by Linklaters LLP. Certain other matters of Brazilian law will be passed upon for us by Pinheiro Neto Advogados and for the underwriters by Lefosse Advogados.

#### Experts
The consolidated financial statements of Picpay Holdings Netherlands B.V. as of December 31, 2024 and 2023 and for each of the years in the two-year period ended December 31, 2024 have been included herein in reliance upon the report of KPMG Auditores Independentes Ltda., independent registered public accounting firm, appearing elsewhere herein, and upon the authority of said firm as experts in accounting and auditing.

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#### Enforceability of Civil Liabilities

#### The Netherlands
PicPay Netherlands was incorporated on December 27, 2023 as a private limited liability company under Dutch law, with its corporate seat in Amsterdam, the Netherlands, with the name "Picpay Holdings Netherlands B.V." Prior to the closing of the offering, Picpay Holdings Netherlands B.V. will be converted into a public limited liability company under Dutch law with the name "PicS N.V."

The majority of PicPay Netherlands' directors, executive officers and experts named herein are not residents of the United States. In addition, a substantial portion of our assets and substantially all of the assets of our directors and executive officers are located outside the United States. Certain disputes between, among others, our (former) directors and us must be exclusively submitted to Dutch courts. As a result, it may not be possible for investors in the Class A common shares to effect service of process within the United States upon such persons or upon us or to enforce in U.S. courts or outside the United States judgments obtained against such persons or against us. In addition, it may be difficult for investors to enforce, in original actions brought in courts in jurisdictions located outside the United States, liabilities predicated upon the civil liability provisions of U.S. securities laws and there is doubt as to the enforceability, in the Netherlands, of original actions or actions for enforcement based on the federal securities laws of the United States or judgments of U.S. courts, including judgments predicated upon the civil liability provisions of the securities laws of the United States.

The United States and the Netherlands do not currently have a treaty providing for reciprocal recognition and enforcement of judgments, other than arbitration awards, in civil and commercial matters. Accordingly, a final judgment for the payment of money rendered by U.S. courts based on civil liability, whether or not predicated solely upon the U.S. federal securities laws, would not be directly enforceable in the Netherlands. However, if the party in whose favor such final judgment is rendered brings a new suit in a competent court in the Netherlands, that party may submit to the Dutch court the final judgment that has been rendered in the United States. A judgment by a federal or state court in the United States against us will neither be recognized nor enforced by a Dutch court but such judgment may serve as evidence in a similar action in a Dutch court. Additionally, based on Dutch Supreme Court case law, a Dutch court will generally grant the same judgment without a review of the merits of the underlying claim if that judgment: (1) resulted from legal proceedings compatible with Dutch notions of due process; (2) does not contravene public policy of the Netherlands; (3) was a decision of a court that has accepted its jurisdiction on internationally accepted principles of private international law; and (4) is not incompatible with (a) a prior judgment of a Dutch court rendered in a dispute between the same parties, or (b) a prior judgment of a foreign court rendered in a dispute between the same parties, concerning the same subject matter and based on the same cause of action, provided that the prior judgment qualifies for recognition in the Netherlands. Dutch courts may deny the recognition and enforcement of punitive damages or other awards. Moreover, a Dutch court may reduce the amount of damages granted by a U.S. court and recognize damages only to the extent they are necessary to compensate actual loss or damages.

Under Dutch law, in the event that a third party is liable to PicPay Netherlands, only PicPay Netherlands itself can bring civil action against that party. Shareholders of PicPay Netherlands do not have the right to bring an action on behalf of PicPay Netherlands. Only in the event that the cause for the liability of a third party to PicPay Netherlands also constitutes a tortious act (*onrechtmatige daad*) directly against a shareholder does that shareholder have an individual right of action against such third party in its own name. The Dutch Civil Code does provide for the possibility to initiate such actions collectively. A foundation or an association (*vereniging*) whose objective is to protect the rights of a group of persons having similar interests can act as a class representative and has standing to commence proceedings if certain criteria are met. All members of the class who are residents of the Netherlands and who did not opt out will in principle be bound to the outcome of the case. Unless otherwise ordered by a competent court, residents of other countries must in principle actively opt in in order to be able to benefit from the class action. If a settlement is reached, a Dutch court may declare the settlement agreement binding upon the relevant class, subject to an opt-out choice. An individual injured party may also itself institute a civil claim for damages. Even though Dutch law does not provide for derivative suits, directors and officers can still be subject to liability under U.S. securities laws.

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Subject to the foregoing and service of process in accordance with applicable treaties, investors may be able to enforce in the Netherlands judgments in civil and commercial matters obtained from U.S. federal or state courts. We believe that U.S. investors may originate actions in a court of competent jurisdiction in the Netherlands. There is doubt as to whether a Dutch court would impose civil liability on us, the members of our board of directors, our officers or certain experts named herein in an original action predicated solely upon the U.S. federal securities laws brought in a court of competent jurisdiction in the Netherlands against us or such members, officers or experts, respectively.

#### Brazil
Substantially all of our assets are located outside the United States, in Brazil. In addition, the majority of the members of our board of directors and our officers are nationals or residents of Brazil and all or a substantial portion of their assets are located outside the United States. As a result, it may be difficult for investors to effect service of process within the United States upon us or these persons, or to enforce against us or them judgments obtained in United States courts, including judgments predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States.

We have appointed Cogency Global Inc., with offices at 122 East 42<sup>nd</sup> Street, 18<sup>th</sup> Floor, New York, NY 10168, as our agent to receive service of process with respect to any action brought against us in the United States under the federal securities laws of the United States or of any state in the United States arising out of this offering.

We have been advised by Pinheiro Neto Advogados, our Brazilian counsel, that a judgment of a United States court for civil liabilities predicated upon the federal securities laws of the United States may be enforced in Brazil, subject to certain requirements described below. Such counsel has advised that a judgment against us, the members of our board of directors or our executive officers obtained in the United States would be enforceable in Brazil without retrial or re-examination of the merits of the original action including, without limitation, any final judgment for payment of a certain amount rendered by any such court, provided that such judgment has been previously recognized by the Brazilian Superior Tribunal of Justice (*Superior Tribunal de Justiça*), or "STJ." That recognition will only be available, pursuant to Articles 963 and 964 of the Brazilian Code of Civil Procedure (*Código de Processo Civil,* Law n.13,105, dated March 16, 2015, as amended), if the U.S. judgment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• complies with all formalities necessary for its enforcement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is issued by a court of competent jurisdiction after proper service of process is made or after sufficient evidence of our absence has been given, as requested under the laws of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is not rendered in an action upon which Brazilian courts have exclusive jurisdiction, pursuant to the provisions of art. 23 of the Brazilian Code of Civil Procedure (Brazilian Federal Law No. 13,105/2015, as amended);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is final and, therefore, not subject to appeal (*res judicata*) in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• creates no conflict between the United States judgment and a previous final and binding (*res judicata*) judgment on the same matter and involving the same parties issued in Brazil;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is duly apostilled by a competent authority of the United States, according to the Hague Convention Abolishing the Requirement of Legalization for Foreign Public Documents dated as of October 5, 1961 authentication, or the "Hague Convention." If such decision emanates from a country that is not a signatory of the Hague Convention, it must be duly authenticated by a Brazilian Diplomatic Office or Consulate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is accompanied by a translation into Portuguese made by a certified translator in Brazil, unless an exemption is provided by an international treaty to which Brazil is a signatory; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is not contrary to Brazilian national sovereignty or public policy and does not violate the dignity of the human person, as set forth in Brazilian law.

The judicial recognition process may be time-consuming and may also give rise to difficulties in enforcing such foreign judgment in Brazil. Accordingly, we cannot assure you that judicial recognition of a foreign judgment would be successful, that the judicial recognition process would be conducted in a timely manner or that a Brazilian court would enforce a judgment of countries other than Brazil.

[**Table of Contents**](#TOC001)

We believe original actions may be brought in connection with this initial public offering predicated on the federal securities laws of the United States in Brazilian courts and that, subject to applicable law, Brazilian courts may enforce liabilities in such actions against us or the members of our board of directors or our executive officers and certain advisors named herein.

In addition, a plaintiff, whether Brazilian or non-Brazilian, who resides outside Brazil or is outside Brazil during the course of litigation in Brazil and who does not own real property in Brazil must post a bond to guarantee the payment of the defendant's legal fees and court expenses in connection with court procedures for the collection of money according to Article 83 of the Brazilian Code of Civil Procedure (*Código de Processo Civil*). This is so except in the case of: (1) claims for collection on a *título executivo extrajudicial* (an instrument which may be enforced in Brazilian courts without a review on the merits), or enforcement of foreign judgments that have been duly recognized by the Superior Court of Justice; (2) counterclaims; and (3) when an exemption is provided by an international agreement or treaty to which Brazil is a signatory.

If proceedings are brought in Brazilian courts seeking to enforce our obligations with respect to our Class A common shares, payment shall be made in *reais*. Any judgment rendered in Brazilian courts in respect of any payment obligations with respect to our Class A common shares would be expressed in *reais*. See "Risk Factors — Risks Relating to Our Class A Common Shares and this Offering — Judgments of Brazilian courts to enforce our obligations with respect to our Class A common shares will be payable only in *reais*."

We have also been advised that the ability of a judgment creditor to satisfy a judgment by attaching certain assets of the defendant in Brazil is governed and limited by provisions of Brazilian law.

Notwithstanding the foregoing, we cannot assure you that confirmation of any judgment will be obtained, or that the process described above can be conducted in a timely manner.

[**Table of Contents**](#TOC001)

#### Where You Can Find More Information
We have filed with the U.S. Securities and Exchange Commission a registration statement (including amendments and exhibits to the registration statement) on Form F-1 under the Securities Act. This prospectus, which is part of the registration statement, does not contain all of the information set forth in the registration statement and the exhibits and schedules to the registration statement. For further information, we refer you to the registration statement and the exhibits and schedules filed as part of the registration statement. If a document has been filed as an exhibit to the registration statement, we refer you to the copy of the document that has been filed. Each statement in this prospectus relating to a document filed as an exhibit is qualified in all respects by the filed exhibit.

Upon completion of this offering, we will be subject to the informational requirements of the Exchange Act that are applicable to foreign private issuers. Accordingly, we will be required to file reports and other information with the SEC, including annual reports on Form 20-F and reports on Form 6-K. The SEC maintains an Internet website at *http://www.sec.gov*, from which you can electronically access the registration statement and its materials.

As a foreign private issuer, we are exempt under the Exchange Act from, among other things, the rules prescribing the furnishing and content of proxy statements, and our executive officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act. In addition, we will not be required under the Exchange Act to file periodic reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act.

We will send the transfer agent a copy of all notices of shareholders' meetings and other reports, communications and information that are made generally available to shareholders. The transfer agent has agreed to mail to all shareholders a notice containing the information (or a summary of the information) contained in any notice of a meeting of our shareholders received by the transfer agent and will make available to all shareholders such notices and all such other reports and communications received by the transfer agent.

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#### INDEX TO FINANCIAL STATEMENTS

---

| | |
|:---|:---|
|  | **Page** |
|  **Unaudited Condensed Consolidated Interim Financial Statements — Picpay Holdings Netherlands B.V.** |  |
|  [Unaudited condensed consolidated statements of Financial Position as of September 30, 2025 and December 31, 2024](#T2000) | F-2 |
|  [Unaudited condensed consolidated statements of Profit or Loss for the three and nine-month period ended September 30, 2025 and 2024](#T2001) | F-3 |
|  [Unaudited condensed consolidated statements of Comprehensive Income for the three and nine-month period ended September 30, 2025 and 2024](#T2002) | F-4 |
|  [Unaudited condensed consolidated statements of Changes in Equity for the three and nine-month period ended September 30, 2025 and 2024](#T2003) | F-5 |
|  [Unaudited condensed consolidated statements of Cash Flows for the three and nine-month period ended September 30, 2025 and 2024](#T2004) | F-6 |
|  [Notes to the Unaudited Condensed Consolidated Interim Financial Statements](#T2005) | F-7 |

---

---

| | |
|:---|:---|
|  **Audited Financial Statements — Picpay Holdings Netherlands B.V.** |  |
|  [Report of Independent Registered Public Accounting Firm](#T1000) | F-57 |
|  [Statements of Financial Position as of December 31, 2024 and 2023](#T1001) | F-58 |
|  [Statements of Profit or Loss for the years ended December 31, 2024 and 2023](#T1002) | F-59 |
|  [Statements of Comprehensive Income for the years ended December 31, 2024 and 2023](#T1003) | F-60 |
|  [Statements of Changes in Equity for the years ended December 31, 2024 and 2023](#T1004) | F-61 |
|  [Statements of Cash Flows for the years ended December 31, 2024 and 2023](#T1005) | F-62 |
|  [Notes to the Financial Statements](#T1006) | F-63 |

---

[**Table of Contents**](#TOC001)

**PicPay Holdings Netherlands B.V.<br>Unaudited condensed consolidated statements of financial position**<br> As of September 30, 2025 and December 31, 2024****<br> (Thousands of Brazilian Reais)<br>

---

| | | | |
|:---|:---|:---|:---|
|  **ASSETS** | **Note** | **September 30, <br>2025** | **December 31, <br>2024** |
|  Cash and cash equivalents | 6 | 6493701 | 7471673 |
|  **Financial assets** |  | **26954687** | **16875509** |
| &nbsp;&nbsp;&nbsp; **Financial assets measured at fair value through other comprehensive income** | 7 | **3996336** | **3099077** |
| &nbsp;&nbsp;&nbsp; Financial Investments |  | 3996336 | 3099077 |
| &nbsp;&nbsp;&nbsp; **Financial assets at fair value through profit or loss** | 7 | **70842** | **100051** |
| &nbsp;&nbsp;&nbsp; Financial Investments | 7a | 40958 | 45864 |
| &nbsp;&nbsp;&nbsp; Derivative financial instruments | 7b | 29884 | 54187 |
| &nbsp;&nbsp;&nbsp; **Financial assets measured at amortized cost** | 8 | **22887509** | **13676381** |
| &nbsp;&nbsp;&nbsp; Financial Investments | 7a | 939797 |  |
| &nbsp;&nbsp;&nbsp; Trade receivables | 8.1 | 3967128 | 3877167 |
| &nbsp;&nbsp;&nbsp; Consumer Loans | 8.2 | 16241200 | 9578148 |
| &nbsp;&nbsp;&nbsp; Other receivables | 8.4 | 1739384 | 221066 |
|  Prepaid expenses | 9 | 260329 | 141805 |
|  Other assets |  | 21568 | 4371 |
|  **Tax assets** |  | **2621562** | **1778853** |
| &nbsp;&nbsp;&nbsp; Current income tax assets | 10 | 1328438 | 1212615 |
| &nbsp;&nbsp;&nbsp; Deferred tax assets |  | 1293124 | 566238 |
|  Legal deposits |  | 1184 | 667 |
|  Property, plant and equipment |  | 110526 | 74334 |
|  Right of use assets – leases |  | 36238 | 43032 |
|  Intangible assets | 11 | 1119293 | 927414 |
|  **TOTAL ASSETS** |  | **37619088** | **27317658** |
|  **LIABILITIES** |  |  |  |
|  **Financial liabilities measured at fair value through profit or loss** | 7b | **15391** | **—** |
| &nbsp;&nbsp;&nbsp; Derivative financial instruments |  | 15391 |  |
|  **Financial liabilities measured at amortized cost** |  | **33017691** | **24274008** |
| &nbsp;&nbsp;&nbsp; Third-party funds | 12 | 27752865 | 20203988 |
| &nbsp;&nbsp;&nbsp; Trade payables | 13 | 4475812 | 3365265 |
| &nbsp;&nbsp;&nbsp; Obligations to FIDC FGTS quota holders | 14 | 789014 | 704755 |
|  Labor obligations | 15 | 616325 | 535434 |
|  Taxes payable | 16.1 | 952962 | 648205 |
|  Lease liability |  | 46114 | 53136 |
|  Provision for legal and administrative claims | 17 | 38331 | 17484 |
|  Other liabilities |  | 20925 | 25524 |
|  **Total Liabilities** |  | **34707739** | **25553791** |
|  **Equity** | 18 | **2911349** | **1763867** |
|  Share premium reserve |  | 2210067 | 1406563 |
|  Fair value reserve |  | 3925 | (22610) |
|  Retained earnings |  | 495006 | 224633 |
|  Non-Controlling interests |  | 202351 | 155281 |
|  **TOTAL EQUITY AND LIABILITIES** |  | **37619088** | **27317658** |

---

The notes are an integral part of the unaudited condensed consolidated interim financial statements.

[**Table of Contents**](#TOC001)

**PicPay Holdings Netherlands B.V.<br>Unaudited condensed consolidated statements of profit or loss**<br> For the three and nine-month period ended September 30, 2025 and 2024<br>(Thousands of Brazilian Reais)<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Note** | **Three-month period <br>ended September 30** | **Three-month period <br>ended September 30** | **Nine-month period <br>ended September 30** | **Nine-month period <br>ended September 30** |
|  | **Note** | **2025** | **2024** | **2025** | **2024** |
|  Net revenue from transaction activities and other services | 28 | 433606 | 375548 | 1295142 | 1005112 |
|  Financial income | 20 | 2297562 | 1034602 | 5968625 | 2778708 |
|  **Total revenue and financial income** |  | **2731168** | **1410150** | **7263767** | **3783820** |
|  Transaction expenses | 21 | (135637) | (122913) | (478233) | (356108) |
|  Interest and Other Financial Expenses | 22 | (1021029) | (357302) | (2512032) | (1005343) |
|  **Total transaction and financial expenses** |  | **(1156666)** | **(480215)** | **(2990265)** | **(1361451)** |
|  Credit loss allowance expenses |  | (633447) | (190663) | (1728283) | (403498) |
|  Technology expenses | 23 | (129770) | (159504) | (367770) | (381621) |
|  Marketing expenses | 24 | (94721) | (72110) | (347235) | (226513) |
|  Personnel expenses | 25 | (296421) | (261882) | (881960) | (786395) |
|  Administrative expenses | 26 | (131243) | (30083) | (293257) | (173900) |
|  Depreciation and amortization |  | (114942) | (85719) | (325779) | (207659) |
|  Other expenses |  | (30440) | (23298) | (51915) | (28391) |
|  Other income |  | 24392 | 16287 | 73282 | 68829 |
|  **Profit before income taxes** |  | **167910** | **122963** | **350585** | **283221** |
|  Current income tax and social contribution |  | (333486) | (110884) | (786865) | (325751) |
|  Deferred income tax and social contribution |  | 270986 | 98077 | 750050 | 214513 |
|  **Profit for the period** |  | 105410 | 110156 | 313770 | 171983 |
|  **Profit attributable to the Company's shareholders** |  | **93308** | **94371** | **270373** | **150848** |
|  **Profit attributable to non-controlling interests** |  | **12102** | **15786** | **43397** | **21135** |
|  **Earnings per share – basic and diluted** | 18c | **467** | **472** | **1352** | **754** |

---

The notes are an integral part of the unaudited condensed consolidated interim financial statements.

[**Table of Contents**](#TOC001)

**PicPay Holdings Netherlands B.V.<br>Unaudited condensed consolidated statements of comprehensive income**<br> For the three and nine-month period ended September 30, 2025 and 2024<br>(Thousands of Brazilian Reais)<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three-month period <br>ended September 30** | **Three-month period <br>ended September 30** | **Nine-month period <br>ended September 30** | **Nine-month period <br>ended September 30** |
|  | **2025** | **2024** | **2025** | **2024** |
|  **Profit for the period** | **105410** | **110158** | **313770** | **171983** |
|  Other comprehensive income/(Loss) (OCI) | **24552** | **(4017)** | **30208** | **(4284)** |
|  – Items that are or may be reclassified subsequently to profit or loss |  |  |  |  |
|  Net change in fair value of financial assets at fair value through other comprehensive income | 44055 | (4172) | 53315 | (4470) |
|  Deferred income tax | (19503) |  | (23164) |  |
|  Reclassification of fair value adjustments to profit or loss |  | 155 | 57 | 186 |
|  **Total comprehensive income** | **129962** | **106141** | **343978** | **167699** |
|  **Comprehensive income attributable to the Company's shareholders** | **112939** | **91087** | **296909** | **147296** |
|  **Comprehensive income attributable to non-controlling interests** | **17023** | **15054** | **47069** | **20403** |

---

The notes are an integral part of the unaudited condensed consolidated interim financial statements.

[**Table of Contents**](#TOC001)

**PicPay Holdings Netherlands B.V.<br>Unaudited condensed consolidated statements of changes in equity**<br> For the three and nine-month period ended September 30, 2025 and 2024<br>(Thousands of Brazilian Reais)<br>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Note** | **Share<br>capital** | **Share<br>premium<br>reserve** | **Additional<br>paid-in<br>capital** | **Capital<br>reserve** | **Fair<br>value<br>reserve** | **Other<br>reserve** | **Retained<br>earnings** | **Non<br>Controlling<br>interest** | **Total** |
|  **Balances as of December 31, 2024 – PicPay Netherlands** |  | **—** | **1406563** | **—** | **—** | **(22610)** | **—** | **224633** | **155281** | **1763867** |
|  Share capital increase | 18 |  | 803504 |  |  |  |  |  |  | 803504 |
|  Other comprehensive income for the period (OCI) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net change in fair value of financial assets at fair value through other comprehensive income |  |  |  |  |  | 46832 |  |  | 6482 | 53315 |
| &nbsp;&nbsp;&nbsp; Deferred income tax |  |  |  |  |  | (20347) |  |  | (2816) | (23164) |
| &nbsp;&nbsp;&nbsp; Reclassification of fair value adjustments to profit or loss |  |  |  |  |  | 50 |  |  | 7 | 57 |
|  Profit for the period |  |  |  |  |  |  |  | 270373 | 43397 | 313770 |
|  **Balances as of September 30, 2025 – PicPay Netherlands** |  | **—** | **2210067** | **—** | **—** | **3925** | **—** | **495006** | **202351** | **2911349** |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Note** | **Share<br>capital** | **Share<br>premium<br>reserve** | **Additional<br>paid-in<br>capital** | **Capital<br>reserve** | **Fair<br>value<br>reserve** | **Other<br>reserve** | **Retained<br>earnings/<br>(accumulated<br>losses)** | **Non<br>Controlling<br>interest** | **Total** |
|  **Balances as of December 31, 2023 – PicS** |  | **1687** | **—** | **1749566** | **529027** | **(113)** | **194910** | **(1167125)** | **(104479)** | **1203473** |
|  Other comprehensive income for the period (OCI) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net change in fair value of financial assets at fair value through other comprehensive income |  |  |  |  |  | 595 |  |  | 79 | 674 |
| &nbsp;&nbsp;&nbsp; Reclassification of fair value adjustments to profit or loss |  |  |  |  |  | (62) |  |  | (35) | (97) |
|  Loss for the period |  |  |  |  |  |  |  | (7059) | (579) | (7638) |
|  **Balances as of March 13, 2024 – PicS** |  | **1687** | **—** | **1749566** | **529027** | **420** | **194910** | **(1174184)** | **(105014)** | **1196413** |
|  Restructuring of March 14, 2024 |  | (1687) | 1301007 | (1749566) | (529027) |  | (194910) | 1174184 |  |  |
|  **Balances as of March 14, 2024 – PicPay Netherlands** |  |  | 1301007 |  |  | 420 |  |  | (105014) | 1196413 |
|  Share capital increase |  |  | 3760 |  |  |  |  |  |  | 3760 |
|  Other comprehensive income for the period (OCI) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net change in fair value of financial assets at fair value through other comprehensive income |  |  |  |  |  | (1265) |  |  | (282) | (1547) |
| &nbsp;&nbsp;&nbsp; Deferred income tax |  |  |  |  |  | (2983) |  |  | (614) | (3597) |
| &nbsp;&nbsp;&nbsp; Reclassification of fair value adjustments to profit or loss |  |  |  |  |  | 219 |  |  | 63 | 282 |
|  Contribution from NCI without a change in control |  |  |  |  |  |  |  |  | 230000 | 230000 |
|  Profit for the period |  |  |  |  |  |  |  | 157907 | 21714 | 179621 |
|  **Balances as of September 30, 2024 – PicPay Netherlands** |  | **—** | **1304767** | **—** | **—** | **(3610)** | **—** | **157907** | **145869** | **1604932** |

---

The notes are an integral part of the unaudited condensed consolidated interim financial statements

[**Table of Contents**](#TOC001)

**PicPay Holdings Netherlands B.V.<br>Unaudited condensed consolidated statements of cash flows**<br> For the three and nine-month period ended September 30, 2025 and 2024<br>(Thousands of Brazilian Reais)<br>

---

| | | | |
|:---|:---|:---|:---|
|  | **Note** | **2025** | **2024** |
|  **Profit for the period** |  | **313770** | **171983** |
|  ***Adjustments for*** |  |  |  |
|  Income tax and social contribution expenses | 16.2 | 36815 | 111238 |
|  Labor provisions |  | 74591 | 59712 |
|  Depreciation/amortization | 11 | 325779 | 207659 |
|  Provision for legal and administrative claims | 17 | 20847 | 6366 |
|  Chargeback (release)/provision |  | (26229) | (16789) |
|  Credit loss allowance |  | 1728284 | 403498 |
|  Write-off/loss on disposal of intangible assets |  |  | 84458 |
|  Interest accrued on third-party funds |  | 338466 | 444909 |
|  Interest accrued on consumer loans |  | (1730338) | (1730745) |
|  Expenses accrued on FIDC FGTS senior quotas |  | 91625 |  |
|  Interest accrued on financial investments |  | (460180) | (182318) |
|  **Variations in operating assets and liabilities** |  |  |  |
|  Financial investments |  | (1348737) | (122119) |
|  Derivative financial instruments |  | 39693 |  |
|  Trade receivables and other receivables |  | (1582050) | (89346) |
|  Consumer loans |  | (8233379) | (4793562) |
|  Prepaid expenses |  | (118524) | (42141) |
|  Other assets |  | (850835) | (699926) |
|  Third-party funds |  | 8462850 | 4335437 |
|  Labor obligations and taxes payable |  | 685094 | 535641 |
|  Trade payables and other liabilities |  | 1109592 | 1954673 |
|  Obligations to FIDC FGTS quota holders |  | (7367) |  |
|  Legal and administrative claims | 17 |  | (4424) |
|  Interest received |  | 1572381 | 622326 |
|  Interest paid |  | (1259310) | (1385004) |
|  Income tax and social contribution paid |  | (410850) | (326062) |
|  **Net cash from (used in) operating activities** |  | **(1228012)** | **(454537)** |
|  **Cash flows from investing activities** |  |  |  |
|  Acquisition of property, plant and equipment |  | (55537) | (38308) |
|  Acquisition of intangible assets |  | (490906) | (366460) |
|  Acquisition of credit card operations |  |  | (1815000) |
|  **Net cash (used in) investing activities** |  | **(546443)** | **(2219768)** |
|  **Cash flows from financing activities** |  |  |  |
|  Share Capital increase |  | 803504 | 3760 |
|  Issuance of non-controlling interests | 20 |  | 230000 |
|  Payment of leases |  | (7021) | (9808) |
|  **Net cash (used in) financing activities** |  | **796483** | **223952** |
|  **Net decrease in cash and cash equivalents** |  | **(977972)** | **(2450352)** |
|  Cash and cash equivalents at the beginning of the period |  | 7471673 | 7379049 |
|  Cash and cash equivalents at the end of the period |  | 6493701 | 4928698 |
|  **Net decrease in cash and cash equivalents** |  | **(977972)** | **(2450352)** |

---

The notes are an integral part of the unaudited condensed consolidated interim financial statements.

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the unaudited condensed consolidated interim financial statements as of<br>September 30, 2025<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo.jpg) |

---

**1. Operating context**

PicPay Holdings Netherlands B.V. ("PicPay Netherlands" or "Company", along with its subsidiaries, "PicPay Group" or "Group") was incorporated on December 27, 2023, as a private limited liability company (besloten vennootschap met beperkte aansprakelijkheid) incorporated under Dutch law.

On December 30, 2023, J&F International B.V. ("J&F International"), at that time the beneficial holder of 100% of the Class B common shares of PicS Ltd. ("PicS") (representing 99.6153% of the total issued and outstanding common shares of PicS), contributed the beneficial entitlement to these common shares to PicPay Holdings Netherlands B.V., by way of a share premium contribution on the shares in the capital of PicPay Netherlands.

The legal transfer of the Class B common shares of PicS to PicPay Netherlands was effective on March 14, 2024, which was considered the date of transfer of control for consolidation purposes. As of the date hereof, PicPay Netherlands directly holds 100% of the Class B common shares of PicS (representing 99.6153% of the total issued and outstanding common shares of PicS) and indirectly owns (through JAB Capital SP Fund, Belami Capital SP Fund and AGR Capital SP Fund, each a private investment fund, organized within a segregated portfolio company in the Cayman Islands) the beneficial entitlement to 100% of the Class A common shares of PicS (representing 0.3847% of the total issued and outstanding common shares of PicS). As of September 30, 2025, the controlling shareholder of PicPay Netherlands is J&F International, which holds 87.83% of the total issued and outstanding capital stock of PicPay Netherlands. J&F International is a wholly owned subsidiary of J&F Participações.

The Group accounted for the restructuring ("Restructuring") as a common control transaction, and the pre-restructuring carrying amounts of PicS were included in the PicPay Netherlands consolidated financial statements at book value (carryover basis). Thus, these unaudited condensed consolidated interim financial statements reflect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The historical operating results, cash flows and financial position of PicS and its subsidiaries prior to the Restructuring.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The contribution of PicPay Netherlands consolidated assets at book value on March 14, 2024, which comprised cash and cash equivalents in the amount of 1 EUR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The consolidated operating results, cash flows and financial position of the Group following the Restructuring.

The Company's principal executive offices are located in the city of São Paulo, State of São Paulo, Brazil. We perform activities related to digital payments, banking, lending, merchant acquiring and investments, including, among others:

PicPay Instituição de Pagamento S.A. ("PicPay") is authorized by the Brazilian Central Bank to operate as a payment institution in the capacities of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) issuer of electronic currency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) issuer of postpaid payment instruments, such as credit cards and our Buy-Now-Pay-Later solutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) acquirer PicPay Bank — Banco Múltiplo S.A. ("PicPay Bank") is authorized by the Brazilian Central Bank to operate as a multi-purpose bank, with authorization to perform both commercial and credit, financing and investment activities, as well as to carry out transactions in the foreign exchange market.

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|  **PicPay Holdings Netherlands B.V.<br>Notes to the unaudited condensed consolidated interim financial statements as of<br>September 30, 2025<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo1.jpg) |

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**1. Operating context** (cont.)

PicPay Invest Distribuidora de Títulos e Valores Mobiliários Ltda. ("PicPay Invest") is authorized by the Brazilian Central Bank to operate as a securities broker. In addition, PicPay Invest is authorized by the CVM to perform custodian securities services and fiduciary administration and trustee activities; and

Crednovo Sociedade de Empréstimo Entre Pessoas S.A. ("Crednovo") is authorized by the Brazilian Central Bank to operate as a P2P ("Peer-to-peer") lending fintech company intermediating credit operations between lenders and borrowers.

**1.1 Seasonality of operations**

The Group´s quarterly financial results are likely to fluctuate as a result of a variety of factors, some of which are outside of the Group's control, although they do not demonstrate significant seasonality or cyclicality. As a consequence of these factors, an interim period may not be indicative of the annual expected result.

**2. Presentation and preparation of the unaudited condensed consolidated interim financial statements**

**2.1 Basis of preparation of the unaudited condensed consolidated interim financial statements**

These unaudited condensed consolidated interim financial statements of the Group were prepared in accordance with IAS 34 — Interim Financial Reporting as issued by the International Accounting Standards Board (IASB).

These unaudited condensed consolidated interim financial statements do not include all the disclosures required in annual financial statements and, for proper comprehension, they should be read together with the financial statements of PicPay Netherlands for the year ended December 31, 2024. These unaudited condensed consolidated interim financial statements were approved by the Board of Directors at the meeting held on December 05, 2025. The unaudited condensed consolidated interim financial statements were prepared on a historical cost basis, unless otherwise stated.

Until it reaches maturity of its user base, and has a complete portfolio of products, the Group will continue to require contributions from its shareholders. The contribution needs are projected through periodic monitoring of the Group's cash flow and must be approved by the Board of Directors and by BACEN. Current shareholders have committed to support all actions required for continuing as a going concern, with the firm commitment to invest additional funds, if necessary.

**2.2 Basis of consolidation**

These unaudited condensed consolidated interim financial statements include PicPay Netherlands and all entities over which it has control (subsidiaries). Control is when the Group is exposed or has rights to variable returns from its involvement with the investee, has existing rights that give it the ability to direct the relevant activities and has the ability to affect those returns through its power over the investee.

The Group reassesses whether or not it controls a subsidiary if facts and circumstances indicate there are changes to one or more of the elements of control. Consolidation of a subsidiary begins when the Group obtains control over the entity and ceases when the Group loses control. Assets, liabilities, income and expenses of a subsidiary are included in the unaudited condensed consolidated interim financial statements from the date the Group obtains control until the date the Group loses control. Intragroup transactions between parent company and its subsidiaries are eliminated in full on consolidation.

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|  **PicPay Holdings Netherlands B.V.<br>Notes to the unaudited condensed consolidated interim financial statements as of<br>September 30, 2025<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo.jpg) |

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**2. Presentation and preparation of the unaudited condensed consolidated interim financial statements** (cont.)

On December 17, 2024, the Company structured the "Fundo de Investimento em Direitos Creditórios PicPay FGTS" ('FIDC FGTS'), a Receivables Investment Fund, domiciled in the city of São Paulo, Brazil. The fund consists of a total of 825,674 quotas, of which 697,652 are senior quotas and 128,022 are subordinated quotas. The Group exclusively acquired the subordinated quotas for R$128,022, which were settled in cash on the same date. On December 17, 2024, the Group, as the sole holder of the subordinated quotas and therefore responsible for all risks associated with the FIDC operation, began to consolidate the FIDC FGTS. This is due to its exposure to the residual value of the FIDC after the payment of remuneration to the senior quota holders, which must be fully redeemed. Additionally, the power to control voting rights and, consequently, to determine the administrative activities of the FIDC characterizes the influence exercised by the Group, as stipulated in the fund's regulations. The operation consists of the assignment of receivables to the FIDC, which is considered a related party. Thus, the assets and liabilities of the PicPay Group and the FIDC are eliminated in the consolidated financial statements, resulting only in the Group's co-obligation regarding the quotas. As a subordinated quota holder, the Group records both a liability and an expense corresponding to that liability. The subordinated position evidence that the Group still retains control over the receivables, justifying the consolidation of the FIDC in its financial statements. The senior quotas are accounted for as a financial liability under the heading 'Obligations to FIDC FGTS quota holders', while the accrued remuneration to senior quota holders is recorded as 'Interest and Other Financial Expenses'.

On September 19, 2025, PicPay Participações e Investimentos Ltda executed an Equity Purchase Agreement for the acquisition (the "Acquisition") of two separate entities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) shares representing 100% of the total share capital of KOVR Participações S.A., a Brazilian insurance company, which holds 100% of the total share capital of KOVR Seguradora S.A. and KOVR Previdência S.A., and indirectly holds 100% of KOVR Capitalização S.A.; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) quotas representing 53% of the total share capital of Estrutural Corretora Assessoria e Consultoria de Seguros Ltda. ("Estrutural") an insurance brokerage company. PicPay Participações was also granted an option to purchase the remaining 47% of Estrutural's total share capital. This option to purchase may be exercised up to 60 (sixty) months following the third year after the closing date of the Acquisition.

Kovr Participações S.A. is a full-service digital insurance company that offers services for multiple partners with products such as affinity, surety, life, financial lines, among others. Estrutural is responsible for brokerage services for Kovr Seguradora S.A.

The purchase price for the acquisition of KOVR Participações S.A. is approximately R$657,596 and the purchase price for Estrutural amounts to R$154.

The closing of the Acquisition is subject to the precedent conditions for this type of transaction, including approvals from the Brazilian federal antitrust authority (Conselho Administrativo de Defesa Econômica — CADE) and the Brazilian federal insurance regulator (Superintendência de Seguros Privados — SUSEP), and has not been completed by the Group as of the issuance date of these unaudited condensed consolidated interim financial statements.

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|  **PicPay Holdings Netherlands B.V.<br>Notes to the unaudited condensed consolidated interim financial statements as of<br>September 30, 2025<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo1.jpg) |

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**2. Presentation and preparation of the unaudited condensed consolidated interim financial statements** (cont.)

The unaudited condensed consolidated interim financial statement includes PicPay Netherlands and the following subsidiaries:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Entity** | **Country** | **Principal activities** | **September 30, <br>2025** | **December 31, <br>2024** | **Direct or <br>Indirect <br>Control** |
|  PicS Ltd. | Cayman | Holding | 99.61% | 99.61% | Direct |
|  PicS Holding Ltda. | Brazil | Holding | 87.83% | 83.66% | Indirect |
|  PicPay Instituição de Pagamento S.A. | Brazil | Payment services<sup>(1)</sup> | 100.00% | 100.00% | Indirect |
|  PicPay Bank – Banco Múltiplo S.A. | Brazil | Bank services<sup>(1)</sup> | 100.00% | 100.00% | Indirect |
|  Crednovo Sociedade de Empréstimo Entre Pessoas S.A. | Brazil | P2P Lending Services | 100.00% | 100.00% | Indirect |
|  PicPay Invest Distribuidora de Títulos e Valores Mobiliários Ltda. | Brazil | Brokerage firm and securities dealer company | 100.00% | 100.00% | Indirect |
|  Guiabolso Correspondente Bancário e Serviços Ltda. | Brazil | Bank correspondent | 100.00% | 100.00% | Indirect |
|  Guiabolso Pagamentos Ltda. | Brazil | Bank correspondent | 100.00% | 100.00% | Indirect |
|  BX Negócios Inteligentes Ltda | Brazil | Bank correspondent | 100.00% | 100.00% | Indirect |
|  Fundo de Investimentos em Direitos Creditórios Não- Padronizados PicPay I<sup>(2)</sup> | Brazil | Receivable investment fund | 100.00% | 100.00% | Indirect |
|  Fundo de Investimentos em Direitos Creditórios PicPay FGTS<sup>(2)</sup> | Brazil | Receivable investment fund | 15.46% | 15.46% | Indirect |
|  PicPay Participações e Investimentos Ltda<sup>(3)</sup> | Brazil | Holding | 100.00% | N/A | Direct |
|  Nosso Time Igaming S.A.<sup>(3)</sup> | Brazil | Sportbook | 99.99% | N/A | Indirect |
|  PicPay Holding Ltda<sup>(3)</sup> | Brazil | Holding | 100.00% | N/A | Direct |
|  Zem Collection Ltda.<sup>(3)</sup> | Brazil | Debt Collection Agency | 100.00% | N/A | Indirect |

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____________

(1) Bank activities are focused on CDB (Certificado de Depósito Bancário, Certificate of Deposit), lending and funding. Financial services activities are focused on payment services, virtual wallet and other financial activities.

(2) The % interest represents the percentage of the subordinated quotas issued by the "FIDC PicPay I" (Fundo de Investimentos em Direitos Creditórios Não-Padronizados PicPay I) and "FIDC FGTS" (Fundo de Investimentos em Direitos Creditórios PicPay FGTS) held by the Group.

(3) On April 07, May 07, September 15 and September 18, 2025, the Company formed four new entities: PicPay Participações e Investimentos Ltda, Nosso Time Igaming S.A, PicPay Holding Ltda and Zem Collection Ltda, respectively.

**3. Material accounting policies**

The accounting policies used in the preparation of these unaudited condensed consolidated interim financial statements are the same as those applied in the financial statements of PicPay Netherlands for the year ended December 31, 2024.

**4. Critical accounting judgments and key estimates and assumptions**

In applying the Group's accounting policies, management must exercise judgment and make estimates which impact the carrying amounts of certain assets and liabilities. Estimates and related assumptions are based on historical experience and other factors considered relevant. Actual results may differ from these estimates.

The underlying estimates and assumptions are reviewed at least annually. The effects resulting from the revisions made to the accounting estimates are recognized in the period in which they are revised.

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|  **PicPay Holdings Netherlands B.V.<br>Notes to the unaudited condensed consolidated interim financial statements as of<br>September 30, 2025<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo.jpg) |

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**4. Critical accounting judgments and key estimates and assumptions** (cont.)

The critical accounting judgments and key estimates and assumptions used in the preparation of these unaudited condensed consolidated interim financial statements are the same as those applied in the consolidated financial statements for the year ended December 31, 2024.

**5. Adoption of new accounting standards and interpretations not yet effective**

**5.1 New standards and amendments effective for the periods beginning after January 1, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lack of exchangeability (Amendments to IAS 21)

The adoption of these amendments did not have a significant impact on the Group's unaudited condensed consolidated interim financial statements.

**5.2 Other new standards and amendments issued but not yet effective**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contracts Referencing Nature-dependent Electricity — (Amendments to IFRS 9 and IFRS 7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amendments from 'Annual Improvements to IFRS Accounting Standards — Volume 11:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• IFRS 19 Subsidiaries without Public Accountability: Disclosures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments to IFRS 10 and IAS 28)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Presentation and Disclosure in Financial Statements (IFRS 18): The new standard replaces IAS 1 — Presentation of Financial Statements and determines a new structure for the income statement by categorizing it into predefined sections: operating, investing, financing, discontinued operations, and income tax. This standard will take effect on January 1, 2027. The Group expects impacts on disclosures, presentation and classification on consolidated interim financial statements.

Management did not early adopt any amendments. Also, Management does not expect the adoption of the amendments described above to have a significant impact, other than additional disclosures on the Group's unaudited condensed consolidated interim financial statements.

**6. Cash and cash equivalents**

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| | | |
|:---|:---|:---|
|  | **September 30,<br>2025** | **December 31,<br>2024** |
|  Bank balances | 1214221 | 1313577 |
|  Voluntary deposits at Central Bank<sup>(1)</sup> | 2789484 | 1347072 |
|  Short-term investments<sup>(2)</sup> |  | 1025 |
|  Reverse repurchases agreements<sup>(3)</sup> | 2489996 | 4809999 |
|  **Cash and cash equivalents** | **6493701** | **7471673** |

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(1) Voluntary deposits at central bank are deposits made mainly by the subsidiary PicPay Bank at the Brazilian Central Bank and are considered as cash and cash equivalents.

(2) Short-term investments average rate of remuneration is 100% of the CDI rate, meaning Brazilian interbank deposit rate. These amounts mature in 1 month, becoming redeemable.

(3) Investments with historically high liquidity and composed mainly of investments secured by National Treasury Notes ("NTNs") with an average return of fixed interest rate + IPCA (official inflation index in Brazil, calculated by IBGE — Brazilian Institute of Geography and Statistics).

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|  **PicPay Holdings Netherlands B.V.<br>Notes to the unaudited condensed consolidated interim financial statements as of<br>September 30, 2025<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo1.jpg) |

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**7. Financial investments and derivatives financial instruments**

**a) Financial investments — securities**

#### As of September 30, 2025

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Up to <br>30 days** | **From <br>61 to <br>90 days** | **From <br>91 to <br>180 days** | **From <br>181 to <br>365 days** | **Over <br>365 days** | **Cost <br>value** | **Adjustment <br>to fair value** | **Fair value** |
|  **Financial assets at fair value through other comprehensive income** | **1503874** | **—** | **41112** | **109004** | **2338593** | **3992583** | **3753** | **3996336** |
|  Government Bonds – LFT<sup>(1)</sup><sup>/</sup><sup>(3)</sup> | 1503874 |  | 41112 | 109004 | 2337586 | 3991576 | 3757 | 3995333 |
|  Government Bonds – NTN<sup>(4)</sup> |  |  |  |  | 1007 | 1007 | (4) | 1003 |
|  **Financial assets at fair value through profit or loss** | **—** | **3** | **—** | **—** | **40949** | **40952** | **6** | **40958** |
|  Government Bonds – LFT<sup>(1)</sup> |  |  |  |  | 33973 | 33973 | 6 | 33979 |
|  Other investments |  | 3 |  |  | 6976 | 6979 |  | 6979 |
|  **Financial assets measured at amortized cost** | **—** | **—** | **194425** | **232761** | **496591** | **923777** | **16020** | **939797** |
|  Government Bonds – LTN<sup>(2)</sup><sup>/</sup><sup>(5)</sup> |  |  | 194425 | 232761 | 496591 | 923777 |  | 923777 |
|  Fair value hedge adjustments |  |  |  |  |  |  | 16020 | 16020 |
|  **Total** | **1503874** | **3** | **235537** | **341765** | **2876133** | **4957312** | **19779** | **4977091** |

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#### As of December 31, 2024

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Up to <br>30 days** | **From <br>61 to <br>90 days** | **From <br>181 to <br>365 days** | **Over <br>365 days** | **Cost <br>value** | **Adjustment <br>to fair value** | **Fair <br>value** |
|  **Financial assets at fair value through other comprehensive income** | **919104** | **22149** | **527092** | **1678450** | **3146795** | **(47718)** | **3099077** |
|  Government Bonds – LFT<sup>(1)(3)</sup> | 919104 | 22149 | 527092 | 828645 | 2296990 | 1719 | 2298709 |
|  Government Bonds – LTN<sup>(2)</sup><sup>/</sup><sup>(5)</sup> |  |  |  | 849805 | 849805 | (49437) | 800368 |
|  **Financial assets at fair value through profit or loss** | **—** | **39552** | **—** | **6312** | **45864** | **—** | **45864** |
|  Government Bonds – LFT<sup>(1)</sup> |  | 39552 |  |  | 39552 |  | 39552 |
|  Other investments |  |  |  | 6312 | 6312 |  | 6312 |
|  **Total** | **919104** | **61701** | **527092** | **1684762** | **3192659** | **(47718)** | **3144941** |

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(1) Treasury Selic (LFT): Variable interest rate bonds whose return follows the variation of the SELIC. The Group makes the investment and receives the face value (amount invested plus interest) on the maturity date of the bond.

(2) Fixed Treasury (LTN): Government bonds with a fixed interest rate at the time of purchase. The Group makes the investment and receives the face value (amount invested plus interest), on the maturity date of the bond.

(3) The Group allocated the guarantees for credit card transactions in LFT; refer to note 13.1.2 for further details.

(4) National Treasury Notes (NTN): Variable income securities whose yield follows the variation of the Brazilian official inflation index (IPCA). The Group makes the investment and receives the nominal value (amount invested plus interest) on the security's maturity date.

(5) On July 1, 2025, PicPay Bank decided to reclassify a financial asset previously classified as Fair Value through Other Comprehensive Income (FVOCI) in December 2024 to the Amortized Cost (AC) in September 2025 category. This decision resulted from the change in the business model, which became aimed at: (i) holding financial assets in order to collect solely the contractual cash flows; and (ii) ensuring that such cash flows consist only of payments of principal and interest (SPPI test) on the principal amount, at specified dates This adjustment, related to the Mark-to-Market (MTM) valuation, resulted in a financial impact of R$24,696, so that it is measured as if it had been originally classified in the Amortized Cost category, in accordance with IFRS 9 (paragraph 5.6.7).

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|  **PicPay Holdings Netherlands B.V.<br>Notes to the unaudited condensed consolidated interim financial statements as of<br>September 30, 2025<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo.jpg) |

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**7. Financial investments and derivatives financial instruments** (cont.)

**b) Derivative Financial instruments**

#### Fair value and notional values by risk factor and maturity as of September 30, 2025

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair <br>Value** | **Notional <br>value** | **Up to <br>30 days** | **From <br>31 to 365 days** | **Over <br>365 days** |
|  **Assets** |  |  |  |  |  |
|  **Derivative hedging instrument of portfolio hedge accounting** |  |  |  |  |  |
|  Derivatives financial instruments (Swap) | 29040 | 1374765 | 2381 | 11841 | 14818 |
|  DI1 – future contract<sup>(1)(2)</sup> |  | 3530251 |  |  |  |
|  **Total** | **29040** | **4905016** | **2381** | **11841** | **14818** |
|  **Derivative at fair value through profit and loss** |  |  |  |  |  |
|  DI1 – future contract<sup>(1)(2)</sup> | 844 | 1269783 | 844 |  |  |
|  **Total** | **844** | **1269783** | **844** | **—** | **—** |
|  **Liabilities** |  |  |  |  |  |
|  **Derivative at fair value through profit and loss** |  |  |  |  |  |
|  Derivative financial instrument (Swap) | 14128 | 661322 | 14128 |  |  |
|  DI1 – future contract<sup>(1)(2)</sup> | 1263 | 7741292 | 1263 |  |  |
|  **Total** | **15391** | **8402614** | **15391** | **—** | **—** |

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#### Fair value and notional values by risk factor and maturity as of December 31, 2024

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair <br>Value** | **Notional <br>value** | **Up to <br>30 days** | **From <br>31 to 365 days** | **Over <br>365 days** |
|  **Assets** |  |  |  |  |  |
|  **Derivative hedging instrument of portfolio hedge accounting** |  |  |  |  |  |
|  Derivatives financial instruments (Swap) | 54187 | 1982636 |  | 7118 | 47069 |
|  DI1 – future contract<sup>(2)</sup> |  | 2950455 |  |  |  |
|  **Derivative at fair value though profit and loss** |  |  |  |  |  |
|  Future contracts – Sale commitments DI1 (future contracts)<sup>(1)(2)</sup> |  | 5195 |  |  |  |
|  **Total** | **54187** | **4938286** | **—** | **7118** | **47069** |

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(1) Sale commitments refer to future contracts that pay fixed and receive floating.

(2) As of September 30, 2025, and December 31, 2024 — DI1 Futures Contracts are commitments to buy or sell a financial instrument at a future date, at a contracted price or yield. For these instruments, daily settlements are made related to changes in market prices.

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|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the unaudited condensed consolidated interim financial statements as of<br>September 30, 2025<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo1.jpg) |

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**8. Financial assets measured at amortized cost**

**8.1. Trade receivables**

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| | | |
|:---|:---|:---|
|  | **September 30,<br>2025** | **December 31,<br>2024** |
|  Financial transactions processed by acquirers<sup>(1)(3)</sup> | 278570 | 181572 |
|  Financial transactions processed by card issuers<sup>(2)(3)</sup> | 3628356 | 3653774 |
|  Other trade receivables | 60202 | 41821 |
|  **Total**<sup>(4)</sup> | **3967128** | **3877167** |

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(1) Amounts receivable from acquirers as a result of processing transactions in the role of sub-acquirer.

(2) Accounts receivable from card issuers, net of interchange fees, as a result of processing transactions with clients in the role of acquirer.

(3) Amount net of ECL (expected credit losses) and fraud risk (chargeback) in the amount of R$412 and R$4,036 respectively, as of September 30, 2025 (R$400 and R$7,356 respectively, as of December 31, 2024).

(4) As of September 30, 2025, R$3,921,264 (R$2,323,263, on December 31, 2024) of these receivables are held by FIDC PicPay I. The total of this note, without the elimination of the FIDC, would be 7,889,237 With the elimination of 3,921,267, we arrive at the total presented in the table.

The table below presents the trade receivables aging analysis, highlighting the receivables due and overdue as of September 30, 2025. For comparative purposes, the position as of December 31, 2024, is also included.

**8.1.1 Breakdown by maturity — Trade receivables**

#### As of September 30, 2025

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| | | | |
|:---|:---|:---|:---|
|  | **Receivables <br>falling due:** | **Receivables <br>Overdue:** | **Total** |
|  Up to 30 days | 2491795 | 14948 | 2506743 |
|  From 31 to 60 days | 465199 | 1866 | 467065 |
|  From 61 to 90 days | 291806 | 7572 | 299378 |
|  From 91 to 180 days | 480648 |  | 480648 |
|  From 181 to 365 days | 210155 |  | 210155 |
|  Over 365 days | 3139 |  | 3139 |
|  **Total** | **3942742** | **24386** | **3967128** |

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#### As of December 31, 2024

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| | | | |
|:---|:---|:---|:---|
|  | **Receivables <br>falling due:** | **Receivables <br>Overdue:** | **Total**  |
|  Up to 30 days | 2471796 |  | 2471796 |
|  From 31 to 60 days | 404597 |  | 404597 |
|  From 61 to 90 days | 277416 |  | 277416 |
|  From 91 to 180 days | 470393 |  | 470393 |
|  From 181 to 365 days | 252889 |  | 252889 |
|  Over 365 days | 76 |  | 76 |
|  **Total** | **3877167** | **—** | **3877167** |

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| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the unaudited condensed consolidated interim financial statements as of<br>September 30, 2025<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo.jpg) |

---

**8. Financial assets measured at amortized cost** (cont.)

**8.2. Consumer loans**

---

| | | |
|:---|:---|:---|
|  | **September 30,<br>2025** | **December 31,<br>2024** |
|  **Gross amount – Consumer Loans (a)** | 18662448 | 10571338 |
|  Credit loss allowance – on-balance sheet (b) | (2376552) | (838696) |
|  Credit loss allowance – off-balance sheet<sup>(1)</sup> | (20925) | (25524) |
|  **Total credit loss allowance** | **(2397477)** | **(864220)** |
|  **Total consumer loans – amortized cost (a + b)** | **16285896** | **9732642** |
|  Fair Value Adjustment – Portfolio Hedge (Note 27.2 – c) | (44696) | (154494) |
|  **Consumer loans** | **16241200** | **9578148** |

---

____________

(1) Provision for expected credit loss of pre-approved credit card limits available to customers, presented as other liabilities in the statement of financial position. Limit disclosed in Note 27.1

**8.2.1 Credit loss allowance breakdown**

#### As of September 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Gross <br>Exposure** | **%** | **Credit Loss <br>Allowance** | **%** | **Coverage <br>Ratio<br>(%)**  |
|  Credit card<sup>(1)</sup> | 5164319 | 27.67% | (88378) | 3.68% | 1.71% |
|  Loans to customers<sup>(2)</sup> | 9717795 | 52.07% | (76409) | 3.19% | 0.79% |
|  **Total consumer loans stage 1** | **14882114** | **79.74%** | **(164787)** | **6.87%** |  |
|  Credit card<sup>(1)</sup> | 509584 | 2.73% | (166308) | 6.94% | 32.64% |
|  Loans to customers<sup>(2)</sup> | 1638468 | 8.78% | (703525) | 29.34% | 42.94% |
|  **Total consumer loans stage 2** | **2148052** | **11.51%** | **(869833)** | **36.28%** |  |
|  Credit card<sup>(1)</sup> | 113562 | 0.61% | (105623) | 4.41% | 93.01% |
|  Loans to customers<sup>(2)</sup> | 1518720 | 8.14% | (1257234) | 52.44% | 82.78% |
|  **Total consumer loans stage 3** | **1632282** | **8.75%** | **(1362857)** | **56.85%** |  |
|  **Total consumer loans** | **18662448** | **100.00%** | **(2397477)** | **100.00%** |  |

---

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the unaudited condensed consolidated interim financial statements as of<br>September 30, 2025<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo1.jpg) |

---

**8. Financial assets measured at amortized cost** (cont.)

#### As of December 31, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Gross <br>Exposure** | **%** | **Credit Loss <br>Allowance** | **%** | **Coverage <br>Ratio<br>(%)** |
|  Credit card<sup>(1)</sup> | 3526836 | 33.36% | (64296) | 7.44% | 1.82% |
|  Loans to customers<sup>(2)</sup> | 5561617 | 52.61% | (43282) | 5.01% | 0.78% |
|  **Total consumer loans stage 1** | **9088453** | **85.97%** | **(107578)** | **12.45%** |  |
|  Credit card<sup>(1)</sup> | 394631 | 3.73% | (96270) | 11.14% | 24.39% |
|  Loans to customers<sup>(2)</sup> | 539935 | 5.11% | (204055) | 23.61% | 37.79% |
|  **Total consumer loans stage 2** | **934566** | **8.84%** | **(300325)** | **34.75%** |  |
|  Credit card<sup>(1)</sup> | 164199 | 1.55% | (147587) | 17.08% | 89.88% |
|  Loans to customers<sup>(2)</sup> | 384120 | 3.64% | (308730) | 35.72% | 80.37% |
|  **Total consumer loans stage 3** | **548319** | **5.19%** | **(456317)** | **52.80%** |  |
|  **Total consumer loans** | **10571338** | **100.00%** | **(864220)** | **100.00%** |  |

---

____________

(1) On January 26, 2024, PicS acquired certain outstanding credit card assets from Banco Original. The transaction included only balances from customers with less than 20 days past due credit position and has been accounted for as asset acquisition. As a result of the transaction, the credit card operations of retail customers will be managed by PicS. (Refer to Note 13 for further details). The analysis is based on the loss of expected credit ("Expected Loss") in accordance with the principles of IFRS 9 at fair value.

(2) Loans to customers are composed as follows:

"Personal loans" are borrowing a fixed amount of money to pay for a variety of expenses and then repaying those funds in regular payments or installments over time.

"Payroll loans" are those in which the installments and interest are deducted directly from the consumer's salary. These loans may be linked to government entities — such as in the case of public servants, pensions, or benefits paid by the government — or to private companies. Credit enhanced financial assets as they are linked to client payroll directly, meaning that the client paycheck is automatically discounted of the loan installments" FGTS loans" are loans in which consumers can draw down in advance up to seven annual installments of their FGTS. The Group receive the payment of these installments directly from FGTS.

**8.2.2 Breakdown by maturity**

#### Credit card:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Not Overdue** | **Not Overdue** | **Overdue** | **Overdue** | **Not Overdue** | **Not Overdue** | **Overdue** | **Overdue** |
|  | **September 30, <br>2025** | **%** | **September 30, <br>2025** | **%** | **December 31, <br>2024** | **%** | **December 31, <br>2024** | **%** |
|  Up to 30 days | 2480565 | 42.86% | 413258 | 7.13% | 1934967 | 47.36% | 118057 | 2.89% |
|  From 31 to 60 days | 299891 | 5.18% | 125895 | 2.18% | 223611 | 5.47% | 60586 | 1.48% |
|  From 61 to 90 days | 338972 | 5.86% | 30595 | 0.53% | 242119 | 5.93% | 46975 | 1.15% |
|  From 91 to 180 days | 787976 | 13.62% | 42349 | 0.73% | 518644 | 12.69% | 81908 | 2.00% |
|  From 181 to 365 days | 984470 | 17.01% | 70922 | 1.23% | 718442 | 17.58% | 80793 | 1.98% |
|  Over 365 days | 212550 | 3.67% | 22 | 0.00% | 59565 | 1.46% |  | 0.00% |
|  **Total** | **5104424** | **88.20%** | **683041** | **11.80%** | **3697348** | **90.50%** | **388319** | **9.50%** |
|  **Total overdue and not overdue** |  |  | **5787465** | **100.00%** |  |  | **4085666** | **100.00%** |

---

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the unaudited condensed consolidated interim financial statements as of<br>September 30, 2025<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo.jpg) |

---

**8. Financial assets measured at amortized cost** (cont.)

#### Loans to customers:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Not Overdue** | **Not Overdue** | **Overdue** | **Overdue** | **Not Overdue** | **Not Overdue** | **Overdue** | **Overdue** |
|  | **September 30, <br>2025** | **%** | **September 30, <br>2025** | **%** | **December 31, <br>2024** | **%** | **December 31, <br>2024** | **%** |
|  Up to 30 days | 21248 | 0.17% | 837225 | 6.49% | 19322 | 0.30% | 228256 | 3.52% |
|  From 31 to 60 days | 41861 | 0.33% | 397377 | 3.09% | 49459 | 0.76% | 107266 | 1.65% |
|  From 61 to 90 days | 106508 | 0.83% | 252551 | 1.96% | 51518 | 0.79% | 66226 | 1.02% |
|  From 91 to 180 days | 591589 | 4.59% | 651042 | 5.06% | 194920 | 3.01% | 187965 | 2.90% |
|  From 181 to 365 days | 972214 | 7.55% | 316147 | 2.46% | 454071 | 7.00% | 87487 | 1.35% |
|  Over 365 days | 8650072 | 67.18% | 37149 | 0.29% | 5039182 | 77.70% |  | 0.00% |
|  **Total** | **10383492** | **80.65%** | **2491491** | **19.35%** | **5808471** | **89.56%** | **677201** | **10.44%** |
|  **Total overdue and not overdue** |  |  | **12874983** | **100.00%** |  |  | **6485672** | **100.00%** |

---

**8.3. Expected credit losses — by credit quality vs. stages**

As of September 30, 2025, the ECL allowance totaled R$2,397,476 (R$864,220 as of December 31, 2024). The Group monitors the expected credit losses allowance coverage ratio (table below) over the gross receivables amount to monitor credit risk.

The table below shows the PD (probability of default) credit distribution as of September 30, 2025. The PD credit classification is grouped in three categories based on its probability of default at the reporting date.

#### Credit card

#### As of September 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Gross <br>Exposure** | **%** | **Credit Loss <br>Allowance** | **%** | **Coverage <br>Ratio<br>(%)** |
|  **PD < 5%** | **3388993** | **58.56%** | **(43658)** | **12.12%** | **1.29%** |
|  Stage 1 | 3388991 | 58.56% | (43658) | 12.12% | 1.29% |
|  Stage 2 | 2 | 0.00% |  | 0.00% | 0.00% |
|  **5% <= PD <= 20%** | **1448380** | **25.03%** | **(30445)** | **8.45%** | **2.10%** |
|  Stage 1 | 1448377 | 25.03% | (30445) | 8.45% | 2.10% |
|  Stage 2 | 3 | 0.00% |  | 0.00% | 0.00% |
|  **PD > 20%** | **950092** | **16.41%** | **(286206)** | **79.43%** | **30.12%** |
|  Stage 1 | 326951 | 5.65% | (14275) | 3.96% | 4.37% |
|  Stage 2 | 509579 | 8.80% | (166308) | 46.16% | 32.64% |
|  Stage 3 | 113562 | 1.96% | (105623) | 29.31% | 93.01% |
|  **Total** | **5787465** | **100.00%** | **(360309)** | **100.00%** | **6.23%** |

---

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the unaudited condensed consolidated interim financial statements as of<br>September 30, 2025<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo1.jpg) |

---

**8. Financial assets measured at amortized cost** (cont.)

#### Credit card

#### As of December 31, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Gross <br>Exposure** | **%** | **Credit Loss <br>Allowance** | **%** | **Coverage <br>Ratio<br>(%)** |
|  **PD < 5%** | **2146060** | **52.53%** | **(27839)** | **9.03%** | **1.30%** |
|  Stage 1 | 2114679 | 51.76% | (27081) | 8.79% | 1.28% |
|  Stage 2 | 31381 | 0.77% | (758) | 0.25% | 2.42% |
|  **5% <= PD <= 20%** | **1360210** | **33.29%** | **(31973)** | **10.38%** | **2.35%** |
|  Stage 1 | 1265064 | 30.96% | (27802) | 9.02% | 2.20% |
|  Stage 2 | 95146 | 2.33% | (4171) | 1.35% | 4.38% |
|  **PD > 20%** | **579396** | **14.18%** | **(248341)** | **80.59%** | **42.86%** |
|  Stage 1 | 147093 | 3.60% | (9413) | 3.05% | 6.40% |
|  Stage 2 | 268104 | 6.56% | (91341) | 29.64% | 34.07% |
|  Stage 3 | 164199 | 4.02% | (147587) | 47.89% | 89.88% |
|  **Total** | **4085666** | **100.00%** | **(308153)** | **100.00%** | **7.54%** |

---

#### Loans to customers

#### As of September 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Gross <br>Exposure** | **%** | **Credit Loss <br>Allowance** | **%** | **Coverage <br>Ratio <br>(%)** |
|  **PD < 5%** | **4904299** | **38.09%** | **(26763)** | **1.32%** | **0.55%** |
|  Stage 1 | 4899450 | 38.05% | (26648) | 1.31% | 0.54% |
|  Stage 2 | 4849 | 0.04% | (115) | 0.01% | 2.37% |
|  **5% <= PD <= 20%** | **4447101** | **34.54%** | **(42205)** | **2.07%** | **0.95%** |
|  Stage 1 | 4288798 | 33.31% | (27132) | 1.33% | 0.63% |
|  Stage 2 | 158303 | 1.23% | (15073) | 0.74% | 9.52% |
|  **PD > 20%** | **3523583** | **27.37%** | **(1968200)** | **96.61%** | **55.86%** |
|  Stage 1 | 529547 | 4.11% | (22629) | 1.11% | 4.27% |
|  Stage 2 | 1475316 | 11.46% | (688337) | 33.79% | 46.66% |
|  Stage 3 | 1518720 | 11.80% | (1257234) | 61.71% | 82.78% |
|  **Total** | **12874983** | **100.00%** | **(2037168)** | **100.00%** | **15.82%** |

---

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the unaudited condensed consolidated interim financial statements as of<br>September 30, 2025<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo.jpg) |

---

**8. Financial assets measured at amortized cost** (cont.)

#### Loans to customers

#### As of December 31, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Gross <br>Exposure** | **%** | **Credit Loss <br>Allowance** | **%** | **Coverage <br>Ratio<br>(%)** |
|  **PD < 5%** | **5164602** | **79.63%** | **(22180)** | **3.99%** | **0.43%** |
|  Stage 1 | 5164529 | 79.63% | (22178) | 3.99% | 0.43% |
|  Stage 2 | 73 | 0.00% | (2) | 0.00% | 2.77% |
|  **5% <= PD <= 20%** | **383365** | **5.91%** | **(17232)** | **3.10%** | **4.49%** |
|  Stage 1 | 330022 | 5.09% | (11075) | 1.99% | 3.36% |
|  Stage 2 | 53343 | 0.82% | (6157) | 1.11% | 11.54% |
|  **PD > 20%** | **937705** | **14.46%** | **(516655)** | **92.91%** | **55.10%** |
|  Stage 1 | 67066 | 1.03% | (10029) | 1.80% | 14.95% |
|  Stage 2 | 486519 | 7.50% | (197896) | 35.59% | 40.68% |
|  Stage 3 | 384120 | 5.92% | (308730) | 55.52% | 80.37% |
|  **Total** | **6485672** | **100.00%** | **(556067)** | **100.00%** | **8.57%** |

---

**8.3.1. Changes in credit loss allowance**

#### Credit card

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Stage 1** | **Stage 2** | **Stage 3** | **Total** |
|  **Credit loss allowance as of January 1, 2025** | **77858** | **114529** | **165046** | **357433** |
|  Transfer from stage 1 to stage 2 | (6840) | 6840 |  |  |
|  Transfer from stage 1 to stage 3 | (217) |  | 217 |  |
|  Transfer from stage 2 to stage 3 |  | (13954) | 13954 |  |
|  Transfer from stage 2 to stage 1 | 13487 | (13487) |  |  |
|  Transfer from stage 3 to stage 1 | 30 |  | (30) |  |
|  Transfer from stage 3 to stage 2 |  | 78 | (78) |  |
|  New financial assets originated | 12416 | 6645 |  | 19061 |
|  Changes in model/risk parameters | (1372) | 132434 | 26919 | 157981 |
|  Financial assets derecognized<sup>(2)</sup> | (6984) | (66777) | (100405) | (174166) |
|  **Credit loss allowance as of September 30, 2025** | **88378** | **166308** | **105623** | **360309** |

---

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the unaudited condensed consolidated interim financial statements as of<br>September 30, 2025<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo1.jpg) |

---

**8. Financial assets measured at amortized cost** (cont.)

#### Loans to customers

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Stage 1** | **Stage 2** | **Stage 3** | **Total** |
|  **Credit loss allowance as of January 1, 2025** | **124561** | **597336** | **797250** | **1519147** |
|  Transfer from stage 1 to stage 2 | (9694) | 9694 |  |  |
|  Transfer from stage 1 to stage 3 | (8443) |  | 8443 |  |
|  Transfer from stage 2 to stage 3 |  | (213145) | 213145 |  |
|  Transfer from stage 2 to stage 1 | 17549 | (17549) |  |  |
|  Transfer from stage 3 to stage 1 | 277 |  | (277) |  |
|  Transfer from stage 3 to stage 2 |  | 825 | (825) |  |
|  New financial assets<sup>(1)</sup> | 43372 | 523220 | 186166 | 752758 |
|  Changes in model/risk parameters | (16243) | 23364 | 184650 | 191771 |
|  Financial assets derecognized<sup>(2)</sup> | (74970) | (220220) | (131318) | (426508) |
|  **Credit loss allowance as of September 30, 2025** | **76409** | **703525** | **1257234** | **2037168** |

---

____________

(1) The main impact of these balances relates to renegotiations/restructurings of credit card operations and/or other products, which are already originated in Stage 2 or Stage 3.

(2) Reversal resulting from the settlement or cancellation of the contract, whether by full payment, early discharge or formal termination of the agreement.

**8.4. Other receivables**

---

| | | |
|:---|:---|:---|
|  | **September 30, <br>2025** | **December 31, <br>2024** |
|  Receivables – related parties<sup>(1)</sup> | 102645 | 101942 |
|  Compulsory deposits in Central Bank<sup>(3)</sup> | 1495238 | 117977 |
|  Sundry receivables<sup>(2)</sup> | 141.501 | 1147 |
|  **Total** | **1739384** | **221066** |

---

____________

(1) As of September 30, 2025, these amounts primarily relate to receivables from J&F Participações for marketing expenses incurred, along with receivables from other companies within the Group for various services and transactions. These receivables reflect the ongoing business relationships and agreements in place. For a comprehensive breakdown and further details regarding these amounts, please refer to Note 19.

(2) Mainly related to receivables to government entities. The Group understands that there is no risk on the outstanding balances of its "Other receivables".

(3) Compulsory deposits are required by BACEN based on the amount of CDB held by PicPay Bank. These resources are remunerated at Brazilian SELIC rate (special settlement and custody system of the BACEN).

**8.4.1 Breakdown by maturity — Other receivables**

**As of September 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **Receivables<br>falling due:** | **Receivables <br>overdue:** | **Total** |
|  Up to 30 days | 1665169 |  | 1665169 |
|  From 31 to 60 days | 1211 |  | 1211 |
|  From 61 to 180 days | 212 |  | 212 |
|  From 181 to 365 days | 610 |  | 610 |
|  Over 365 days | 72182 |  | 72182 |
|  **Total** | **1739384** | **—** | **1739384** |

---

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the unaudited condensed consolidated interim financial statements as of<br>September 30, 2025<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo.jpg) |

---

**8. Financial assets measured at amortized cost** (cont.)

#### As of December 31, 2024

---

| | | | |
|:---|:---|:---|:---|
|  | **Receivables<br>falling due:** | **Receivables <br>overdue:** | **Total** |
|  Up to 30 days | 137036 | 11483 | 148519 |
|  From 31 to 60 days |  | 635 | 635 |
|  From 61 to 180 days |  | 4405 | 4405 |
|  From 181 to 365 days | 67507 |  | 67507 |
|  **Total** | **204543** | **16523** | **221066** |

---

**9. Prepaid expenses**

The amount recognized on September 30, 2025, as prepaid expenses was R$260,329 (R$141,805 on December 31, 2024). The increase was primarily driven by payments made in advance of the software for application performance improvement (which expenses are recognized when the corresponding goods or services are received) and deferred transaction expenses associated with legal and financial advisory (which expenses will be recognized when the transaction is concluded).

**10. Tax assets**

---

| | | |
|:---|:---|:---|
|  | **September 30, <br>2025** | **December 31, <br>2024** |
|  Income tax and social contribution to offset<sup>(1)</sup> | 1328438 | 1212615 |
|  Deferred tax assets<sup>(2)</sup> | 1293124 | 566238 |
|  **Total** | **2621562** | **1778853** |

---

____________

(1) Primarily relates to withholding income tax and social contribution on income from financial investments which can be used to settle other federal tax amounts due. From the amount as of September 30, 2025, RS 55,086 refers to inflation indexation recognized in "Other income" in the consolidated statements of profit or loss.

(2) The figure is primarily related to provision for credit losses booked by PicPay Bank subsidiary on September 30, 2025.

**10.1 Deferred tax assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, <br>2024** | **<br>Realization** | **<br>Additions<sup>(3)</sup>** | **September 30, <br>2025** |
|  **Temporary differences related to other liabilities** | **492390** | **(50395)**<sup>(1)</sup> | **781578** | **1223574** |
|  Provisions for credit losses | 405475 |  | 768553 | 1174027 |
|  Fair value adjustment – Financial assets measured at fair value through profit or loss | 69523 | (27685) |  | 41838 |
|  Others | 17393 | (22710) | 13025 | 7709 |
|  **Tax loss and social contribution negative basis**<sup>(2)</sup> | **73847** | **(4297)** | **—** | **69550** |
|  **Total** | **566238** | **(54692)** | **781578** | **1293124** |

---

____________

(1) The realization in the nine-month period ended September 30, 2025, refers to the payment of the profit-sharing program to employees by the PicPay Bank subsidiary.

(2) The realization in the nine-month period ended September 30, 2025, refers to the subsidiaries Guiabolso Finanças and Correspondente Bancário e Serviços Ltda., which began calculating taxable profit in 2025.

(3) The added amounts consider both deferred tax assets recognized in the consolidated statements of profit or loss and in the consolidated statement of comprehensive income.

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the unaudited condensed consolidated interim financial statements as of<br>September 30, 2025<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo1.jpg) |

---

**11. Intangible assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  | **Cost <br>Value** | **Accumulated <br>Amortization** | **Accumulated <br>Impairment** | **Total** |
|  Trademarks and patents | 100 |  | (100) |  |
|  Internally developed software<sup>(1)</sup> | 1020214 | (58585) |  | 961629 |
|  Software licenses | 240101 | (175933) | (128) | 64038 |
|  Computer Software or Programs – Purchased | 62443 | (39621) | (624) | 22198 |
|  Software acquired through business combination<sup>(2)</sup> | 66924 | (48132) |  | 18793 |
|  Goodwill<sup>(2)</sup> | 50520 |  |  | 50520 |
|  Other intangible assets | 2743 | (629) |  | 2116 |
|  **Total** | **1443045** | **(322900)** | **(852)** | **1119293** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Cost <br>Value** | **Accumulated <br>Amortization** | **Accumulated <br>Impairment** | **Total** |
|  Trademarks and patents | 100 |  | (100) |  |
|  Internally developed software<sup>(1)</sup> | 1115970 | (341408) |  | 774562 |
|  Software licenses | 130948 | (87385) | (128) | 43435 |
|  Computer Software or Programs – Purchased | 62390 | (31701) | (624) | 30065 |
|  Software acquired through business combination<sup>(2)</sup> | 66924 | (38092) |  | 28832 |
|  Goodwill<sup>(2)</sup> | 50520 |  |  | 50520 |
|  **Total** | **1426852** | **(498586)** | **(852)** | **927414** |

---

The table below demonstrates the changes during the periods presented

#### Nine-month period ended September 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, <br>2024** | **Additions** | **Reclassification** | **Write-offs** | **Amortization <br>for the period** | **September 30, <br>2025** |
|  Internally developed software<sup>(1)</sup> | 774562 | 383202 | (2743) | (67) | (193325) | 961629 |
|  Software licenses | 43435 | 107771 |  | (245) | (86923) | 64038 |
|  Computer Software or Programs – Purchased | 30065 |  |  |  | (7867) | 22198 |
|  Software acquired through business combination<sup>(2)</sup> | 28832 |  |  |  | (10039) | 18793 |
|  Goodwill<sup>(2)</sup> | 50520 |  |  |  |  | 50520 |
|  Other intangible assets |  |  | 2743 |  | (628) | 2115 |
|  **Total** | **927414** | **490973** | **—** | **(312)** | **(298782)** | **1119293** |

---

#### Nine-month period ended September 30, 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, <br>2023** | **Additions** | **Reclassification** | **Write-offs** | **Amortization <br>for the period** | **September 30, <br>2024** |
|  Internally developed software<sup>(1)</sup> | 620043 | 320656 |  | (84458) | (136558) | 719683 |
|  Software licenses | 32606 | 28906 |  |  | (37862) | 23650 |
|  Computer Software or Programs – Purchased | 23362 | 16898 |  |  | (9676) | 30584 |
|  Software acquired through business combination<sup>(2)</sup> | 42216 |  |  |  | (10038) | 32178 |
|  Goodwill<sup>(2)</sup> | 50520 |  |  |  |  | 50520 |
|  **Total** | **768747** | **366460** | **—** | **(84458)** | **(194134)** | **856615** |

---

____________

(1) Development of continuing improvements in digital solutions such as mobile banking application, marketplace, business solutions and investment platform. The useful life of the internally and externally developed software is defined as being between 5 to 10 years and the amortization is recognized as personnel expense.

(2) Additions through business combination and common control transactions.

The Group has no contractual commitments for the acquisition or development of intangibles.

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the unaudited condensed consolidated interim financial statements as of<br>September 30, 2025<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo.jpg) |

---

**12. Third-party funds**

---

| | | |
|:---|:---|:---|
|  | **September 30, <br>2025** | **December 31, <br>2024** |
|  User balance – Payment accounts<sup>(1)</sup> | 651771 | 889296 |
|  User balance – CDB<sup>(2)</sup> | 26005266 | 19094153 |
|  Balance of commercial establishments – corporates<sup>(3)</sup> | 381041 | 220525 |
|  Financial Liabilities under repurchase agreements – Government <br>Bonds – LFT | 499592 |  |
|  Other obligations under financial instruments<sup>(4)</sup> | 215195 |  |
|  Bank slips to be processed<sup>(5)</sup> |  | 14 |
|  **Total** | **27752865** | **20203988** |

---

____________

(1) Refers to the balance of the payment account held by users backed by financial investments (as disclosed in note 27.2 a) and amounts referring to withdrawals pending processing at the recipient's bank.

(2) PicPay Bank offers CDB to its users. These are indexed to the CDI and can be either redeemed at any time by the user or with a fixed term.

(3) Refers to balances payable to commercial establishments related to the processing of sales via the PicPay arrangement.

(4) Refers to 'Letras Financeiras,' which are funding instrument notes bearing interest indexed to the Brazilian interbank rate (CDI), maturing in August 2027.

(5) Bank slips paid with the PicPay application outside the bank clearing period.

**13. Trade payables**

---

| | | |
|:---|:---|:---|
|  | **September 30, <br>2025** | **December 31, <br>2024** |
|  Service providers and consumables | 312945 | 354990 |
|  Related parties | 11516 |  |
|  Operational suppliers | 238410 | 91800 |
|  Credit card transactions<sup>(1)</sup> | 3912941 | 2893134 |
|  Other suppliers |  | 25341 |
|  **Total** | **4475812** | **3365265** |

---

____________

(1) Credit card transactions made by PicPay Card customers may be paid in up to 36 installments. The cardholder's credit limit is initially reduced by the total transaction amount, and the installments are subsequently charged to the cardholder's monthly credit card statements.

In Brazil, payments corresponding to the credit card network (for further details see note 13.1) follow a similar schedule. However, since receipts and payments are aligned, it is exposed to the cardholder's credit risk, as it is responsible to make payments to the credit card network even if the cardholder fails to make the payment. This amount includes credit card bills not paid in full by customers and converted into fixed-rate installments, as well as credit purchases, which comprise purchases paid for that can be divided into more than one installment using a credit card.

**13.1 Credit card transactions**

Corresponds to the amount payable to acquirers related to credit and debit card transactions. The amounts to be transferred to the card network are settled according to the transaction installments, substantially within up to 27 days for non-installment Brazilian transactions; 1 business day for international transactions, and, in the case of installment transactions, the amounts are mostly settled over a period of up to 12 months through monthly payments.

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the unaudited condensed consolidated interim financial statements as of<br>September 30, 2025<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo1.jpg) |

---

**13. Trade payables** (cont.)

The table below provides a detailed breakdown of credit card transactions categorized by maturity, as of September 30, 2025:

**13.1.1 Breakdown by maturity — Credit card transactions**

---

| | | |
|:---|:---|:---|
|  | **September 30, <br>2025** | **December 31, <br>2024** |
|  Up to 30 days | 1883106 | 1523603 |
|  From 31 to 60 days | 236773 | 173766 |
|  From 61 to 90 days | 262828 | 188148 |
|  From 91 to 180 days | 620239 | 403034 |
|  From 181 to 365 days | 782638 | 558295 |
|  Over 365 days | 127357 | 46288 |
|  **Total** | **3912941** | **2893134** |

---

**13.1.2 Collateral for credit card transactions**

As of September 30, 2025, the Company held R$806,126 in government bonds pledged as collateral for settlement of credit card transactions, allocated in favor of Mastercard, Visa, and Elo (R$438,393 as of December 31, 2024). These government bonds are measured at fair value through profit or loss and fair value through other comprehensive income and serve as collateral for amounts payable to the network (Refer to note 7 for further details). The average remuneration rate for these security government bonds was 1.11% per month for the nine-month period ended September 30, 2025 (0.86 % per month for the year ended December 31, 2024).

**14. Obligation to FIDC FGTS quota holders**

---

| | | |
|:---|:---|:---|
|  | **September 30, <br>2025** | **December 31, <br>2024** |
|  Senior quotas | 789014 | 704755 |
|  **Total** | **789014** | **704755** |

---

The obligations to FIDC FGTS quota holders relate to amounts due on senior quotas issued with the securitization of receivables from FGTS consumer loans in PicPay Bank. This account includes the outstanding amount due to senior quotas (unpaid original contribution plus unpaid accrued interest expense).

Although the fund has an indefinite duration, the senior quotas have 6 years of maturity after first capital contribution, with an accrue remuneration of CDI + 1.50 % per annum. Also, the senior quotas can be redeemed prior to 6 years in case of specific events as bankruptcy claims and judicial recovery. For the nine-month period ended September 30, 2025, the interest accrued was R$91,625 (R$0 for the nine-month period ended September 30, 2024), recorded as "Interest and other financial expenses".

**15. Labor obligations**

---

| | | |
|:---|:---|:---|
|  | **September 30, <br>2025** | **December 31, <br>2024** |
|  Personnel expenses payable | 460547 | 392140 |
|  Social security charges payable | 155778 | 143294 |
|  **Total** | **616325** | **535434** |

---

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the unaudited condensed consolidated interim financial statements as of<br>September 30, 2025<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo.jpg) |

---

**16. Tax**

**16.1. Taxes payable**

---

| | | |
|:---|:---|:---|
|  | **September 30, <br>2025** | **December 31, <br>2024** |
|  Withholding taxes | 15878 | 7908 |
|  Tax and charges on payroll | 34726 | 35647 |
|  Social contribution on revenues | 45149 | 37342 |
|  Income tax and social contribution | 852333 | 562557 |
|  Other taxes | 4876 | 4751 |
|  **Total** | **952962** | **648205** |

---

**16.2. Income tax and social contribution expenses**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three-month <br>period ended <br>September 30, <br>2025** | **Nine-month <br>period ended <br>September 30, <br>2025** | **Three-month <br>period ended <br>September 30, <br>2024** | **Nine-month <br>period ended <br>September 30, <br>2024** |
|  **Profit before income tax** | **167910** | **350585** | **122963** | **283221** |
|  Income tax and social contribution<sup>(1)</sup> | (75560) | (157763) | (55334) | (127450) |
|  **Permanent additions/exclusions** | **13061** | **120948** | **42527**<br><sup>(3)</sup> | **16212**<br><sup>(3)</sup> |
|  Effect of different tax rates – subsidiaries | 10347 | 38250 | 16700 | (12869) |
|  Compensation of previously unrecognized deductible temporary differences | 5973 | 4512 | 4505 | 8041 |
|  Compensation of previously unrecognized tax losses | 15081 | 41696 | 12830 | 12897 |
|  Tax incentives<sup>(2)</sup> | 98 | 64910 |  | 20245 |
|  Others | (18438) | (28420) | 8492 | (12102) |
|  **Total income tax and social <br>contribution** | **(62500)** | **(36815)** | **(12807)** | **(111238)** |
|  Current taxes | (333486) | (786865) | (110884) | (325751) |
|  Deferred taxes | 270986 | 750050 | 98077 | 214513 |
|  **Total income tax and social <br>contribution** | **(62500)** | **(36815)** | **(12807)** | **(111238)** |
|  **Effective rate (%)** | **37%** | **11%** | **10%** | **39%** |

---

____________

(1) The Group's operations are primarily conducted in entities subject to income tax and social contribution Brazil. All material entities in Brazil are subject to corporate income tax at 25%. Social contribution is generally levied at 20% for financial entities and 9% for non-financial entities. The tax rate used was the one applicable to PicPay Bank, which represents the most significant portion of the operations of the Group. The effect of other tax rates is shown in the table above as "Effect of different tax rates — subsidiaries".

(2) The Company benefited from tax incentives under the Brazilian "Lei do Bem", which encourages technological innovation through research and development (R&D) activities. A total benefit was recognized as a reduction to income tax expense.

(3) The presentation was adjusted to reflect the explanatory note structure, resulting in an immaterial reclassification of the comparative information for the three and nine-month periods of September 30, 2024.

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the unaudited condensed consolidated interim financial statements as of<br>September 30, 2025<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo1.jpg) |

---

**16. Tax** (cont.)

**16.3. Unrecognized deferred tax assets**

Unrecognized deferred tax assets, shown in the table below, were calculated on income tax losses and temporary differences at the rate of 34% for PicPay, Guiabolso and its subsidiary and Crednovo, 40% for PicPay Invest.

Deferred tax assets have not been recognized in respect of the following items, because it is not probable that future taxable profit will be available against which the Group can use the benefits therefrom.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **Gross amount** | **Tax effect** | **Gross amount** | **Tax effect** |
|  Deductible temporary differences | 558853 | 190350 | 218875 | 74953 |
|  Tax losses | 1967006 | 676037 | 2074442 | 709619 |
|  **Total** | **2525859** | **866387** | **2293317** | **784572** |

---

**17. Provision for legal and administrative claims**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Civil Claims** | **Civil Claims** | **Labor Claims** | **Labor Claims** | **Total Claims** | **Total Claims** |
|  | **September 30, <br>2025** | **December 31, <br>2024** | **September 30, <br>2025** | **December 31, <br>2024** | **September 30, <br>2025** | **December 31, <br>2024** |
|  **Opening <br>balance** | **8256** | **6652** | **9228** | **4411** | **17484** | **11063** |
|  Constitution | 23528 | 14738 | 15030 | 8785 | 38559 | 23523 |
|  Reversal | (3413) | (3334) | (3342) | (3861) | (6755) | (7195) |
|  Reversal due to payment | (9889) | (9800) | (1068) | (107) | (10957) | (9907) |
|  **Total** | **18482** | **8256** | **19848** | **9228** | **38331** | **17484** |

---

**a) Civil claims**

As of September 30, 2025, the Group recognized provisions of R$18,482 (R$8,256 as of December 31, 2024) for civil claims, the majority of which are brought by PicPay users claiming compensation for moral and/or material damages. The amount considered as having a possible risk of loss, where no provision is recognized, totals R$225,999 (R$145,495 as of December 31, 2024). The Group estimates that the expected disbursement schedule is 18 months, however due to the uncertainty in the conclusion of the proceedings, the disbursement occurs according to the development of the claim.

**b) Labor claims**

As of September 30, 2025, the Group recognized a labor provision of R$19,848 (R$9,228) as of December 31, 2024), considered as having a probable risk of loss where the plaintiffs claim the subsidiary conviction, as well as labor indemnities. The amount considered as a possible risk of loss, where no provision is required, is R$44,640 (R$57,383 as of December 31, 2024). The Group estimates that the expected disbursement schedule is 24 months, however due to the uncertainty in the conclusion of the proceedings, the disbursement occurs according to the development of the claim.

**c) Tax claims**

As of September 30, 2025, and December 31, 2024, the Group did not have tax claims classified as a probable risk of loss. The amount considered as a possible risk of loss, where no provision is required, is R$3,074 (R$727 as of December 31, 2024).

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the unaudited condensed consolidated interim financial statements as of<br>September 30, 2025<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo.jpg) |

---

**18. Equity**

**a) Share capital**

As of September 30, 2025, the total share capital incorporated under Dutch law is EUR 1 divided into 200 shares, each with par value of EUR 0.005, all nominative and entitled 1 vote per share and with priority in the distribution of dividends.

As effected on March 14, 2024, the Shareholder contributed the beneficial entitlement of its total shares of PicS by way of a share premium contribution in the total amount of R$1,304,767 without the issuance of any new shares in the capital of the Company.

On July 11, 2024, J&F Participações invested R$1,309 in PicPay Netherlands, without the issuance of new shares.

On September 6, 2024, J&F Participações invested R$2,451 in PicPay Netherlands, without the issuance of new shares.

On September 12, 2024, an ordinary resolution approved a stock split in the proportion of 2 to 1 shares a par value from EUR 0.01 to EUR 0.005.

On December 23, 2024, J&F International invested R$101,268 in PicPay Netherlands without the issuance of new shares. On the same date PicPay Netherlands invested the same amount in PicS Ltd without the issuance of new shares. On the same date PicS Ltd invested R$101,796 in PicS Holding through the issue and subscription of 101,796,000 quotas, all nominative and with par value of R$1. On the same date PicS Holding invested R$100,000 in PicPay Bank through the issue and subscription of 27,943,204 shares, all nominative and without par value.

On February 26, 2025, J&F International invested R$319,901 in PicPay Netherlands, without the issuance of new shares. On the same date, PicPay Netherlands invested the same amount in PicS Ltd, without the issuance of new shares. On February 27, 2025, PicS Ltd invested R$321,490 in PicS Holding, through the issue and subscription of 321,489,832 quotas, all nominative and with par value of R$1. On the same date, PicS Holding invested R$321,750 in PicPay Bank, through the issue and subscription of 88,121,683 shares, all nominative and without par value.

On March 25, 2025, J&F International invested R$50,290 in PicPay Netherlands, without the issuance of new shares. On March 26, 2025, PicPay Netherlands invested the same amount in PicS Ltd, without the issuance of new shares. On the same date, PicS Ltd invested R$50,775 in PicS Holding, through the issue and subscription of 50,774,637 quotas, all nominative and with a par value of R$1. On March 27, 2025, PicS Holding invested R$50,000 in PicPay Bank, through the issue and subscription of 31,643,364 shares, all nominative and without par value.

On April 28, 2025, J&F International invested R$125,524 in PicPay Netherlands without the issuance of new shares. On April 29, 2025, PicPay Netherlands invested R$122,073 in PicS Ltd., without the issuance of new shares. On April 30, 2025, PicS Ltd. invested R$121,616 in PicS Holding through the issuance and subscription of 121,616,277 quotas, all nominative and with a par value of R$1.00 each. Later, on the same day, PicS Holding invested R$121,154 in PicPay Bank through the issuance and subscription of 49,627,302 shares, all nominative and without par value.

On May 27, 2025, J&F International invested R$49,989 in PicPay Netherlands without the issuance of new shares. On the same day, PicPay Netherlands invested the same amount in PicS Ltd., without the issuance of new shares. On May 28, 2025, PicS Ltd. invested R$50,164 in PicS Holding through the issuance and subscription of 50,163,586 quotas, all nominative and with a par value of R$1.00 each. On May 29, 2025, PicS Holding invested R$49,973 in PicPay Bank through the issuance and subscription of 21,777,231 shares, all nominative and without par value.

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the unaudited condensed consolidated interim financial statements as of<br>September 30, 2025<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo1.jpg) |

---

**18. Equity** (cont.)

On June 19, 2025, J&F International transferred one share issued by PicPay Netherlands, with a nominal value of EUR 0.005 to Banco Original, and from this date Banco Original holds 9.5% of the share capital of the Company. On the same date, Stichting JAB distributed 1 share issued by PicPay Netherlands to Mr. José Antonio Batista, who transferred this 1 share to Mr. Albino Andrade de Pinho, from this date, Mr. Albino Andrade de Pinho holds 0.5% of the share capital of the Company.

On July 21, 2025, J&F International invested R$108,442 in PicPay Netherlands without the issuance of new shares. On the same date, PicPay Netherlands invested the same amount in PicS Ltd. without the issuance of new shares. On July 23, 2025, PicS Ltd. invested R$108,317 in PicS Holding through the issuance and subscription of 108,317,593 quotas, all nominative and with par value of R$1.00 each. On the same date, PicS Holding invested R$107,906 in PicPay Bank through the issuance and subscription of 46,423,381 shares, all nominative and without par value.

On September 23, 2025, J&F International invested R$149,358 in PicPay Netherlands without the issuance of new shares. On September 24, 2025, PicPay Netherlands invested the same amount in PicS Ltd., without the issuance of new shares. On September 25, 2025, PicS Ltd. invested R$150,394 in PicS Holding through the issuance and subscription of 150,000,000 quotas, all nominative and with a par value of R$1.00 each. On September 26, 2025, PicS Holding invested R$150,000 in PicPay Bank through the issuance and subscription of 60,880,607 shares, all nominative and without par value.

#### Events of non-controlling interest without a change in control
On June 28, 2024, J&F Participações invested R$100,000 in PicS Holding, through the issue and subscription of 100,000,000 quotas, all nominative and with par value of R$1. On the same date PicS Holding invested the same amount in PicPay Bank through the issue and subscription of 32,046,456 shares, all nominative and without par value.

On September 19, 2024, J&F Participações invested R$130,000 in PicS Holding, through the issue and subscription of 130,000,000 quotas, all nominative and with par value of R$1. On the same date PicS Holding invested the same amount in PicPay Bank through the issue and subscription of 37,692,578 shares, all nominative and without par value.

**b) Composition of share capital**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **Number of <br>shares** | **Total shares %** | **Number of <br>shares** | **Total shares %** |
|  **Shareholder** |  |  |  |  |
|  J&F International B.V. | 163 | 81.5000% | 164 | 82.0000% |
|  Stichting JAB | 7 | 3.5000% | 8 | 4.0000% |
|  Stichting ACC Family | 6 | 3.0000% | 6 | 3.0000% |
|  Stichting AGR | 2 | 1.0000% | 2 | 1.0000% |
|  Stichting ECS | 2 | 1.0000% | 2 | 1.0000% |
|  Banco Original S.A. | 19 | 9.5000% | 18 | 9.0000% |
|  Albino Andrade de Pinho | 1 | 0.5000% |  | 0.0000% |
|  **Total** | **200** | **100.00%** | **200** | **100.00%** |

---

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the unaudited condensed consolidated interim financial statements as of<br>September 30, 2025<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo.jpg) |

---

**18. Equity** (cont.)

**c) Earnings per share**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three-month ended <br>September 30** | **Three-month ended <br>September 30** | **Nine-month ended <br>September 30** | **Nine-month ended <br>September 30** |
|  | **2025** | **2024** | **2025** | **2024** |
|  Profit attributable to the Company's <br>shareholders | 93308 | 94371 | 270373 | 150848 |
|  Weighted average quantity of shares | 200 | 200 | 200 | 200 |
|  **Earnings per share – basic and diluted** | **467** | **472** | **1352** | **754** |

---

There is no difference between the calculation of basic and diluted earnings per share as there are no potentially dilutive or antidilutive shares outstanding.

**19. Transactions with related parties**

**19.1 Agreements with Banco Original**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.1.1 —** On May 16, 2025, the Group and Banco Original entered into a Cost Sharing Agreement (Contrato de Compartilhamento de Despesas) to discipline the criteria for cost rates, common expenses, deadlines, and conditions observed for sharing Information Security activities between the Group and Banco Original. The expenses are recognized in the statement of profit or loss as "administrative expenses".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.1.2 —** On January 21, 2025, the Group entered into an Operational Agreement with Banco Original to provide administrative services, including human resources, systems sharing, and materials used. The term of this agreement is indefinite. This agreement may be terminated by either party upon 30 days' notice. The expenses are recognized in the statement of profit or loss as "administrative expenses".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.1.3 —** On July 4, 2024, the Group and Banco Original entered into a Derivatives Master Agreement (Contrato Global de Derivativos), with the purpose of providing a standardized template for over the counter (OTC) transactions between the parties, streamlining the negotiation process and facilitating efficient and secure OTC derivatives trading. Such agreement establishes daily mark-to-market checks with bilateral margin exchange between the parties with the purpose of mitigating credit risk. As of September 30, 2025, under such agreement, there are only Payer OIS (Overnight Index Swaps) with notional fully collateralized by deposits from Banco Original.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.1.4 —** On April 10, 2024, Banco Original entered into an Endorsement Contract of Bank Credit Notes without co-obligation (Contrato de Endosso de Cédulas de Crédito Bancário sem Coobrigação) with the Group, through which Banco Original committed to endorse and transfer to the Group the credit notes issued by Banco Original in its loan operations collateralized by credit rights arising from the FGTS loans. Such agreement will remain valid for an indefinite period and may be terminated by either party with a 30-days prior notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.1.5 —** On March 28, 2024, the Group and Banco Original entered into an Operational Agreement (Acordo Operacional) to deal with the cashback amounts due to the customers regarding the Banco Original's Cashback Program. This agreement is related to the acquisition of Banco Original's credit card portfolio by PicPay Bank. This agreement will remain valid for an indefinite period.

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the unaudited condensed consolidated interim financial statements as of<br>September 30, 2025<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo1.jpg) |

---

**19. Transactions with related parties** (cont.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.1.6 —** On January 18, 2024, the Group entered into a Recovering of Credits Services Agreement (Contrato de Prestação de Serviços de Cobrança de Crédito) with Banco Original, pursuant to which PicPay Bank agreed to provide certain services to Banco Original relating to collection and recovery of amounts owed to Banco Original as a result of any debts of its defaulting customers. Such agreement has a twenty-four (24) months term, being effective from January 1, 2023. This agreement may be terminated by either party upon 30 days' prior notice. The revenues are recognized in the statement of profit or loss as "Commission — banking correspondent and marketplace".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.1.7 —** On January 10, 2024, the Group entered into a Cost Sharing Agreement (Contrato de Compartilhamento de Despesas) with Banco Original to regulate the terms and conditions governing the sharing of support areas between the Group and Banco Original, as well as the reimbursement by Banco Original of certain costs incurred by the Group in the contracting of suppliers who provide products and/or services that are also shared between the Group and Banco Original. This agreement will remain valid for an indefinite period. Either party may terminate this agreement for any reason and without penalty at any time with 30 days' prior written notice to the other party. The expenses are recognized in the statement of profit or loss as "administrative expenses".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.1.8 —** On November 16, 2023, the Group and Banco Original entered into a Cost Sharing Agreement (Contrato de Compartilhamento de Despesas) to regulate the terms and conditions related to the cost sharing of back-office areas, as well as the reimbursement by Banco Original of certain costs incurred in the contracting certain suppliers, such as technology and administrative expenses. This agreement will remain valid for an indefinite period. The expenses are recognized in the statement of profit or loss as "administrative expenses".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.1.9 —** On May 5, 2022, the Group entered into an application programming interface agreement (Acordo Operacional para Licença de Uso de API's, Acesso a Produtos e Serviços Bancários e Prestação de Serviços de Suporte Técnico) with Original Hub, granting a license for the use of APIs to offer its customers payment services for bill, taxes, and utility bills from Banco Original ("API PAG"), as well as account registration for automatic debit. On November 29, 2022, an amendment to the Operational Agreement was executed, assigning the agreement from Original Hub to Banco Original. On December 21, 2022, new APIs were contracted including access to cash withdrawal and processing services using QR Codes at ATMs of the 24Horas network. In 2024, PicPay completed the development of these solutions, and on March 21, 2025, the agreement was terminated. The revenues were recognized in the statement of profit or loss as "commission — banking correspondent and marketplace".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.1.10.1 —** On November 11, 2018, the Group and Banco Original entered into a Correspondent Banking Agreement (Contrato de Correspondente Bancário). However, since the Group has developed its own solutions for processing bill payments for its customers and Banco Original is no longer a card issuer, the agreement was terminated on March 21, 2025. The revenues are recognized in the statement of profit or loss as "commission — banking correspondent and marketplace".

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the unaudited condensed consolidated interim financial statements as of<br>September 30, 2025<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo.jpg) |

---

**19. Transactions with related parties** (cont.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.1.10.2 —** On July 26, 2022, Banco Original and the Group entered into a Correspondent Banking Agreement (Contrato de Correspondente Bancário). This agreement is valid for an indefinite period and may be terminated by either party with 30 days' prior notice.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **J&F <br>Participações** | **Banco <br>Original** | **Key <br>Personnel<sup>(4)</sup><sup>/</sup><sup>(a)</sup>** | **<br>Others<sup>(b)</sup>** | **<br>Total** |
|  **As of September 30, 2025** |  |  |  |  |  |
|  **Assets** |  |  |  |  |  |
|  Cash and cash equivalents |  | 1042 |  |  | **1042** |
|  Trade receivables |  | 6 |  |  | **6** |
|  Financial investments |  | 149485 |  |  | **149485** |
|  Derivative Instruments |  | 29040 |  |  | **29040** |
|  Other receivables | 67507 |  |  | 35138 | **102645** |
|  **Total** | **67507** | **179573** | **—** | **35138** | **282218** |
|  **Liabilities** |  |  |  |  |  |
|  Trade payables |  | 11516 |  |  | **11516** |
|  Third-party funds |  | 28903 |  | 115569 | **144472** |
|  Obligations to FIDC quota holders |  |  | 1215 |  | **1215** |
|  **Total** | **—** | **40419** | **1215** | **115569** | **157203** |
|  **For the three-month period ended September 30, 2025** |  |  |  |  |  |
|  **Revenues and expenses** |  |  |  |  |  |
|  Commission – banking correspondent and marketplace |  | 31883<br><sup>(1)</sup> |  |  | **31883** |
|  Revenue from financial investments |  | 985<br><sup>(2)</sup> |  |  | **985** |
|  Interest and other financial expenses |  | (1112)<sup>(3)</sup> |  |  | **(1112)** |
|  Administrative expenses | (999) | (4348) | (5597)<sup>(4)</sup> |  | **(10944)** |
|  **Total** | **(999)** | **27408** | **(5597)** | **—** | **20812** |
|  **For the nine-month period ended September 30, 2025** |  |  |  |  |  |
|  **Revenues and expenses** |  |  |  |  |  |
|  Commission – banking correspondent and marketplace | 55 | 69076<br><sup>(1)</sup> |  | 326 | **69457** |
|  Revenue from financial investments |  | 60486<br><sup>(2)</sup> |  |  | **60486** |
|  Interest and other financial expenses |  | (32309)<sup>(3)</sup> |  |  | **(32309)** |
|  Administrative expenses | (11091) | (9863) | (16728)<sup>(4)</sup> |  | **(37682)** |
|  **Total** | **(11036)** | **87390** | **(16728)** | **326** | **59952** |

---

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the unaudited condensed consolidated interim financial statements as of<br>September 30, 2025<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo1.jpg) |

---

**19. Transactions with related parties** (cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **J&F <br>Participações** | **Banco <br>Original** | **Key <br>Personnel<sup>(4)</sup><sup>/</sup><sup>(a)</sup>** | **<br>Others<sup>(b)</sup>** | **<br>Total** |
|  **As of December 31, 2024** |  |  |  |  |  |
|  **Assets** |  |  |  |  |  |
|  Cash and cash equivalents |  | 68881 |  |  | **68881** |
|  Trade receivables |  | 10505 |  | 22547 | **33052** |
|  Financial investments |  | 862581 |  |  | **862581** |
|  Derivative Instruments |  | 54187 |  |  | **54187** |
|  Other receivables | 67507 |  |  | 35583 | **103089** |
|  **Total** | **67507** | **996154** | **—** | **58130** | **1121791** |
|  **Liabilities** |  |  |  |  |  |
|  Third-party funds |  | 21 |  | 24446 | **24467** |
|  **Total** | **—** | **21** | **—** | **24446** | **24467** |
|  **For the three-month period ended September 30, 2024** |  |  |  |  |  |
|  **Revenues and expenses** |  |  |  |  |  |
|  Commission – banking correspondent and marketplace |  | 79999<br><sup>(1)</sup> |  |  | **79999** |
|  Revenue from financial investments |  | 1993<br><sup>(2)</sup> |  |  | **1993** |
|  Transaction Expenses |  | (4725)<sup>(3)</sup> |  |  | **(4725)** |
|  Administrative expenses |  | 12675 | (3988) |  | **8687** |
|  **Total** | **—** | **89942** | **(3988)** | **—** | **85954** |
|  **For the nine-month period ended September 30, 2024** |  |  |  |  |  |
|  **Revenues and expenses** |  |  |  |  |  |
|  Commission – banking correspondent and marketplace |  | 179334<br><sup>(1)</sup> |  |  | **179334** |
|  Credit card acquisition |  | 140979<br><sup>(2)</sup> |  |  | **140979** |
|  Revenue from financial investments |  | 94538<br><sup>(3)</sup> |  |  | **94538** |
|  Transaction Expenses |  | (36713) |  |  | **(36713)** |
|  Interest and other financial expenses |  | (29) |  |  | **(29)** |
|  Administrative expenses |  | 77323 | (13752) |  | **63571** |
|  **Total** | **—** | **455432** | **(13752)** | **—** | **441680** |

---

____________

(a) Includes C-suite and Board of Directors.

(b) Includes close family members of key personnel, among others

(1) For the three and nine-month period ended September 30, 2025, the Group recognized a revenue of R$3,115 and R$9,742 (R$14,674 and R$29,348 for the three and nine-month period ended September 30, 2024) related to the Credit Card Partnership Agreement, a revenue of R$21 and R$102 for the three and nine-month period ended September 30, 2025 (R$49,914 and R$84,251 for the three and nine-month period ended September 30, 2024) related to banking correspondent services, a revenue of R$15,030 for three and the nine-month period ended September 30, 2025 (R$100 and 14,635 for the three and nine-month period ended September 30, 2024) API, a revenue of R$13,717 and R$44,202 for the three and nine-month period ended September 30, 2025 (R$15,311 and R$51,100 for the three and nine-month period ended September 30, 2024) related to Recovering of Credits Services.

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the unaudited condensed consolidated interim financial statements as of<br>September 30, 2025<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo.jpg) |

---

**19. Transactions with related parties** (cont.)

(2) For the three and nine-month period ended September 30, 2025, PicPay had financial investments placed with Banco Original, which generated financial income of R$985 and R$60,486 (R$1,993 and R$94,538 for the three and nine-month period ended September 30, 2024). Refer to Note 6 for further details.

(3) For the three and nine-month period ended September 30, 2025, the Group recorded an expense of R$0 (R$0 and R$29 for the three and nine-month period ended September 30, 2024) related to interest with a bank account held at Banco Original, an expense of R$1,112 and R$32,309 for the three and nine-month period ended September 30, 2025 (R$0 for the three and nine-month period ended September 30, 2024) related to the Assignment of Rights Agreement.

(4) For the three and nine-month period ended September 30, 2025, the amount paid as compensation for key management including short-term benefits, was R$5,597 and R$16,728 (R$4,799 and R$13,504 for the three and nine-month period ended September 30, 2024). The amounts were recognized as an expense during the reporting period.

#### Assets and liabilities with related parties
Cash and cash equivalents and financial investments: The amount refers to the current account balance and financial investments at Banco Original, mainly short-term investments and reverse repurchase agreements.

Trade receivables: primarily refers to amounts receivable for financial transactions processed by Banco Original in the role of acquirer referring to the PicPay Card product.

Other trade receivables: amounts receivables with J&F Participações refer to amounts under a reimbursement agreement, related to marketing expenses of the PicPay brand incurred by PicPay until September 20, 2021.

Trade payable: the amount payable to Banco Original is related to the cost of issuing, processing and settling the bank slips, the cost of producing the PicPay Card, the withdrawal cost and the transfer of the amount transacted in P2M.

Third -party funds: refers to the balance in the prepaid accounts of related parties.

Derivative instruments: Refers to the Derivatives Master Agreement for more details see the agreement description on note 19.1.1.

**20. Financial income**

#### Classification and subsequent measurement

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three-month period ended <br>September 30** | **Three-month period ended <br>September 30** | **Nine-month period ended <br>September 30** | **Nine-month period ended <br>September 30** |
|  | **2025** | **2024** | **2025** | **2024** |
|  Financial assets measured at fair value through other comprehensive income | 368257 | 163722 | 744351 | 462959 |
|  Financial investments at fair value through profit or loss | 37880 | 25328 | 87759 | 81119 |
|  Financial assets measured at amortized cost | 1891425 | 845552 | 5136515 | 2234630 |
|  **Total** | **2297562** | **1034602** | **5968625** | **2778708** |

---

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the unaudited condensed consolidated interim financial statements as of<br>September 30, 2025<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo1.jpg) |

---

**21. Transaction expenses**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three-month period ended <br>September 30** | **Three-month period ended <br>September 30** | **Nine-month period ended <br>September 30** | **Nine-month period ended <br>September 30** |
|  | **2025** | **2024** | **2025** | **2024** |
|  Processing fee | (68457) | (47068) | (294146) | (180101) |
|  Third-party prevention services<sup>(1)</sup> | (20526) | (33088) | (69810) | (70552) |
|  PicPay card issuance expenses | (25556) | (17202) | (76954) | (47024) |
|  Chargeback | (14745) | (15936) | (20830) | (35616) |
|  Operating losses<sup>(2)</sup> | (6353) | (9619) | (16493) | (22815) |
|  **Total** | **(135637)** | **(122913)** | **(478233)** | **(356108)** |

---

____________

(1) Verification and processing expenses are incurred in respect of user transactions, such as identity verification and biometry services, among others.

(2) Amounts related to expenses generated by events of fraud from financial transactions processed by acquirers and card issuers and/or operating errors.

**22. Interest and other financial expenses**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three-month period ended <br>September 30** | **Three-month period ended <br>September 30** | **Nine-month period ended <br>September 30** | **Nine-month period ended <br>September 30** |
|  | **2025** | **2024** | **2025** | **2024** |
|  Bank fees | (10675) | (11896) | (32333) | (21174) |
|  Cost of Funding<sup>(1)</sup> | (847666) | (337120) | (2217273) | (973312) |
|  Derivative financial instruments | (174594) |  | (174594) |  |
|  Others | 11906 | (8286) | (87832) | (10857) |
|  **Total** | **(1021029)** | **(357302)** | **(2512032)** | **(1005343)** |

---

____________

(1) The cost of funding is mainly related to the interest expenses paid to customers who deposit funds in CDBs, which are used to lend money to other customers in the form of loans. Management monitors these expenses, and they are directly associated with the funding of investments, loans and operations.

**23. Technology expenses**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three-month period ended <br>September 30** | **Three-month period ended <br>September 30** | **Nine-month period ended <br>September 30** | **Nine-month period ended <br>September 30** |
|  | **2025** | **2024** | **2025** | **2024** |
|  Software expenses | (114145) | (133921) | (315089) | (292015) |
|  IT services | (15625) | (25583) | (52681) | (89606) |
|  **Total** | **(129770)** | **(159504)** | **(367770)** | **(381621)** |

---

**24. Marketing expenses**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three-month period ended <br>September 30** | **Three-month period ended <br>September 30** | **Nine-month period ended <br>September 30** | **Nine-month period ended <br>September 30** |
|  | **2025** | **2024** | **2025** | **2024** |
|  Advertising | (25023) | (24272) | (150635) | (80386) |
|  Cashback | (9136) | (10118) | (33587) | (25793) |
|  Digital Marketing | (14744) | (11424) | (42189) | (25540) |
|  Customer Acquisition expenses<sup>(1)</sup> | (44443) | (24772) | (118122) | (91151) |
|  Commission expenses | (1375) | (1524) | (2702) | (3643) |
|  **Total** | **(94721)** | **(72110)** | **(347235)** | **(226513)** |

---

____________

(1) Customer acquisition expenses are based on marketing expenses, which include the amounts for performance media and member-get-member expenses (which is comprised of paid referrals).

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the unaudited condensed consolidated interim financial statements as of<br>September 30, 2025<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo.jpg) |

---

**25. Personnel expenses**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three-month period ended <br>September 30** | **Three-month period ended <br>September 30** | **Nine-month period ended <br>September 30** | **Nine-month period ended <br>September 30** |
|  | **2025** | **2024** | **2025** | **2024** |
|  Salaries | (120345) | (148038) | (386001) | (345849) |
|  Benefits | (102386) | (63976) | (272733) | (250095) |
|  Social security charges | (72490) | (49370) | (218929) | (189035) |
|  Others | (1200) | (498) | (4297) | (1416) |
|  **Total** | **(296421)** | **(261882)** | **(881960)** | **(786395)** |

---

**26. Administrative expenses**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three-month period ended <br>September 30** | **Three-month period ended <br>September 30** | **Nine-month period ended <br>September 30** | **Nine-month period ended <br>September 30** |
|  | **2025** | **2024** | **2025** | **2024** |
|  Third party services and financial system services | (71013) | (13493) | (178788) | (87873) |
|  Rent, condominium fee and property services | (8960) | (12373) | (25549) | (33695) |
|  Taxes | (1733) | (156) | (2875) | (3231) |
|  Provisions for contingencies | (14361) | (3604) | (31841) | (9794) |
|  Others | (35176) | (457) | (54204) | (39307) |
|  **Total** | **(131243)** | **(30083)** | **(293257)** | **(173900)** |

---

**27. Risk management**

The Group has a specific structure for risk management, including policies and procedures, covering the evaluation and monitoring of operational, credit, market and liquidity risks (including cash flow and investments of funds held in payment accounts) incurred by the institution.

PicPay Netherlands approach to risk management requires that its risk taking to be consistent with its risk appetite. Risk appetite is the aggregate level of risk that the Group is willing to tolerate to achieve its strategic objectives and business plan. PicPay Netherlands risks are generally categorized and summarized as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Credit risk: Refers to the risk of loss resulting from a deterioration in credit quality (or downgrade risk) or failure of a borrower, counterparty, third party or issuer to honor its financial or contractual obligations. PicPay Netherlands manages and controls credit risk by setting limits on the amount of risk it is willing to accept for individual counterparties and for geographical concentrations, and by monitoring exposures in relation to such limits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Market risk: Refers to potential loss arising from changes in the value of the Group assets and liabilities and adverse impact on net interest income and on banking portfolio resulting from changes in market variables, such as interest rates, equity, foreign exchange rates or credit spreads.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Liquidity risk: Refers to the risk that the Group will not be able to efficiently meet both expected and unexpected current and future cash flow and collateral needs without adversely affecting either daily operations or financial conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operational risk: Refers to the risk of loss resulting from systems failure, human error, fraud or external events. When controls fail to operate effectively, operational risks can cause damage to reputation, have legal or regulatory implications, or lead to financial loss.

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the unaudited condensed consolidated interim financial statements as of<br>September 30, 2025<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo1.jpg) |

---

**27. Risk management** (cont.)

This process is continuous, continuously reviewed and serves as the basis for the Group's strategies, the primary risks related to financial instruments are:

**27.1 Credit Risk**

Credit risk is the possibility that a counterparty will not comply with its obligations, whether under an agreement or a financial instrument, leading to a drop in expected cash receipts or financial loss.

The Group's credit risk arises from its cash, cash equivalents, financial investments, OTC derivatives, acquirer and card issuer receivables, other receivables and loans to its users.

Concentrations of credit risk for similar financial instruments are already being shown in accordance with note 8.2.1 Credit loss allowance breakdown.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash and cash equivalents

The risks and treasury departments manage credit risk associated with bank account balances and investments in financial institutions, prioritizing those with a "AAA" rating from agencies like Moody's, S&P or Fitch. Because the Group's accounts receivable mostly consist of high liquidity investments and operational accounts approved by major financial institutions with low-risk ratings, the expected credit loss is not material. Furthermore, these financial institutions are legally responsible for the accounts receivable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Financial investments

These primarily relate to bonds issued by the Brazilian government and reverse repos collateralized by bonds issued by the Brazilian government. There is no significant expected credit loss recognized for these assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Acquirer and card issuer receivables

The Group recognizes amounts to receive from acquirers related to its activity as a sub-acquirer and from card issuers related to its activities as an acquirer and also when its users use its app to settle bank slips or make other payments using an on-boarded credit card. These receivables are due in up to twelve monthly installments. As a result, the Group is exposed to the risk of default by the acquirers and card issuers.

In its role as a sub-acquirer, the Group uses national acquirers seeking to avoid concentration in any single acquirer and increase financial efficiency and PicPay processes all credit card transactions with the acquirers Cielo and Getnet and card issuers.

The Group uses only acquirers authorized to operate by the BACEN, which are supervised and monitored by BACEN, including the minimum equity level for the operation, and which have a national "AAA" rating by the rating agencies (S&P or Fitch). The acquirers may default on their financial obligations due to lack of liquidity, operational failure or other reasons, situations in which the Group can be held responsible for making the payment of receivables to commercial establishments without the receipt of the amounts by the acquirer. Until now, the Group has not suffered losses on receivables from acquirers.

The Group management does not expect any significant losses from non-performance by these counterparties in addition to the amounts already recognized as chargebacks.

[**Table of Contents**](#TOC001)

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| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the unaudited condensed consolidated interim financial statements as of<br>September 30, 2025<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo.jpg) |

---

**27. Risk management** (cont.)

Credit card issuers are supervised by BACEN. The payments arrangement (Visa, Mastercard, Elo and others) have their own risks and guarantee models to evaluate and mitigate the default risk of the issuers, which mitigate the risk of the acquirers and the systemic risk of Brazilian payment arrangements. Additionally, the acquires and issuers have others risks mitigation such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amounts due within 27 days of the original transaction, including those that fall due with the first installment of installment receivables, are guaranteed by the payment arrangement in the event that the legal obligors do not make payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Processes for mitigating operational failures, such as fraud prevention, limitations anticipating the agenda, among others.

As of September 30, 2025, the Group had an amount receivable totaling R$278,570 (R$181,572 on December 31, 2024) from the acquirers and R$3,628,356 (R$3,653,774 on December 31, 2024) from card issuers, based on the probabilities of default attributed by the rating agencies and the risk mitigation processes presented above, the Group made a provision for expected credit losses in the amount of R$412 (R$400 on December 31, 2024).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consumer Loans

Consumer loans include: (i) loans that are portfolio of personal loans, FGTS loans and government employee's payroll loans, beginning in October 2023; and (ii) credit card that are transactions in one-payment, installment with interest and installments without interest, beginning in January 2024. Consumers must meet certain credit performance criteria.

"Payroll loans" are loans for which the payments and interest are discounted either directly from the consumer's salary from the payroll of a government body or from their government pension or other benefit payments. Credit-enhanced financial assets as they are linked to client payroll directly, meaning that the client paycheck is automatically discounted of the loan installments. Payroll loans are collateralized by the user's paycheck.

"FGTS loans" are loans in which consumers can draw down in advance up to seven annual installments of their FGTS. The Group receives the payment of these installments directly from the FGTS. FGTS loans are collateralized by the deposits held in Government accounts.

As of September 30, 2025, the Group had a provision for expected credit losses in the amount of R$2,397,476 (R$864,220 on December 31, 2024).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other receivables

Other receivables relate mainly to transactions involving related parties that are based on conditions negotiated between Group and related companies. On September 30, 2025, and December 31, 2024, the Group did not record any impairment loss on accounts receivable related to the amounts due from related parties as it understands that there is no significant credit risk on outstanding balances.

Due to the nature of PicPay's financial services, and the actual counterparty related to its receivables and investments, no significant credit risk increase was observed. Additionally, the Group does not have any credit-impaired financial assets.

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the unaudited condensed consolidated interim financial statements as of<br>September 30, 2025<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo1.jpg) |

---

**27. Risk management** (cont.)

The Group's maximum credit exposure from financial assets and derivative financial instruments is presented in the table below:

---

| | | |
|:---|:---|:---|
|  | **September 30, <br>2025** | **December 31, <br>2024** |
|  **Cash and cash equivalents** | **6493701** | **7471673** |
|  **Financial assets measured at fair value through other comprehensive income** | **3996336** | **3099077** |
|  Financial Investments | 3996336 | 3099077 |
|  **Financial assets at fair value through profit or loss** | **70842** | **100051** |
|  Financial Investments | 40958 | 45864 |
|  Derivative financial instruments | 29884 | 54187 |
|  **Financial assets measured at amortized cost** | **25308757** | **14669571** |
|  Financial Investments | 939797 |  |
|  Trade receivables | 3967128 | 3877167 |
|  Consumer loans<sup>(1)</sup> | 18662448 | 10571338 |
|  Other receivables | 1739384 | 221066 |
|  **Pre-approved credit card limits (off-balance sheet)** | **6205838** | **4455217** |
|  **Total** | **42075474** | **29795589** |

---

____________

(1) Refers to gross amount consumer loans

**27.2. Market Risk**

The Group may face potential financial losses due to market fluctuations that affect the value of its financial position. These changes can arise from a variety of factors but are mainly driven by fluctuations in interest rates.

As of September 30, 2025, and December 31, 2024, the Group had derivative financial instruments for accounting and economic hedge purposes. It is the Group's policy that no trading in derivatives for speculative purposes may be undertaken.

The risks are identified, quantified, mitigated, regulated, and reported as per the Group exposure to market risk guidelines defined by the governance process. Moreover, these limits are immediately and independently monitored from the commercial areas.

To monitor and control such market risks, the Group employs various methods, including stress scenarios, sensitivity — delta variation (DV), exposure mismatches (GAP), and interest rate risks (IRRBB).

**a) Interest rate risk**

The interest rate risk is the risk of potential change in interest rates to negatively affect the value of a Group's assets, liabilities, or future cash flows.

DV01 or Interest rate sensitivity refers to the effect on market valuations of cash flows when there is an increase of one basis point in current benchmark interest rates or in the index. Mathematically, the DV01 measures the change in the value of fixed interest rate portfolio for every 1 basis point (1 basis point is equal to 0.01%) change in the benchmark interest rate.

[**Table of Contents**](#TOC001)

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| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the unaudited condensed consolidated interim financial statements as of<br>September 30, 2025<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo.jpg) |

---

**27. Risk management** (cont.)

The analysis below demonstrates the sensitivity of the group's financial instruments fair value increasing 1 basis point (DV01) in the Brazilian benchmark interest rate.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **DV01 – September 30, 2025** | **DV01 – September 30, 2025** | **DV01 – September 30, 2025** | **DV01 – September 30, 2025** |
|  | **Asset** | **Liability** | **Derivative** | **Amount** |
|  **Fixed interest rate financial instruments** | (1710) | 1204 | 509 | 3 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **DV01 – December 31, 2024** | **DV01 – December 31, 2024** | **DV01 – December 31, 2024** | **DV01 – December 31, 2024** |
|  | **Asset** | **Liability** | **Derivative** | **Amount**  |
|  **Fixed interest rate financial instruments** | (1181) | 687 | 377 | (117) |

---

To complement the table above, the Group measured the sensitivity to changes in the relevant risk variable that were reasonably possible at that date. The reasonably possible risk variation considered was an increase in 10% and a decrease in 10% in the benchmark interest rate. For fixed rate instruments the table below presents the sensitivity of the fair value of to the reasonably possible change. For floating rate instruments, the table below presents the sensitivity of 12 months of interest income/expense (assumes no other changes to balance or rates during this period).

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Rate risk** | **Total portfolio <br>amount** | **Basic interest rate change** | **Basic interest rate change** |
|  | **Rate risk** | **Total portfolio <br>amount** | **10%** | **-10%** |
|  **As of September 30, 2025** |  |  |  |  |
|  **Type** |  |  |  |  |
|  **Financial assets** |  |  |  |  |
|  Government Bonds – LFT | SELIC | 4029312 | 60037 | (60037) |
|  Government Bonds – LTN | Fixed Rate | 939797 | 14003 | (14003) |
|  Government Bonds – NTN<sup>(3)</sup> | IPCA | 1003 | 15 | (15) |
|  Derivative financial instrument | CDI | 29884 | 433 | (433) |
|  Reverse repurchases agreements – National Treasury Note (NTN-B) | IPCA | 2489996 | 37101 | (37101) |
|  Consumer Loans<sup>(1)</sup> | Fixed Rate | 18662448 | 278070 | (278070) |
|  Futures Contract – CDI Rate<sup>(2)</sup> | CDI | 4905016 | 73085 | (73085) |
|  **Financial liabilities** |  |  |  |  |
|  Futures Contract – CDI Rate<sup>(2)</sup> | CDI | (7741292) | (115345) | 115345 |
|  Payment accounts | CDI | (651771) | (9711) | 9771 |
|  CDB's | CDI | (26005266) | (387478) | 387478 |
|  Other obligations under financial instruments | CDI | (215195) | (3206) | 3206 |
|  **As of December 31, 2024** |  |  |  |  |
|  **Type** |  |  |  |  |
|  **Financial assets** |  |  |  |  |
|  Government Bonds – LFT | SELIC | 2338261 | 28644 | (28644) |
|  Government Bonds – LTN | Fixed Rate | 800367 | 9805 | (9805) |
|  Derivative financial instrument | CDI | 54187 | 664 | (664) |
|  Reverse repurchases agreements – National Treasury Note (NTN-B) | IPCA | 4809999 | 58923 | (58923) |
|  Consumer Loans<sup>(1)</sup> | Fixed Rate | 10571338 | (129499) | 129499 |

---

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the unaudited condensed consolidated interim financial statements as of<br>September 30, 2025<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo1.jpg) |

---

**27. Risk management** (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | **Total portfolio <br>amount** | **Basic interest rate change** | **Basic interest rate change** |
|  | **Total portfolio <br>amount** | **10%** | **-10%** |
|  **Financial liabilities** |  |  |  |
|  Payment accounts<br> CDI | (889296) | (10894) | 10894 |
|  CDB's<br> CDI | (19094153) | (233903) | 233903 |
|  Futures Contract – CDI Rate<sup>(2)</sup><br> CDI | (2955650) | (36207) | 36207 |

---

____________

(1) Refers to gross amount consumer loans

(2) Futures contract — CDI Rate to hedge interest rate risk of the assets and liabilities of the FIDC. The "Total portfolio amount" represents the notional amount.

(3) The IPCA (Índice de Preços ao Consumidor Amplo) is the Brazil's benchmark. Consumer price index, calculated by the Brazilian Institute of Geography and Statistics (IBGE). It measures the change in the cost of a basket of goods and services and is the country's official inflation gauge used by the Central Bank to set monetary policy.

**b) Exchange rate risk**

The foreign exchange risk is the potential financial loss that can occur due to fluctuations in the exchange rates between different currencies.

The Group has both, checking account in USD to international transactions that the Group carries out, and contracts with suppliers in foreign currency for services and software licenses. The existence of these exposures mitigates some of the volatility in the foreign exchange market given the fact that the move in opposite directions. In this way, transactions and financial commitments in currencies other than the local currency are managed more effectively.

As of September 30, 2025 the Group had no amounts exposed to foreign currency.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Rate risk** | **Total <br>exposure on <br>December 31, <br>2024** | **+10%** | **-10%** |
|  **Type** |  |  |  |  |
|  Trade payables | Dollar | 3 | 0 | 0 |

---

**c) Hedge Accounting**

The Group maintains portfolios of loans customers at fixed interest rates and FGTS loan, which generate market risk due to changes in the Brazilian reference interest rate. Thus, to protect the fixed rate risk from CDI variation, the Group entered future DI contracts and Pre x DI swaps to offset the market risk.

Starting on February 2024, PicPay designated the hedging strategy to an eligible hedge accounting structure aiming to eliminate differences between the accounting measurement of its derivatives and hedged items which are adjusted to reflect changes in CDI. In accordance with its hedging strategy, the Group adopts the "portfolio layer" method.

[**Table of Contents**](#TOC001)

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| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the unaudited condensed consolidated interim financial statements as of<br>September 30, 2025<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo.jpg) |

---

**27. Risk management** (cont.)

This method allows it to use part of the portfolio of financial assets as a fair value hedge during the hedging period in the event of events such as prepayment, default or sale of operations. The interest rate risk arising from layers is mitigated by purchasing DV01 futures contracts as a hedging instrument. The number of contracts per net maturity needed to cover exposure is assessed based on DV01.

The Group holds fixed rate Government Bonds (LTNs) and fixed-rate financial liabilities which create market risk due to changes of the Brazilian benchmark interest rate. Thus, to protect the fixed rate risk from CDI variation, the Group entered future DI contracts to offset the market risk for each financial asset and financial liability. Starting on December 2024, PicPay designated the hedging strategy to an eligible hedge accounting structure aiming to eliminate differences between the accounting measurement of its derivatives and hedge items which are adjusted to reflect changes in CDI.

In accordance with the hedging strategy, the Group designates the hedge items on an individual basis.

The Group calculates the DV01 (delta value of a basis point) of the exposure and futures to identify the optimal hedging ratio, and monitors in a timely manner the hedge relationship, providing any rebalancing if needed. The need for the purchase or sale of new future DI contracts will be assessed, to counterbalance the hedged item's market value adjustment, aiming to assure hedge effectiveness between 80% and 125%, as determined in the hedge documentation.

The effectiveness test for the hedge is performed in a prospective and retrospective way. In the prospective test, the Group compares the impact of a 1 basis point parallel shift on the interest rate curve (DV01) on the hedge item and on the hedge instrument market value. For the retrospective test, the market-to-market value changes since the inception of the hedged item is compared to the hedge instrument. In both cases, the hedge is considered effective if the correlation is between 80% and 125%.

For designated and qualifying fair value hedges, the cumulative change in the fair value of both the hedging derivative and the hedged item attributable to the hedged risk is recognized in the consolidated statement of profit or loss under "Financial income" and "Interest income and gains (losses) on financial instruments." The hedged items are classified as either financial assets at fair value through other comprehensive income or financial assets measured at amortized cost and are disclosed in Note 7. The related income and expenses are presented in Note 20 — Financial income, and Note 22 — Interest and other financial expenses.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  | **Total <br>amount of <br>hedged item** | **<br>Fair value adjustment <br>to the hedge object** | **<br>Fair value adjustment <br>to the hedge object** | **Hedging <br>instrument <br>Variation in <br>fair value** | **Hedge <br>effectiveness** |
|  | **Total <br>amount of <br>hedged item** | **Asset** | **Liability** | **Hedging <br>instrument <br>Variation in <br>fair value** | **Hedge <br>effectiveness** |
|  **Interest Rate Risk** |  |  |  |  |  |
|  Interest Rate Contracts – Future and Swap – Payroll loans<sup>(1)</sup> | 766946 |  | (716) | 716 | 100% |
|  Interest Rate Contracts – Future and Swap – FGTS Loan<sup>(2)</sup> | 4811965 |  | (43979) | 43979 | 100% |
|  Interest Rate Contracts – Future – Liabilities Pre | (1576764) |  | (55479) | 55487 | 100% |
|  Interest Rate Contracts – Future – LTN Bonds | 902869 | 16020 |  | (16020) | 100% |
|  **Total** | **4905016** | **16020** | **(100174)** | **84162** | **100%** |

---

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the unaudited condensed consolidated interim financial statements as of<br>September 30, 2025<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo1.jpg) |

---

**27. Risk management** (cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Total <br>amount of <br>hedged item** | **<br>Fair value adjustment <br>to the hedge object** | **<br>Fair value adjustment <br>to the hedge object** | **Hedging <br>instrument <br>Variation in <br>fair value** | **Hedge <br>effectiveness** |
|  | **Total <br>amount of <br>hedged item** | **Asset** | **Liability** | **Hedging <br>instrument <br>Variation in <br>fair value** | **Hedge <br>effectiveness** |
|  **Interest Rate Risk** |  |  |  |  |  |
|  Interest Rate Contracts – Future and Swap – Payroll loans | 988606 |  | (11846) | 11846 | 100% |
|  Interest Rate Contracts – Future and Swap – FGTS Loan | 1766424 |  | (143192) | 143192 | 100% |
|  Interest Rate Contracts – Future – Liabilities Pre | (587705) |  | 17780 | (17775) | 100% |
|  Interest Rate Contracts – Future – LTN Bonds | 783130 |  | (17237) | 17237 | 100% |
|  **Total** | **2950455** |  | **(154495)** | **154500** | **100%** |

---

____________

(1) Payroll loan — From the value of the hedging instrument, R$716 it is composed by: Swap R$262 and R$454 by Futures Contracts.

(2) FGTS loan — From the value of the hedging instrument, R$43,979 it is composed by: Swap R$15,550 and R$28,459 by Futures Contracts.

**27.3. Liquidity Risk**

Liquidity risk is the possibility that the Group does not have sufficient liquid resources to honor its financial commitments, due to a mismatch in terms of volume between the receipts and payments provided for in its cash flow.

PicPay's liquidity management processes include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash liquidity monitoring: daily update of the administrative and operational cash flow, detailing the inflows and outflows, including the cash projection and stress scenario.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Minimum cash limits: establishing minimum cash limits, which allow preemptive actions to be taken to ensure sufficient resources to meet financial commitments.

The Group's projected cash flow is generated and monitored daily by the treasury to ensure that the Group has the necessary resources to meet financial commitments and operational needs. For the projection of cash, growth assumptions and stress factors are used, which include increased losses and expenses.

The information on financial liabilities is essential information for the projection and management of cash flow, ensuring that the Group has the necessary resources to settle its obligations.

As a cash management procedure, the treasury invests surplus funds in highly liquid and low risk assets. PicPay does not have assets pledged as guarantees for loans, financial operations or contractual obligations.

Liquidity risk refers to the Group's ability to meet both expected and unexpected obligations without disrupting daily operations or incurring significant losses.

In order to mitigate these risks, management has adopted a diversified approach to financing, in addition to its main base of deposits. A liquidity risk management policy has been implemented, involving the use of various tools and activities, such as daily cash flow forecasts, liquidity profile monitoring, and maintenance of adequate cash reserves. Stress tests are conducted to assess the impact of extreme events on the Group's finances, and a contingency plan is in place to deal with liquidity shortages during crises. Any new initiative or product is preliminarily assessed by the market and risk liquidity department.

[**Table of Contents**](#TOC001)

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| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the unaudited condensed consolidated interim financial statements as of<br>September 30, 2025<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo.jpg) |

---

**27. Risk management** (cont.)

The treasury department is in charge of coordinating with other sectors to ensure the effective implementation of the liquidity management strategy.

As part of cash flow management, the treasury department invests in highly liquid, low-risk assets whenever there are resource surpluses. It is important to note that the Group does not use its assets as collateral for loans, financial transactions, or contractual obligations.

Detailed information on financial liabilities is essential for cash flow projections and management, ensuring that the Group has adequate resources to meet its obligations.

The methodology for projecting redemptions of CDBs with daily liquidity was revised to incorporate realistic historical data and consider the length of time balances remain in the portfolio. Previously, all time deposit balances were treated uniformly, applying a single expected redemption curve. As a result of the improvement in risk modeling, the new projection adopts an approach in which different funding vintages are treated individually, estimating the conditional probability of the balance remaining until the following month (M+1), given that it has already remained until the current month (M), until the final maturity of 36 months.

The table below shows the expected maturity:

#### Liabilities

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Up to 30 <br>days** | **From <br>31 to 60 <br>days** | **From <br>61 to 90 <br>days** | **From <br>91 to 180 <br>days** | **From <br>181 to 365 <br>days** | **Over <br>365 days** | **Total** |
|  **As of September 30, 2025** |  |  |  |  |  |  |  |
|  Third-party funds – payment accounts | 651771 |  |  |  |  |  | **651771** |
|  Third-party funds – CDB's<sup>(1)</sup> | 6831211 | 1973888 | 1448866 | 2803666 | 4986487 | 7961148 | **26005266** |
|  Third-party funds – Other obligations under financial instruments |  |  |  |  |  | 215195 | **215195** |
|  Third-party funds – Others | 880633 |  |  |  |  |  | **880633** |
|  Obligations to FIDC FGTS quota holders |  |  |  |  |  | 789014 | **789014** |
|  Trade payables | 2445970 | 236773 | 262828 | 620239 | 782638 | 127364 | **4475812** |
|  Derivative financial instrument | 15391 |  |  |  |  |  | **15391** |
|  **Total** | **10824976** | **2210661** | **1711694** | **3423905** | **5769125** | **9092721** | **33033082** |
|  **As of December 31, 2024** |  |  |  |  |  |  |  |
|  Third-party funds – payment accounts | 889296 |  |  |  |  |  | **889296** |
|  Third-party funds – CDB's<sup>(1)</sup> | 8833086 | 2231071 | 1297330 | 1581909 | 2544897 | 2605860 | **19094153** |
|  Third-party funds – Others | 220539 |  |  |  |  |  | **220539** |
|  Obligations to FIDC quota holders |  |  |  |  |  | 704755 | **704755** |
|  Trade payables | 1995733 | 173766 | 188148 | 403034 | 558296 | 46288 | **3365265** |
|  **Total** | **11938654** | **2404837** | **1485478** | **1984943** | **3103193** | **3356903** | **24274008** |

---

____________

(1) The issuance of a CDB with daily liquidity allows investors to redeem the amount invested at any time until the final maturity of 36 months, without a grace period. Therefore, it is essential to assess and monitor redemption behavior so that liquidity risk management remains conservative. The projection methodology was updated to incorporate historical funding and redemption data, applying a conditional model to existing funding crops that considers the length of time the balance remains in the portfolio.

[**Table of Contents**](#TOC001)

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| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the unaudited condensed consolidated interim financial statements as of<br>September 30, 2025<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo1.jpg) |

---

**27. Risk management** (cont.)

**27.4. Fraud Risk**

The Group is exposed to several operational risks, the most relevant being the risk of fraud, which is an undue, illegal or criminal activity that causes a financial loss for one of the parties involved in a financial transaction within the PicPay arrangement. Credit card fraud includes unauthorized use of lost, stolen, fraudulent, counterfeit, or altered cards, as well as misuse of the PicPay user payment account. Within this scenario, the Group is exposed to losses due to transaction chargeback (cancellations).

The chargeback process starts when a user makes a transaction via credit card in the PicPay application and, for reasons unrelated to PicPay, decides to contest the transaction with the card issuer who forwards it to the acquirer who performs the transaction cancellation, reducing the amount of payables it has outstanding with PicPay.

The Group has areas dedicated to preventing fraud with the development of anti-fraud processes and strategies and real-time monitoring of transactions using payment account balance or credit card for bank slips, withdrawals or transfers between users, identifying, approving or declining transactions.

**27.5. Capital Management**

#### Regulatory Capital Composition
The Group's regulatory capital is composed of the following levels:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Tier I Capital:** Includes share capital, capital reserves and retained earnings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Tier II Capital:** Comprises subordinated debt with fixed maturity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Risk**-Weighted **Assets (RWA):** Value reflects the risk of each asset, with greater weightings for higher-risk assets. This sort of asset calculation is used in determining the capital requirement or Capital Adequacy Ratio (CAR) for a financial institution.

The following table presents the opening balance of the Basel index calculated based on the consolidated financial statements of the Prudential. The Group's capital management objectives are to ensure ongoing compliance with minimum capital requirements set by regulatory authorities, maintain a capital structure appropriate to the risks assumed, and support the Group's operational continuity and stakeholder confidence.

The Group is subject to the prudential framework defined by the Central Bank of Brazil (BACEN), in accordance with BACEN Resolution No. 200/22 and BACEN Resolution No. 436/24, which establish capital requirements based on factors such as size, operational complexity, and risk profile. The lead entity of the prudential conglomerate is PicPay.

For the year ended December 31, 2024, the PicPay Conglomerate became subject to the most conservative capital levels, equivalent to those of large banks in BACEN classification. The change resulted in PicPay Conglomerate falling short of the necessary capital requirements. In response, the conglomerate presented a plan to BACEN to meet the requirements again. The plan has been formulated with input from financial experts and has received formal approval from the Board of Directors as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Executed a capital increase of R$230,000, with R$100,000 on June 28, 2024, and an additional R$130,000 on September 19, 2024. More details are disclosed in Note 18 — Equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Established contingency arrangements whereby the Group's controllers are prepared to provide additional capital contributions, should the need arise, to ensure ongoing compliance with BACEN's regulatory capital requirements.

[**Table of Contents**](#TOC001)

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| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the unaudited condensed consolidated interim financial statements as of<br>September 30, 2025<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo.jpg) |

---

**27. Risk management** (cont.)

Conglomerate:

---

| | | |
|:---|:---|:---|
|  | **September 30, <br>2025** | **December 31, <br>2024** |
|  Tier I | 1954213 | 1098552 |
|  Tier II |  |  |
|  **Total Capital (Tier I + Tier II)** | **1954213** | **1098552** |
|  **Risk-Weighted Assets (RWA)** | **16738146** | **11342536** |
|  Credit Risk (RWA CPAD) | 12916256 | 7183591 |
|  Market Risk (RWA MPAD) | 18638 | 28941 |
|  Operational Risk (RWA OPAD) | 1972411 | 2242859 |
|  Payment Service Risk (RWA SP) | 1830841 | 1887144 |
|  **CAR (Basel Index)** | **11.68%** | **9.69%** |

---

On September 30, 2025, the capital ratio is 11.68% (compared to 9.69% on December 31, 2024), which is 3.68% above the minimum regulatory requirement of 8% (1.69% above the minimum regulatory requirement on December 31, 2024), and meets 147% of the additional principal conservation capital requirement of 2.5% (67.6% on December 31, 2024).

The Company monitors and forecasts its capital needs to maintain compliance with regulatory requirements and internal target capital ratios, maintaining constant communication with the related parties to ensure timely fulfillment of capital needs.

**27.6. Fair Value Measurement**

*Determination of fair value and fair value hierarchy*

For assets and liabilities measured at fair value, PicPay measures fair value using the procedures set out below. The objective of the valuation techniques is to arrive at a fair value measurement that reflects the price that would be received to sell the asset or paid to transfer the liability in an orderly transaction between market participants at the measurement date.

---

| | |
|:---|:---|
|  Level 1: | When available, the Bank uses quoted market prices from active markets to determine fair value and classifies such items as Level 1. |
|  Level 2: | Quoted prices in an active market for similar assets or liabilities or based on another valuation method in which all significant inputs are based on observable market data. |
|  Level 3: | If quoted market prices are not available, fair value is based on internally developed valuation techniques that use, whenever possible, current market-based parameters such as interest rates, exchange rates and option volatilities. Financial instruments valued using such internally generated valuation techniques are classified according to the lowest input factor or level value that is significant to the valuation. Therefore, an item may be classified as Level 3, even though there may be some significant inputs that are easily observable. |

---

[**Table of Contents**](#TOC001)

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| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the unaudited condensed consolidated interim financial statements as of<br>September 30, 2025<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo1.jpg) |

---

**27. Risk management** (cont.)

Any pricing model used to measure fair value is governed by an independent control structure. Fair value estimates from internal valuation techniques are checked, whenever possible, against prices obtained from independent suppliers or brokers. Vendor and broker valuations can be based on a variety of data ranging from observed prices to proprietary valuation models, and the Bank assesses the quality and relevance of this information to determine the fair value estimate.

#### Financial Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Financial assets at fair value through other comprehensive income** |  |  |  |  |
|  Government Bonds – LFT | 3995333 |  |  | **3995333** |
|  Government Bonds – NTN | 1003 |  |  | **1003** |
|  **Total** | **3996336** | **—** | **—** | **3996336** |
|  **Financial assets at measured at amortized cost** |  |  |  |  |
|  Government Bonds – LTN | 923777 |  |  | **923777** |
|  Fair value hedge adjustments | 16020 |  |  | **16020** |
|  **Total** | **939797** | **—** | **—** | **939797** |
|  **Derivative financial instruments – Interest rate derivatives measured at fair value through profit or loss income** |  |  |  |  |
|  Swaps contracts<sup>(1)</sup> |  | 29040 |  | **29040** |
|  DI1 – future contract | 844 |  |  | **844** |
|  **Total** | **844** | **29040** | **—** | **29884** |
|  **Other financial assets measured at fair value through profit or loss income** |  |  |  |  |
|  Government Bonds – LFT | 33979 |  |  | **33979** |
|  Reverse repurchases agreements | 2489996 |  |  | **2489996** |
|  Other investments | 6979 |  |  | **6979** |
|  **Total** | **2530954** | **—** | **—** | **2530954** |
|  **Total Financial assets** | **7467931** | **29040** | **—** | **7496971** |

---

____________

(1) Interest rate swap contracts are commitments to settle in cash on a future date or dates, the differential between two specified financial indices (two different interest rates in a single currency or two different rates each in a different currency) applied to a principal reference value.

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the unaudited condensed consolidated interim financial statements as of<br>September 30, 2025<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo.jpg) |

---

**27. Risk management** (cont.)

#### Financial assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Financial assets at fair value through other comprehensive income** |  |  |  |  |
|  Government Bonds – LFT | 2298709 |  |  | **2298709** |
|  Government Bonds – LTN | 800368 |  |  | **800368** |
|  **Total** | **3099077** | **—** | **—** | **3099077** |
|  **Derivative financial instruments – Interest rate derivatives measured at fair value through profit or loss income** |  |  |  |  |
|  Swaps contracts<sup>(1)</sup> |  | 54187 |  | **54187** |
|  **Total** | **—** | **54187** | **—** | **54187** |
|  **Other financial assets measured at fair value through profit or loss income** |  |  |  |  |
|  Government Bonds – LFT | 39552 |  |  | **39552** |
|  Reverse repurchases agreements | 4809999 |  |  | **4809999** |
|  Other investments | 6312 |  |  | **6312** |
|  **Total** | **4855863** | **—** | **—** | **4855863** |
|  **Total Financial assets** | **7954940** | **54187** | **—** | **8009127** |

---

____________

(1) Interest rate swap contracts are commitments to settle in cash on a future date or dates, the differential between two specified financial indices (two different interest rates in a single currency or two different rates each in a different currency) applied to a principal reference value.

As of September 30, 2025, and December 31, 2024, there were no transfers between the fair value measurements of Level I and Level II or between Level II and Level III.

*Financial instruments recorded at fair value*

The following is a description of the method for determining the fair value of financial instruments. The valuation techniques incorporate estimates of the assumptions that a market participant would use to value the instruments.

*Derivative financial instruments*

The fair value of the swaps is calculated considering the projected cash flows of each of their ends, discounted to present value according to their respective yield curves, which are representative of market conditions. The yield curve calculations use models audited and approved internally by PicPay's risk management department.

Interest rate futures contracts are commitments to buy or sell a financial instrument on a future date, at a contracted price or yield, and can be financially settled. The nominal value represents the face value of the related instrument. This instrument is settled daily in line with changes in market prices.

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the unaudited condensed consolidated interim financial statements as of<br>September 30, 2025<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo1.jpg) |

---

**27. Risk management** (cont.)

The main interest rates used in the composition of the yield curves are taken from futures and swaps traded on B3, and adjustments are made to these curves whenever certain points are considered to lack sufficient liquidity to be representative, or, for atypical reasons, do not faithfully represent market conditions.

*Credit Risk Adjustment*

The current standard requires the allocation of Credit Value Adjustment (CVA) and Debit Value Adjustment (DVA) for derivative financial instruments. These adjustments are intended to reflect the counterparty's credit risk and the entity's own risk in the valuations of these instruments.

However, PicPay does not carry out the allocation as there is no derivative exposure with clients. All current derivatives are contracted exclusively with companies in the same economic group. This factor considerably reduces credit risk, since the relationship between the parties involved is one of common control, mitigating potential losses associated with non-compliance with obligations.

Therefore, considering the absence of exposure to external customers and the low materiality of credit risk in intra-group transactions, we believe that there is no need to allocate CVA and DVA to these derivative financial instruments. This approach is based on the Company's operational reality and the effective assessment of the risk involved.

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** |
|  | **Carrying <br>amount** | **Fair Value** |
|  **Fair Value of financial instruments measured at fair value through profit or loss** | **29884** | **29884** |
|  Derivative financial instruments | 29884 | 29884 |
|  **Fair Value of financial instruments measured at amortized cost** | **29426751** | **29382055** |
|  Cash and cash equivalents | 6493701 | 6493701 |
|  Financial Investments | 939797 | 939797 |
|  Amounts receivable from card issuers | 3628356 | 3628356 |
|  Consumer loans | 16285896 | 16241200 |
|  Other receivables<sup>(1)</sup> | 2079001 | 2079001 |
|  **Total Financial assets** | **29456635** | **29411939** |

---

____________

(1) Balance composed of: Financial transactions processed by acquirers, other trade receivables, Receivables — related parties, Compulsory deposits in Central Bank and Sundry Receivables.

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the unaudited condensed consolidated interim financial statements as of<br>September 30, 2025<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo.jpg) |

---

**27. Risk management** (cont.)

#### Receivables

#### Financial Liabilities

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** |
|  | **Carrying <br>amount** | **Fair Value** |
|  **Fair Value of financial instruments measured at fair value through profit or loss** | **15391** | **15391** |
|  Derivative financial instruments | 15391 | 15391 |
|  **Fair Value of financial instruments measured at amortized cost** | **33017691** | **33017691** |
|  Third-party funds – payment account | 651771 | 651771 |
|  Third-party funds – CDB's | 26005266 | 26005266 |
|  Third-party funds – Other obligations under financial instruments | 215195 | 215195 |
|  Third-party funds – Others | 880633 | 880633 |
|  Trade payables | 4475812 | 4475812 |
|  Obligations to FIDC FGTS quota holders | 789014 | 789014 |
|  **Total Financial liabilities** | **33033082** | **33033082** |

---

#### Financial assets

---

| | | |
|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** |
|  | **Carrying <br>amount** | **Fair Value** |
|  **Fair Value of financial instruments measured at fair value through profit or loss** | **54187** | **54187** |
|  Derivative financial instruments | 54187 | 54187 |
|  **Fair Value of financial instruments measured at amortized cost** | **21302548** | **21148054** |
|  Cash and cash equivalents | 7471673 | 7471673 |
|  Amounts receivable from card issuers | 3653774 | 3653774 |
|  Consumer loans | 9732642 | 9578148 |
|  Other receivables<sup>(1)</sup> | 444459 | 444459 |
|  **Total** | **21356735** | **21202241** |

---

____________

(1) Balance composed of: Receivables from purchasers, Receivables from customers, Receivables — related parties, Compulsory deposits in Central Bank and Sundry receivables.

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the unaudited condensed consolidated interim financial statements as of<br>September 30, 2025<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo1.jpg) |

---

**27. Risk management** (cont.)

#### Financial liabilities

---

| | | |
|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** |
|  | **Carrying <br>amount** | **Fair Value** |
|  **Fair Value of financial instruments measured at amortized cost** |  |  |
|  Third-party funds – payment account | 889296 | 889296 |
|  Third-party funds – CDB's | 19094153 | 19094153 |
|  Trade payables | 3365265 | 3365265 |
|  Obligations to FIDC FGTS quota holders | 704755 | 704755 |
|  **Total** | **24053469** | **24053469** |

---

**27.6.1. Offsetting of financial instruments**

The balances of financial assets and liabilities can be offset (net amount) if there is a legally enforceable agreement in which the parties agree to offset the recognized amounts and intend to settle on a net basis, or to realize the asset and settle the liability simultaneously. As of September 30, 2025, and December 31, 2024, the Group does not have financial instruments that meet the conditions for offsetting.

**28. Reconciliation of changes in equity and liabilities with cash flows from financing activities**

---

| | | |
|:---|:---|:---|
|  | **Liability** | **Equity** |
|  | **Lease** | **Share premium <br>reserve** |
|  **Balances as of December 31, 2024** | **53136** | **1406563** |
|  **Variations with effect on cash** | **(7022)** | **803504** |
|  Payment of leases | (7022) | **—** |
|  Share capital increase |  | 803504 |
|  **Balances as of September 30, 2025** | **46114** | **2210067** |

---

---

| | |
|:---|:---|
|  | **Liability** |
|  | **Lease** |
|  **Balances as of December 31, 2023** | **58652** |
|  **Variations with effect on cash** | **(9808)** |
|  Payment of leases | (9808) |
|  **Variations without effect on cash** | **4373** |
|  Net of lease payment, interest and re-measurements | 4373 |
|  **Balances as of September 30, 2024** | **53217** |

---

**29. Segment information**

Operating segments are determined based on information reviewed by the board of directors, the Chief Operating Decision Maker (CODM), which is responsible for allocating resources and assessing business performance.

During the third quarter of 2025, specifically effective as of September 8, 2025, the Group changed its internal reporting structure whereby "Wallet and Banking" and "Financial Services" segments are now reported on a combined basis as a single operating segment denominated as Consumer Banking. This change reflects a realignment of the

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the unaudited condensed consolidated interim financial statements as of<br>September 30, 2025<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo.jpg) |

---

**29. Segment information** (cont.)

internal reporting process and decision-making framework, where information on the combined retail customer business is now reviewed and managed on a consolidated basis by the VP/Head of Consumer Banking in a manner that affects how the Chief Operating Decision Maker (CODM) reviews operating results and makes decisions about resources to be allocated to segments. This restructuring consolidates operations into a single line of business focused on individual customers, ensuring consistency with the Group's current management and governance framework The other areas (Small and Medium-Sized Businesses, Audiences and Ecosystem Integration, and Institutional) remained unchanged.

The CODM monitors the operating results of its operating segments separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on Adjusted Gross Profit, which is defined as 'Total revenue and financial income' less 'transaction expenses', 'interest and other financial expenses' and 'credit loss allowance expenses', all of which are consistent with the same captions in the consolidated statements of profit or loss except for amounts that are not allocated to segments and inter-segment amounts.

The Group's organizational structure has four reportable segments, which reflect its major business lines, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Consumer Banking: generates revenue from various transaction activities occurring in the digital wallet, such as Pix, peer-to-peer (P2P) transfers, and bill payments, including when customers use credit cards as a funding source for payments or money transfers, either in one or multiple installments. It also encompasses interest income from financial investments backed by customers' account balances. In addition, the segment includes interest revenues from credit activities managed by PicPay Bank, fee revenues from distributing third-party credit products in the financial marketplace, interchange fees from prepaid and credit card transactions, and commissions from distributing insurance and investment products from third-party partners on the platform.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Small and Medium-Sized Businesses: It encompasses MDR (merchant-discount rates) charged to merchants accepting PicPay as a payment network. Additionally, it encompasses interchange fees from corporate benefit card transactions, financial income from account balances, and settlement scheduled floating relating to corporate benefits solutions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Audiences and Ecosystem Integration: This segment provides services to all of the Group's customers, which include consumers and businesses, and is essential to increase engagement and monetization of both sides of the ecosystem. This segment generates monetization of the audiences by leveraging both consumers and merchant's customer base with products and solutions such as PicPay Ads, allowing brands and companies to benefit from PicPay's audience in app and promote its products and services as well as a miscellaneous of non-financial products, and ecosystem engagement with a platform that allows online merchants to sell its products and services to active consumers through the PicPay Shop.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Institutional: This segment encompasses revenue, costs and expenses from financial investments and funding activities executed at the Corporate level. The Institutional business has the role of managing funding and loans between segments. At the institutional level, it also manages the Group's cash and liquidity.

The Group revised its internal operating structure to support its operational expansion and with a goal of simplifying and streamlining the work and decision-making processes. This change in how the CODM receives and reviews information for resource allocation and performance assessment decisions reflects the actual way the business is now managed and controlled.

The Group does not disclose total assets and liabilities by segment since this information is not presented to its CODM.

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the unaudited condensed consolidated interim financial statements as of<br>September 30, 2025<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo1.jpg) |

---

**29. Segment information** (cont.)

#### Three-month period ended September 30, 2025
**a) Segment information**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Consumer <br>Banking** | **Small and <br>Medium-Sized <br>Businesses** | **Audiences and <br>Ecosystem <br>Integration** | **Institutional** | **Total <br>Reportable <br>Segments** |
|  Net revenue from transaction activities and other <br>services | 319155 | 87129 | 27322 |  | 433606 |
|  Financial income | 2402616 | 17995 | 1369 | 364237 | 2786217 |
|  **Total revenue and financial income** | **2721771** | **105124** | **28691** | **364237** | **3219823** |
|  Transaction Expenses | (119994) | (15237) | (406) |  | (135637) |
|  Interest and Other Financial expenses | (1098902) | (43505) | (31) | (367246) | (1509684) |
|  Credit loss allowance <br>expenses | (633447) |  |  |  | (633447) |
|  **Adjusted gross profit** | **869428** | **46382** | **28254** | **(3009)** | **941055** |

---

**b) Revenue and financial income reconciliation**

---

| | |
|:---|:---|
|  | **September 30, <br>2025** |
|  Net revenue from transaction activities and other services | 433606 |
|  Financial income | 2786217 |
|  **Total reportable segments** | **3219823** |
|  Inter-segment revenues, adjustments or reclassification<sup>(1)</sup> | (488655) |
|  **Total revenue and financial income** | **2731168** |

---

____________

(1) Represents eliminations of inter-segment revenue from funding transactions between the Consumer banking, Small and Medium-Sized Businesses, Audiences and Ecosystem Integration and Institutional segments for R$(488,655).

**c) Reconciliation from segment gross profit to profit before income taxes**

---

| | |
|:---|:---|
|  | **September 30,<br>2025** |
|  **Adjusted gross profit – Total reportable segments** | **941055** |
|  **Expenses and income that are not part of adjusted gross profit:** |  |
|  Technology expenses | (129770) |
|  Marketing expenses | (94721) |
|  Personnel expenses | (296421) |
|  Administrative expenses | (131243) |
|  Depreciation and amortization | (114942) |
|  Other expenses | (30440) |
|  Other income | 24392 |
|  **Profit before income taxes** | **167910** |

---

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the unaudited condensed consolidated interim financial statements as of<br>September 30, 2025<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo.jpg) |

---

**29. Segment information** (cont.)

#### Three-month period ended September 30, 2024 — Restated
**a) Segment information**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Consumer <br>Banking** | **Small and <br>Medium-Sized <br>Businesses** | **Audiences and <br>Ecosystem <br>Integration** | **Institutional** | **Total <br>reportable <br>segments** |
|  Net revenue from transaction activities and other services | 304293 | 47645 | 23610 |  | 375548 |
|  Financial income | 1153631 | 6829 | 463 | 16061 | 1176984 |
|  **Total revenue and financial income** | **1457924** | **54474** | **24073** | **16061** | **1552532** |
|  Transaction Expenses | (94097) | (29367) | 551 |  | (122913) |
|  Interest and Other Financial expenses | (486370) | (2578) |  | (10736) | (499684) |
|  Credit loss allowance expenses | (190354) | (309) |  |  | (190663) |
|  **Adjusted gross profit** | **687103** | **22220** | **24624** | **5325** | **739272** |

---

**b) Revenue and financial income reconciliation**

---

| | |
|:---|:---|
|  | **September 30, <br>2024** |
|  Net revenue from transaction activities and other services | 375548 |
|  Financial income | 1176984 |
|  **Total reportable segments** | **1552532** |
|  Inter-segment revenues, adjustments or reclassification<sup>(1)</sup> | (142382) |
|  **Total revenue and financial income** | **1410150** |

---

____________

(1) Represents eliminations of inter-segment revenue from funding transactions between the Consumer banking, Small and Medium-Sized Businesses and Institutional segments for R$(142,382).

**c) Reconciliation from segment gross profit to profit before income taxes**

---

| | |
|:---|:---|
|  | **September 30, <br>2024** |
|  **Adjusted gross profit – Total reportable segments** | **739272** |
|  **Expenses and income that are not part of adjusted gross profit:** |  |
|  Technology expenses | (159504) |
|  Marketing expenses | (72110) |
|  Personnel expenses | (261882) |
|  Administrative expenses | (30083) |
|  Depreciation and amortization | (85719) |
|  Other expenses | (23298) |
|  Other income | 16287 |
|  **Profit before income taxes** | **122963** |

---

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the unaudited condensed consolidated interim financial statements as of<br>September 30, 2025<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo1.jpg) |

---

**29. Segment information** (cont.)

#### Nine-month period ended September 30, 2025
**a) Segment information**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Consumer <br>Banking** | **Small and <br>Medium-Sized <br>Businesses** | **Audiences and <br>Ecosystem <br>Integration** | **Institutional** | **Total <br>reportable <br>segments** |
|  Net revenue from transaction activities and other <br>services | 984948 | 237209 | 72985 |  | 1295142 |
|  Financial income | 6253018 | 35329 | 3649 | 861892 | 7153888 |
|  **Total revenue and financial income** | **7237966** | **272538** | **76634** | **861892** | **8449030** |
|  Transaction Expenses | (410802) | (65926) | (391) | (1114) | (478233) |
|  Interest and Other Financial expenses | (2757354) | (105106) | (82) | (834753) | (3697295) |
|  Credit loss allowance <br>expenses | (1728283) |  |  |  | (1728283) |
|  **Adjusted gross profit** | **2341527** | **101506** | **76161** | **26025** | **2545219** |

---

**b) Revenue and financial income reconciliation**

---

| | |
|:---|:---|
|  | **September 30, <br>2025** |
|  Net revenue from transaction activities and other services | 1295142 |
|  Financial income | 7153888 |
|  **Total reportable segments** | **8449030** |
|  Inter-segment revenues, adjustments or reclassification<sup>(1)</sup> | (1185263) |
|  **Total revenue and financial income** | **7263767** |

---

____________

(1) Represents eliminations of inter-segment revenue from funding transactions between the Consumer banking, Small and Medium-Sized Businesses, Audiences and Ecosystem Integration and Institutional segments for R$(1,185,263).

**c) Reconciliation from segment gross profit to profit before income taxes**

---

| | |
|:---|:---|
|  | **September 30, <br>2025** |
|  **Adjusted gross profit – Total reportable segments** | **2545219** |
|  **Expenses and income that are not part of adjusted gross profit** |  |
|  Technology expenses | (367770) |
|  Marketing expenses | (347235) |
|  Personnel expenses | (881960) |
|  Administrative expenses | (293257) |
|  Depreciation and amortization | (325779) |
|  Other expenses | (51915) |
|  Other income | 73282 |
|  **Profit before income taxes** | **350585** |

---

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the unaudited condensed consolidated interim financial statements as of<br>September 30, 2025<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo.jpg) |

---

**29. Segment information** (cont.)

#### Nine-month period ended September 30, 2024 — Restated
**a) Segment information**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Consumer <br>Banking** | **Small and <br>Medium-Sized <br>Businesses** | **Audiences and <br>Ecosystem <br>Integration** | **Institutional** | **Total <br>reportable <br>segments** |
|  Net revenue from transaction activities and other services | 842698 | 98340 | 64074 |  | 1005112 |
|  Financial income | 2967898 | 24314 | 1372 | 62007 | 3055591 |
|  **Total revenue and financial income** | **3810596** | **122654** | **65446** | **62007** | **4060703** |
|  Transaction Expenses | (292945) | (61937) | (1226) |  | (356108) |
|  Interest and Other Financial expenses | (1223726) | (2578) |  | (55922) | (1282226) |
|  Credit loss allowance expenses | (403189) | (309) |  |  | (403498) |
|  **Adjusted gross profit** | **1890736** | **57830** | **64220** | **6085** | **2018871** |

---

**b) Revenue and financial income reconciliation**

---

| | |
|:---|:---|
|  | **September 30, <br>2024** |
|  Net revenue from transaction activities and other services | 1005112 |
|  Financial income | 3055591 |
|  **Total reportable segments** | **4060703** |
|  Inter-segment revenues, adjustments or reclassification<sup>(1)</sup> | (276883) |
|  **Total revenue and financial income** | **3783820** |

---

____________

(1) Represents eliminations of inter-segment revenue from funding transactions between the Consumer banking, Small and Medium-Sized Businesses and Institutional segments for R$(276,883).

**c) Reconciliation from segment gross profit to profit before income taxes**

---

| | |
|:---|:---|
|  | **September 30,<br>2024** |
|  **Adjusted gross profit – Total reportable segments** | **2018871** |
|  **Expenses and income that are not part of adjusted gross profit:** |  |
| &nbsp;&nbsp;&nbsp; Technology expenses | (381621) |
| &nbsp;&nbsp;&nbsp; Marketing expenses | (226513) |
| &nbsp;&nbsp;&nbsp; Personnel expenses | (786395) |
| &nbsp;&nbsp;&nbsp; Administrative expenses | (173900) |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization | (207659) |
| &nbsp;&nbsp;&nbsp; Other expenses | (28391) |
| &nbsp;&nbsp;&nbsp; Other income | 68829 |
|  **Profit before income taxes** | **283221** |

---

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the unaudited condensed consolidated interim financial statements as of<br>September 30, 2025<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo1.jpg) |

---

**30. Subsequent events**

On November 17, 2025, PicPay Bank Banco Múltiplo S.A. completed the issuance of four series of nominative, book-entry, non-convertible subordinated Financial Notes ("Letras Financeiras"), all bearing a fixed interest rate of 17.69% per annum, with no early redemption clause, and duly registered with B3 "Brazilian stock exchange."

The total nominal amount issued was R$501.600, with maturities ranging between December 28, 2033 and December 28, 2039.

On November 25, 2025, J&F International invested R$360,000 in PicPay Netherlands without the issuance of new shares. On the same day, PicPay Netherlands invested the same amount in PicS Ltd., without the issuance of new shares. On the same day, PicS Ltd. invested same amount in PicS Holding through the issuance and subscription of 360,000,000 quotas, all nominative and with a par value of R$1.00 each.

On November 26, 2025, a disproportional partial spin-off of PicS Holding was approved, involving the transfer of a portion of its equity, amounting to R$360,000, to J&F Participações S.A.. As a result, the latter's direct interest in PicS Holding was terminated.

Following the completion of this transaction, PicS Ltd. became the holder of 100% of the share capital of PicS Holding.

[**Table of Contents**](#TOC001)

#### Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Directors of <br>PicPay Holdings Netherlands B.V.

*Opinion on the Consolidated Financial Statements*

We have audited the accompanying consolidated statements of financial position of PicPay Holdings Netherlands B.V. and subsidiaries (the Company) as of December 31, 2024 and 2023, the related consolidated statements of profit or loss, comprehensive income, changes in equity and cash flows for each of the years in the two-year period ended December 31, 2024, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023 and the results of its operations and its cash flows for each of the years in the two-year period ended December 31, 2024, in conformity with International Financial Reporting Standards Accounting Standards ("IFRS Accounting Standards") as issued by the International Accounting Standards Board ("IASB").

*Basis for Opinion*

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ KPMG Auditores Independentes Ltda.

KPMG Auditores Independentes Ltda.

We have served as the Company's auditor since 2019.

São Paulo, Brazil

December 05, 2025

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**PicPay Holdings Netherlands B.V.<br>Consolidated statements of financial position**<br> At December 31, 2024 and 2023 ****<br> (Thousands of Brazilian Reais)<br>

---

| | | | |
|:---|:---|:---|:---|
|  | **Note** | **December 31, <br>2024** | **December 31, <br>2023** |
|  **ASSETS** |  |  |  |
|  Cash and cash equivalents | 6 | 7471673 | 7379049 |
|  **Financial assets** |  | **16875509** | **6867599** |
| &nbsp;&nbsp;&nbsp; **Financial assets measured at fair value through other comprehensive income** | 7 | **3099077** | **2574863** |
| &nbsp;&nbsp;&nbsp; Financial Investments |  | 3099077 | 2574863 |
| &nbsp;&nbsp;&nbsp; **Financial assets at fair value through profit or loss** | 7 | **100051** | **176717** |
| &nbsp;&nbsp;&nbsp; Financial Investments | 7a | 45864 | 176717 |
| &nbsp;&nbsp;&nbsp; Derivative financial instruments | 7b | 54187 |  |
| &nbsp;&nbsp;&nbsp; **Financial assets measured at amortized cost** | 8 | **13676381** | **4116019** |
| &nbsp;&nbsp;&nbsp; Trade receivables | 8.1 | 3877167 | 3429602 |
| &nbsp;&nbsp;&nbsp; Consumer Loans | 8.2 | 9578148 | 560459 |
| &nbsp;&nbsp;&nbsp; Other receivables | 8.4 | 221066 | 125958 |
|  Prepaid expenses | 9 | 141805 | 72189 |
|  Other assets |  | 4371 | 7573 |
|  **Tax assets** | 10 | **1778853** | **608498** |
| &nbsp;&nbsp;&nbsp; Current income tax assets |  | 1212615 | 515169 |
| &nbsp;&nbsp;&nbsp; Deferred tax assets |  | 566238 | 93329 |
|  Legal deposits |  | 667 | 457 |
|  Property, plant and equipment | 11 | 74334 | 30117 |
|  Right of use assets – leases | 18 | 43032 | 48653 |
|  Intangible assets | 12 | 927414 | 768747 |
|  **TOTAL ASSETS** |  | **27317658** | **15782882** |
|  **LIABILITIES** |  |  |  |
|  **Financial liabilities measured at amortized cost** |  | **24274008** | **13960888** |
| &nbsp;&nbsp;&nbsp; Third-party funds | 13 | 20203988 | 13312290 |
| &nbsp;&nbsp;&nbsp; Trade payables | 14 | 3365265 | 648598 |
| &nbsp;&nbsp;&nbsp; Obligations to FIDC FGTS quota holders | 15 | 704755 |  |
|  Labor obligations | 16 | 535434 | 437665 |
|  Taxes payable | 17.1 | 648205 | 111141 |
|  Lease liability | 18 | 53136 | 58652 |
|  Provision for legal and administrative claims | 19 | 17484 | 11063 |
|  Other liabilities |  | 25524 |  |
|  **Total Liabilities** |  | **25553791** | **14579409** |
|  **Equity** | 20 | **1763867** | **1203473** |
|  Share capital | 20a |  | 1687 |
|  Share premium reserve | 20a | 1406563 |  |
|  Additional paid-in capital | 20 |  | 1749566 |
|  Capital reserve | 20c |  | 529027 |
|  Fair value reserve |  | (22610) | (113) |
|  Other reserve |  |  | 194910 |
|  Retained earnings/(Accumulated Losses) |  | 224633 | (1167125) |
|  Non-Controlling interests |  | 155281 | (104479) |
|  **TOTAL EQUITY AND LIABILITIES** |  | **27317658** | **15782882** |

---

The notes are an integral part of the consolidated financial statements.

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**PicPay Holdings Netherlands B.V.<br>Consolidated statements of profit or loss**<br> For the years ended December 31, 2024 and 2023 <br>(Thousands of Brazilian Reais, except loss per share)<br>

---

| | | | |
|:---|:---|:---|:---|
|  | **Note** | **December 31, <br>2024** | **December 31, <br>2023** |
|  Net revenue from transaction activities and other services |  | 1524048 | 1059936 |
|  Financial income | 22 | 4046096 | 2398710 |
|  **Total revenue and financial income** |  | **5570144** | **3458646** |
|  Transaction expenses | 23 | (493676) | (438539) |
|  Interest and other financial expenses | 24 | (1438664) | (1212478) |
|  **Total transaction and financial expenses** |  | **(1932340)** | **(1651017)** |
|  Credit loss allowance expenses | 30 | (887025) | (14290) |
|  Technology expenses | 25 | (508600) | (312098) |
|  Marketing expenses | 26 | (333180) | (312560) |
|  Personnel expenses | 27 | (1090833) | (879362) |
|  Administrative expenses | 28 | (234423) | (136659) |
|  Depreciation and amortization |  | (292911) | (169823) |
|  Other expenses |  | (33013) | (4638) |
|  Other income |  | 88153 | 23468 |
|  **Profit before income taxes** |  | **345972** | **1667** |
|  Current income tax and social contribution |  | (545603) | (50815) |
|  Deferred income tax and social contribution |  | 451419 | 86503 |
|  **Total income tax and social contribution (expense) benefit** |  | **(94184)** | **35688** |
|  **Profit for the period** |  | **251788** | **37355** |
|  **Profit attributable to the Company's shareholders** |  | **217574** | **34523** |
|  **Profit attributable to non-controlling interests** |  | **34214** | **2832** |
|  **Earnings per share – basic and diluted (R$)** | 20d | **1087872** | **172615** |

---

The notes are an integral part of the consolidated financial statements.

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**PicPay Holdings Netherlands B.V.<br>Consolidated statements of comprehensive income**<br> For the years ended December 31, 2024 and 2023 <br>(Thousands of Brazilian Reais)<br>

---

| | | |
|:---|:---|:---|
|  | **December 31, <br>2024** | **December 31, <br>2023** |
|  **Profit for the period** | **251788** | **37355** |
|  Other comprehensive income (OCI) |  |  |
|  – Items that are or may be reclassified subsequently to profit or loss |  |  |
| &nbsp;&nbsp;&nbsp; Net change in fair value of financial assets at fair value through other comprehensive income (net of tax effects) | (27137) | 254 |
| &nbsp;&nbsp;&nbsp; Reclassification of fair value adjustments to profit or loss | 186 | (102) |
|  **Total comprehensive income** | **224837** | **37507** |
|  **Comprehensive income attributable to the Company's shareholders** | **195077** | **34655** |
|  **Comprehensive income attributable to non-controlling interests** | **29760** | **2852** |

---

The notes are an integral part of the consolidated financial statements.

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**PicPay Holdings Netherlands B.V.<br>Consolidated statements of changes in equity**<br> For the years ended December 31, 2024 and 2023 <br>(Thousands of Brazilian Reais)<br>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Note** | **Share <br>capital** | **Share <br>premium <br>reserve** | **Additional <br>paid-in <br>capital** | **Capital <br>reserve** | **Fair <br>value <br>reserve** | **Other <br>reserve** | **Retained <br>earnings/<br>(accumulated <br>losses)** | **Non <br>Controlling <br>interest** | **Total** |
|  **Balances as of December 31, 2023 – PicS** |  | **1687** | **—** | **1749566** | **529027** | **(113)** | **194910** | **(1167125)** | **(104479)** | **1203473** |
|  Other comprehensive income for the period |  |  |  |  |  | 533 |  |  | 44 | 577 |
|  Loss for the period |  |  |  |  |  |  |  | (7059) | (579) | (7638) |
|  **Balances as of March 13, 2024 – PicS** |  | **1687** | **—** | **1749566** | **529027** | **420** | **194910** | **(1174184)** | **(105014)** | **1196413** |
|  Restructuring on March 14, 2024 | 20a | (1687) | 1301007 | (1749566) | (529027) |  | (194910) | 1174184 |  |  |
|  **Balances as of March 14, 2024 – PicPay Netherlands** |  | **—** | **1301007** | **—** | **—** | **420** | **—** | **—** | **(105014)** | **1196413** |
|  Share capital increase | 20 |  | 105556 |  |  |  |  |  |  | 105556 |
|  Other comprehensive income for the period |  |  |  |  |  | (23030) |  |  | (4498) | (27528) |
|  Contribution from NCI without a change in control |  |  |  |  |  |  |  |  | 230000 | 230000 |
|  Profit for the period |  |  |  |  |  |  |  | 224633 | 34793 | 259426 |
|  **Balances as of December 31, 2024 – PicPay Netherlands** |  | **—** | **1406563** | **—** | **—** | **(22610)** | **—** | **224633** | **155281** | **1763867** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Share <br>capital** | **Share <br>premium <br>reserve** | **Additional <br>paid-in <br>capital** | **Capital <br>reserve** | **Fair <br>value <br>reserve** | **Other <br>reserve** | **Accumulated <br>losses** | **Non <br>Controlling <br>interest** | **Total** |
|  **Balances as of December 31, 2022 – PicS** | **1687** | **—** | **1749566** | **525289** | **(265)** | **194910** | **(1201648)** | **(107311)** | **1162228** |
|  Other comprehensive income for the period |  |  |  |  | 152 |  |  |  | 152 |
|  Capital reserve<br> 20c |  |  |  | 3738 |  |  |  |  | 3738 |
|  Profit for the period |  |  |  |  |  |  | 34523 | 2832 | 37355 |
|  **Balances as of December 31, 2023 – PicS** | **1687** | **—** | **1749566** | **529027** | **(113)** | **194910** | **(1167125)** | **(104479)** | **1203473** |

---

The notes are an integral part of the consolidated financial statements.

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**PicPay Holdings Netherlands B.V.<br>Consolidated statements of cash flows**<br> For the years ended December 31, 2024 and 2023<br> (Thousands of Brazilian Reais)<br>

---

| | | | |
|:---|:---|:---|:---|
|  | **Note** | **December 31, <br>2024** | **December 31, <br>2023** |
|  **Profit for the period** |  | **251788** | **37355** |
|  ***Adjustments for*** |  |  |  |
|  Income tax and social contribution expenses (benefit) | 17.2 | 94184 | (35688) |
|  Labor provisions |  | 16757 | 20128 |
|  Depreciation/amortization | 11/12 | 292911 | 169449 |
|  Provision for legal and administrative claims | 19 | 16328 | 10255 |
|  Chargeback (release)/provision |  | (22298) |  |
|  Credit loss allowance |  | 887025 | 14290 |
|  Write-off/loss on disposal of intangible assets | 12 | 91879 | 5201 |
|  Loss or (gain) on disposal of property, plant and equipment |  |  | 1004 |
|  Interest accrued on third party funds |  | 1317486 |  |
|  Interest accrued on consumer loans |  | (1537416) | (27297) |
|  Interest accrued on FIDC FGTS senior quotas |  | (3245) |  |
|  Interest accrued on financial assets |  | (269850) | (240580) |
|  **Variations in operating assets and liabilities** |  |  |  |
|  Financial assets |  | (146008) | (941079) |
|  Derivative financial instruments |  | (54187) |  |
|  Trade receivables and other receivables |  | (520375) | (62352) |
|  Consumer loans |  | (6552298) | (533162) |
|  Prepaid expenses |  | (69616) | (26318) |
|  Other assets |  | (1160877) | (386227) |
|  Third-party funds |  | 6891698 | 4263635 |
|  Labor obligations and taxes payable |  | 905463 | 271119 |
|  Trade payables and other obligations |  | 2745519 | 266373 |
|  Obligations to FIDC FGTS quota holders | 15 | 832777 |  |
|  Legal and administrative claims | 19 | (9907) | (6104) |
|  Interest paid |  | (1325623) | (1147784) |
|  Income tax and social contribution paid |  | (381571) | (85251) |
|  **Net cash from operating activities** |  | **2290544** | **1566968** |
|  **Cash flows from investing activities** |  |  |  |
|  Acquisition of subsidiaries net of cash acquired |  |  | (7946) |
|  Acquisition of common control subsidiaries net of cash acquired |  |  | (27031) |
|  Acquisition of property, plant and equipment | 11 | (60809) | (4664) |
|  Acquisition of intangible assets | 12 | (521244) | (497434) |
|  Acquisition of credit card operations | 21 | (1815000) |  |
|  Acquisition of FIDC PICPAY subordinated quotas |  | (128022) |  |
|  **Net cash used in investing activities** |  | **(2525075)** | **(537075)** |
|  **Cash flows from financing activities** |  |  |  |
|  Share Capital Increase | 20 | 105556 |  |
|  Issuance of non-controlling interests | 20 | 230000 |  |
|  Payment of leases | 30 | (8402) | (12245) |
|  **Net cash from (used in) financing activities** |  | **327154** | **(12245)** |
|  **Net increase in cash and cash equivalents** |  | **92623** | **1017648** |
|  Cash and cash equivalents at the beginning of the period |  | 7379049 | 6361401 |
|  Cash and cash equivalents at the end of the period |  | 7471673 | 7379049 |
|  **Net increase (decrease) in cash and cash equivalents** |  | **92623** | **1017648** |

---

The notes are an integral part of the consolidated financial statements.

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| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the Consolidated financial statements as of December 31, 2024 and 2023.<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo.jpg) |

---

**1. Operating context**

PicPay Holdings Netherlands B.V. ("PicPay Netherlands" or "Company", along with its subsidiaries, "PicPay Group" or "Group") was incorporated on December 27, 2023, as private limited liability company (besloten vennootschap met beperkte aansprakelijkheid) under Dutch law.

On December 30, 2023, J&F International B.V. ("J&F International"), at that time the beneficial holder of 100% of the Class B common shares of PicS Ltd. ("PicS") (representing 99.6153% of the total issued and outstanding common shares of PicS), contributed the beneficial entitlement to these common shares to PicPay Holdings Netherlands B.V., by way of a share premium contribution on the shares in the capital of PicPay Netherlands.

The legal transfer of the Class B common shares of PicS to PicPay Netherlands was effected on March 14, 2024, which was considered the date of transfer of control for consolidation purposes. As of the date hereof, PicPay Netherlands directly holds 100% of the Class B common shares of PicS (representing 99.6153% of the total issued and outstanding common shares of PicS) and indirectly owns (through JAB Capital SP Fund, Belami Capital SP Fund and AGR Capital SP Fund, each a private investment fund, organized within a segregated portfolio company in the Cayman Islands) the beneficial entitlement to 100% of the Class A common shares of PicS (representing 0.3847% of the total issued and outstanding common shares of PicS). As of December 31, 2024, the controlling shareholder of PicPay Netherlands is J&F International, which holds 83.66% of the total issued and outstanding capital stock of PicPay Netherlands. J&F International is a wholly owned subsidiary of J&F Participações.

The Group accounted for the restructuring ("Restructuring") as a common control transaction, and the pre-restructuring carrying amounts of PicS were included in the PicPay Netherlands consolidated financial statements at book value (carryover basis). Thus, these consolidated financial statements reflect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The historical operating results, cash flows and financial position of PicS and its subsidiaries prior to the Restructuring;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The contribution of PicPay Netherlands consolidated assets at book value on March 14, 2024, which comprised cash and cash equivalents in the amount of 1 EUR;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The consolidated operating results, cash flows and financial position of the Group following the Restructuring;

The Company's principal executive offices are located in the city of São Paulo, State of São Paulo, Brazil. The Group perform activities related to digital payments, banking, lending, merchant acquiring and investments, including, among others:

PicPay Instituição de Pagamento S.A. ("PicPay") is authorized by the Brazilian Central Bank ("BACEN") to operate as a payment institution in the capacities of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) issuer of electronic currency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) issuer of postpaid payment instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) acquirer;

PicPay Bank — Banco Múltiplo S.A. ("PicPay Bank") is authorized by the Brazilian Central Bank to operate as a multi-purpose bank, with authorization to perform both commercial and credit, financing and investment activities, as well as to carry out transactions in the foreign exchange market;

PicPay Invest Distribuidora de Títulos e Valores Mobiliários Ltda. ("PicPay Invest") is authorized by the Brazilian Central Bank to operate as a securities broker. In addition, PicPay Invest is authorized by the CVM to perform custodian securities services and fiduciary administration and trustee activities; and

Crednovo Sociedade de Empréstimo Entre Pessoas S.A. ("Crednovo") is authorized by the Brazilian Central Bank to operate as a P2P ("Peer-to-peer") lending fintech company intermediating credit operations between lenders and borrowers.

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| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the Consolidated financial statements as of December 31, 2024 and 2023.<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo1.jpg) |

---

**2. Presentation and preparation of the consolidated financial statements**

**2.1 Basis of preparation of the consolidated financial statements**

These consolidated financial statements of the Company have been prepared in accordance with the International Financial Reporting Standards Accounting Standards ("IFRS Accounting Standards") as issued by the International Accounting Standards Board ("IASB").

These consolidated financial statements have been reissued to reflect a change in reportable segments subsequent to the previously issued December 31, 2024 consolidated financial statements. Refer to Note 31 — Segment information.

As a result of the revision of the notes described above, Note 32 — Subsequent events was updated considering the consolidated financial statements authorization date.

These consolidated financial statements were approved by the Board of Directors at the meeting held on December 5, 2025.

Until it reaches maturity of its user base, and has a complete portfolio of products, the Group will continue to require contributions from its shareholders. The contribution needs are projected through periodic monitoring of the Group's cash flow and must be approved by the Board of Directors and by BACEN. Current shareholders have committed to support all actions required for continuing as a going concern, with the firm commitment to invest additional funds, if necessary.

The consolidated financial statements were prepared on a historical cost basis, unless otherwise stated.

**2.2 Basis of consolidation**

These consolidated financial statements include PicPay Netherlands and all entities over which it has control (subsidiaries). Control is when the Group is exposed or has rights to variable returns from its involvement with the investee, has existing rights that give it the ability to direct the relevant activities and has the ability to affect those returns through its power over the investee.

The Group reassesses whether it controls a subsidiary if facts and circumstances indicate there are changes to one or more of the elements of control. Consolidation of a subsidiary begins when the Group obtains control over the entity and ceases when the Group loses control. Assets, liabilities, income and expenses of a subsidiary are included in the consolidated financial statements from the date the Group obtains control until the date the Group loses control. Intragroup transactions between parent company and its subsidiaries are eliminated in full on consolidation.

The Group consolidates 100% of the share capital of PicPay Invest from the date control was obtained (January 24, 2023). On this date, PicPay acquired 100% of the share capital of PicPay Invest for R$27,395, which was settled in cash. Prior to this PicPay Invest was an entity under common control. The Group accounting policy is to account for common control transactions at book value. As a result, on January 24, 2023, the Group consolidated the following assets and liabilities: cash and cash equivalents of R$364, financial investments of R$23,560, intangible assets of R$16,139, other assets of R$2,704, labor obligations of R$4,960, trade payables of R$1,648, tax liabilities of R$1,330 and third party deposits of R$102.

The Group consolidates 100% of the share capital of BX Negócios Inteligentes Ltda. ("BX Blue") from the date control was obtained (February 02, 2023). On this date, the subsidiary Guiabolso acquired 100% of the shares of BX Blue for R$9,500, which was settled in cash, and obtained control by doing so. The purchase price allocation (PPA) resulted in a recognized goodwill of R$5,275. The fair value of net assets acquired and liabilities assumed in this business combination was R$6,093, including the following separately identified intangible assets: software with a fair value of R$5,194 and client portfolio with a fair value of R$697, both valued using the income approach and an estimated useful life of 5 years. Also, assets acquired comprise R$1,554 of cash and cash equivalents, R$1,931 of trade receivables and R$946 for other asset classes (recoverable taxes and others). Liabilities assumed comprise

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| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the Consolidated financial statements as of December 31, 2024 and 2023.<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo.jpg) |

---

**2. Presentation and preparation of the consolidated financial statements** (cont.)

R$2,738 for labor obligations and R$1,490 for other liability classes (trade payables, taxes payables, loans and others). A contingent consideration is accounted for at fair value in the amount of (R$1,869) in trade payables. Refer to Note 14 for further information. With this acquisition, PicPay entered the payroll loan market and expanded its offer of financial products for its clients.

On December 17, 2024, the Company structured the "Fundo de investimento em direitos creditórios PICPAY FGTS" ('FIDC FGTS'), a Receivables Investment Fund, domiciled in the city of São Paulo, Brazil. The fund consists of a total of 825,674 quotas, of which 697,652 are senior quotas and 128,022 are subordinated quotas. The Group exclusively acquired the subordinated quotas for R$128,022, which were settled in cash on the same date. On the acquisition date, the Group, as the sole holder of the subordinated quotas and therefore responsible for all risks associated with the FIDC operation, began to consolidate the FIDC FGTS. This is due to its exposure to the residual value of the FIDC after the payment of remuneration to the senior quota holders, which must be fully redeemed. Additionally, the power to control voting rights and, consequently, to determine the administrative activities of the FIDC characterizes the influence exercised by the Group, as stipulated in the fund's regulations. The operation consists of the assignment of receivables to the FIDC, which is considered a related party. Thus, the assets and liabilities of the PicPay Group and the FIDC are eliminated in the consolidated financial statements, resulting only in the Group's co-obligation regarding the quotas. As a subordinated quota holder, the Group records both a liability and an expense corresponding to that liability. The subordinated position evidence that the Group still retains control over the receivables, justifying the consolidation of the FIDC in its financial statements. The senior quotas are accounted for as a financial liability under the heading 'Obligations to FIDC Quota Holders', while the accrued remuneration to senior quota holders is recorded as 'Financial Expenses'. The consolidated financial statement includes PicPay Netherlands and the following subsidiaries:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Entity** | **Country** | **Principal activities** | **December 31, <br>2024** | **December 31, <br>2023** | **Direct or <br>Indirect <br>Control** |
|  PicS Ltd. | Cayman | Holding | 99.61% | 0.00% | Direct |
|  PicS Holding Ltda. | Brazil | Holding | 83.66% | 92.42% | Indirect |
|  PicPay Instituição de Pagamento S.A. | Brazil | Financial services<sup>(2)</sup> | 100.00% | 100.00% | Indirect |
|  PicPay Bank – Banco Múltiplo S.A. | Brazil | Bank services<sup>(2)</sup> | 100.00% | 100.00% | Indirect |
|  Crednovo Sociedade de Empréstimo Entre Pessoas S.A. | Brazil | P2P Lending Services | 100.00% | 100.00% | Indirect |
|  PicPay Invest Distribuidora de Títulos e Valores Mobiliários Ltda. | Brazil | Brokerage firm and securities dealer Company | 100.00% | 100.00% | Indirect |
|  Guiabolso Correspondente Bancário e Serviços Ltda. | Brazil | Bank correspondent | 100.00% | 100.00% | Indirect |
|  Guiabolso Pagamentos Ltda. | Brazil | Bank correspondent | 100.00% | 100.00% | Indirect |
|  BX Negócios Inteligentes Ltda | Brazil | Bank correspondent | 100.00% | 100.00% | Indirect |
|  Fundo de Investimentos em Direitos Creditórios Não- Padronizados PicPay I<sup>(1)</sup> | Brazil | Receivable investment fund | 100.00% | 100.00% | Indirect |
|  Fundo de Investimentos em Direitos Creditórios PicPay FGTS<sup>(1)</sup> | Brazil | Receivable investment fund | 15.46% | N/A | Indirect |
|  PicPay Digital Ltda.<sup>(3)</sup> | Brazil | Financial services<sup>(2)</sup> | N/A | 100.00% | N/A |

---

____________

(1) The % interest represents the percentage of the subordinated quotas issued by the "FIDC" PicPay I (Fundo de Investimentos em Direitos Creditórios Não-Padronizados PicPay I, a Receivables Investment Fund) and FIDC FGTS held by the Group.

(2) Bank activities are focused on CDB (Certificado de Depósito Bancário, Certificate of Deposit), lending and funding. Financial services activities are focused on payment services, virtual wallet and other financial activities.

(3) On April 17, 2024, the Company has dissolved, liquidated, and extinguished PicPay Digital Ltda. Since PicPay Digital Ltda. has been a dormant entity since its acquisition, there were no assets and liabilities to be distributed or settled. Therefore, there were no accounting or operational effects related to the extinguishment.

Accounting policies have been applied uniformly to all consolidated entities.

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|  **PicPay Holdings Netherlands B.V.<br>Notes to the Consolidated financial statements as of December 31, 2024 and 2023.<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo1.jpg) |

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**3. Material accounting policies**

**3.1 Functional and presentation currency**

The functional currency of a company is the local currency within the primary economic environment in which it operates. These consolidated financial statements are presented in Brazilian reais (R$), which is the Group presentation and functional currency. There are no significant transactions carried out in foreign currency. All financial information is presented in thousands of reais, except when otherwise indicated.

3.2 Cash and cash equivalents

Cash and cash equivalents include cash, bank deposits and other highly liquid short-term investments, which are redeemable within 90 days at a known amount of cash and are subject to an insignificant risk of change in value. Cash equivalents are held to meet short-term cash commitments, and not for investment or for other purposes.

3.3 Trade receivables

*Amounts receivable from financial transactions processed by acquirers and card issuers*

Composed of the amounts receivable from acquirers and card issuers for payment transactions with credit cards and debit cards made by users on the Group's payment platform. Receivables from debit card transactions are settled in 1 day and receivables from normal credit card transactions are settled on or prior to 32 days following the transaction. The credit card payments through monthly installments for up to 12 months and due from the acquirer generates receivables which are measured at amortized cost and are net of provisions for credit and fraud risk (chargeback). These receivables are transferred to the FIDC PicPay I via pass-through arrangements without any impact on these consolidated financial statements due to the FIDC consolidation on PicPay Netherlands financial statements.

*Amounts receivable from provision of services*

Primarily composed of receivables related to business partner commissions and intermediation fees charged for processing transactions receivable from commercial establishments.

**3.4 Financial assets and liabilities**

*Financial assets*

Financial assets are classified into the following categories: (i) at fair value through other comprehensive income (FVOCI); (ii) amortized cost; and (iii) measured at fair value through profit or loss (FVTPL). The classification is made based both on the Group's business model, for the management of the financial asset, and on the characteristics of the contractual cash flows of the financial asset.

*Financial assets at fair value through other comprehensive income*

A financial asset is measured at fair value through other comprehensive income if it meets the "solely payments of principal and interest" ("SPPI" criterion), that is, cash flows that exclusively constitute principal and interest payments, and that is maintained in a business model whose objective is achieved both by obtaining contractual cash flows and by selling the financial asset.

Upon initial recognition, the Group may make an irrevocable choice to present, in other comprehensive income, subsequent changes in the fair value of investments in an equity instrument.

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|  **PicPay Holdings Netherlands B.V.<br>Notes to the Consolidated financial statements as of December 31, 2024 and 2023.<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo.jpg) |

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**3. Material accounting policies** (cont.)

Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognized in profit or loss as financial income and expenses, fair value gains and losses are recognized in Other Comprehensive Income. Upon derecognition, accumulated gains and losses in Other Comprehensive Income are reclassified to profit or loss.

*Amortized cost*

These are instruments held within the business model whose purpose is solely to pay principal and interest ("SPPI" criterion). Amortized cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss.

*Financial assets at fair value through profit or loss*

A financial instrument is measured at fair value through profit or loss when the assets do not meet the classification criteria of the other categories. Additionally, the Group may, upon initial recognition, irrevocably designate a financial asset as measured at fair value through profit or loss if, in doing so, it can eliminate or significantly reduce a measurement or recognition inconsistency.

Financial assets recognized in this category are exclusively maintained to manage cash flow and are not expected to be held in order to received contractual cash flow from this financial instrument.

*Derecognition*

A financial asset is derecognized when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The contractual rights to receive cash flows from the asset have expired; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Group transferred its contractual rights to receive cash flows from the asset or assumed a contractual obligation to pay the received cash flows, without material delays, to a third party; and either the Group has transferred substantially all the risks and benefits of the asset or the Group has not transfer nor retained substantially all the risks and benefits of the asset but transferred control of the asset.

When the Group transfers its contractual rights to receive cash flows from an asset, it assesses whether, and to what extent, it has retained the risks and benefits of ownership. When the Group has neither transferred nor retained substantially all the risks and benefits of the asset, nor transferred control of the asset, the Group continues to recognize the transferred asset to the extent of its continued involvement.

In such cases, the Group also recognizes an associated liability. The transferred asset and the associated liability are measured based on the rights and obligations that the Company maintained.

*Financial liabilities*

Financial liabilities are measured at amortized cost.

*Amortized cost*

Financial liabilities at amortized cost are initially measured at fair value, net of transaction costs, and subsequently measured at amortized cost using the effective interest method, with interest expenses recognized using the effective interest rate.

A financial liability is derecognized when it is settled, canceled or expired. When an existing financial liability is replaced by another from the same creditor on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability.

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|  **PicPay Holdings Netherlands B.V.<br>Notes to the Consolidated financial statements as of December 31, 2024 and 2023.<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo1.jpg) |

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**3. Material accounting policies** (cont.)

3.5 Expected credit losses

Loss allowance for expected credit losses ("ECLs") is calculated for all financial assets not held at fair value through profit or loss and is presented in the consolidated statements of financial position as a deduction from the gross carrying amount and the counterparty is recognized as an expense.

The table presented in Note 8.3 discloses the carrying amount of financial assets. ECLs on "Financial investments at fair value through profit or loss" are already accounted for when determining those fair values. For "Financial assets measured at fair value through other comprehensive income" the loss allowance shall be recognized in other comprehensive income and shall not reduce the carrying amount of the financial asset in the statement of financial position.

ECLs account for forecast elements such as undrawn limits and macroeconomic conditions that might affect the Group's receivables. The Group classifies the financial assets in stages and calculates provisions accordingly. These stages are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stage 1: no significant increase in credit risk since recognition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stage 2: significant increase in credit risk subsequent to recognition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stage 3: credit impaired.

Based on these concepts, the Group's approach is to calculate ECL utilizing the probability of default ("PD"), exposure at default ("EAD") and loss given default ("LGD") methodology.

*Definition of stages*

#### Stage 1 definition — no significant increase in credit risk since recognition
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The financial asset is up to 30 days in arrears.

#### Stage 2 definition — significant increase in credit risk subsequent to recognition
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Absolute Criteria: The financial asset is more than 30 (thirty) days overdue but less than 90 (ninety) days overdue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Relative Criteria: In addition to the absolute criteria, PicPay conducts a monthly analysis of the risk evolution of each financial instrument. This analysis compares the current risk assessment of the counterparty with the assessment assigned at the time of recognition of the financial asset. The risk assessment takes into account credit behavior variables, (i.e Public Information, Public Benchmarks, bankruptcy hypothesis, Judicial lawsuit hypothesis, breaking deals clauses, counterparties' liquidity capacity reduction), that are widely correlated with the probability of default (PD) of the financial instrument. PD is calculated based on the probability of default over the remaining life of the contract. This approach uses a conditional probability model that reflects the default risk based on the remaining duration of the contract.

#### Stage 3 definition — credit impaired
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The financial asset is overdue for more than 90 days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) There are indications that the financial asset will not be fully paid without a collateral or financial guarantee being triggered. (iii) The probability of default (PD) is considered 100%, as the customer has already defaulted.

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|  **PicPay Holdings Netherlands B.V.<br>Notes to the Consolidated financial statements as of December 31, 2024 and 2023.<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo.jpg) |

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**3. Material accounting policies** (cont.)

A financial asset can change stages based on its credit risk. Financial assets classified in stages 2 or 3 can return to stage 1, except if they have recovery issues. If the payment reaches 20% of the total balance and the delay is regularized, the financial asset can migrate to stage 2. If the payment reaches 40% of the total and the delay is regularized, it can return to stage 1, unless it was originated or purchased with credit recovery problems.

*Definition of Default*

When defining default for the purposes of determining the risk of default occurrence, the Company applies a definition of default consistent with the definition used for internal credit risk management for the relevant financial instrument and consider qualitative indicators (e.g., financial agreements), when appropriate. However, there is a rebuttable presumption that default does not occur after the financial asset has been overdue for 90 days, unless the Company has reasonable and sustainable information to demonstrate that the IFRS 9 default criterion for delays exceeding this period is more appropriate. The definition of default used for these purposes are applied consistently to all financial instruments, unless information is available that demonstrates that another definition of default is more suitable for a specific financial instrument. The mark-to-market of "definition of default", is carried out according to the concept of 90 days of arrears observed in a 12-month performance window (PD90@12), using the "ever" approach. Meaning that if the customer has been marked up in any of the 12 months, even if they have regularized the delay, they are considered in default. Additionally, for the purposes of local regulatory compliance, the Regulatory Authority of the Brazilian National Monetary System considers this measure for defining default as the basic benchmark parameter. Therefore, the PicPay Group considers the application of this parameter to be reasonable.

*Measuring ECL*

The Group manages and calculates ECL according to the characteristics of the financial assets. For Consumer loans, ECL is calculated using the following parameters:

**PD:** The probability of default (PD) represents the likelihood that a financial asset will default within a specified timeframe. Under IFRS 9, the methodology for calculating PD varies according to the credit risk stage of the financial asset. For Stage 1, PD is estimated using the "PD90@12" concept, which assesses the probability of a delay exceeding 90 days within a 12-month period. This calculation employs the "ever" approach, meaning that if a customer defaults at any point during the analyzed period, they are classified as being in default for modeling purposes, even if the default is subsequently rectified. PD is derived from historical data through statistical models. In Stage 2, PD is calculated based on the probability of default over the remaining life of the contract. This approach utilizes a conditional probability model that reflects default risk according to the remaining duration of the contract. Both "PD90@12" (Stage 1) and "PD Lifetime" (Stage 2) are adjusted using a forward-looking model, which incorporates macroeconomic variables to align PD estimates with future expectations. For Stage 3, PD is considered to be 100%, as the customer has already defaulted. This comprehensive approach enables financial institutions to make more accurate provisions for expected credit losses (ECL), ensuring better compliance with IFRS 9 requirements and providing a more realistic reflection of credit risk across various economic scenarios.

**LGD:** The LGD represents the expected loss percentage in the event of default, taking into account recovery efforts and the specific characteristics of financial assets, as established by IFRS 9.

**EAD:** is the total amount to which the Group is exposed at the time of default. It is constructed by the outstanding balance already taken and, for the revolving portfolio, also a factor on the available limit (already contracted). The Available Limit is weighted by the Credit Conversion Factor ("CCF"), which is a percentage of the available contracted limit, based on historical data, not used at the date and which later became a credit value, based on the observation of each customer's behavior according to the rate of use of credit card limits and total credits contracted versus the total limit of available credits.

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|  **PicPay Holdings Netherlands B.V.<br>Notes to the Consolidated financial statements as of December 31, 2024 and 2023.<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo1.jpg) |

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**3. Material accounting policies** (cont.)

The Group writes-off the gross carrying amount of financial assets when it has no reasonable expectation of recovering it in its entirety or a portion thereof. The write-off of assets for losses must be carried out when the asset reaches 360 calendar days of arrears in the payment of principal, interest and charges. Therefore, a write-off is made when all internal procedures of collecting the debt have been exhausted and the outstanding amounts are subject to enforcement activity.

*Changes in estimates and assumptions in the financial statements.*

As of December 31, 2024, a significant increase in the Group's ECL was observed due to changes in accounting estimates related to measurement techniques used for determining expected losses associated with credit risk. Accounting estimates are monetary amounts in financial statements that are subject to measurement uncertainty and involve the use of judgments or assumptions based on the latest available and reliable information. Therefore, they are reviewed whenever necessary to ensure the faithful, accurate, and timely presentation of information. In this regard, IAS 8 establishes that adjustments for expected credit losses qualify as estimates and that their measurement is determined in accordance with IFRS 9.

Consequently, the changes in estimates for the period were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) EAD — With the maturation of the credit portfolio, the Group obtained new information on the profile of default operations and, as a consequence, estimated a reduction in the average time for operations to enter default. The estimated payment shortfalls continue to be discounted to present value using the effective interest rate of the operation (TJEO), now utilizing the revised average term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) PD — During the year 2024, with the maturation of the credit operations portfolio and the increased data collection from customers through the PicPay app, the group obtained new information and, despite the previous model having great statistical significance, was able to estimate the probability of default in its portfolios with greater precision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) LGD — Considering the limitation of specific historical data on credit recovery for operations at default from PicPay, the Management relies on market information for constructing this element of the estimate. In 2023, a general average of market information was used, and in 2024, a new metric considering only institutions with similar credit granting profiles was utilized, now segregated between personal loans and credit cards. Recognized loss allowance for ECLs is presented in Note 8.3.

Therefore, changes in measurement techniques resulted in an increase in the provisioning level of R$146,806, composed by: R$88,822 (Credit Card) and R$57,984 (Personal Loans). These amounts are included in the movements presented in NE 8.3.1 Changes in credit loss allowance, in the balances of Credit Card and Loans to customers.

3.6 Property, plant and equipment

Measured at historical cost, less accumulated depreciation and impairment losses. Depreciation is calculated on a straight-line method and considers the estimated useful life of the assets. The estimated useful life, residual values and depreciation methods are reviewed annually and the effect of any changes in estimates is accounted for prospectively.

The useful lives of fixed assets are estimated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Machinery and equipment — 10 years

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Right of use — leases — 5 to 10 years

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Computers and equipment — 5 years

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Furniture and fixtures — 10 years

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|  **PicPay Holdings Netherlands B.V.<br>Notes to the Consolidated financial statements as of December 31, 2024 and 2023.<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo.jpg) |

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**3. Material accounting policies** (cont.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Improvements — 5 to 12 years

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Facilities — 10 years

Items of property, plant and equipment are written off after disposal or when there are no future economic benefits arising from the continuing use of the asset. Any gains or losses from the sale or write-off of the assets are determined by the difference between the amounts received in sale and the carrying amount and are recognized in profit or loss.

3.7 Intangible assets

Intangible assets refer to software licenses and software developed internally or externally, have a defined useful life and are recorded at cost, less amortization and accumulated impairment losses. Amortization is recognized by the straight-line method, based on the estimated useful life of the assets. The estimated useful life and the amortization method are revised yearly, and the effects of any changes in estimates are recorded prospectively. The amortization period for all intangible assets is 5 to 10 years, being amortized between 10% and 20% per year.

Development expenditures are capitalized only if they can be reliably measured, if future economic benefits are likely, and if the Group has sufficient intent and resources to complete development and use or sell the asset. Other development expenses are recognized in profit or loss as incurred. After initial recognition, capitalized development expenses are measured at cost, less accumulated amortization and any losses due to impairment.

3.8 Impairment of non-financial assets

The Group assesses at each reporting date, whether there are any indications that an asset may be impaired. If any such indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset's recoverable amount. An asset's recoverable amount is the higher of an asset's or Cash Generating Unit's (CGU's) fair value less costs of disposal and its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.

In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are considered. If no such transactions can be identified, an appropriate valuation model is used.

The Group bases its impairment calculation on most recent budgets and forecast calculations. A long-term growth rate is calculated and applied to project future cash flows. The Group performed its annual impairment test for CGUs that contain Goodwill. Refer to Note 12 for more details.

3.9 Business combination and goodwill

Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, including assets transferred and liabilities assumed, measured at fair value.

Any contingent consideration to be transferred by the Group is recognized at fair value on the acquisition date. Subsequent changes in the fair value of the contingent consideration treated as an asset or liability are recognized in profit or loss.

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|  **PicPay Holdings Netherlands B.V.<br>Notes to the Consolidated financial statements as of December 31, 2024 and 2023.<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo1.jpg) |

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**3. Material accounting policies** (cont.)

Goodwill is measured as the excess of the consideration transferred over the fair value of identifiable assets acquired and liabilities assumed. If the consideration transferred is smaller than the fair value of identifiable assets acquired and liabilities assumed, the difference is recognized as a gain on bargain purchase in profit or loss. After initial recognition, goodwill is measured at cost less any accumulated impairment losses.

Goodwill acquired in a business combination is tested for impairment annually or when there are any indication that goodwill may be impaired.

*Business Combination under common control*

A business combination involving entities under common control is one in which all entities of the combination are controlled by the same ultimate partners, both before and after the combination, and that control is not transitory. In this situation, the pre-combination carrying amounts of the assets and liabilities are merged into the Group at their carrying amounts, without any fair value measurement adjustments. The Group does not recognize goodwill arising from these common control transactions.

*Post-combination service payment*

The amount remaining from the agreement with J&F International for post-combination services payments to shareholders of acquired entities, which remain as employees of the Group, are recognized as personnel expenses on a straight-line method and considers vested period established in contract.

3.10 Leases

For lease agreements with a term of more than one year, the Group recognizes: (i) a lease liability that corresponds to the sum of the consideration of the agreement at present value and (ii) a right-of-use asset. The values of the lease liability and the right-of-use asset are remeasured when changes and/or adjustments in the agreements occur, and the right-of-use asset is evaluated, at least annually (and/or when there is evidence) for impairment.

*Lease agreements are recognized as follows:*

*Right of use assets*

The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred if applicable, and lease payments made at or before the commencement date less any lease incentives received.

*Lease liabilities*

Initially measured at the present value of lease payments that were not paid on the start date, discounted using the Group's incremental financing rate.

*Lease term*

The Group recognizes the lease agreements in accordance with the respective contractual terms, including optional renewals when this renewal is reasonably certain.

*Incremental loans interest*

To calculate the present value of the payments, the Group determines the interest rate that would be paid to finance the acquisition of the leased assets, based on the rates practiced in the most recent fundraising at the time of recognition of the lease.

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|  **PicPay Holdings Netherlands B.V.<br>Notes to the Consolidated financial statements as of December 31, 2024 and 2023.<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo.jpg) |

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**3. Material accounting policies** (cont.)

*Interest expense*

Interest expenses are recognized as a financial expense and allocated to each period during the term of the agreement.

*Depreciation of right-of-use assets*

The useful life of the right-of-use assets is defined as the total term of the agreement, considering, if applicable, any reasonably certain renewals, with its depreciation being recognized in a straight line over the period of its useful life.

3.11 Third party funds

They refer to the balance of the users' pre-paid accounts and CDB that can be redeemed at any time by the user. These amounts are measured at their redeemable amount and consider the interest payable up to the reporting date, recognized on a *pro rata die* basis.

**3.12 Trade Payables**

The PicPay guarantees timely payments to suppliers, typically within 30 to 90 days, by implementing approval processes, effective cash flow planning, and adherence to regulatory requirements. This policy encompasses to service providers, operational suppliers, related parties and other suppliers, thereby promoting transparency and ensuring financial sustainability.

*Amounts Payable to Acquirers for Credit/Debit Transactions*

This section outlines the amounts owed to acquirers resulting from credit and debit card transactions. Transfers to the card network are processed according to the transaction's installment structure. For Brazilian transactions without installments, settlements are usually completed within 27 days. Foreign transactions are settled within one business day. For installment sales, settlements occur monthly, typically spanning up to 12 months.

**3.13** Provisions

Provisions are recognized for present obligations (legal or constructive) resulting from past events, for which it is possible to estimate the amounts reliably and for which settlement is probable. The amount recognized as a provision is the best estimate of the amount required to settle the obligation at the end of each year, considering the risks and uncertainties related to the obligation.

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, an asset is recognized when, and only when, the reimbursement is virtually certain and the amount can be measured reliably.

Expenses for the recognition of, or increase in, provisions are recognized in the statement of profit or loss, net of any reimbursement, when applicable.

3.14 Provision for legal and administrative claims

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contingent assets — They are not recognized in the financial statements, except when their realization is virtually certain;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contingent liabilities — They are only disclosed in the financial statements because they are possible obligations, since there are still uncertainties as to whether the Group has an obligation that could lead to an outflow of resources that incorporate economic benefits;

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|  **PicPay Holdings Netherlands B.V.<br>Notes to the Consolidated financial statements as of December 31, 2024 and 2023.<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo1.jpg) |

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**3. Material accounting policies** (cont.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provisions — They are recognized as a liability in the financial statements because they are present obligations and it is probable that an outflow of benefits will be necessary to settle the obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Legal obligations (tax and social security) — Liabilities arising from agreements, legislation or other legal action in which the entity has no option but to settle the obligation are recognized as a liability in the financial statements.

3.15 Income taxes

Income taxes in Brazil consist of Corporate Income Tax (IRPJ) and Social Security Contribution (CSLL). Current income tax is calculated based on the taxable income and a 15%, plus an additional 10% rate on taxable income exceeding R$240/year for Corporate Income Tax, and 9% to 20% on taxable income for Social Security Contribution. Tax losses are carried forward indefinitely and can be used to offset current tax amounts, limited to 30% of taxable income for the year.

On April 28, 2022 a new law was approved (MP nº 1115) that increased Social Security Contribution by 1% from August 1, 2022 to December 31, 2022, which was applicable to PicPay Bank. During this period the total rate of CSLL was 21%.

Income tax expense comprises current and deferred Corporate Income Tax and Social Security Contributions and are recognized in the statement of profit or loss, unless they are related to a business combination or items directly recognized in equity or in other comprehensive income.

Current tax expense is the amount of Corporate Income Tax and Social Security Contribution payable or recoverable related to the taxable income for the period. Cayman Islands local laws do not impose corporate income tax or tax capital gains and therefore there is no income tax impact from this jurisdiction on the Group.

Deferred taxes are amounts of tax assets to be recovered and tax liabilities to be paid in future periods. Deferred tax liabilities comprise taxable temporary differences and deferred tax assets result from income tax loss carryforwards and temporary differences. Deferred tax assets are recognized only when it is probable that there will be taxable profit against which it can be realized, based on technical studies prepared by the Group.

Brazil adopted the rules of Pillar Two, specifically the Qualified Domestic Minimum Top-up Tax (QDMTT), through the enactment of Law No. 15,079/2024 in December 2024, which came into effect on January 1, 2025. It was determined that a minimum corporate income tax rate of 15% must be paid in each jurisdiction where multinational groups operate. The Group's operations are primarily conducted in entities subject to income tax and social contribution of Brazil. All the Group's material entities in Brazil are subject to corporate income tax at 25%. Social contribution is generally levied at 20% for financial entities and 9% for non-financial entities, which exceeds the QDMTT standards, and therefore, Management does not expected impacts related to Pillar Two.

3.16 Revenue recognition

The Group provides a number of financial and payment products and services to its customers, which include individuals and businesses. In some of the transactions with its customers the Group acts as the principal responsible for providing the service and in other transactions the Group acts as an agent for a third party.

Revenue is recognized net of sales taxes including Taxes on Services (Imposto Sobre Serviço — ISS), Contribution to the Brazilian government's Social Integration Program (Programa Integração Social — PIS) and Contribution to the Brazilian government Social Security Program (Contribuição para o Financiamento da Seguridade Social — COFINS).

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|  **PicPay Holdings Netherlands B.V.<br>Notes to the Consolidated financial statements as of December 31, 2024 and 2023.<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo.jpg) |

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**3. Material accounting policies** (cont.)

The main revenue generating products and services are:

*1) Revenue from transaction activities and other services:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consumer Banking: PicPay generates revenues from transaction fees and commissions through various financial services offered via its platform. These revenues include transaction fees arising when a customer uses a credit card registered in the app to transfer funds or make payments into their digital wallet for use in multiple transactions. PicPay also earns commissions from bill issuers when a bill is paid using the account balance. Transaction fees are recognized once the credit card transaction is approved by the card network and issuing bank, while bill payment commissions are recognized upon settlement of the bill. Additional revenues are generated mainly from premium account subscriptions, cash withdrawals, international remittances, and foreign exchange services.

In addition, PicPay's Consumer Banking revenues comprise income from the distribution of third-party financial products and interchange fees from credit and debit cards issued to PicPay customers. Regarding third-party financial products, PicPay receives commissions for facilitating loan distribution within the app and is not required to return these commissions in the event of borrower default, as the performance obligation is limited to connecting customers and third parties. For credit and debit card usage, PicPay recognizes interchange fees once the performance obligation to approve the transaction and process the payment is fulfilled, which occurs almost immediately after card use. Such interchange fees, calculated as a percentage of the transaction amount, are retained from the payments made by PicPay to the acquirer to settle the transaction.

Also, the Group recognizes a brokerage fee received from the distribution of investment products within our PicPay Invest platform, and commissions related to the distribution of insurance products from our partners in our financial marketplace.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Small and Medium-Sized Businesses: Includes revenue related to MDR (merchant discount rate) charges for registered merchants accepting PicPay as payment network. PicPay's performance obligation is to facilitate the transactions by capturing, processing and settling the transactions to merchants. PicPay receives a variable fee based on the number of installments, merchant size and segmentation which it deducts from the amounts paid to the merchant. Regarding corporate benefits, PicPay receives interchange fees from transactions conducted by its consumers with their corporate benefits cards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Audiences and Ecosystem Integration: Mainly refers to other commissions related to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) PicPay Shop: Marketplace of non-financial services in app where third-party sellers can sell products and services to PicPay through an affiliated model. PicPay captures a take rate (%) of the total purchase volume (GMV) from the third-party sellers which varies according to the agreement with the seller. PicPay acts as an agent in such contacts, offering the good or services of the third-party sellers. PicPay's performance obligation is fulfilled when the customer uses PicPay's app for these transactions and the take-rate is recognized as revenue on that date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) PicPay Ads: ads solutions for merchants through in-app display solutions and CRM channels. The Group receives impression fees paid by merchants affiliated in its network.

*2) Financial Income*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consumer Banking: Revenues from installment payments corresponding to the remuneration the Group earns on credit card payments made in installments by consumers in the digital wallet. Also considers revenues from interest income generated through financial investments (corresponding primarily to the income the Group earns on funds invested in Government bonds and other short-term investments). In addition Consumer Banking include revenues generated from interest income that the Group earns on consumer loans originated on balance. Through January 26, 2024, credit cards requested in PicPay's app

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|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the Consolidated financial statements as of December 31, 2024 and 2023.<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo1.jpg) |

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**3. Material accounting policies** (cont.)

and provided under PicPay's banking correspondent agreement with Banco Original (the issuing bank) granted PicPay a percentage of the interest income received by Banco Original which was recognized as financial income. Following the acquisition of the credit card portfolio described in note 14, PicPay recognizes interest income on its credit card portfolio using the effective interest rate method.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Small and Medium-Sized Businesses: Revenues generated from fees charged by the Group over prepayment of receivables from credit card transactions accepted by registered merchants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Audiences and Ecosystem Integration: Interest income from other financial investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Institutional: Interest income from financial applications executed at the corporate level.

*Incentives*

The Group provides incentives with a variety of characteristics, including cashback, to users to promote its platform. The following criteria are assess to determine if the incentives are considered to be a component of revenue or are separately presented as marketing expenses: (i) whether the payments are to the customer in exchange for a distinct good or service; (ii) the existence of a performance obligation of the Group to the end user; (iii) whether there is an expectation of specific future contracts as a result of the incentive and (iv) whether the incentives are in substance a payment on behalf of the merchants or other parties involved in the arrangement. If an incentive exceeds the amount of revenue generated by the transaction to which it relates, the excess is recognized as a marketing expense.

3.17 Transaction with related parties

Related party transactions are defined and controlled in accordance with the Group's related party transaction policy, which establishes certain guidelines that are applicable to transactions between the Company and its subsidiaries and related parties, with the purpose to ensure that all transactions are in accordance with applicable laws and regulations and seek the Group's best interests, ensuring transparency and competitiveness, as well as best corporate governance practices. Furthermore, the Group's related party transaction policy prohibits transactions with related parties that: (i) are not consistent with market practice and adversely affect the Group's interests, or (ii) involve a disproportionate compensation.

Intra-group transactions and unrealized income and expenses, and any unrealized income and expenses arising from intercompany transactions, are eliminated in the consolidated financial statements. The Group's transactions with related parties are described in note 21.

3.18 Long-term incentive plan (Share-based payment)

PicPay employees from junior to executive titles are in a Long-Term Incentive Plan ("LTIP") which was established by PicS Ltd starting on July 1, 2021 and adopted by the Company and its subsidiaries ("PicPay"). The LTIP was designed to contribute to the Company's success to retain talent and incentivize employees to align to PicS interests. LTIP beneficiaries are selected by the CEO of PicPay and submitted to the Board of Directors.

This incentive is conditional on the fulfillment of the vesting period. It is necessary that each participant is actively employed by PicPay, that is, in full exercise of his/her activities in the company on the date on which each vesting period. LTIP beneficiaries were granted rights to receive PicPay's shares if all the conditions of the plan were met. The regulation requires 2 conditions to be met: (i) each participant will have to work at PicPay over a period of a determined time; and (ii) there is a need for an IPO (Public offering of shares) to occur or private placement of the company's shares to third parties.

The determined vesting period of 5 years is divided into five annual tranches. Each vesting period represents 20% of the incentive, the first being after a full year from July 1, 2021. PicPay had the ability to elect beneficiaries after July 19, 2021, applying the same vesting period. For beneficiaries hired after July 1, 2021, the vesting period

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|  **PicPay Holdings Netherlands B.V.<br>Notes to the Consolidated financial statements as of December 31, 2024 and 2023.<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo.jpg) |

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**3. Material accounting policies** (cont.)

began on fixed dates, depending on the quarter of hire. After completing the vesting period, the participant will receive the incentive only after a liquidity event, such as an IPO, within 30 days. If the Liquidity Event occurs after the vesting period has been completed, the beneficiary is fully entitled to the shares.

According to IFRS 2, PicPay must estimate the fair value of the equity instruments granted when the employee enters the LTIP agreement. Additionally, PicPay must also estimate the number of shares expected to vest and account for an expense throughout the vesting period of 5 years accounting for each installment over the specified vesting period as a separate share-based payment. Also, IFRS 2 requires both: (a) service period condition and (b) the non-market performance condition to be satisfied or likely to be satisfied before the recognition of the LTIP. Therefore, no shares were expected to vest and PicPay did not recognize any expense. Quarterly, PicPay will reassess its estimates and account for the expense on a cumulative basis. Such differences in cumulative costs recognized in different periods must be recognized in the period that the change in estimate occur. The evaluation of the likelihood of carrying out the IPO is periodically performed by the Company. The assessment takes into account several factors and scenarios, such as the global economy, investor appetite, global interest rate and others that are essential for a market launch. This assessment is based on criteria developed and monitored by the Company and if the IPO eventually becomes likely, PicPay will consider the effects in accordance with IFRS 2.

Any significant legal change in the regulation of joint-stock companies, public companies, labor relations and/or the tax effects of a share delivery plan may lead to a complete review of the program. The right to receive the incentive provided for in this regulation and individual terms will terminate automatically and without any right to compensation, ceasing all legal effects, if PicPay is dissolved, liquidated, or declared bankrupt.

After completion of an IPO or a private placement of the Company's shares to third parties, if a beneficiary is dismissed by us, resigns, retires or dies, the portion of his or her rights under the LTIP that has vested at that date will be delivered, but the non-vested portion will be cancelled. If a beneficiary is terminated for cause, all of his or her rights under the LTIP will be cancelled.

3.19 Derivative Financial instruments

Derivatives are contracts or agreements whose value is derived from one or more underlying indices or assets referenced in the contract or agreement, which require little or no initial net investment and are settled at a future date. The Group uses the following derivatives only for economic hedging purposes and not as speculative investments:

Futures — Futures contracts are standardized legal agreements to buy or sell a specific commodity or financial instrument at a predetermined price at a specified time in the future. The Group operates with interest rate futures contracts based on the Interbank Deposit rate in Brazil (DI1).

Swaps — Swap contracts are commitments to settle in cash on a future date or dates the difference between two specified financial indices applied to a notional amount. Within these contracts, the Group has its active position in fixed interest rates and its passive position in the CDI index.

Derivatives are measured at fair value through profit or loss and accounted for as financial assets when the fair value is positive, and as financial liabilities when the fair value is negative. These instruments are classified at level 2 of fair value.

3.20 Hedge accounting

The Group applies hedge accounting to execute the economic effects of the strategies chosen for risk management. The moment a financial instrument is categorized as a hedge, the Group formally draws up the relationship between the hedging instrument(s) and the item(s) being hedged and explicitly establishes its risk management objective and the strategy for carrying out the hedge.

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|  **PicPay Holdings Netherlands B.V.<br>Notes to the Consolidated financial statements as of December 31, 2024 and 2023.<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo1.jpg) |

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**3. Material accounting policies** (cont.)

The documentation includes the identification of each hedging instrument and its respective objective, the nature of the risk to be hedged and how the effectiveness of the hedging instrument in offsetting the effects of variations in the value of the target item can be assessed. To this end, the Group assesses both at the inception of the hedge and on an ongoing basis whether the hedging financial instruments maintain and will maintain high effectiveness in offsetting changes in fair value attributable to the hedged risk. The Group elected, as a policy choice permitted under IFRS 9, to continue to apply hedge accounting in accordance with IAS 39.

A hedge is considered highly effective if, from the outset and throughout its existence, the values of the hedged items are expected to be effectively offset by the change in the values of the hedging instruments themselves. If it is no longer feasible to achieve this objective, hedge accounting is discontinued.

When derivatives are held for risk management purposes and the transactions meet the necessary criteria for hedge effectiveness, they can be designated in three categories: (i) hedges of variation in the fair value of assets and liabilities; (ii) hedges of variability in the future cash flows of an asset or liability; and (iii) hedges of net investment in foreign operations. The Group will measure the effectiveness of the hedging relationship by the fair value of the hedged market risk and the hedging instrument (effectiveness test).

The Group applies fair value hedge accounting to protect the pre-fixed rate on certain loans, financial assets and financial liabilities from changes in the CDI rate. The Hedging instrument are DI1 (DI is the average of the interbank lending cost for CDIs "Certificates of Interbank Deposit") future contracts measured at FVTPL, and the hedged item risk is the fixed component that is measured at fair value for the identified risk. The fair value change of the hedged item is recognized in financial income or financial expense to offset the mark-to-market of the DI1 future contract.

As of December 31, 2024 the Group did not have designated cash flow hedge or net investment hedge strategies.

**4. Critical accounting judgments and key estimates and assumptions**

In applying the Group's accounting policies, management must exercise judgment and make estimates which impact the carrying amounts of certain assets and liabilities. Estimates and related assumptions are based on historical experience and other factors considered relevant. Actual results may differ from these estimates.

The underlying estimates and assumptions are reviewed at least annually. The effects resulting from the revisions made to the accounting estimates are recognized in the period in which they are revised.

The following are the principal judgments and estimates made by Management during the process of applying the Group accounting policies which significantly affect the amounts recognized in the financial statements.

**4.1 Fair value of transactions with related parties**

The Group holds transactions with Banco Original, which is a related party. Judgment was required to estimate the terms of these transactions as if the same transactions had been made with third parties.

**4.2 Consolidation of FIDC**

In accordance with item 6 of IFRS 10, an investor controls an investee when it is exposed to, or has rights over, variable returns resulting from its involvement with the investee, and has the ability to influence those returns through its power. As detailed in Note 2.2, 'Basis of Consolidation', control is evidenced by the Group's ability to control voting rights, which grants it significant influence over the administrative activities of the Receivables Investment Fund (FIDC). Additionally, the Group is the holder of all subordinated quotas, which implies that it retains all the risks associated with the operation of the FIDC. The described operation involves the assignment of receivables to the FIDC, which is considered a related party. As a result, the assets and liabilities of the PicPay Group and the FIDC

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|  **PicPay Holdings Netherlands B.V.<br>Notes to the Consolidated financial statements as of December 31, 2024 and 2023.<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo.jpg) |

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**4. Critical accounting judgments and key estimates and assumptions** (cont.)

are eliminated in the consolidated financial statements. This results in a co-obligation of the Group in relation to the quotas, as the Group is a subordinated quota holder. This subordinated position implies that the Group records both a liability and an expense corresponding to that liability.

The subordinated position not only confirms the Group's financial responsibility but also indicates that it retains control over the receivables transferred to the FIDC. As a result, the Group continues to include the FIDC in its consolidated financial statements, reflecting the nature of control and its exposure to the risks and returns associated with this operation.

**4.3 Goodwill impairment analysis**

For the purposes of impairment testing, the investments activities were the cash-generating units ("CGU's") in which goodwill was allocated. Impairment tests were performed and the recoverable amounts for the CGUs have been calculated as described in Note 12. The values assigned to the key assumptions represent management's assessment in the relevant sector and have been based on data from both external and internal sources. Therefore, the discount rate, cashflow projections, long-term growth rate and other key assumptions may change as economic, and market conditions change. The carrying amount and main assumptions used in determining the recoverable amounts are described in Note 12.

**4.4 Expected Credit Losses — ECL**

The Group recognizes expected credit losses (ECL) for credit card receivables and loans to customers. The ECL represents Management's best estimate of the provision at each reporting date

The Group analyzes the amounts of credit card receivables and loans to customers to determine whether credit losses have occurred and to assess the adequacy of the provision based on trends in the movement of these items, as well as other factors affecting credit losses as described in note 3.5.

**5. Adoption of new and revised accounting pronouncement's**

**5.1 New standards and amendments effective for annual periods beginning on January 1, 2024**

The following amended standards and interpretations were adopted as of January 1, 2024:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Classification of Liabilities as Current or Non-Current (Amendments to IAS 1)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lease Liability in a Sale and Leaseback (Amendments to IFRS 16)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-current Liabilities with Covenants (Amendments to IAS 1)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7)

The above-mentioned standards do not have any impact on these consolidated financial statements.

**5.2 Other new standards and amendments issued but not yet effective**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lack of exchangeability (Amendments to IAS 21)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amendments from 'Annual Improvements to IFRS Accounting Standards — Volume 11':

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hedge accounting by a first-time adopter (Amendment to IFRS 1)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gain or loss on derecognition (Amendment to IFRS 7)

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|  **PicPay Holdings Netherlands B.V.<br>Notes to the Consolidated financial statements as of December 31, 2024 and 2023.<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo1.jpg) |

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**5. Adoption of new and revised accounting pronouncement's** (cont.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disclosure of deferred difference between fair value and transaction price (Amendment to IFRS 7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Introduction and credit risk disclosures (Amendment to IFRS 7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Derecognition of lease liabilities (Amendment to IFRS 9)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transaction price (Amendment to IFRS 9)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Determination of a 'de facto agent' (Amendment to IFRS 10)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cost method (Amendment to IAS 7)

Management does not expect the adoption of the amendments described above to have a significant impact, other than additional disclosures on the Group's consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Presentation and Disclosure in Financial Statements (IFRS 18): The new standard replaces IAS 1 — Presentation of Financial Statements and determines a new structure for the income statement by categorizing it into predefined sections: operating, investing, financing, discontinued operations, and income tax. This standard will take effect on January 1, 2027. The Group expects impacts on disclosures, presentation and classification on financial statements.

**6. Cash and cash equivalents**

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| | | |
|:---|:---|:---|
|  | **December 31, <br>2024** | **December 31,<br> 2023** |
|  Bank balances | 1313577 | 605522 |
|  Voluntary deposits at Central Bank<sup>(1)</sup> | 1347072 | 952710 |
|  Short-term investments<sup>(2)</sup> | 1025 | 2963412 |
|  Reverse repurchase agreements<sup>(3)</sup> | 4809999 | 2857405 |
|  **Cash and cash equivalents** | **7471673** | **7379049** |

---

____________

(1) Voluntary deposits at central bank are deposits made mainly by the subsidiary PicPay Bank at the Brazilian Central Bank and are considered as cash and cash equivalents.

(2) Short-term investments average rate of remuneration is 100% of the CDI rate, meaning Brazilian interbank deposit rate. These amounts mature in 1 month, becoming redeemable.

(3) Investments with historically high liquidity and consist mainly of investments collateralized by Brazilian Treasury Bonds ("LFTs") with an average return of 100% of the basic interest rate (Special System for Settlement and Custody — SELIC, which is a reference rate for the cost of credit in Brazil, settled by the Central Bank). Those balances mature in 1 business day.

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|  **PicPay Holdings Netherlands B.V.<br>Notes to the Consolidated financial statements as of December 31, 2024 and 2023.<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo.jpg) |

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7. Financial investments and derivatives

**a) Financial investments — securities**

#### As of December 31, 2024

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Up to <br>30 days** | **From <br>61 to 90<br>days** | **From <br>181 to 365 <br>days** | **Over 365 <br>days** | **Cost <br>value** | **Adjustment to <br>fair value** | **Fair <br>value** |
|  **Financial assets at fair value through other comprehensive income** | **919104** | **22149** | **527092** | **1678450** | **3146795** | **(47718)** | **3099077** |
|  Government Bonds – LFT<sup>(1)</sup><sup>/</sup><sup>(3)</sup> | 919104 | 22149 | 527092 | 828645 | 2296990 | 1719 | **2298709** |
|  Government Bonds – LTN<sup>(2)</sup> |  |  |  | 849805 | 849805 | (49437) | **800368** |
|  **Financial assets at fair value through profit or loss** | **—** | **39552** | **—** | **6312** | **45864** | **—** | **45864** |
|  Government Bonds – LFT<sup>(1)</sup> |  | 39552 |  |  | 39552 |  | **39552** |
|  Other investments |  |  |  | 6312 | 6312 |  | **6312** |
|  **Total** | **919104** | **61701** | **527092** | **1684762** | **3192659** | **(47718)** | **3144941** |

---

#### As of December 31, 2023

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Up to <br>30 days** | **From <br>61 to 90 <br>days** | **From <br>181 to 365 <br>days** | **Over 365 <br>days** | **Cost <br>value** | **Adjustment to <br>fair value** | **Fair <br>value** |
|  **Financial assets at fair value through other comprehensive income** | **—** | **421169** | **732958** | **1420759** | **2574886** | **(23)** | **2574863** |
|  Government Bonds – LFT<sup>(1)</sup> |  | 420584 | 721243 | 814316 | 1956143 | 57 | **1956200** |
|  Government Bonds – LTN<sup>(2)</sup> |  | 585 | 11715 | 606444 | 618744 | (80) | **618664** |
|  **Financial assets at fair value through profit or loss** | **—** | **—** | **26054** | **150660** | **176715** | **2** | **176717** |
|  Government Bonds – LFT<sup>(1)</sup> |  |  | 26054 | 142404 | 168458 | 2 | **168460** |
|  Other investments |  |  |  | 8256 | 8256 |  | **8256** |
|  **Total** | **—** | **421169** | **759012** | **1571420** | **2751601** | **(21)** | **2751580** |

---

____________

(1) Treasury Selic (LFT): Variable interest rate bonds whose return follows the variation of the SELIC. Group makes the investment and receives the face value (amount invested plus interest) on the maturity date of the bond.

(2) Fixed Treasury (LTN): Government bonds with a fixed interest rate at the time of purchase. The Group makes the investment and receives the face value (amount invested plus interest), on the maturity date of the bond.

(3) We have allocated the guarantees for credit card transactions in LFT; more details in note 14.1.2.

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|  **PicPay Holdings Netherlands B.V.<br>Notes to the Consolidated financial statements as of December 31, 2024 and 2023.<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo1.jpg) |

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7. Financial investments and derivatives (cont.)

**b)** Derivative Financial instruments

#### Fair Value and Notional values by risk factor and maturity as of December 31, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair <br>Value** | **Notional <br>value** | **Up to 30<br>days** | **From 31 to 365<br>days** | **Over 365<br>days** |
|  **Derivative hedging instrument of portfolio hedge accounting** |  |  |  |  |  |
|  Derivatives financial instruments | 54187 | 1982636 |  | 7118 | 47069 |
|  DI1 – future contract<sup>(2)(3)</sup> |  | 2950455 |  |  |  |
|  **Derivative at fair value though profit and loss** |  |  |  |  |  |
|  Future contracts – Sale commitments DI1 (future contracts)<sup>(1)(2)</sup> |  | 5195 |  |  |  |
|  **Total** | **54187** | **4938286** | **—** | **7118** | **47069** |

---

#### Notional values by risk factor and maturity as of December 31, 2023

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fair <br>Value** | **Notional <br>value** | **Up to <br>30 days** | **From <br>31 to 60<br>days** | **From <br>61 to 90<br>days** | **From <br>91 to 180<br>days** | **From <br>181 to 365<br>days** |
|  **Derivative at fair value though profit and loss** |  |  |  |  |  |  |  |
|  Future contracts – Sale commitments DI1 (future contracts)<sup>(1)(2)</sup> |  | 1292928 |  |  |  |  |  |
|  **Total** | **—** | **1292928** | **—** | **—** | **—** | **—** | **—** |

---

____________

(1) Sale commitments refer to future contracts that pay fixed and receive floating.

(2) As of December 31, 2024 and December 31, 2023 the fair value and aging of these derivative contracts — DI1 Futures Contracts, are adjusted and settled daily and therefore do not have a fair value on the reporting period.

(3) PicPay started the portfolio fair value hedge of interest rate risk in February 2024. There was no hedge accounting designated during fiscal year 2023.

8. Financial assets measured at amortized cost

8.1 Trade receivables

---

| | | |
|:---|:---|:---|
|  | **December 31, <br>2024** | **December 31, <br>2023** |
|  Financial transactions processed by acquirers<sup>(1)(4)</sup> | 181572 | 138548 |
|  Financial transactions processed by card issuers<sup>(2)(4)</sup> | 3653774 | 2966040 |
|  Other trade receivables<sup>(3)</sup> | 41821 | 325014 |
|  **Total**<sup>(5)</sup> | **3877167** | **3429602** |

---

____________

(1) Amounts receivable from acquirers as a result of processing transactions in the role of sub-acquirer.

(2) Accounts receivable from card issuers, net of interchange fees, as a result of processing transactions with clients in the role of acquirer.

(3) As of December 31, 2024, this amount mainly refers to amounts receivable for financial transactions processed by Banco Original. As of December 31, 2023, this amount mainly refers to amounts receivable for financial transactions processed by Banco Original in the role of acquirer referring to the PicPay Card product. Refer to Note 21 for further details.

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|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the Consolidated financial statements as of December 31, 2024 and 2023.<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo.jpg) |

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8. Financial assets measured at amortized cost (cont.)

(4) Amount net of ECL (expected credit losses) and fraud risk (chargeback) in the amount of R$400 and R$7,356 respectively, as of December 31, 2024 (R$4 and R$4,453 respectively, as of December 31, 2023).

(5) As of December 31, 2024, R$2,323,263 (R$2,305,504, on December 31, 2023) of these receivables are held by the FIDC PicPay I.

The table below presents the trade receivables aging analysis, highlighting the items due and past due as of December 31, 2024. For comparative purposes, the position as of December 31, 2023, is also included.

8.1.1 Breakdown by maturity — Trade receivables

#### As of December 31, 2024

---

| | | |
|:---|:---|:---|
|  | **Receivables <br>falling due in:** | **Total** |
|  Up to 30 days | 2471796 | **2471796** |
|  From 31 to 60 days | 404597 | **404597** |
|  From 61 to 90 days | 277416 | **277416** |
|  From 91 to 180 days | 470393 | **470393** |
|  From 181 to 365 days | 252889 | **252889** |
|  Over 365 days | 76 | **76** |
|  **Total** | **3877167** | **3877167** |

---

#### As of December 31, 2023

---

| | | | |
|:---|:---|:---|:---|
|  | **Receivables <br>falling due in:** | **Receivables <br>overdue in:** | **Total** |
|  Up to 30 days | 2283767 | 892 | **2284659** |
|  From 31 to 60 days | 348370 | 1640 | **350010** |
|  From 61 to 90 days | 236734 | 253 | **236987** |
|  From 91 to 180 days | 384930 | 2091 | **387021** |
|  From 181 to 365 days | 170907 |  | **170907** |
|  Over 365 days | 18 |  | **18** |
|  **Total** | **3424726** | **4876** | **3429602** |

---

8.2 Consumer loans

---

| | | |
|:---|:---|:---|
|  | **December 31, <br>2024** | **December 31, <br>2023** |
|  **Gross amount – consumer loans (a)** | **10571338** | **574745** |
|  Credit loss allowance – on balance (b) | (838696) | (14286) |
| &nbsp;&nbsp;&nbsp; Credit loss allowance – off balance<sup>(1)</sup> | (25524) |  |
|  **Total credit loss allowance** | **(864220)** | **(14286)** |
|  **Total consumer loans – amortized cost (a + b)** | **9732642** | **560459** |
|  **Fair Value Adjustment – Portfolio Hedge (Note 29.2 – C)** | **(154494)** | **—** |
|  **Consumer loans** | **9578148** | **560459** |

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____________

(1) Provision for expected credit loss of pre-approved credit card limits available to customers, presented as other liabilities in the statement of financial position. Limit disclosed in Note 29.1

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| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the Consolidated financial statements as of December 31, 2024 and 2023.<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo1.jpg) |

---

8. Financial assets measured at amortized cost (cont.)

8.2.1 Credit loss allowance breakdown

#### As of December 31, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Gross <br>Exposure** | **%** | **Credit Loss <br>Allowance** | **%** | **Coverage <br>Ratio <br>(%)** |
| &nbsp;&nbsp;&nbsp; Credit card<sup>(1)</sup> | 3526836 | 33.36% | (64296) | 7.44% | 1.82% |
| &nbsp;&nbsp;&nbsp; Loans to customers<sup>(2)</sup> | 5561617 | 52.61% | (43282) | 5.01% | 0.78% |
|  **Total consumer loans stage 1** | **9088453** | **85.97%** | **(107578)** | **12.45%** |  |
| &nbsp;&nbsp;&nbsp; Credit card<sup>(1)</sup> | 394631 | 3.73% | (96270) | 11.14% | 24.39% |
| &nbsp;&nbsp;&nbsp; Loans to customers<sup>(2)</sup> | 539935 | 5.11% | (204055) | 23.61% | 37.79% |
|  **Total consumer loans stage 2** | **934566** | **8.84%** | **(300325)** | **34.75%** |  |
| &nbsp;&nbsp;&nbsp; Credit card<sup>(1)</sup> | 164199 | 1.55% | (147587) | 17.08% | 89.88% |
| &nbsp;&nbsp;&nbsp; Loans to customers<sup>(2)</sup> | 384120 | 3.64% | (308730) | 35.72% | 80.37% |
|  **Total consumer loans stage 3** | **548319** | **5.19%** | **(456317)** | **52.80%** |  |
|  **Total consumer loans** | **10571338** | **100.00%** | **(864220)** | **100.00%** |  |

---

#### As of December 31, 2023

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Gross <br>Exposure** | **%** | **Credit Loss <br>Allowance** | **%** | **Coverage <br>Ratio <br>(%)** |
| &nbsp;&nbsp;&nbsp; Loans to customers<sup>(2)</sup> | 561587 | 97.71% | (11949) | 83.64% | 2.13% |
|  **Total consumer loans stage 1** | **561587** | **97.71%** | **(11949)** | **83.64%** |  |
| &nbsp;&nbsp;&nbsp; Loans to customers<sup>(2)</sup> | 12631 | 2.20% | (2074) | 14.52% | 16.42% |
|  **Total consumer loans stage 2** | **12631** | **2.20%** | **(2074)** | **14.52%** |  |
| &nbsp;&nbsp;&nbsp; Loans to customers<sup>(2)</sup> | 527 | 0.09% | (263) | 1.84% | 49.91% |
|  **Total consumer loans stage 3** | **527** | **0.09%** | **(263)** | **1.84%** |  |
|  **Total consumer loans** | **574745** | **100.00%** | **(14286)** | **100.00%** |  |

---

____________

(1) On January 26, 2024, PicS acquired certain outstanding credit card assets from Banco Original. The transaction included only balances from customers with less than 20 days past due credit position and has been accounted for as asset acquisition. As a result of the transaction, the credit card operations of retail customers will be managed by Pics. (Refer to Note 14 for further details). The analysis is based on the loss of expected credit ("Expected Loss") in accordance with the principles of IFRS 9 at fair value.

(2) Loans to customers are composed as follows:

"Personal loans" are borrowing a fixed amount of money to pay for a variety of expenses and then repaying those funds in regular payments or installments over time.

"Payroll loans" are loans for which the payments and interest are discounted either directly from the consumer's salary from the payroll of a government body or for their government pension or other benefit payments. Credit enhanced financial assets as they are linked to client payroll directly, meaning that the client paycheck is automatically discounted of the loan installments.

"FGTS loans" are loans in which consumers can drawdown in advance up to seven annual installments of their FGTS. We receive the payment of these installments directly from the FGTS.

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the Consolidated financial statements as of December 31, 2024 and 2023.<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo.jpg) |

---

8. Financial assets measured at amortized cost (cont.)

8.2.2 Breakdown by maturity

#### Credit card:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Not Overdue** | **Not Overdue** | **Overdue** | **Overdue** | **Not Overdue** | **Not Overdue** | **Overdue** | **Overdue** |
|  | **December 31, <br>2024** | **%** | **December 31, <br>2024** | **%** | **December 31, <br>2023** | **%** | **December 31, <br>2023** | **%** |
|  Up to 30 days | 1934967 | 47.36% | 118057 | 2.89% |  | 0.00% |  | 0.00% |
|  From 31 to 60 days | 223611 | 5.47% | 60586 | 1.48% |  | 0.00% |  | 0.00% |
|  From 61 to 90 days | 242119 | 5.93% | 46975 | 115% |  | 0.00% |  | 0.00% |
|  Over 91 days | 1296651 | 31.74% | 162701 | 3.98% |  | 0.00% |  | 0.00% |
|  **Total** | **3697348** | **90.50%** | **388319** | **9.50%** | **—** | **0.00%** | **—** | **0.00%** |
|  **Total overdue and not overdue** |  |  | **4085666** | **100.00%** |  |  | **—** | **0.00%** |

---

#### Loans to customers:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Not Overdue** | **Not Overdue** | **Overdue** | **Overdue** | **Not Overdue** | **Not Overdue** | **Overdue** | **Overdue** |
|  | **December 31, <br>2024** | **%** | **December 31, <br>2024** | **%** | **December 31, <br>2023** | **%** | **December 31, <br>2023** | **%** |
|  Up to 30 days | 19322 | 0.30% | 228256 | 3.52% | 36658 | 6.38% | 2632 | 0.46% |
|  From 31 to 60 days | 49459 | 0.76% | 107266 | 1.65% | 42698 | 7.43% | 555 | 0.10% |
|  From 61 to 90 days | 51518 | 0.79% | 66226 | 1.02% | 40163 | 6.99% | 3 | 0.00% |
|  Over 91 days | 5688172 | 87.71% | 275453 | 4.25% | 452036 | 78.65% |  | 0.00% |
|  **Total** | **5808471** | **89.56%** | **677201** | **10.44%** | **571555** | **99.44%** | **3190** | **0.56%** |
|  **Total overdue and not overdue** |  |  | **6485672** | **100.00%** |  |  | **574745** | **100.00%** |

---

8.3 Expected credit losses — by credit quality vs. stages

As of December 31, 2024, the ECL allowance totaled R$864,220 (R$14,286 as of December 31, 2023). The Group monitors the expected credit losses allowance coverage ratio (table below) over the gross receivables amount to monitor credit risk.

The table below shows the PD (probability of default) credit distribution as of December 31, 2024. The PD credit classification is grouped in three categories based on its probability of default at the reporting date.

#### Credit card

#### As of December 31, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Gross <br>Exposure** | **%** | **Credit Loss <br>Allowance** | **%** | **Coverage <br>Ratio (%)** |
|  **PD < 5%** | **2146060** | **52.53%** | **(27839)** | **9.03%** | **1.30%** |
|  Stage 1 | 2114679 | 51.76% | (27081) | 8.79% | 1.28% |
|  Stage 2 | 31381 | 0.77% | (758) | 0.25% | 2.42% |
|  **5% >= PD <= 20%** | **1360210** | **33.29%** | **(31973)** | **10.38%** | **2.35%** |
|  Stage 1 | 1265064 | 30.96% | (27802) | 9.02% | 2.20% |
|  Stage 2 | 95146 | 2.33% | (4171) | 1.35% | 4.38% |
|  **PD > 20%** | **579396** | **14.18%** | **(248341)** | **80.59%** | **42.86%** |
|  Stage 1 | 147093 | 3.60% | (9413) | 3.05% | 6.40% |
|  Stage 2 | 268104 | 6.56% | (91341) | 29.64% | 34.07% |
|  Stage 3 | 164199 | 4.02% | (147587) | 47.89% | 89.88% |
|  **Total** | **4085666** | **100.00%** | **(308153)** | **100.00%** | **7.54%** |

---

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the Consolidated financial statements as of December 31, 2024 and 2023.<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo1.jpg) |

---

8. Financial assets measured at amortized cost (cont.)

#### Loans to customers

#### As of December 31, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Gross <br>Exposure** | **%** | **Credit Loss <br>Allowance** | **%** | **Coverage <br>Ratio (%)** |
|  **PD < 5%** | **5164602** | **79.63%** | **(22180)** | **3.99%** | **0.43%** |
|  Stage 1 | 5164529 | 79.63% | (22178) | 3.99% | 0.43% |
|  Stage 2 | 73 | 0.00% | (2) | 0.00% | 2.77% |
|  **5% >= PD <= 20%** | **383365** | **5.91%** | **(17232)** | **3.10%** | **4.49%** |
|  Stage 1 | 330022 | 5.09% | (11075) | 1.99% | 3.36% |
|  Stage 2 | 53343 | 0.82% | (6157) | 1.11% | 11.54% |
|  **PD > 20%** | **937705** | **14.46%** | **(516655)** | **92.91%** | **55.10%** |
|  Stage 1 | 67066 | 1.03% | (10029) | 1.80% | 14.95% |
|  Stage 2 | 486519 | 7.50% | (197896) | 35.59% | 40.68% |
|  Stage 3 | 384120 | 5.92% | (308730) | 55.52% | 80.37% |
|  **Total** | **6485672** | **100.00%** | **(556067)** | **100.00%** | **8.57%** |

---

#### Loans to customers

#### As of December 31, 2023

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Gross Exposure** | **%** | **Credit Loss <br>Allowance** | **%** | **Coverage Ratio <br>(%)** |
|  **PD < 5%** | **372417** | **64.80%** | **(342)** | **2.39%** | **0.09%** |
|  Stage 1 | 372303 | 64.78% | (286) | 2.00% | 0.08% |
|  Stage 2 | 2 | 0.00% |  | 0.00% | 0.00% |
|  Stage 3 | 112 | 0.02% | (56) | 0.39% | 50.00% |
|  **5% >= PD <= 20%** | **80036** | **13.93%** | **(3526)** | **24.68%** | **4.41%** |
|  Stage 1 | 80035 | 13.93% | (3526) | 24.68% | 4.41% |
|  Stage 2 | 1 | 0.00% |  | 0.00% | 0.00% |
|  **PD > 20%** | **122292** | **21.28%** | **(10418)** | **72.92%** | **8.52%** |
|  Stage 1 | 109250 | 19.01% | (8137) | 56.96% | 7.45% |
|  Stage 2 | 12628 | 2.20% | (2074) | 14.52% | 16.42% |
|  Stage 3 | 414 | 0.07% | (207) | 1.45% | 50.00% |
|  **Total** | **574745** | **100.00%** | **(14286)** | **100.00%** | **2.49%** |

---

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the Consolidated financial statements as of December 31, 2024 and 2023.<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo.jpg) |

---

8. Financial assets measured at amortized cost (cont.)

8.3.1 Changes in credit loss allowance

#### Credit card

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Stage 1** | **Stage 2** | **Stage 3** | **Total** |
|  **Credit loss allowance as of January 1, 2024** | **—** | **—** | **—** | **—** |
|  Acquisition of credit card from Banco Original<sup>(1)</sup> | 69055 |  |  | 69055 |
|  Transfer from stage 1 to stage 2 | (22568) | 22568 |  |  |
|  Transfer from stage 1 to stage 3 | (20640) |  | 20640 |  |
|  Transfer from stage 2 to stage 3 |  | (13970) | 13970 |  |
|  Transfer from stage 2 to stage 1 | 3024 | (3024) |  |  |
|  Transfer from stage 3 to stage 1 | 1021 |  | (1021) |  |
|  Transfer from stage 3 to stage 2 |  | 1442 | (1442) |  |
|  New financial assets originated<sup>(2)</sup> | 83483 | 105737 | 149077 | 338297 |
|  Changes in model / risk parameters<sup>(4)</sup> | (1798) | 42277 | 48342 | 88821 |
|  Financial assets derecognized<sup>(3)</sup> | (47281) | (58760) | (81979) | (188020) |
|  **Credit loss allowance as of December 31, 2024** | **64296** | **96270** | **147587** | **308153** |

---

____________

(1) Significant changes in the gross carrying amount of credit card assets that contributed to changes in the loss allowance were driven by the acquisition of the credit card portfolio from Banco Original on January 26, 2024 as per Note 14.

(2) It considers all credit card transactions originated from the moment the portfolio was transferred to PicPay. Additionally, the balances segregated between stages 1, 2, and 3 represent the current balance of the portfolio as of December 31, 2024; however, throughout FY 2024 there are credit card transactions that were initially originated in stage 1 or 2, but due to the increase in the deterioration of credit quality, as of December 31, 2024, resulted in stage 3.

(3) Reversal resulting from the settlement or cancellation of the contract, whether by full payment, early discharge or formal termination of the agreement.

(4) On December 31, 2024, the Group's ECL increased due to changes in accounting estimates for expected losses. More details refer to note 3.5 — 'Expected Credit Losses' and in the section on Changes in Estimates in the Financial Statements.

#### Loans to customers

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Stage 1** | **Stage 2** | **Stage 3** | **Total** |
|  **Credit loss allowance as of January 1, 2024** | **11949** | **2074** | **263** | **14286** |
|  Transfer from stage 1 to stage 2 | (8492) | 8492 |  |  |
|  Transfer from stage 1 to stage 3 | (1654) |  | 1654 |  |
|  Transfer from stage 2 to stage 3 |  | (64988) | 64988 |  |
|  Transfer from stage 2 to stage 1 | 4969 | (4969) |  |  |
|  Transfer from stage 3 to stage 1 | 796 |  | (796) |  |
|  Transfer from stage 3 to stage 2 |  | 6678 | (6678) |  |
|  New financial assets<sup>(1)</sup> | 128720 | 259795 | 157616 | 546131 |
|  Changes in model / risk parameters<sup>(3)</sup> | (35018) | 1319 | 91683 | 57984 |
|  Financial assets derecognized<sup>(2)</sup> | (57988) | (4346) |  | (62334) |
|  **Credit loss allowance as of December 31, 2024** | **43282** | **204055** | **308730** | **556067** |

---

____________

(1) The balances of loans to customers transactions that were initially classified in stage 1 or 2, but due to the increase in the deterioration of credit quality, as of December 31, 2024 were classified as stage 3.

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the Consolidated financial statements as of December 31, 2024 and 2023.<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo1.jpg) |

---

8. Financial assets measured at amortized cost (cont.)

(2) Reversal resulting from the settlement or cancellation of the contract, whether by full payment, early discharge or formal termination of the agreement.

(3) On December 31, 2024, the Group's ECL increased due to changes in accounting estimates for expected losses. More details refer to note 3.5 — 'Expected Credit Losses' and in the section on Changes in Estimates in the Financial Statements.

8.4 Other receivables

---

| | | |
|:---|:---|:---|
|  | **December 31, <br>2024** | **December 31, <br>2023** |
|  Receivables – related parties<sup>(1)</sup><sup>/</sup><sup>(2)</sup> | 101942 | 120241 |
|  Advance to suppliers |  | 5717 |
|  Compulsory deposits in Central Bank<sup>(3)</sup> | 117977 |  |
|  Sundry receivables<sup>(2)</sup> | 1147 |  |
|  **Total** | **221066** | **125958** |

---

____________

(1) As of December 31, 2024, these amounts primarily relate to receivables from J&F Participações for marketing expenses incurred, along with receivables from other companies within the Group for various services and transactions. These receivables reflect the ongoing business relationships and agreements in place. For a comprehensive breakdown and further details regarding these amounts, please refer to Note 21.

(2) The Group understands that there is no significant credit risk on the outstanding balances of its "Other receivables," as these mainly pertain to transactions with related parties.

(3) Compulsory deposits are required by BACEN based on the amount of CDB held by PicPay Bank. These resources are remunerated at Brazilian SELIC rate (special settlement and custody system of the BACEN).

8.4.1 Breakdown by maturity — Other receivables

---

| | | | |
|:---|:---|:---|:---|
|  | **Receivables not <br>overdue in:** | **Receivables <br>overdue in:** | **Total** |
|  Up to 30 days | 137036 | 11483 | **148519** |
|  From 31 to 60 days |  | 635 | **635** |
|  From 61 to 180 days |  | 4405 | **4405** |
|  From 181 to 365 days | 67507 |  | **67507** |
|  **Total** | **204543** | **16523** | **221066** |

---

**9. Prepaid expenses**

The amount recognized on December 31, 2024, as prepaid expenses was R$146,755 (R$72,189 on December 31, 2023). The increase was primarily driven by payments made in advance of the receipt of the corresponding goods or services related to issuance of cards, which includes printing, packing, and shipping costs. These expenses are recognized when the corresponding goods or services are received.

**10. Tax assets**

---

| | | |
|:---|:---|:---|
|  | **December 31, <br>2024** | **December 31, <br>2023** |
|  Income tax and social contribution to offset<sup>(1)</sup> | 1212615 | 515153 |
|  Deferred tax assets<sup>(2)</sup> | 566238 | 93345 |
|  **Total** | **1778853** | **608498** |

---

____________

(1) Primarily relates to withholding income tax and social contribution on income from financial investments which can be used to settle other federal tax amounts due. From the amount as of December 31, 2024, R$76,571 refers to inflation indexation recognized for the year ended December 31, 2024, in "Other income" in the consolidated statements of profit or loss.

(2) Mainly relates to subsidiaries Guiabolso and PicPay Bank, due to credit loss allowance recognition on December 31, 2024 and related only to Guiabolso on December 31, 2023.

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the Consolidated financial statements as of December 31, 2024 and 2023.<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo.jpg) |

---

**10. Tax assets** (cont.)

**10.1 Deferred tax assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, <br>2023** | **Realization** | **Additions<sup>(2)</sup>** | **December 31, <br>2024** |
|  **Temporary differences related to other liabilities** | **11848** | **—** | **480543** | **492390** |
|  Provisions for credit losses | 6429 |  | 399046 | 405475 |
|  Fair value adjustment – Financial assets measured at fair value through profit or loss |  |  | 69523 | 69523 |
|  Others | 5419 |  | 11974 | 17393 |
|  **Tax loss and social contribution negative basis**<sup>(1)</sup> | **81497** | **(7650)** | **—** | **73847** |
|  **Total** | **93345** | **(7650)** | **480543** | **566238** |

---

____________

(1) The reductions during the 2024 fiscal year refer to the subsidiary Guiabolso Correspondente Bancário e Serviços Ltda., which generated taxable profit in 2024.

(2) The amounts added consider both deferred tax assets recognized in consolidated statements of profit or loss and in consolidated statement of comprehensive income.

**11. Right of use assets and Property, plant and equipment**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** |
|  | **Cost Value** | **Accumulated <br>Depreciation** | **Total** | **Cost Value** | **Accumulated <br>Depreciation** | **Total** |
|  Right of use – leases<sup>(1)</sup> | 76590 | (33558) | 43032 | 73517 | (24863) | 48654 |
|  Computers and equipment | 40427 | (32753) | 7674 | 38854 | (25440) | 13414 |
|  Improvements on leasehold properties | 24078 | (10837) | 13241 | 20524 | (8449) | 12075 |
|  Furniture and fittings | 4669 | (1861) | 2808 | 4187 | (1410) | 2777 |
|  Machinery and equipment | 54864 | (4307) | 50557 | 2744 | (959) | 1785 |
|  Facilities | 105 | (51) | 54 | 105 | (40) | 65 |
|  **Total** | **200733** | **(83367)** | **117366** | **139931** | **(61161)** | **78770** |

---

The table below demonstrates the changes during the periods presented:

#### As of December 31, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31, <br>2023** | **Additions** | **Reclassifications** | **Depreciation <br>for the year** | **December 31, <br>2024** |
|  Right of use – leases<sup>(1)</sup> | 48654 | 3073 |  | (8695) | 43032 |
|  Computers and equipment | 13414 | 53689 | (52114) | (7315) | 7674 |
|  Improvements on leasehold properties | 12075 | 3553 |  | (2387) | 13241 |
|  Furniture and fittings | 2777 | 488 |  | (457) | 2808 |
|  Machinery and equipment | 1785 | 6 | 52114 | (3348) | 50557 |
|  Facilities | 65 |  |  | (11) | 54 |
|  **Total** | **78770** | **60809** | **—** | **(22213)** | **117366** |

---

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the Consolidated financial statements as of December 31, 2024 and 2023.<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo1.jpg) |

---

**11. Right of use assets and Property, plant and equipment** (cont.)

#### As of December 31, 2023

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, <br>2022** | **Additions** | **Additions <br>through <br>acquisitions<sup>(2)</sup>** | **Reclassification** | **Write - offs** | **Depreciation <br>for the year** | **December 31, <br>2023** |
|  Right of use – leases<sup>(1)</sup> | 44837 | 13544 |  |  | (878) | (8849) | 48654 |
|  Computers and equipment | 18811 | 1024 | 856 | 201 | (86) | (7392) | 13414 |
|  Improvements on leasehold properties | 10923 | 3278 | 103 |  | (5) | (2224) | 12075 |
|  Furniture and fittings | 2779 | 362 | 68 |  | (35) | (397) | 2777 |
|  Machinery and equipment | 2261 |  |  | (201) |  | (274) | 1785 |
|  Facilities | 60 |  | 15 |  |  | (10) | 65 |
|  **Total** | **79671** | **18208** | **1042** | **—** | **(1004)** | **(19146)** | **78770** |

---

____________

(1) The Group's lease agreements are detailed in Note 18.

(2) Additions through business combination and common control transactions

**12. Intangible assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Cost Value** | **Accumulated <br>Amortization** | **Accumulated <br>Impairment** | **Total** |
|  Trademarks and patents | 100 |  | (100) |  |
|  Internally/Externally developed software<sup>(1)</sup> | 1115970 | (341408) |  | 774562 |
|  Software licenses | 130948 | (87385) | (128) | 43435 |
|  Computer software or programs – purchased | 62390 | (31701) | (624) | 30065 |
|  Software acquired through business combination<sup>(2)</sup> | 66924 | (38092) |  | 28832 |
|  Goodwill<sup>(2)</sup> | 50520 |  |  | 50520 |
|  **Total** | **1426852** | **(498586)** | **(852)** | **927414** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** |
|  | **Cost Value** | **Accumulated <br>Amortization** | **Accumulated <br>Impairment** | **Total** |
|  Trademarks and patents | 100 |  | (100) |  |
|  Internally/Externally developed software<sup>(1)</sup> | 783203 | (163160) |  | 620043 |
|  Software licenses | 70175 | (37441) | (128) | 32606 |
|  Computer software or programs – purchased | 43203 | (19217) | (624) | 23362 |
|  Software acquired through business combination<sup>(2)</sup> | 66924 | (24708) |  | 42216 |
|  Goodwill<sup>(2)</sup> | 50520 |  |  | 50520 |
|  **Total** | **1014125** | **(244526)** | **(852)** | **768747** |

---

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the Consolidated financial statements as of December 31, 2024 and 2023.<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo.jpg) |

---

**12. Intangible assets** (cont.)

The table below demonstrates the changes during the periods presented:

#### As of December 31, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31, <br>2023** | **Additions** | **Write - offs<sup>(4)</sup>** | **Amortization <br>for the year** | **December 31, <br>2024** |
|  Internally/Externally developed software<sup>(1)</sup> | 620043 | 434979 | (91879) | (188581) | 774562 |
|  Software licenses | 32606 | 68158 |  | (57329) | 43435 |
|  Computer software or programs – purchased | 23362 | 18107 |  | (11404) | 30065 |
|  Software acquired through business combination<sup>(2)</sup> | 42216 |  |  | (13384) | 28832 |
|  Goodwill<sup>(3)</sup> | 50520 |  |  |  | 50520 |
|  **Total** | **768747** | **521244** | **(91879)** | **(270698)** | **927414** |

---

#### As of December 31, 2023

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, <br>2022** | **Additions** | **Reclassification** | **Write - offs** | **Additions <br>through <br>acquisitions<sup>(2)</sup>** | **Amortization <br>for the year** | **December 31, <br>2023** |
|  Internally/Externally developed software<sup>(1)</sup> | 275840 | 413021 | 38438 | (4774) | 1267 | (103749) | 620043 |
|  Software licenses | 10798 | 71177 | (38438) | (427) | 15623 | (26127) | 32606 |
|  Computer software or programs – purchased | 29218 | 2070 |  |  |  | (7926) | 23362 |
|  Software acquired through business combination<sup>(2)</sup> | 48826 | 5891 |  |  |  | (12501) | 42216 |
|  Goodwill<sup>(3)</sup> | 45245 |  |  |  | 5275 |  | 50520 |
|  **Total** | **409927** | **492159** | **—** | **(5201)** | **22165** | **(150303)** | **768747** |

---

____________

(1) Development of continuing improvements in the digital solutions such as mobile banking application, marketplace, business solution and investment platform. The useful life of the internally and externally developed software is defined as being between 5 to 10 years and the amortization is recognized as Depreciation and amortization.

(2) Additions through business combination and common control transactions.

(3) On December 31, 2024, the Company performed the impairment test for the Guiabolso CGU that includes goodwill and the estimated recoverable amount exceeded its carrying amount. The recoverable amount is measured based on a value in use calculation through discounted free cash flow projections by management, covering a five-year period. The five-year period was determined based on the expected time required for the CGU to present a stable operating activity, (i.e., without operating variations deemed relevant). The main assumptions used in determining the recoverable amounts are an average discount rate with stress test of 46.64% and without stress test of 41.52% per annum based on long-term inflation extracted from Brazilian Stock Exchange (B3) and growth rate of 3% per annum, based on long-term inflation extracted from BACEN.

(4) The write-off mainly relates to the disposal of "PicMarket", a digital B2B marketplace which had been developed by the subsidiary Guiabolso. During the second quarter of 2024, the Company entered into an agreement with JBS S/A, which is an entity under common control, for the transfer of PicMarket. As of the date of the transaction, the asset's outstanding balance was R$79,525. As consideration for the transfer, JBS forgave the re-payment of R$60,000 advanced between October 2022 and April, 2024 to help finance the project and recognized as a 'trade payable' prior to the transfer. The loss related to the write-off was registered as "Other expenses" in the consolidated statements of profit or loss, in the amount of R$19,525.

The Group has no contractual commitments for the acquisition or development of intangibles.

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the Consolidated financial statements as of December 31, 2024 and 2023.<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo1.jpg) |

---

**13. Third-party funds**

---

| | | |
|:---|:---|:---|
|  | **December 31, <br>2024** | **December 31, <br>2023** |
|  User balance – payment accounts<sup>(1)</sup> | 889296 | 669839 |
|  User balance – CDB<sup>(2)</sup> | 19094153 | 12368426 |
|  Balance of commercial establishments – corporates<sup>(3)</sup> | 220525 | 208943 |
|  Bank slips to be processed<sup>(4)</sup> | 14 | 65082 |
|  **Total** | **20203988** | **13312290** |

---

____________

(1) Refers to the balance of the payment account held by users backed by financial investments (as disclosed in note 29.2 a) and amounts referring to withdrawals pending processing at the recipient's bank.

(2) PicPay Bank offers CDB to its users. These are indexed to the CDI and can be either redeemed at any time by the user or with a fixed term. There is no regulatory requirement to maintain the amounts deposited in this product in specifically identified assets.

(3) Refers to balances payable to commercial establishments related to the processing of sales via the PicPay arrangement.

(4) Bank slips paid with the PicPay application outside the bank clearing period.

**14. Trade payables**

---

| | | |
|:---|:---|:---|
|  | **December 31, <br>2024** | **December 31, <br>2023** |
|  Service providers and consumables | 354990 | 212764 |
|  Related parties |  | 270065 |
|  Operational suppliers | 91800 | 130218 |
|  Credit card transactions<sup>(2)</sup> | 2893134 |  |
|  Contingent consideration<sup>(1)</sup> |  | 1869 |
|  Other suppliers | 25341 | 33682 |
|  **Total** | **3365265** | **648598** |

---

____________

(1) Relates to the earn-out of BX Blue acquisition. Refer to Note 2.2 for further details. As of December 2023, the trade payables included a contingent consideration amounting to R$1,869, which was fully settled in 2024.

(2) Find more details in note 14.1.

**14.1 Credit card transactions**

Corresponds to the amount payable to acquirers related to credit and debit card transactions. The amounts to be transferred to the card network are settled according to the transaction installments, substantially within up to 27 days for non-installment Brazilian transactions; 1 business day for international transactions; and installment sales are settled monthly, mostly within a period of up to 12 months.

---

| | | |
|:---|:---|:---|
|  | **December 31, <br>2024** | **December 31, <br>2023** |
|  Credit card transactions | 2893134 |  |
|  **Total** | **2893134** | **—** |

---

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the Consolidated financial statements as of December 31, 2024 and 2023.<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo.jpg) |

---

**14. Trade payables** (cont.)

The table below provides a detailed breakdown of credit card transactions categorized by maturity, as of December 31, 2024:

**14.1.1 Breakdown by maturity — Credit card transactions**

---

| | | |
|:---|:---|:---|
|  | **December 31, <br>2024** | **December 31, <br>2023** |
|  Up to 30 days | 1523603 |  |
|  From 31 to 90 days | 361915 |  |
|  Over 90 days | 1007616 |  |
|  **Total** | **2893134** | **—** |

---

**14.1.2 Collateral for credit card transactions**

As of December 31, 2024, the Company had R$438,393 in security deposits granted in favor of Mastercard, Visa and Elo (R$0 as of December 31, 2023). These deposits are measured at fair value through profit or loss and fair value through other comprehensive income and serve as collateral for amounts payable to the network (more details in note 7). The average remuneration rate for these security deposits was 0.86% per month for the year ended December 31, 2024 (1,04 % per month for the year ended December 31, 2023).

**15. Obligation to FIDC FGTS quota holder**

---

| | | |
|:---|:---|:---|
|  | **December 31, <br>2024** | **December 31, <br>2023** |
|  Senior quotas | 704755 |  |
|  **Total** | **704755** | **—** |

---

The obligations to FIDC FGTS quota holders relate to amounts due on senior quotas issued with the securitization of receivables from FGTS consumer loans in PicPay Bank. This account includes the outstanding amount due to senior quotas (unpaid original contribution plus unpaid accrued interest expense).

Although the fund has an indefinite duration, the senior quotas has 6 years of maturity after first integralization, with an accrue remuneration of CDI + 1.50 % per annum. Also, the senior quotas can be redeemed prior to 6 years in case of specific events as bankruptcy claims and judicial recovery. For the year ended December 31, 2024 the interest accrued was R$3,245 (R$0 for the year ended December 31, 2023), recorded as "Interest and other financial expenses".

**16. Labor obligations**

---

| | | |
|:---|:---|:---|
|  | **December 31, <br>2024** | **December 31, <br>2023** |
|  Personnel expenses payable | 392140 | 316094 |
|  Social security charges payable | 143294 | 121571 |
|  **Total** | **535434** | **437665** |

---

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the Consolidated financial statements as of December 31, 2024 and 2023.<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo1.jpg) |

---

**17. Tax**

**17.1 Taxes payable**

---

| | | |
|:---|:---|:---|
|  | **December 31, <br>2024** | **December 31, <br>2023** |
|  Withholding taxes | 7908 | 5223 |
|  Tax and charges on payroll | 35647 | 29696 |
|  Social contribution on revenues | 37342 | 21008 |
|  Corporate Income Tax | 562557 | 51543 |
|  Other taxes | 4751 | 3671 |
|  **Total** | **648205** | **111141** |

---

**17.2 Income tax and social contribution**

---

| | | |
|:---|:---|:---|
|  | **December 31, <br>2024** | **December 31, <br>2023** |
|  **Accounting profit before tax** | **345972** | **1667** |
|  Income tax and social contribution<sup>(1)</sup> | (155688) | (750) |
|  **Permanent additions/exclusions** | **61503** | **(5719)** |
|  Effect of different tax rates – subsidiaries | 21869 | 6683 |
|  Others | 39634 | (12402) |
|  **Total income tax and social contribution expenses** | **(94184)** | **35688** |
|  Current taxes | (545603) | (50815) |
|  Deferred taxes | 451419 | 86503 |
|  **Total income tax and social contribution expenses** | **(94184)** | **35688** |
|  Effective rate (%) | 27% | 2141% |

---

____________

(1) The Group's operations are primarily conducted in entities subject to income tax and social contribution Brazil. All material entities in Brazil are subject to corporate income tax at 25%. Social contribution is generally levied at 20% for financial entities and 9% for non-financial entities. The tax rate used was the one applicable to PicPay Bank, which represent the most significant portion of the operations of the Group. The effect of other tax rates is shown in the table above as "Effect of different tax rates — subsidiaries".

**17.3 Unrecognized deferred tax assets**

Deferred tax assets and liabilities, shown in the table below, were calculated on income tax losses and temporary differences at the rate of 34% for PicPay, PicPay Holding, FIDC, Guiabolso and its subsidiary and Crednovo, 40% for PicPay Invest and 45% for PicPay Bank.

For the year ended December 31, 2024, the Group had tax losses of R$67,850<sup>(1)</sup> (R$146,795<sup>(1)</sup> on December 31, 2023) and accumulated tax losses of R$2,293,317 (R$2,325,752 on December 31, 2023). No deferred tax assets were recognized. Under Brazilian tax legislation carry-forward tax losses do not expire but their use is limited to 30% of the taxable profit in each year:

____________

(1) From this amount, approximately R$39,551 refer to Guiabolso, which in 2023 generated a profit for the first time. Therefore, Company understands there is not sufficient base and history for sustaining a credit recognition.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, <br>2022** | **Additions** | **Recognition** | **December 31, <br>2023** | **Additions** | **Recognition** | **December 31, <br>2024** |
|  **Unrecognized deferred tax assets** |  |  |  |  |  |  |  |
|  Corporate Income tax and Social Contribution | 544739 | 51749 | (15050) | 581438 | 16963 | (25071) | 573330 |
|  Social Security Contribution | 196106 | 19331 | (1277) | 214160 | 6107 | (9025) | 211242 |
|  **Total** | **740845** | **71080** | **(16327)** | **795598** | **23070** | **(34096)** | **784572** |

---

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the Consolidated financial statements as of December 31, 2024 and 2023.<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo.jpg) |

---

**18. Leases**

**18.1 Lease payable by maturity**

---

| | | |
|:---|:---|:---|
|  | **December 31, <br>2024** | **December 31, <br>2023** |
|  **Year of maturity** |  |  |
|  2024 |  | 8,314 |
|  2025 | 9,464 | 9,057 |
|  2026 | 10,311 | 9,867 |
|  2027 | 11,233 | 10,750 |
|  2028 | 12,237 | 11,711 |
|  2029 | 9,891 |  |
|  Over 5 years |  | 8,953 |
|  **Lease liabilities** | **53,136** | **58,652** |

---

**19. Provision for legal and administrative claims**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Civil Claims** | **Civil Claims** | **Labor Claims** | **Labor Claims** | **Total Claims** | **Total Claims** |
|  | **December 31, <br>2024** | **December 31, <br>2023** | **December 31, <br>2024** | **December 31, <br>2023** | **December 31, <br>2024** | **December 31, <br>2023** |
|  **Opening balance** | **6652** | **3877** | **4411** | **3035** | **11063** | **6912** |
|  Constitution | 14738 | 10494 | 8785 | 1784 | 23523 | 12278 |
|  Constitution through acquisitions |  |  |  | 135 |  | 135 |
|  Reversal | (3334) | (1615) | (3861) | (543) | (7195) | (2158) |
|  Reversal due to payment | (9800) | (6104) | (107) |  | (9907) | (6104) |
|  **Closing balance** | **8256** | **6652** | **9228** | **4411** | **17484** | **11063** |

---

**a) Civil claims**

As of December 31, 2024, the Group recognized provisions of R$8,244 (R$6,652 as of December 31, 2023) for civil claims, the majority of which are brought by PicPay users claiming compensation for moral and/or material damages. The amount considered as having a possible risk of loss, where no provision is recognized, totals R$145,495 (R$71,822 as of December 31, 2023). The Group estimates that the expected disbursement schedule is 18 months, however due to the uncertainty in the conclusion of the proceedings, the disbursement occurs according to the development of the claim.

**b) Labor claims**

As of December 31, 2024, the Group recognized a labor provision of R$9,240 (R$4,411 as of December 31, 2023), considered as having a probable risk of loss where the plaintiffs claim the subsidiary conviction, as well as labor indemnities. The amount considered as a possible risk of loss, where no provision is required, is R$57,383 (R$18,360 as of December 2023). The Group estimates that the expected disbursement schedule is 24 months, however due to the uncertainty in the conclusion of the proceedings, the disbursement occurs according to the development of the claim.

**c) Tax claims**

As of December 31, 2024 and December 31, 2023, the Group did not have tax claims classified as a probable risk of loss. The amount considered as a possible risk of loss, where no provision is required, is R$727 (R$12,432 as of December 31, 2023).

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the Consolidated financial statements as of December 31, 2024 and 2023.<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo1.jpg) |

---

**20. Equity**

**a) Share capital**

As of December 31, 2024 the total share capital incorporated under Dutch law is EUR 1 divided into 200 shares, each with par value of EUR 0.005, all nominative and entitled 1 vote per share and with priority in the distribution of dividends.

On September 12, 2024 an ordinary resolution approved a stock split in the proportion of 2 to 1 shares a par value from EUR 0.01 to EUR 0.005.

On July 11, 2024 J&F Participações invested R$1,309 in PicPay Netherlands, without the issuance of new shares.

On September 6, 2024 J&F Participações invested R$2,451 in PicPay Netherlands, without the issuance of new shares.

Before restructuring, PicS share capital subscribed was R$1,687 and paid-in share capital was R$1,749,566 which was represented by 34,154,137 shares of which 131,400 were class A common shares and 34,022,737 were class B common shares entitled 10 votes per share and with priority in the distribution of dividends, all nominative.

As effected on March 14, 2024, the Shareholder contributed the beneficial entitlement of its total shares of PicS by way of a share premium contribution in the total amount of R$1,304,767 without the issuance of any new shares in the capital of the Company.

On December 23, 2024, J&F International invested R$101,268 in PicPay Netherlands without the issuance of new shares. On the same date PicPay Netherlands invested the same amount in PicS Ltd without the issuance of new shares. On the same date PicS Ltd invested R$101,796 in PicS Holding through the issue and subscription of 101,796,000 quotas, all nominative and with par value of R$1. On the same date PicS Holding invested R$100,000 in PicPay Bank through the issue and subscription of 27,943,204 shares, all nominative and without par value.

#### Events of non-controlling interest without a change in control
On June 28, 2024 J&F Participações invested R$100,000 in PicS Holding, through the issue and subscription of 100,000,000 quotas, all nominative and with par value of R$1. On the same date PicS Holding invested the same amount in PicPay Bank through the issue and subscription of 32,046,456 shares, all nominative and without par value.

On September 19, 2024 J&F Participações invested R$130,000 in PicS Holding, through the issue and subscription of 130,000,000 quotas, all nominative and with par value of R$1. On the same date PicS Holding invested the same amount in PicPay Bank through the issue and subscription of 37,692,578 shares, all nominative and without par value.

**b) Composition of share capital**

#### As of December 31, 2024 - PicPay Netherlands

---

| | | |
|:---|:---|:---|
|  | **Number of <br>Shares** | **Shares %** |
|  **Shareholder** |  |  |
|  J&F International B.V. | 164 | 82.0000% |
|  Stichting JAB | 8 | 4.0000% |
|  Stichting ACC Family | 6 | 3.0000% |
|  Stichting AGR | 2 | 1.0000% |
|  Stichting ECS | 2 | 1.0000% |
|  Banco Original S.A. | 18 | 9.0000% |
|  **Total** | **200** | **100.0000%** |

---

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the Consolidated financial statements as of December 31, 2024 and 2023.<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo.jpg) |

---

**20. Equity** (cont.)

#### As of December 31, 2023 — PicS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Number <br>of Class A <br>common <br>Shares** | **Class A %** | **Number <br>of Class B <br>common <br>shares** | **Class B %** | **Total <br>number of <br>shares** | **Total <br>shares %** |
|  **Shareholder** |  |  |  |  |  |  |
|  J&F International B.V.<sup>(1)</sup> |  | 0.0000% | 34022737 | 100.0000% | 34022737 | 99.6153% |
|  JAB Capital SP Fund | 31500 | 23.9726% |  | 0.0000% | 31500 | 0.0922% |
|  Belami Capital SP Fund | 74925 | 57.0206% |  | 0.0000% | 74925 | 0.2194% |
|  AGR Capital SP Fund | 24975 | 19.0068% |  | 0.0000% | 24975 | 0.0731% |
|  **Total** | **131400** | **100.0000%** | **34022737** | **100.0000%** | **34154137** | **100.0000%** |

---

____________

(1) On December 30, 2023, J&F International, at that time the beneficial holder of 100% of the Class B common shares of PicS (representing 99.6153% of the total issued and outstanding common shares of PicS), contributed the beneficial entitlement to these common shares to PicPay Netherlands, by way of a share premium contribution on the shares in the capital of PicPay Netherlands. The legal transfer of the Class B common shares of PicS to PicPay Netherlands was effected on March 14, 2024, which was considered the date of transfer of control for consolidation purposes. As of the date hereof, PicPay Netherlands directly holds 100% of the Class B common shares of PicS (representing 99.6153% of the total issued and outstanding common shares of PicS) and indirectly owns (through JAB Capital SP Fund, Belami Capital SP Fund and AGR Capital SP Fund, each a private investment fund, organized within a segregated portfolio company in the Cayman Islands) the beneficial entitlement to 100% of the Class A common shares of PicS (representing 0.3847% of the total issued and outstanding common shares of PicS).

**c) Capital Reserve**

The effects of measuring the fair value of transactions carried out between the Company and shareholders were recognized in the capital reserve, as shown in the table below:

---

| | |
|:---|:---|
|  | **Capital Reserve <br>Total** |
|  **Opening balance December 31, 2023** | **529027** |
|  Restructuring of March 14, 2024 | (529027) |
|  **Closing balance December 31, 2024** | **—** |

---

**d) Earnings per share**

---

| | | |
|:---|:---|:---|
|  | **December 31, <br>2024** | **December 31, <br>2023** |
|  Profit attributable to the Company's shareholders | 217574 | 34523 |
|  Weighted average quantity of shares | 200 | 200 |
|  **Earnings per share – basic and diluted (R$)** | **1087872** | **172615** |

---

There is no difference between the calculation of basic and diluted loss per share as there are no potentially dilutive shares in issuance.

Earnings per share for all years presented has been calculated to reflect the capital structure of the Group following the Restructuring. As such, for periods prior to the Restructuring, the assumed quantity of shares issued is based on the quantity of shares issued by PicPay Netherlands on the date of the Restructuring.

Also, comparative earnings per share for the year ended December 31, 2023 consider the stock split occurred on September 12, 2024 described in note 20.a. Share capital.

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the Consolidated financial statements as of December 31, 2024 and 2023.<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo1.jpg) |

---

**21. Transactions with related parties**

21.1 **Agreements with Banco Original**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.1.1** — On July 4, 2024, the Group and Banco Original entered into a Derivatives Master Agreement (Contrato Global de Derivativos), with the purpose of providing a standardized template for over-the-counter (OTC) transactions between the parties, streamlining the negotiation process and facilitating efficient and secure OTC derivatives trading. Such agreement establishes daily mark-to-market checks with bilateral margin exchange between the parties with the purpose of mitigating credit risk. As of December 31, 2024, under such agreement, there are only Payer OIS (Overnight Index Swaps) with notional fully collateralized by deposits from Banco Original.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.1.2** — Starting from April 10, 2024, Banco Original entered into an Endorsement Contract of Bank Credit Notes without Co—obligation (Contrato de Endosso de Cédulas de Crédito Bancário sem Coobrigação) with the Group, through which Banco Original commits to endorse and transfer to the Group the credit notes issued by Banco Original in its loan operations collateralized by credit rights from the FGTS loans. This agreement will remain valid for an indefinite period and may be terminated by either parties with a 30-days prior notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.1.3.1** — On January 26, 2024, the Group and Banco Original entered into an Assignment of Rights Agreement (Contrato de Cessão de Direitos) to establish the assignment from Banco Original to the Group of credit card contracts and the credits arising from all credit operations linked to these cards. On February 9, 2024, the agreement was fully paid by the Group. The expenses are recognized in the statement of profit or loss as "Interest and other financial expenses".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.1.3.2** — On March 28, 2024, the Group and Banco Original entered into an Operational Agreement (Acordo Operacional) to deal with the cashback amounts due to the customers regarding the Banco Original's Cashback Program. This agreement is related to the acquisition of Banco Original's credit card portfolio by PicPay Bank. This agreement will remain valid for an indefinite period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.1.4** — On January 18, 2024, the Group and Banco Original entered into a Recovering of Credits Services Agreement (Contrato de Prestação de Serviços de Cobrança de Créditos) to provide services related to collection and recovery of amounts owed by Banco Original as a result of any debts due to by its defaulting customers. The duration of this agreement is twenty-four (24) months, being effective from January 1, 2023. This agreement may be terminated by either party upon 30 days' prior notice. The revenues are recognized in the statement of profit or loss as "Commission — banking correspondent and marketplace".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.1.5** — On January 10, 2024, the Group entered into a Cost Sharing Agreement (Contrato de Compartilhamento de Despesas) with Banco Original to regulate the terms and conditions governing the sharing of support areas between the Group and Banco Original, as well as the reimbursement by Banco Original of certain costs incurred by the Group in the contracting of suppliers who provide products and/or services that are also shared between the Group and Banco Original. This agreement will remain valid for an indefinite period. Either party may terminate this agreement for any reason and without penalty at any time with 30 days' prior written notice to the other party. The expenses are recognized in the statement of profit or loss as "administrative expenses".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.1.6** — On November 16, 2023, the Group and Banco Original entered into a Cost Sharing Agreement (Contrato de Compartilhamento de Despesas) to regulate the terms and conditions related to the cost sharing of backoffice areas, as well as the reimbursement by Banco Original of certain costs incurred in the contracting certain suppliers, such as technology and administrative expenses. This agreement will remain valid for an indefinite period. The expenses are recognized in the statement of profit or loss as "administrative expenses".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.1.7** — On September 9, 2020, Banco Original and the Group entered into a Credit Card Partnership Agreement (Acordo de Parceria de Cartão de Crédito) to develop and offer the PicPay Card through its service channels, being Banco Original the card issuer. The agreement is valid for a 10 year period and will be automatically amended for another 5 years, unless either parties expresses otherwise.

[**Table of Contents**](#TOC001)

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| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the Consolidated financial statements as of December 31, 2024 and 2023.<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo.jpg) |

---

**21. Transactions with related parties** (cont.)

Regarding the transaction mentioned in item 21.1.3.1, PicPay assigned its position under this Partnership Agreement to PicPay Bank, and therefore, the Partnership Agreement allow the Group to request Banco Original to anticipate the settlement of credit card transactions.

On October 3, 2024, the Group requested Banco Original to anticipate all the transactions made by credit card issued by Banco Original and processed under the Mastercard Payment Arrangements. On October 31, 2024, the agreement was fully settled. The revenues are recognized in the statement of profit or loss as "commission — banking correspondent and marketplace".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.1.8** — On May 5, 2022, the Group entered into an application programming interface agreement (Acordo Operacional para Licença de Uso de API's, Acesso a Produtos e Serviços Bancários e Prestação de Serviços de Suporte Técnico) with Original Hub, granting a license for the use of APIs to offer its customers payment services for bill, taxes, and utility bills from Banco Original ("API PAG"), as well as account registration for automatic debit. On November 29, 2022, an amendment to the Operational Agreement was executed, assigning the agreement from Original Hub to Banco Original. On December 21, 2022, new APIs were contracted including to enable access to cash withdrawal and processing services using QR Codes at ATMs of the 24Horas network. In 2024, PicPay completed the development of these solutions, and on March 21, 2025, the agreement was terminated. The revenues were recognized in the statement of profit or loss as "commission — banking correspondent and marketplace".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.1.9** — On November 27, 2018, the Group and Banco Original entered into a Closed-loop Payment Arrangements Agreement (Contrato de Arranjo de Pagamento Fechado). Taking into consideration that Banco Original is no longer a credit card issuer and that, on October 3, 2024, Banco Original advanced the amount corresponding to the settlement of all credit card transactions carried out under the Group's payment arrangement, and, therefore, are no new transactions to be settled, the contractual obligations have been fulfilled, and such agreement was terminated. The revenues were recognized in the statement of profit or loss as "Commission — banking correspondent and marketplace".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.1.10.1** — On November 11, 2018, the Group and Banco Original entered into a Correspondent Banking Agreement (Contrato de Correspondente Bancário). However, due to the fact that the Group has developed its own solutions for processing bill payments for its customers and Banco Original is no longer a card issuer, the agreement was terminated on March 21, 2025. The revenues are recognized in the statement of profit or loss as "commission — banking correspondent and marketplace".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.1.10.2** — On July 26, 2022, Banco Original and the Group entered into a Correspondent Banking Agreement (Contrato de Correspondente Bancário). This agreement is valid for an indefinite period and may be terminated by either party with 30 days' prior notice.

#### 21 .2 Other Agreements
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.2.1** — On September 2024, the Group originated a transaction to J&F Investimentos in a total amount of R$300,000, with a maturity of 30 days, at an interest rate of 1.76%, and a provision for credit loss of R$308. As a guarantee, J&F Investimentos has assigned the credit rights that J&F Investimentos has against JBS S.A., derived from the right to receive as interim dividends from JBS S.A. This transaction was settled on October 7, 2024. The revenues were recognized in the statement of profit or loss as "interest income from receivables".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.2.2** — On October 28, 2022, JBS and the Group entered into a Partnership Agreement (Contrato de Parceria) to develop a digital B2B marketplace platform. On March 20, 2024, the parties acknowledged the amounts due from each party and established the acquisition of the platform's intellectual property rights by JBS ("Termination Agreement"). On May 27, 2024, the parties executed an amendment to the Termination Agreement with the specific purpose of establish a transition period ending on November 30, 2024. On September 6, 2024, the parties signed a Settlement Agreement, formally ending the transition period and determining the remaining balance, which was paid by JBS to the Group on September 25, 2024. The expenses were recognized in the statement of profit or loss as "Other expense".

[**Table of Contents**](#TOC001)

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| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the Consolidated financial statements as of December 31, 2024 and 2023.<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo1.jpg) |

---

**21. Transactions with related parties** (cont.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.2.3** — On May 2, 2019 (as amended on May 30, 2019 and June 7, 2019), the Group entered into a trademark sale agreement (Instrumento Particular de Cessão de Titularidade e Exploração de Marcas e Domínios) with J&F Participações, pursuant to which PicPay sold the trademark "PicPay" and certain other trademarks and domain names to J&F Participações. Under the terms of this trademark sale agreement, the Group may continue to use the trademark and domain names for a period of four years, which can be extended by an additional period of four years upon mutual agreement of the parties. As a result of the termination agreement, the financial obligations of the parties pursuant to the trademark management agreement and the trademark sale agreement ended on September 20, 2021. Accordingly, since that date, no royalty fees have been paid by the Company, and the Company has been responsible for all of its brand promotion and development expenses in connection with the "PicPay" trademark.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.2.4** — On October 1, 2024, the Group entered into a Receivables Assignment Agreement (Contrado de Cessão de Direiros Creditórios) with Âmbar Energia S.A., of one installment of the Reserve Energy Contract (CER) of Brazilian Electric Energy Trading Chamber (CCEE), at market conditions. Such transaction involved an amount of R$143,900 and was liquidated on December 19, 2024. The revenues are recognized in the statement of profit or loss as "interest income from receivables".

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **J&F <br>Participações** | **Banco <br>Original** | **Key <br>Personnel<sup>(4)</sup>** | **Others<sup>(a)</sup>** | **Total** |
|  **As of December 31, 2024** |  |  |  |  |  |
|  **Assets** |  |  |  |  |  |
|  Cash and cash equivalents |  | 68881 |  |  | **68881** |
|  Trade receivables |  | 10505 |  | 22547 | **33052** |
|  Financial investments |  | 862581 |  |  | **862581** |
|  Derivative instruments |  | 54187 |  |  | **54187** |
|  Other receivables | 67507 |  |  | 35583 | **103089** |
|  **Total** | **67507** | **996154** | **—** | **58130** | **1121791** |
|  **Liabilities** |  |  |  |  |  |
|  Third-party funds |  | 21 |  | 24446 | **24467** |
|  **Total** | **—** | **21** | **—** | **24446** | **24467** |
|  **In the year ended December 31, 2024** |  |  |  |  |  |
|  **Revenues and expenses** |  |  |  |  |  |
|  Commission – banking correspondent and marketplace |  | 156070<br><sup>(1)</sup> |  |  | **156070** |
|  Interest income from receivables | 4054 |  |  | 4621 | **8675** |
|  Credit card acquisition |  | 140979 |  |  | **140979** |
|  Revenue from financial investments |  | 94509<br><sup>(2)</sup> |  |  | **94509** |
|  Transaction expenses |  | (40123) |  |  | **(40123)** |
|  Interest and other financial expenses |  | (29)<sup>(3)</sup> |  |  | **(29)** |
|  Administrative expenses |  | 85920 | (18163) |  | **67756** |
|  Other expense |  |  |  | (19525) | **(19525)** |
|  **Total** | **4054** | **437325** | **(18163)** | **(14904)** | **408312** |

---

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the Consolidated financial statements as of December 31, 2024 and 2023.<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo.jpg) |

---

**21. Transactions with related parties** (cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **J&F <br>Participações** | **Banco <br>Original** | **Key <br>Personnel<sup>(4)</sup>** | **Others<sup>(a)</sup>** | **Total** |
|  **As of December 31, 2023** |  |  |  |  |  |
|  **Assets** |  |  |  |  |  |
|  Cash and cash equivalents |  | 4212893 |  |  | **4212893** |
|  Trade receivables | 23 | 294965 |  | 15882 | **310870** |
|  Other receivables | 67507 | 7215 |  | 45519 | **120241** |
|  **Total** | **67530** | **4515073** | **—** | **61401** | **4644004** |
|  **Liabilities** |  |  |  |  |  |
|  Trade payables |  | 270427 |  | 9 | **270436** |
|  Third-party funds |  | 50 |  | 127633 | **127683** |
|  **Total** | **—** | **270477** | **—** | **127642** | **398119** |
|  **In the year ended December 31, 2023** |  |  |  |  |  |
|  **Revenues and expenses** |  |  |  |  |  |
|  Commission – banking correspondent and marketplace |  | 220447<br><sup>(1)</sup> |  |  | **220447** |
|  Revenue from financial investments |  | 303249<br><sup>(2)</sup> |  |  | **303249** |
|  Transaction expenses |  | (17279) |  |  | **(17279)** |
|  Interest and other financial expenses |  | (20169)<sup>(3)</sup> |  |  | **(20169)** |
|  Administrative expenses |  | 76510 | (18457) |  | **58053** |
|  **Total** | **—** | **562758** | **(18457)** | **—** | **544301** |

---

____________

(a) Includes C-suite, Board of Directors and close family members of key personnel, among others.

(1) For the year ended December 31, 2024, the Group recognized a revenue of R$0 (R$13,616 for the year ended December 31, 2023) related to Payment Arrangements, a revenue of R$14,674 (R$154,880 for the year ended December 31, 2023) related to the Credit Card Partnership Agreement, a revenue of R$64,911 for the year ended December 31, 2024 (R$0 for the year ended December 31, 2023) related to banking correspondent services, a revenue of R$14,535 for the year ended December 31, 2024 (R$0 for the year ended December 31, 2023) API, a revenue of R$61,950 for the year ended December 31, 2024 (R$0 for the year ended December 31, 2023) related to Recovering of Credits Services.

(2) For the year ended December 31, 2024 PicPay had financial investments placed with Banco Original, which generated financial income of R$94,509 (R$303,249 for the year ended December 31, 2023). Refer to Note 6 for further details.

(3) For the year ended December 31, 2024, the Group recorded an expense of R$29 (R$35 in the year ended December 31, 2023) related to interest with a bank account held at Banco Original, an expense of R$0 (R$20,134 in the year ended December 31, 2023) related to the Assignment of Rights Agreement.

(4) For the year ended December 31, 2024, the amount paid as compensation for key management including short-term benefits, was R$18,163 (R$18,457 for the year ended December 31, 2023). The amounts were recognized as an expense during the reporting period.

#### Assets and liabilities with related parties
Cash and cash equivalents and financial investments: The amount refers to the current account balance and financial investments at Banco Original, mainly short-term investments and reverse repurchase agreements.

Trade receivables: primarily refers to amounts receivable for financial transactions processed by Banco Original in the role of acquirer referring to the PicPay Card product.

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the Consolidated financial statements as of December 31, 2024 and 2023.<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo1.jpg) |

---

**21. Transactions with related parties** (cont.)

Other trade receivables: amounts receivables with J&F Participações refer to amounts under a reimbursement agreement, related to marketing expenses of the PicPay brand incurred by PicPay until September 20, 2021. The amounts receivables from Banco Original refer to an agreement relating to the acquisition of credit card operation, under which PicPay makes the payments to acquirers related to the cardholders not acquired by PicPay on behalf of Banco Original for credit card installments, and this amount shall be reimbursed by Banco Original.

Trade payables: the amount payable to Banco Original is related to the cost of issuing, processing and settling the bank slips, the cost of producing the PicPay Card, the withdrawal cost and the transfer of the amount transacted in P2M.

Third -party funds: refers to the balance in the pre-paid accounts of related parties.

Derivative instruments: Refers to the Derivatives Master Agreement for more details see the agreement description above.

**22. Financial income**

#### Classification and subsequent measurement

---

| | | |
|:---|:---|:---|
|  | **December 31, <br>2024** | **December 31, <br>2023** |
|  Financial assets measured at fair value through other comprehensive income | 677872 | 776546 |
|  Financial investments at fair value through profit or loss | 206369 | 174976 |
|  Financial assets measured at amortized cost | 3161855 | 1447188 |
|  **Total** | **4046096** | **2398710** |

---

**23. Transaction Expenses**

---

| | | |
|:---|:---|:---|
|  | **December 31, <br>2024** | **December 31, <br>2023** |
|  Processing fees | (254007) | (246193) |
|  Third-party prevention services<sup>(1)</sup> | (90616) | (110465) |
|  PicPay card issuance expenses | (66690) | (39241) |
|  Chargeback | (48589) | (37408) |
|  Operating losses<sup>(2)</sup> | (33774) | (5232) |
|  **Total** | **(493676)** | **(438539)** |

---

____________

(1) Verification and processing expenses incurred in respect of user transactions, such as identity verification and biometry services, among others.

(2) Amounts related to expenses generated by events of fraud from financial transactions processed by acquirers and card issuers and/or operating errors.

**24. Interest and Other Financial Expenses**

---

| | | |
|:---|:---|:---|
|  | **December 31, <br>2024** | **December 31, <br>2023** |
|  Bank fees | (27906) | (7766) |
|  Cost of Funding<sup>(1)</sup> | (1398530) | (1144122) |
|  Others | (12228) | (60590) |
|  **Total** | **(1438664)** | **(1212478)** |

---

____________

(1) The cost of funding is mainly related to the interest expenses paid to customers who deposit funds in CDB, which are used to lend money to other customers in the form of loans. Management monitors these expenses, and they are directly associated with the funding of investments, loans and operations.

[**Table of Contents**](#TOC001)

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| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the Consolidated financial statements as of December 31, 2024 and 2023.<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo.jpg) |

---

**25. Technology expenses**

---

| | | |
|:---|:---|:---|
|  | **December 31, <br>2024** | **December 31, <br>2023** |
|  Software expenses | (376849) | (247847) |
|  IT Services | (131751) | (64251) |
|  **Total** | **(508600)** | **(312098)** |

---

**26. Marketing expenses**

---

| | | |
|:---|:---|:---|
|  | **December 31, <br>2024** | **December 31, <br>2023** |
|  Advertising | (127612) | (103755) |
|  Cashback | (39291) | (63403) |
|  Digital Marketing | (38143) | (28455) |
|  Customer Acquisition expenses<sup>(1)</sup> | (122635) | (111875) |
|  Commission expenses | (5499) | (5072) |
|  **Total** | **(333180)** | **(312560)** |

---

____________

(1) Consumer acquisition cost is based on marketing expenses, which include the amounts for performance media and member-get-member expenses (which is comprised of paid referrals).

**27. Personnel expenses**

---

| | | |
|:---|:---|:---|
|  | **December 31, <br>2024** | **December 31, <br>2023** |
|  Salaries | (472809) | (375039) |
|  Benefits | (359448) | (295693) |
|  Social security charges | (256150) | (214788) |
|  Others | (2426) | 6158 |
|  **Total** | **(1090833)** | **(879362)** |

---

**28. Administrative expenses**

---

| | | |
|:---|:---|:---|
|  | **December 31, <br>2024** | **December 31, <br>2023** |
|  Third party services and financial system services | (112611) | (78434) |
|  Rent, condominium fee and property services | (35261) | (24126) |
|  Taxes | (3549) | (1813) |
|  Expenses with provisions | (16871) | (13535) |
|  Others | (66131) | (18751) |
|  **Total** | **(234423)** | **(136659)** |

---

[**Table of Contents**](#TOC001)

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| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the Consolidated financial statements as of December 31, 2024 and 2023.<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo1.jpg) |

---

**29. Risk management**

The Group has a specific structure for risk management, including policies and procedures, covering the evaluation and monitoring of operational, credit, market and liquidity risks (including cash flow and investments of funds held in payment accounts) incurred by the institution.

PicPay Netherlands approach to risk management requires that its risk taking to be consistent with its risk appetite. Risk appetite is the aggregate level of risk that the Group is willing to tolerate to achieve its strategic objectives and business plan. PicPay Netherlands risks are generally categorized and summarized as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Credit risk: is the risk of loss resulting from the decline in credit quality (or downgrade risk) or failure of a borrower, counterparty, third party or issuer to honor its financial or contractual obligations. PicPay Netherlands manages and controls credit risk by setting limits on the amount of risk it is willing to accept for individual counterparties and for geographical concentrations, and by monitoring exposures in relation to such limits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Market risk: is the risk of loss arising from changes in the value of the Group assets and liabilities and adverse impact on net interest income and on banking portfolio resulting from changes in market variables, such as interest rates, equity, foreign exchange rates or credit spreads.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Liquidity risk: is the risk that the Group will not be able to efficiently meet both expected and unexpected current and future cash flow and collateral needs without adversely affecting either daily operations or financial conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operational risk: is the risk of loss arising from systems failure, human error, fraud or external events. When controls fail to operate effectively, operational risks can cause damage to reputation, have legal or regulatory implications, or lead to financial loss.

This process is continuous, continuously reviewed and serves as the basis for the Group's strategies, the primary risks related to financial instruments are:

**29.1 Credit risk**

Credit risk is the possibility that a counterparty will not comply with its obligations, whether under an agreement or a financial instrument, leading to a drop in expected cash receipts or financial loss.

The Group's credit risk arises from its cash, cash equivalents, financial investments, OTC derivatives, acquirer and card issuer receivables, other receivables and loans to its users.

Concentrations of credit risk for similar financial instruments are already being shown in accordance with NE 8.2.1 Credit loss allowance breakdown.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash and cash equivalents

The risks and treasury departments manage credit risk associated with bank account balances and investments in financial institutions, prioritizing those with a "AAA" rating from agencies like Moody's, S&P or Fitch. Because the Group's accounts receivable mostly consist of high liquidity investments and operational accounts approved by major financial institutions with low-risk ratings, the expected credit loss is not material. Furthermore, these financial institutions are legally responsible for the accounts receivable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Financial investments

These primarily relate to bonds issued by the Brazilian government and reverse repos collateralized by bonds issued by the Brazilian government. There is no significant expected credit loss recognized for these assets.

[**Table of Contents**](#TOC001)

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| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the Consolidated financial statements as of December 31, 2024 and 2023.<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo.jpg) |

---

**29. Risk management** (cont.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Acquirer and card issuer receivables

The Group recognizes amounts to receive from acquirers related to its activity as a sub-acquirer and from card issuers related to its activities as an acquirer and also when its users use its app to settle bank slips or make other payments using an on-boarded credit card. These receivables are due in up to twelve monthly installments. As a result, the Group is exposed to the risk of default by the acquirers and card issuers.

In its role as a sub-acquirer, the Group uses national acquirers seeking to avoid concentration in any single acquirer and increase financial efficiency and PicPay processes all credit card transactions with the acquirers Cielo and Getnet and card issuers.

The Group uses only acquirers authorized to operate by the BACEN, which are supervised and monitored by BACEN, including the minimum equity level for the operation, and which have a national "AAA" rating by the rating agencies (S&P or Fitch). The acquirers may default on their financial obligations due to lack of liquidity, operational failure or other reasons, situations in which the Group can be held responsible for making the payment of receivables to commercial establishments without the receipt of the amounts by the acquirer. Until now, the Group has not suffered losses on receivables from acquirers.

The Group management does not expect any significant losses from non-performance by these counterparties in addition to the amounts already recognized as chargebacks.

Credit card issuers are supervised by BACEN. The payments arrangement (Visa, Mastercard, Elo and others) have their own risks and guarantee models to evaluate and mitigate the default risk of the issuers, which mitigate the risk of the acquires and the systemic risk of Brazilian payment arrangements. Additionally, the acquires and issuers have others risks mitigation such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amounts due within 27 days of the original transaction, including those that fall due with the first installment of installment receivables, are guaranteed by the payment arrangement in the event that the legal obligors do not make payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Processes for mitigating operational failures, such as fraud prevention, limitations anticipating the agenda, among others.

As of December 31, 2024, the Group had an amount receivable totaling R$181,572 (R$138,548 on December 31, 2023) from the acquirers and R$3,610,528 (R$2,966,040 on December 31, 2023) from card issuers, based on the probabilities of default attributed by the rating agencies and the risk mitigation processes presented above, the Group made a provision for expected credit losses in the amount of R$400 (R$4 on December 31, 2023).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consumer Loans

Consumer loans include: (i) loans that are portfolio of personal loans, FGTS loans and government employee's payroll loans, beginning in October 2023; and (ii) credit card that are transactions in one-payment, installment with interest and installments without interest, beginning in January 2024. Consumers must meet certain credit performance criteria.

"Payroll loans" are loans for which the payments and interest are discounted either directly from the consumer's salary from the payroll of a government body or from their government pension or other benefit payments. Credit enhanced financial assets as they are linked to client payroll directly, meaning that the client paycheck is automatically discounted of the loan installments.

"FGTS loans" are loans in which consumers can drawdown in advance up to seven annual installments of their FGTS. The group receives the payment of these installments directly from the FGTS. FGTS loans are collateralized by the deposits held in Government account.

As of December 31, 2024, the Group had a provision for expected credit losses in the amount of R$864,220 (R$14,286 on December 31, 2023).

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the Consolidated financial statements as of December 31, 2024 and 2023.<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo1.jpg) |

---

**29. Risk management** (cont.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other receivables

Other receivables relate mainly to transactions involving related parties that are based on conditions negotiated between Group and related companies. At December 31, 2024, the Group did not record any impairment loss on accounts receivable related to the amounts due from related parties as it understands that there is no significant credit risk on outstanding balances.

Due to the nature of PicPay's financial services, and the actual counterparty related to its receivables and investments, no significant credit risk increase was observed. Additionally, the Group does not have any credit-impaired financial asset.

The Group's maximum credit exposure from financial assets and derivative financial instruments is presented in the table below:

---

| | | |
|:---|:---|:---|
|  | **December 31, <br>2024** | **December 31, <br>2023** |
|  **Cash and cash equivalents** | **7471673** | **7379049** |
|  **Financial assets measured at fair value through other comprehensive income** | **3099077** | **2574863** |
|  Financial Investments | 3099077 | 2574863 |
|  **Financial assets at fair value through profit or loss** | **100051** | **176717** |
|  Financial Investments | 45864 | 176717 |
|  Derivative financial instruments | 54187 |  |
|  **Financial assets measured at amortized cost** | **14669571** | **4116019** |
|  Trade receivables | 3877167 | 3429602 |
|  Consumer loans<sup>(1)</sup> | 10571338 | 560459 |
|  Other receivables | 221066 | 125958 |
|  **Pre-approved credit card limits (off-balance)** | **4455217** | **—** |
|  **Total** | **29795589** | **14246648** |

---

____________

(1) Refers to gross amount consumer loans

**29.2 Market risk**

The Group may face potential financial losses due to market fluctuations that affect the value of its financial positions. These changes can arise from a variety of factors but are mainly driven by fluctuations in interest rates.

As of December 31, 2024 the Group had derivative financial instruments for accounting and economic hedge purposes. It is the Group's policy that no trading in derivatives for speculative purposes may be undertaken.

The risks are identified, quantified, mitigated, regulated, and reported as per the Group exposure to market risk guidelines defined by the governance process. Moreover, these limits are immediately and independently monitored from the commercial areas.

To monitor and control such market risks, the Group employs various methods, including stress scenarios, sensitivity — delta variation (DV), exposure mismatches (GAP), and interest rate risks (IRRBB).

**a) Interest rate risk**

The interest rate risk is the risk of potential change in interest rates to negatively affect the value of a Group's assets, liabilities, or future cash flows.

[**Table of Contents**](#TOC001)

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| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the Consolidated financial statements as of December 31, 2024 and 2023.<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo.jpg) |

---

**29. Risk management** (cont.)

DV01 or Interest rate sensitivity refers to the effect on market valuations of cash flows when there is an increase of one basis point in current benchmark interest rates or in the index. Mathematically, the DV01 measures the change in the value of fixed interest rate portfolio for every 1 basis point (1 basis point is equal to 0.01%) change in the benchmark interest rate.

The analysis below demonstrates the sensitivity of the group's financial instruments fair value increasing 1 basis point (DV01) in the Brazilian benchmark interest rate.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **DV01 – December 31, 2024** | **DV01 – December 31, 2024** | **DV01 – December 31, 2024** | **DV01 – December 31, 2024** |
|  | **Asset** | **Liability** | **Derivative** | **Amount** |
|  **Fixed interest rate financial instruments** | (1181) | 687 | 377 | (117) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **DV01 – December 31, 2023** | **DV01 – December 31, 2023** | **DV01 – December 31, 2023** | **DV01 – December 31, 2023** |
|  | **Asset** | **Liability** | **Derivative** | **Amount** |
|  **Fixed interest rate financial instruments** | (120) | (6) | 22 | (104) |

---

To complement the table above, the Group measured the sensitivity to changes in the relevant risk variable that were reasonably possible at that date. The reasonably possible risk variation considered was an increase in 10% and a decrease in 10% in the benchmark interest rate. For fixed rate instruments the table below presents the sensitivity of the fair value of to the reasonably possible change. For floating rate instruments, the table below presents the sensitivity of 12 months of interest income/expense (assumes no other changes to balance or rates during this period).

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Rate risk** | **Total portfolio <br>amount** | **Basic interest rate change** | **Basic interest rate change** |
|  | **Rate risk** | **Total portfolio <br>amount** | **10%** | **-10%** |
|  **As of December 31, 2024** |  |  |  |  |
|  **Type** |  |  |  |  |
|  **Financial assets** |  |  |  |  |
|  Government bonds – LFT | SELIC | 2338261 | 28644 | (28644) |
|  Government Bonds – LTN | SELIC | 800368 | 9805 | (9805) |
|  Derivative financial instruments | CDI | 54187 | 664 | (664) |
|  Reverse repurchases agreements – National Treasury Note (NTN-B) | Fixed Rate | 4809999 | 58923 | (58923) |
|  **Consumer loans**<sup>(1)</sup> | Fixed Rate | 10571338 | 129499 | (129499) |
|  **Financial liabilities** |  |  |  |  |
|  Payment accounts | CDI | (889296) | (10894) | 10894 |
|  CDB's | CDI | (19094153) | (233903) | 233903 |
|  Futures contract – CDI Rate<sup>(2)</sup> | CDI | (2955650) | (36207) | 36207 |
|  **As of December 31, 2023** |  |  |  |  |
|  **Type** |  |  |  |  |
|  **Financial assets** |  |  |  |  |
|  Government bonds – LFT | SELIC | 2124660 | 24965 | (24965) |
|  Government bonds – LTN | Fixed Rate | 618664 | 7251 | (7251) |
|  Consumer loans<sup>(1)</sup> | Fixed Rate | 554162 | 8452 | (8452) |
|  **Financial liabilities** |  |  |  |  |
|  Payment accounts | CDI | (943864) | (12299) | 12299 |
|  CDB's | CDI | (12368426) | (161161) | 161161 |

---

____________

(1) Refers to gross amount consumer loans

(2) Futures contract — CDI Rate to hedge interest rate risk of the assets and liabilities of the FIDC. The "Total portfolio amount" represents the notional amount.

[**Table of Contents**](#TOC001)

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| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the Consolidated financial statements as of December 31, 2024 and 2023.<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo1.jpg) |

---

**29. Risk management** (cont.)

**b) Exchange rate risk**

The foreign exchange risk is the potential financial loss that can occur due to fluctuations in the exchange rates between different currencies.

The Group has both, checking account in USD to international transactions that the Group carries out, and contracts with suppliers in foreign currency for services and software licenses. The existence of these exposures mitigates some of the volatility in the foreign exchange market given the fact that the move in opposite directions. In this way, transactions and financial commitments in currencies other than the local currency are managed more effectively.

Furthermore, the sensitivity to fluctuations in the dollar exchange rate, keeping other variables constant, is presented in the table below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Rate risk** | **Total <br>exposure on <br>December 31, <br>2024** | **+10%** | **-10%** |
|  **Type** |  |  |  |  |
|  Trade payables | Dollar | 3 | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Rate risk** | **Total <br>exposure on <br>December 31, <br>2023** | **+10%** | **-10%** |
|  **Type** |  |  |  |  |
|  Trade payables | Dollar | 46 | 4 | (4) |

---

**c) Hedge accounting**

The Group maintains portfolios of loans customers at fixed interest rates and FGTS loan, which generate market risk due to changes in the Brazilian reference interest rate. Thus, to protect the fixed rate risk from CDI variation, the Group entered future DI contracts and Pre x DI swaps to offset the market risk.

Starting on February 2024, PicPay designated the hedging strategy to an eligible hedge accounting structure aiming to eliminate differences between the accounting measurement of its derivatives and hedged items which are adjusted to reflect changes in CDI. In accordance with its hedging strategy, the Group adopts the "portfolio layer" method.

This method allows it to use part of the portfolio of financial assets as a fair value hedge during the hedging period in the event of events such as prepayment, default or sale of operations. The interest rate risk arising from layers is mitigated by purchasing DIV01 futures contracts as a hedging instrument. The number of contracts per net maturity needed to cover exposure is assessed based on DV01.

The Group holds fixed rate Government Bonds (LTNs) and fixed-rate financial liabilities which create market risk due to changes of the Brazilian benchmark interest rate. Thus, to protect the fixed rate risk from CDI variation, the Group entered future DI contracts to offset the market risk for each financial asset and financial liability. Starting on December 2024, PicPay designated the hedging strategy to an eligible hedge accounting structure aiming to eliminate differences between the accounting measurement of its derivatives and hedge items which are adjusted to reflect changes in CDI.

[**Table of Contents**](#TOC001)

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| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the Consolidated financial statements as of December 31, 2024 and 2023.<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo.jpg) |

---

**29. Risk management** (cont.)

In accordance with the hedging strategy, the Group designates the hedge items on an individual basis.

The Group calculates the DV01 (delta value of a basis point) of the exposure and futures to identify the optimal hedging ratio, and monitors in a timely manner the hedge relationship, providing any rebalancing if needed. The need for the purchase or sale new future DI contracts will be assessed, to counterbalance the hedged item's market value adjustment, aiming to assure hedge effectiveness between 80% and 125%, as determined in the hedge documentation.

The effectiveness test for the hedge is performed in a prospective and retrospective way. In the prospective test, the Group compares the impact of a 1 basis point parallel shift on the interest rate curve (DV01) on the hedge item and on the hedge instrument market value. For the retrospective test, the market-to-market value change since the inception of the hedged item is compared to the hedge instrument. In both cases, the hedge is considered effective if the correlation is between 80% and 125%.

For designated and qualifying fair value hedges, the cumulative change in the fair value of the hedging derivative and of the hedged item attributable to the hedged risk is recognized in the consolidated financial statements of profit or loss in "interest income and gains (losses) on financial instruments — Financial assets at fair value through other comprehensive income". LTN Bonds recorded under NE 29.6 Fair value measurement.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Total <br>amount of <br>hedged item** | **<br>Fair value adjustment to <br>the hedge object** | **<br>Fair value adjustment to <br>the hedge object** | **Fair value <br>adjustment <br>to the <br>Hedging <br>instrument** | **Hedge <br>effectiveness** |
|  | **Total <br>amount of <br>hedged item** | **Asset** | **Liability** | **Fair value <br>adjustment <br>to the <br>Hedging <br>instrument** | **Hedge <br>effectiveness** |
|  **Interest rate risk** |  |  |  |  |  |
|  Interest rate contracts – Future and Swap – Payroll loan<sup>(1)</sup> | 988606 |  | (11846) | 11846 | 100% |
|  Interest rate contracts – Future and Swap – FGTS loan<sup>(2)</sup> | 1766424 |  | (143192) | 143192 | 100% |
|  Interest rate contracts – Future – Liabilities Pre | (587705) |  | 17780 | (17775) | 100% |
|  Interest rate contracts – Future – LTN Bonds | 783130 |  | (17237) | 17237 | 100% |
|  **Total** | **2950455** | **—** | **(154495)** | **154500** | **100%** |

---

____________

(1) Payroll loan — From the value of the hedging instrument, R$11,846 it is composed by: Swap R$11,476 and R$370 by Futures Contracts.

(2) FGTS loan — From the value of the hedging instrument, R$143,192 it is composed by: Swap R$52,108 and R$91,084 by Futures Contracts.

[**Table of Contents**](#TOC001)

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| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the Consolidated financial statements as of December 31, 2024 and 2023.<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo1.jpg) |

---

**29. Risk management** (cont.)

**29.3 Liquidity risk**

Liquidity risk is the possibility that the Group does not have sufficient liquid resources to honor its financial commitments, due to a mismatch in terms of volume between the receipts and payments provided for in its cash flow.

PicPay's liquidity management processes include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash liquidity monitoring: daily update of the administrative and operational cash flow, detailing the inflows and outflows, including the cash projection and stress scenario.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Minimum cash limits: establishing minimum cash limits, which allow preemptive actions to be taken to ensure sufficient resources to meet financial commitments.

The Group's projected cash flow is generated and monitored daily by the treasury to ensure that the Group has the necessary resources to meet financial commitments and operational needs. For the projection of cash, growth assumptions and stress factors are used, which include increased losses and expenses.

The information on financial liabilities is essential information for the projection and management of cash flow, ensuring that the Group has the necessary resources to settle its obligations.

As a cash management procedure, the treasury invests surplus funds in highly liquid and low risk assets. PicPay does not have assets pledged as guarantees for loans, financial operations or contractual obligations.

Liquidity risk refers to the Group's ability to meet both expected and unexpected obligations without disrupting daily operations or incurring significant losses.

In order to mitigate these risks, management has adopted a diversified approach to financing, in addition to its main base of deposits. A liquidity risk management policy has been implemented, involving the use of various tools and activities, such as daily cash flow forecasts, liquidity profile monitoring, and maintenance of adequate cash reserves. Stress tests are conducted to assess the impact of extreme events on the Group's finances, and a contingency plan is in place to deal with liquidity shortages during crises. Any new initiative or product is preliminarily assessed by the market and liquidity risk department.

The treasury department is in charge of coordinating with other sectors to ensure the effective implementation of the liquidity management strategy.

As part of cash flow management, the treasury department invests in highly liquid, low-risk assets whenever there are resource surpluses. It is important to note that the Group does not use its assets as collateral for loans, financial transactions, or contractual obligations.

Detailed information on financial liabilities is essential for cash flow projections and management, ensuring that the Group has adequate resources to meet its obligations.

The Group measures the expected turnover of third-party funds CDB to be replaced in a monthly basis for a 12-months period. It is determined by the historical weighted average outflow volume of the portfolio over a monthly basis. Liquidity analysis considers only the expected maturity of the daily third-party funds CDB's not considering the replacement of the outflows with new inflows from wallets and banking deposits.

[**Table of Contents**](#TOC001)

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| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the Consolidated financial statements as of December 31, 2024 and 2023.<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo.jpg) |

---

**29. Risk management** (cont.)

The table below shows the expected maturity:

#### Liabilities

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Up to <br>30 days** | **From <br>31 to 60<br>days** | **From <br>61 to 90<br>days** | **From <br>91 to 180<br>days** | **From <br>181 to 365<br>days** | **Over <br>365<br>days** | **Total** |
|  **As of December 31, 2024** |  |  |  |  |  |  |  |
|  Third-party funds – payment accounts | 889296 |  |  |  |  |  | **889296** |
|  Third-party funds – CDB's<sup>(1)</sup> | 8833086 | 2231071 | 1297330 | 1581909 | 2544897 | 2605860 | **19094153** |
|  Third-party funds – Others | 220539 |  |  |  |  |  | **220539** |
|  Obligations to FIDC FGTS quota holders |  |  |  |  |  | 704755 | **704755** |
|  Trade payables | 1995733 | 173766 | 188148 | 403034 | 558296 | 46288 | **3365265** |
|  **Total** | **11938654** | **2404837** | **1485478** | **1984943** | **3103193** | **3356903** | **24274008** |
|  **As of December 31, 2023** |  |  |  |  |  |  |  |
|  Third-party funds – payment accounts | 807700 |  |  |  |  |  | **807700** |
|  Third-party funds – Daily Liquidity CDB's<sup>(1)</sup> | 6280043 | 1600795 | 985105 | 1108243 | 1477657 | 861967 | **12313810** |
|  Third-party funds – CDB's<sup>(1)</sup> | 1895 | 25025 | 24217 | 37308 | 55067 | 47268 | **190780** |
|  Trade payables | 643252 | 5133 | 11 |  | 202 |  | **648598** |
|  **Total** | **7732890** | **1630953** | **1009333** | **1145551** | **1532926** | **909235** | **13960888** |

---

____________

(1) The issuance of a daily liquidity CDB allows the counterparty to redeem the invested amount at any time until its final maturity, without any type of grace period. Therefore, it is important to evaluate and monitor the redemption behavior of these positions, so that liquidity risk management is carried out conservatively. The methodology adopted provides for an average redemption curve, calculated monthly and categorizing the issuances by batches. The analysis therefore reflects an average redemption behavior of the Group's liquid liabilities.

**29.4 Fraud risk**

The Group is exposed to several operational risks, the most relevant being the risk of fraud, which is an undue, illegal or criminal activity that causes a financial loss for one of the parties involved in a financial transaction within the PicPay arrangement. Credit card fraud includes unauthorized use of lost, stolen, fraudulent, counterfeit, or altered cards, as well as misuse of the PicPay user payment account. Within this scenario, the Group is exposed to losses due to transaction chargeback (cancellations).

The chargeback process starts when a user makes a transaction via credit card in the PicPay application and, for reasons unrelated to PicPay, decides to contest the transaction with the card issuer who forwards it to the acquirer who performs the transaction cancellation, reducing the amount of payables it has outstanding with PicPay.

The Group has areas dedicated to preventing fraud with the development of anti-fraud processes and strategies and real-time monitoring of transactions using payment account balance or credit card for bank slips, withdrawals or transfers between users, identifying, approving or declining transactions.

**29.5 Capital management**

The Group operates within the regulatory framework established by BACEN (Banco Central do Brasil), which mandates adherence to minimum capital requirements. These requirements are most pertinent to our subsidiary, PicPay, and our prudential conglomerate, led by PicPay Instituição de Pagamento S.A. ("PicPay Conglomerate", which is a sub-set of the consolidated group defined for regulatory capital purposes per BACEN rules).

[**Table of Contents**](#TOC001)

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| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the Consolidated financial statements as of December 31, 2024 and 2023.<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo1.jpg) |

---

**29. Risk management** (cont.)

Prudential classification is a mechanism used by BACEN to categorize financial institutions based on criteria such as size, operational complexity, and risk profile. This categorization determines the set of prudential rules that must be followed by the institution, including capital requirements, exposure limits to risks, reporting obligations, and corporate governance. The regulatory framework classifies the prudential conglomerate comprising at least one institution that provides payment services and establishes segmentation for prudential conglomerates between Types 1 to 3 (less to more flexible capital requirements, respectively).

During the year ended December 31, 2024, the PicPay Conglomerate became subject to the most conservative capital levels, equivalent to those of large banks in BACEN classification. The change resulted in PicPay Conglomerate falling short of the necessary capital requirements. In response, the conglomerate presented a plan to BACEN to meet the requirements again. The plan has been formulated with input from financial experts and has received formal approval from the Board of Directors as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Executed a capital increase of R$230,000, with R$100,000 on June 28, 2024, and an additional R$130,000 on September 19, 2024. More details are disclosed in Note 20 — Equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Established contingency arrangements whereby the Group's controllers are prepared to provide additional capital contributions, should the need arise, to ensure ongoing compliance with BACEN's regulatory capital requirements.

This new required capital level has not affected the operations of PicPay Conglomerate. Given the current stage of PicPay, its asset growth has been closely monitored by senior management and has the support of its shareholders for capital adequacy, if necessary, given the level of leverage established in these more conservative BACEN level standards. Additionally, the plan has been accepted by BACEN.

On December 31, 2024 the capital ratio is 9.69% (11.72% on December 31, 2023), which is 1.69% above the minimum regulatory requirement of 8% (3.72% above the minimum regulatory requirement on December 31, 2023) and meets 67.6% of the additional principal conservation capital requirement of 2.5%.In order to restore fulfillment of 100% of the additional principal conservation capital, on February 26, 2025, J&F International invested R$321,750 in PicPay Netherlands without the issuance of new shares. On the same date PicPay Netherlands invested the same amount in PicS Ltd without the issuance of new shares. On February 27, 2025, PicS Ltd invested R$321,490 in PicS Holding through the issue and subscription of 321,489,832 quotas, all nominative and with par value of R$1. On the same date PicS Holding invested R$321,750 in PicPay Bank through the issue and subscription of 88,121,683 shares, all nominative and without par value.

Company monitors and forecasts its capital needs in order to maintain compliance with regulatory requirements and internal target capital ratios, maintaining constant communication with the parent company to ensure timely fulfillment of capital needs. As part of this process, on March 25, 2025, J&F International invested R$50,000 in PicPay Netherlands without the issuance of new shares. On March 26, 2025, PicPay Netherlands invested the same amount in PicS Ltd without the issuance of new shares. On the same date PicS Ltd invested the same amount in PicS Holding through the issue and subscription of 50,000,000 quotas, all nominative and with par value of R$1. On March 27, 2025, PicS Holding invested the same amount in PicPay Bank through the issue and subscription of 31,643,364 shares, all nominative and without par value. These values are calculated by the Risk area monthly.

After the aforementioned capital contributions, capital ended up above 10.5%.

[**Table of Contents**](#TOC001)

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| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the Consolidated financial statements as of December 31, 2024 and 2023.<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo.jpg) |

---

**29. Risk management** (cont.)

**29.6 Fair Value Measurement**

*Determination of fair value and fair value hierarchy*

For assets and liabilities measured at fair value, PicPay measures fair value using the procedures set out below. The objective of the valuation techniques is to arrive at a fair value measurement that reflects the price that would be received to sell the asset or paid to transfer the liability in an orderly transaction between market participants at the measurement date.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Level 1:  | when available, the Bank uses quoted market prices from active markets to determine fair value and classifies such items as Level 1. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Level 2:  | quoted prices in an active market for similar assets or liabilities or based on another valuation method in which all significant inputs are based on observable market data. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Level 3:  | If quoted market prices are not available, fair value is based on internally developed valuation techniques that use, whenever possible, current market-based parameters such as interest rates, exchange rates and option volatilities. Financial instruments valued using such internally generated valuation techniques are classified according to the lowest input factor or level value that is significant to the valuation. Therefore, an item may be classified as Level 3, even though there may be some significant inputs that are easily observable. |

---

Any pricing model used to measure fair value is governed by an independent control structure. Fair value estimates from internal valuation techniques are checked, whenever possible, against prices obtained from independent suppliers or brokers. Vendor and broker valuations can be based on a variety of data ranging from observed prices to proprietary valuation models, and the Bank assesses the quality and relevance of this information to determine the fair value estimate.

#### Financial assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Financial assets at fair value through other comprehensive income** |  |  |  |  |
|  Government Bonds – LFT | 2298709 |  |  | 2298709 |
|  Government Bonds – LTN | 800368 |  |  | 800368 |
|  **Total** | **3099077** | **—** | **—** | **3099077** |
|  **Derivative financial instruments – Interest rate derivatives measured at fair value through profit or loss income** |  |  |  |  |
|  Swaps contracts<sup>(1)</sup> |  | 54187 |  | 54187 |
|  **Total** | **—** | **54187** | **—** | **54187** |

---

[**Table of Contents**](#TOC001)

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| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the Consolidated financial statements as of December 31, 2024 and 2023.<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo1.jpg) |

---

**29. Risk management** (cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Other financial assets measured at fair value through profit or loss income** |  |  |  |  |
|  Government Bonds – LFT | 39552 |  |  | 39552 |
|  Reverse repurchases agreements | 4809999 |  |  | 4809999 |
|  Other Investments | 6312 |  |  | 6312 |
|  **Total** | **4855863** | **—** | **—** | **4855863** |
|  **Total Financial assets** | **7954940** | **54187** | **—** | **8009127** |

---

____________

(1) Interest rate swap contracts are commitments to settle in cash on a future date or dates, the differential between two specified financial indices (two different interest rates in a single currency or two different rates each in a different currency) applied to a principal reference value.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Financial assets at fair value through other comprehensive income** |  |  |  |  |
|  Government Bonds – LFT | 1956200 |  |  | 1956200 |
|  Government Bonds – LTN | 618664 |  |  | 618664 |
|  **Total** | **2574864** | **—** | **—** | **2574864** |
|  **Other financial assets measured at fair value through profit or loss income** |  |  |  |  |
|  Government Bonds – LFT | 168460 |  |  | 168460 |
|  Reverse repurchases agreements | 2857405 |  |  | 2857405 |
|  Other Investments | 8256 |  |  | 8256 |
|  **Total** | **3034121** | **—** | **—** | **3034121** |
|  **Total Financial assets** | **5608985** | **—** | **—** | **5608985** |

---

As of December 31, 2024, and December 31, 2023, there were no transfers between the fair value measurements of Level I and Level II or between Level II and Level III.

*Financial instruments recorded at fair value*

The following is a description of the method for determining the fair value of financial instruments. The valuation techniques incorporate estimates of the assumptions that a market participant would use to value the instruments.

*Derivative financial instruments*

The fair value of the swaps is calculated considering the projected cash flows of each of their ends, discounted to present value according to their respective yield curves, which are representative of market conditions. The yield curve calculations use models audited and approved internally by PicPay's risk management department.

Interest rate futures contracts are commitments to buy or sell a financial instrument on a future date, at a contracted price or yield, and can be financially settled. The nominal value represents the face value of the related instrument. This instrument is settled daily in line with changes in market prices.

[**Table of Contents**](#TOC001)

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| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the Consolidated financial statements as of December 31, 2024 and 2023.<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo.jpg) |

---

**29. Risk management** (cont.)

The main interest rates used in the composition of the yield curves are taken from futures and swaps traded on B3, and adjustments are made to these curves whenever certain points are considered to lack sufficient liquidity to be representative, or, for atypical reasons, do not faithfully represent market conditions.

*Credit Risk Adjustment (CVA)*

The current standard requires the allocation of Credit Value Adjustment (CVA) and Debit Value Adjustment (DVA) for derivative financial instruments. These adjustments are intended to reflect the counterparty's credit risk and the entity's own risk in the valuations of these instruments.

However, PicPay does not carry out the allocation as there is no derivative exposure with clients. All current derivatives are contracted exclusively with companies in the same economic group. This factor considerably reduces credit risk, since the relationship between the parties involved is one of common control, mitigating potential losses associated with non-compliance with obligations.

Therefore, considering the absence of exposure to external customers and the low materiality of credit risk in intra-group transactions, we believe that there is no need to allocate CVA and DVA to these derivative financial instruments. This approach is based on the Company's operational reality and the effective assessment of the risk involved.

---

| | | |
|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** |
|  | **Carrying <br>amount** | **Fair Value** |
|  **Fair Value of financial instruments measured at amortized cost** |  |  |
|  Cash and cash equivalents | 7471673 | 7471673 |
|  Amounts receivable from card issuers | 3653774 | 3653774 |
|  Consumer loans | 9732642 | 9578148 |
|  Derivatives financial instruments | 54187 | 54187 |
|  Other receivables<sup>(1)</sup> | 444459 | 444459 |
|  **Total** | **21356735** | **21202241** |

---

____________

(1) Balance composed of: Receivables from purchasers, Receivables from customers, Receivables — related parties, Compulsory deposits in Central Bank and Sundry receivables

#### Financial liabilities

---

| | | |
|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** |
|  | **Carrying <br>amount** | **Fair Value** |
|  **Fair Value of financial instruments measured at amortized cost** |  |  |
|  Third-party funds – payment account | 889296 | 889296 |
|  Third-party funds – CDB's | 19094153 | 19094153 |
|  Trade payables | 3365265 | 3365265 |
|  Obligations to FIDC FGTS quota holders | 704755 | 704755 |
|  **Total** | **24053469** | **24053469** |

---

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the Consolidated financial statements as of December 31, 2024 and 2023.<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo1.jpg) |

---

**29. Risk management** (cont.)

#### Financial assets

---

| | | |
|:---|:---|:---|
|  | **December 31, 2023** | **December 31, 2023** |
|  | **Carrying <br>amount** | **Fair Value** |
|  **Fair Value of financial instruments measured at amortized cost** |  |  |
|  Cash and cash equivalents | 7379049 | 7379049 |
|  Amounts receivable from card issuers | 2966040 | 2966040 |
|  Consumer loans | 574745 | 560459 |
|  Other receivables<sup>(1)</sup> | 589520 | 589520 |
|  **Total** | **11509354** | **11495068** |

---

____________

(1) Balance composed of: Receivables from purchasers, Receivables from customers, Receivables — related parties and Sundry receivables

#### Financial liabilities

---

| | | |
|:---|:---|:---|
|  | **December 31, 2023** | **December 31, 2023** |
|  | **Carrying <br>amount** | **Fair Value** |
|  **Fair Value of financial instruments measured at amortized cost** |  |  |
|  Third-party funds – payment account | 807700 | 807700 |
|  Third-party funds – CDB's | 12504590 | 12504590 |
|  Trade payables | 648598 | 648598 |
|  **Total** | **13960888** | **13960888** |

---

**29.6.1 Offsetting of financial instruments**

The balances of financial assets and liabilities can be offset (net amount) if there is a legally enforceable agreement in which the parties agree to offset the recognized amounts and intend to settle on a net basis, or to realize the asset and settle the liability simultaneously. As of December 31, 2024 and December 31, 2023 the Group does not have financial instruments that meet the conditions for offsetting.

**30. Reconciliation of changes in equity and liabilities with cash flows from financing activities**

---

| | | | |
|:---|:---|:---|:---|
|  | **Liability** | **Equity** | **Equity** |
|  | **Lease** | **Share Capital <br>and additional <br>paid in share <br>capital** | **Capital <br>Reserve<sup>(20d)</sup>** |
|  **Balances as of December 31, 2023** | **58652** | **—** | **1751253** |
|  **Variations with effect on cash** | **(8402)** | **105556** | **—** |
|  Payment of leases | (8402) |  |  |
|  Share capital increase |  | 105556 |  |
|  **Variations without effect on cash** | **2886** | **1301007** | **(1751253)** |
|  Net of lease payment, interest and remeasurements | 2886 | 1301007 | (1751253) |
|  **Balances as of December 31, 2024** | **53136** | **1406563** | **—** |

---

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the Consolidated financial statements as of December 31, 2024 and 2023.<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo.jpg) |

---

**30. Reconciliation of changes in equity and liabilities with cash flows from financing activities** (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | **Liability** | **Equity** | **Equity** |
|  | **Lease** | **Share Capital <br>and additional <br>paid in share <br>capital** | **Capital <br>Reserve<sup>(15d)</sup>** |
|  **Balances as of December 31, 2022** | **52953** | **1751253** | **525289** |
|  **Variations with effect on cash** | **(12245)** | **—** | **—** |
|  Payment of leases | (12245) |  |  |
|  **Variations without effect on cash** | **17944** | **—** | **3738** |
|  Transactions with related parties<sup>(1)</sup> |  |  | 3738 |
|  Net of lease payment, interest and remeasurements | 17944 |  |  |
|  **Balances as of December 31, 2023** | **58652** | **1751253** | **529027** |

---

____________

(1) Refers to post-combination expenses. Refer to Note 20.d for further details.

**31. Segment information**

Operating segments are determined based on information reviewed by the board of directors, the Chief Operating Decision Maker (CODM), which is responsible for allocating resources and assessing business performance.

During the third quarter of 2025, specifically effective as of September 8, 2025, the Group changed its internal reporting structure whereby "Wallet and Banking" and "Financial Services" segments are now reported on a combined basis as a single operating segment denominated as Consumer Banking. This change reflects a realignment of the internal reporting process and decision-making framework, where information on the combined retail customer business is now reviewed and managed on a consolidated basis by the VP/Head of Consumer Banking in a manner that affects how the Chief Operating Decision Maker (CODM) reviews operating results and makes decisions about resources to be allocated to segments. This restructuring consolidates operations into a single line of business focused on individual customers, ensuring consistency with the Group's current management and governance framework the other operating segments (Small and Medium-Sized Businesses, Audiences and Ecosystem Integration, and Institutional) remained unchanged.

The CODM monitors the operating results of its operating segments separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on Adjusted Gross Profit, which is defined as 'Total revenue and financial income' less 'transaction expenses', 'interest and other financial expenses' and 'credit loss allowance expenses', all of which are consistent with the same captions in the consolidated statements of profit or loss except for amounts that are not allocated to segments and inter-segment amounts.

The Group's organizational structure has four reportable segments, which reflect its major business lines, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Consumer Banking: generates revenue from various transaction activities occurring in the digital wallet, such as Pix, peer-to-peer (P2P) transfers, and bill payments, including when customers use credit cards as a funding source for payments or money transfers, either in one or multiple installments. It also encompasses interest income from financial investments backed by customers' account balances. In addition, the segment includes interest revenues from credit activities managed by PicPay Bank, fee revenues from distributing third-party credit products in the financial marketplace, interchange fees from prepaid and credit card transactions, and commissions from distributing insurance and investment products from third-party partners on the platform.

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the Consolidated financial statements as of December 31, 2024 and 2023.<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo1.jpg) |

---

**31. Segment information** (cont.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Small and Medium-Sized Businesses: It encompasses MDR (merchant-discount rates) charged to merchants accepting PicPay as a payment network. Additionally, it encompasses interchange fees from corporate benefit card transactions, financial income from account balances, and settlement scheduled floating relating to corporate benefits solutions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Audiences and Ecosystem Integration: This segment provides services to all of the Group's customers, which include consumers and businesses, and is essential to increase engagement and monetization of both sides of the ecosystem. This segment generates monetization of the audiences by leveraging both consumers and merchant's customer base with products and solutions such as PicPay Ads, allowing brands and companies to benefit from PicPay's audience in app and promote its products and services as well as a miscellaneous of non-financial products, and ecosystem engagement with a platform that allows online merchants to sell its products and services to active consumers through the PicPay Shop.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Institutional: This segment encompasses revenue, costs and expenses from financial investments and funding activities executed at the Corporate level. The Institutional business has the role of managing funding and loans between segments. At the institutional level, it also manages the Group's cash and liquidity.

The Group revised its internal operating structure to support its operational expansion and with a goal of simplifying and streamlining the work and decision-making processes. This change in how the CODM receives and reviews information for resource allocation and performance assessment decisions reflects the actual way the business is now managed and controlled.

The Group does not disclose total assets and liabilities by segment since this information is not presented to its CODM.

#### As of December 31, 2024 — Restated
**a) Segment information**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Consumer <br>Banking** | **Small and <br>Medium-<br>Sized <br>Businesses** | **Audiences <br>and <br>Ecosystem <br>Integration** | **Institutional** | **Total <br>reportable <br>segments** |
|  Net revenue from transaction activities and other services | 1275845 | 164433 | 83770 |  | 1524048 |
|  Financial income | 4386071 | 26061 | 1742 | 114902 | 4528776 |
|  **Total revenue and financial income** | **5661916** | **190494** | **85512** | **114902** | **6052824** |
|  Transaction expenses | (404594) | (87487) | (1595) |  | (493676) |
|  Interest and Other financial expenses | (1810052) | (7200) |  | (104092) | (1921344) |
|  Credit loss allowance expenses | (887022) | (3) |  |  | (887025) |
|  **Adjusted gross profit** | **2560248** | **95804** | **83917** | **10810** | **2750779** |

---

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the Consolidated financial statements as of December 31, 2024 and 2023.<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo.jpg) |

---

**31. Segment information** (cont.)

**b) Revenue reconciliation**

---

| | |
|:---|:---|
|  | **December 31, <br>2024** |
| &nbsp;&nbsp;&nbsp; Net revenue from transaction activities and other services | 1524048 |
| &nbsp;&nbsp;&nbsp; Financial income | 4528776 |
|  **Total reportable segments** | **6052824** |
|  Inter-segment revenues, adjustments or reclassifications<sup>(1)</sup> | (482680) |
|  **Total revenue and financial income** | **5570144** |

---

____________

(1) Represents eliminations of inter-segment revenue from transactions between the Consumer Banking and Institutional segments for R$482,680.

**c) Reconciliation from segment adjusted gross profit to profit before income taxes**

---

| | |
|:---|:---|
|  | **December 31, <br>2024** |
|  Adjusted gross profit – Total reportable segments | 2750779 |
|  Expenses and income that are not part of adjusted gross profit: |  |
| &nbsp;&nbsp;&nbsp; Technology expenses | (508600) |
| &nbsp;&nbsp;&nbsp; Marketing expenses | (333180) |
| &nbsp;&nbsp;&nbsp; Personnel expenses | (1090833) |
| &nbsp;&nbsp;&nbsp; Administrative expenses | (234423) |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization | (292911) |
| &nbsp;&nbsp;&nbsp; Other expenses | (33013) |
| &nbsp;&nbsp;&nbsp; Other income | 88153 |
|  **Profit before income taxes** | **345972** |

---

#### As of December 31, 2023 — Restated
**a) Segment information**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Consumer <br>Banking** | **Small and <br>Medium-<br>Sized <br>Businesses** | **Audiences <br>and <br>Ecosystem <br>Integration** | **Institutional** | **Total <br>reportable <br>segments** |
|  Net revenue from transaction activities and other services | 815961 | 92023 | 76759 |  | 984743 |
|  Financial income | 2198022 | 41475 | 10542 | 156738 | 2406777 |
|  **Total revenue and financial income** | **3013983** | **133498** | **87301** | **156738** | **3391520** |
|  Transaction expenses | (277464) | (69651) | (25789) |  | (372904) |
|  Interest and other financial expenses | (1141934) |  |  | (69053) | (1210987) |
|  Credit loss allowance expenses | (14290) |  |  |  | (14290) |
|  **Adjusted gross profit** | **1580295** | **63847** | **61512** | **87685** | **1793339** |

---

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the Consolidated financial statements as of December 31, 2024 and 2023.<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo1.jpg) |

---

**31. Segment information** (cont.)

**b) Revenue reconciliation**

---

| | |
|:---|:---|
|  | **December 31, <br>2023** |
| &nbsp;&nbsp;&nbsp; Net revenue from transaction activities and other services | 984743 |
| &nbsp;&nbsp;&nbsp; Financial income | 2406777 |
|  **Total reportable segments** | **3391520** |
|  Inter-segment revenues, adjustments or reclassifications<sup>(1)</sup> | 67126 |
|  **Total revenue and financial income** | **3458646** |

---

____________

(1) Includes eliminations of inter-segment revenue from transactions between the Consumer Banking and Institutional segments of R$(8,068) and unallocated revenue of R$75,194.

**c) Reconciliation from segment adjusted gross profit to profit before income taxes**

---

| | |
|:---|:---|
|  | **December 31, <br>2023** |
|  Adjusted gross profit – Total reportable segments | 1793339 |
|  Inter-segment revenues, adjustments or reclassifications | 67126 |
|  Unallocated transaction expenses and interest and other financial expenses<sup>(1)</sup> | (67126) |
|  Expenses and income that are not part of adjusted gross profit<sup>(1)</sup> |  |
| &nbsp;&nbsp;&nbsp; Technology expenses | (312098) |
| &nbsp;&nbsp;&nbsp; Marketing expenses | (312560) |
| &nbsp;&nbsp;&nbsp; Personnel expenses | (879362) |
| &nbsp;&nbsp;&nbsp; Administrative expenses | (136659) |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization | (169823) |
| &nbsp;&nbsp;&nbsp; Other expenses | (4638) |
| &nbsp;&nbsp;&nbsp; Other income | 23468 |
|  **Profit before income taxes** | **1667** |

---

____________

(1) Refers to corporate overhead expenses and other expenses which are not attributable to the reportable segments.

**32. Subsequent events**

After the reporting period, on February 26, 2025, but before the issuance of these financial statements, J&F International invested R$321,750 in PicPay Netherlands without the issuance of new shares. On the same date PicPay Netherlands invested the same amount in PicS Ltd without the issuance of new shares. On February 27, 2025, PicS Ltd invested R$321,490 in PicS Holding through the issue and subscription of 321,489,832 quotas, all nominative and with par value of R$1. On the same date PicS Holding invested R$321,750 in PicPay Bank through the issue and subscription of 88,121,683 shares, all nominative and without par value.

After the reporting period, on March 25, 2025, J&F International invested R$50,000 in PicPay Netherlands without the issuance of new shares. On March 26, 2025, PicPay Netherlands invested the same amount in PicS Ltd without the issuance of new shares. On the same date PicS Ltd invested the same amount in PicS Holding through the issue and subscription of 50,000,000 quotas, all nominative and with par value of R$1. On March 27, 2025, PicS Holding invested the same amount in PicPay Bank through the issue and subscription of 31,643,364 shares, all nominative and without par value.

After the reporting period on April 28, 2025, J&F International invested R$125,524 in PicPay Netherlands without the issuance of new shares. On April 29, 2025, PicPay Netherlands invested the same amount in PicS Ltd., without the issuance of new shares. On April 30, 2025, PicS Ltd. invested R$121,616 in PicS Holding through the

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the Consolidated financial statements as of December 31, 2024 and 2023.<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo.jpg) |

---

**32. Subsequent events** (cont.)

issuance and subscription of 121,616,277 quotas, all nominative and with a par value of R$1.00 each. Later, on the same day, PicS Holding invested R$121,154 in PicPay Bank through the issuance and subscription of 49,627,302 shares, all nominative and with a par value of R$2.44 each.

After the reporting period on May 27, 2025, J&F International invested R$49,995 in PicPay Netherlands without the issuance of new shares. Later, on the same day, PicPay Netherlands invested the same amount in PicS Ltd., without the issuance of new shares. On May 29, 2025, PicS Ltd. invested R$50,164 in PicS Holding through the issuance and subscription of 50,163,586 quotas, all nominative and with a par value of R$1.00 each. Later, on the same day, PicS Holding invested R$49,973 in PicPay Bank through the issuance and subscription of 21,777,231 shares, all nominative and with a par value of R$2.35 each.

After the reporting period, on June 19, 2025, but before the issuance of these financial statements, J&F International and Banco Original entered into an agreement for the sale and transfer of one share of PicPay Netherlands, with a nominal value of (EUR 0.005). From this date, Banco Original holds 9.5% of the share capital of the Company.

After the reporting period on July 21, 2025, J&F International invested R$108,454 in PicPay Netherlands without the issuance of new shares. On the same day, PicPay Netherlands invested the same amount in PicS Ltd., without the issuance of new shares. On July 23, 2025, PicS Ltd. invested R$108,317 in PicS Holding through the issuance and subscription of 108,317,593 quotas, all nominative and with a par value of R$1.00 each. On the same day, PicS Holding invested R$107,906 in PicPay Bank through the issuance and subscription of 46,423,381 shares, all nominative and with a par value of R$2.32 each.

After the reporting period on September 23, 2025, J&F International invested R$150,000 in PicPay Netherlands without the issuance of new shares. On September 24, 2025, PicPay Netherlands invested the same amount in PicS Ltd., without the issuance of new shares. On September 25, 2025, PicS Ltd. invested R$150,000 in PicS Holding through the issuance and subscription of 150,000,000 quotas, all nominative and with a par value of R$1.00 each. On September 26, 2025, PicS Holding invested R$150,000 in PicPay Bank through the issuance and subscription of 60,880,607 shares, all nominative and with a par value of R$2.46 each.

In accordance with IFRS 9 — Financial Instruments, the reclassification of financial assets is only permitted when there is a change in the business model applied by management for the management of such assets. This change must be applied prospectively, from the date on which the business model change occurs, as established in IFRS 9, paragraphs 4.4.1 et seq. On July 1, 2025, PicPay Bank decided to reclassify a financial asset previously classified as Fair Value through Other Comprehensive Income (FVOCI) to the Amortized Cost (AC) category. This decision resulted from the change in the business model, which became aimed at: (i) holding financial assets in order to collect solely the contractual cash flows; and (ii) ensuring that such cash flows consist only of payments of principal and interest (SPPI test) on the principal amount, at specified dates. For accounting purposes, the reclassification considered that previously unrealized gains and losses recognized in other comprehensive income should be transferred from equity to adjust the carrying amount of the asset. This adjustment, related to the Mark-to-Market (MTM) valuation, recognised in July 2025, resulted in a financial impact of R$24,696, so that it is measured as if it had been originally classified in the Amortized Cost category, in accordance with IFRS 9 (paragraph 5.6.7).

On September 19, 2025, PicPay Participações e Investimentos Ltda executed an Equity Purchase Agreement for the acquisition (the "Acquisition") of two separate entities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) shares representing 100% of the total share capital of KOVR Participações S.A., a Brazilian insurance company, which holds 100% of the total share capital of KOVR Seguradora S.A. and KOVR Previdência S.A., and indirectly holds 100% of KOVR Capitalização S.A.; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) quotas representing 53% of the total share capital of Estrutural Corretora Assessoria e Consultoria de Seguros Ltda. ("Estrutural") an insurance brokerage company. PicPay Participações was also granted an option to purchase the remaining 47% of Estrutural's total share capital. This option to purchase may be exercised up to 60 (sixty) months following the third year after the closing date of the Acquisition.

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
|  **PicPay Holdings Netherlands B.V.<br>Notes to the Consolidated financial statements as of December 31, 2024 and 2023.<br>(All amounts in thousands of reais unless otherwise stated)** | ![](tpicpay_logo1.jpg) |

---

**32. Subsequent events** (cont.)

Kovr Participações S.A. is a full-service digital insurance company that offers services for multiple partners with products such as affinity, surety, life, financial lines, among others. Estrutural is responsible for brokerage services for Kovr Seguradora S.A.

The purchase price for the acquisition of KOVR Participações S.A. is approximately R$657,596 and the purchase price for Estrutural amounts to R$154.

The closing of the Acquisition is subject to the precedent conditions for this type of transaction, including approvals from the Brazilian federal antitrust authority (Conselho Administrativo de Defesa Econômica — CADE) and the Brazilian federal insurance regulator (Superintendência de Seguros Privados — SUSEP), and has not been completed by the Group as of the issuance date of these consolidated financial statements.

On November 17, 2025, PicPay Bank Banco Múltiplo S.A. completed the issuance of four series of nominative, book-entry, non-convertible subordinated Financial Notes ("Letras Financeiras"), all bearing a fixed interest rate of 17.69% per annum, with no early redemption clause, and duly registered with B3 "Brazilian stock exchange."

The total nominal amount issued was R$501.600, with maturities ranging between December 28, 2033 and December 28, 2039.

On November 25, 2025, J&F International invested R$360,000 in PicPay Netherlands without the issuance of new shares. On the same day, PicPay Netherlands invested the same amount in PicS Ltd., without the issuance of new shares. On the same day, PicS Ltd. invested same amount in PicS Holding through the issuance and subscription of 360,000,000 quotas, all nominative and with a par value of R$1.00 each.

On November 26, 2025, a disproportional partial spin-off of PicS Holding was approved, involving the transfer of a portion of its equity, amounting to R$360,000, to J&F Participações S.A.. As a result, the latter's direct interest in PicS Holding was terminated.

Following the completion of this transaction, PicS Ltd. became the holder of 100% of the share capital of PicS Holding.

[**Table of Contents**](#TOC001)

 **Class A common shares**

**PicS N.V.**

#### –––––––––––––––––––––––––––––––––––
**PROSPECTUS**

*Global Coordinators*

---

| | | |
|:---|:---|:---|
|  **Citigroup** | **BofA Securities** | **RBC Capital Markets** |

---

*Bookrunners*

---

| | |
|:---|:---|
|  **Mizuho** | **Wolfe \| Nomura Alliance** |

---

*Co-Manager*

 **FT Partners**<br>

**, 2026**

Through and including , 2026 (the 25<sup>th</sup> day after the date of this prospectus), all dealers effecting transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to the dealers' obligation to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.

------

[**Table of Contents**](#TOC001)

#### PART II

#### INFORMATION NOT REQUIRED IN THE PROSPECTUS

#### Item 6. Indemnification of Directors and Officers
Members of the Registrant's board of directors, including former members, will have the benefit of the following indemnification provisions in the Registrant's articles of association:

Current and former members of the Registrant's board of directors shall be reimbursed for all expenses (including reasonably incurred and substantiated attorneys' fees), financial effects of judgments, fines and amounts paid in settlement actually and reasonably incurred by him or her in connection with such action, suit or proceeding, provided he or she acted in good faith and in a manner he or she reasonably believed to be in or not opposed to our best interests or out of his or her mandate, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful. Any indemnification shall be made only (unless ordered by a court) upon a determination that indemnification of a director or former director is proper under the circumstances because he or she had met the applicable standard of conduct set.

Expenses that a director or former director has incurred in defending a civil or criminal action, suit or proceeding may be paid by the Registrant in advance of the final disposition of such action, suit or proceeding, upon a resolution of the board of directors with respect to the specific case upon receipt of an undertaking by or on behalf of the director to repay such amount, unless it is ultimately determined that such director is entitled to be indemnified by us.

A director or former director of the Registrant shall not be entitled to any indemnification, if and to the extent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dutch law would not permit such indemnification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a Dutch court, a judicial tribunal or, in case of an arbitration, an arbitrator has established by final judgment that is not open to challenge or appeal, that the acts or omissions of the director can be considered intentional, fraudulent, grossly negligent, willfully reckless, seriously culpable, or willful misconduct on the part of the director, unless this would in the given circumstances be unacceptable according to the standards of reasonableness and fairness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the costs or the decrease in assets of the director are covered by an insurance and the insurer started payment of the costs or the decrease in assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Registrant brought up the procedure in question before a court.

#### Item 7. Recent Sales of Unregistered Securities
The following is a summary of transactions during the preceding three years involving sales of the Registrant's securities by the Registrant that were not registered under the Securities Act:

The Registrant was incorporated by J&F International, its sole shareholder at that time, on December 27, 2023, as a private limited liability company. Upon incorporation, the Registrant issued 100 shares, with a nominal value of €0.01 each, to J&F International.

Effective as of December 29, 2023, J&F International transferred the beneficial entitlement to: (i) 4% of the issued shares of the Registrant to Stichting JAB, a foundation incorporated under Dutch law; (ii) 3% of the issued shares of the Registrant to Stichting ACC Family, a foundation incorporated under Dutch law; (iii) 1% of the issued shares of the Registrant to Stichting AGR, a foundation incorporated under Dutch law; and (iv) 1% of the issued shares of the Registrant to Stichting ECS, a foundation incorporated under Dutch law. The legal transfer of these shares was effected on March 14, 2024.

Effective as of December 31, 2023, J&F International transferred the beneficial entitlement to 9% of the issued shares of the Registrant to Banco Original, S.A. ("Banco Original"), a Brazilian financial institution, and wholly-owned subsidiary of J&F Participações S.A. ("J&F Participações"), a corporation (*sociedade anônima*) incorporated under the laws of Brazil, in consideration for the partial repayment of an outstanding debt to Banco Original that J&F International had assumed from its sole shareholder, J&F Participações. The legal transfer of these shares was effected on March 14, 2024. The preceding issuances were exempt from registration under the Securities Act in reliance on Section 4(a)(2), Rule 701 and/or Regulation S under the Securities Act. No underwriter or underwriting discount or commission was or will be involved in any of the transactions set forth in Item 7.

[**Table of Contents**](#TOC001)

#### Item 8. Exhibits
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The following documents are filed as part of this registration statement:

---

| | |
|:---|:---|
|  **Exhibit No.** | **Exhibit** |
|  1.1† | Form of Underwriting Agreement. |
|  3.1\* | [Articles of Association of the Registrant currently in effect (unofficial English translation).](ea020169017ex3-1_picpay.htm) |
|  3.2\* | [Form of Articles of Association of the Registrant upon completion of this offering (unofficial English translation).](ea020169017ex3-2_picpay.htm) |
|  5.1\* | [Form of opinion of Loyens & Loeff N.V., Dutch counsel to the Registrant, as to the validity of the Class A common shares.](ea020169017ex5-1_picpay.htm) |
|  10.1\* | [Rights Assignment Agreement (*Contrato de Cessão de Direitos*) dated January 26, 2024, between PicPay Bank — Banco Múltiplo S.A. and Banco Original S.A. (English translation).](ea020169017ex10-1_picpay.htm) |
|  10.2\* | [Operational Agreement (*Acordo Operacional*) dated March 28, 2024, between PicPay Bank – Banco Múltiplo S.A. and Banco Original S.A. (English translation).](ea020169017ex10-2_picpay.htm) |
|  10.3\* | [Recovering of Credit Services Agreement (*Contrato de Prestação de Serviços de Cobrança de Crédito*) dated January 18, 2024, between PicPay Bank — Banco Múltiplo S.A. and Banco Original S.A. (English translation).](ea020169017ex10-3_picpay.htm) |
|  10.4\* | [Cost Sharing Agreement (*Contrato de Compartilhamento de Despesas*) dated January 10, 2024, between PicPay Bank — Banco Múltiplo S.A. and Banco Original S.A. (English translation).](ea020169017ex10-4_picpay.htm) |
|  10.5\* | [Cost Sharing Agreement (*Contrato de Compartilhamento de Despesas*) dated November 16, 2023, between PicPay Instituição de Pagamento S.A. and Banco Original S.A. (English translation).](ea020169017ex10-5_picpay.htm) |
|  10.6\* | [Cost Sharing Agreement (*Contrato de Compartilhamento de Despesas*) dated May 16, 2025, between PicPay Instituição de Pagamento S.A. and Banco Original S.A. (English translation).](ea020169017ex10-6_picpay.htm) |
|  10.7\* | [Operational Agreement (*Contrato Operacional*) dated May 5, 2022, as amended on November 29, 2022, among Banco Original S.A., PicPay Instituição de Pagamento S.A. and Original Hub Ltda. (English translation).](ea020169017ex10-7_picpay.htm) |
|  10.8\* | [Operational Agreement (*Contrato Operacional*) dated January 21, 2025, between PicPay Instituição de Pagamento S.A. and Banco Original S.A. (English translation).](ea020169017ex10-8_picpay.htm) |
|  10.9\* | [Partnership Agreement (*Contrato de Parceria*) dated May 8, 2023, between PicPay Instituição de Pagamento S.A. and Banco Original S.A. (English translation).](ea020169017ex10-9_picpay.htm) |
|  10.10\* | [Cooperation Agreement (*Termo de Cooperação*) dated June 9, 2020, as amended and restated on March 2, 2021, between PicPay Instituição de Pagamento S.A. (formerly known as PicPay Serviços S.A.) and Banco Original S.A. (English translation).](ea020169017ex10-10_picpay.htm) |
|  10.11\* | [Closed-loop Payment Arrangements Agreement (*Contrato de Arranjo de Pagamento Fechado*) dated November 27, 2018, as amended and restated on February 26, 2020, between PicPay Instituição de Pagamento S.A. (formerly known as PicPay Serviços S.A.) and Banco Original S.A. (English translation).](ea020169017ex10-11_picpay.htm) |
|  10.12\* | [Banking Correspondent Agreement (*Contrato de Correspondente Bancário*) dated September 11, 2018, as amended and restated on February 24, 2021, between PicPay Instituição de Pagamento S.A. (formerly known as PicPay Serviços S.A.) and Banco Original S.A. (English translation).](ea020169017ex10-12_picpay.htm) |
|  10.13\* | [Derivatives Master Agreement (*Contrato Global de Derivativos*) dated July 4 2024, between PicPay Bank — Banco Múltiplo S.A. and Banco Original S.A. (English translation).](ea020169017ex10-13_picpay.htm) |
|  10.14\* | [Endorsement of Bank Credit Notes without Co-obligation Agreement (*Contrato de Endosso de Cédulas de Crédito Bancário sem Coobrigação*) dated April 10, 2024 between Banco Original S.A. and PicPay Bank — Banco Múltiplo S.A. (English translation).](ea020169017ex10-14_picpay.htm) |
|  10.15\* | [Banking Correspondent Agreement (*Contrato de Correspondente Bancário*) dated July 26, 2022, between Guiabolso Finanças, Correspondente Bancário e Serviços Ltda. and Banco Original S.A. (English translation).](ea020169017ex10-15_picpay.htm) |
|  10.16\* | [Partnership Agreement and Other Covenants (*Contrato de Parceria e outras Avenças*) dated October 28, 2022, as amended on May 27, 2024, among JBS S.A., GuiaBolso Pagamentos Ltda., and PicPay Instituição de Pagamento S.A. (English translation).](ea020169017ex10-16_picpay.htm) |
|  10.17\* | [Credit Card Partnership Agreement (*Contrato de Parceria para Emissão de Cartões de Pagamento*) dated September 9, 2020, as amended and restated on March 5, 2021, between PicPay Instituição de Pagamento S.A. (formerly known as PicPay Serviços S.A.) and Banco Original S.A. (English translation).](ea020169017ex10-17_picpay.htm) |
|  10.18\* | [Receivables Assignment Agreement (*Contrato de Cessão de Crédito*) dated October 1, 2024, between PicPay Bank – Banco Múltiplo S.A. and Âmbar Energia S.A. (English translation).](ea020169017ex10-18_picpay.htm) |
|  10.19\* | [Trademark Sale Agreement (*Instrumento Particular de Cessão de Titularidade e Exploração de Marcas e Domínios*) dated May 2, 2019, as amended on May 30, 2019 and June 7, 2019, between J&F Participações S.A. and PicPay Instituição de Pagamento S.A. (English translation).](ea020169017ex10-19_picpay.htm) |

---

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
|  **Exhibit No.** | **Exhibit** |
|  10.20\*# | [Strategic Alliance and Incentives Program Agreement (*Contrato de Aliança Estratégica e Programa de Incentivos*) dated October 3, 2023, between Mastercard Brasil Soluções de Pagamento Ltda. and PicPay Bank — Banco Múltiplo S.A. (English translation).](ea020169017ex10-20_picpay.htm) |
|  10.21\*# | [Strategic Alliance and Incentives Program Agreement (*Contrato de Aliança Estratégica e Programa de Incentivos*) dated June 20, 2024, between Mastercard Brasil Soluções de Pagamento Ltda. and PicPay Bank — Banco Múltiplo S.A. (English translation).](ea020169017ex10-21_picpay.htm) |
|  10.22\* | [Asset Purchase and Sale Agreement (*Contrato de Compra e Venda de Bens Móveis*) dated June 23, 2025, between PicPay Instituição de Pagamento S.A. and Banco Original S.A. (English translation).](ea020169017ex10-22_picpay.htm) |
|  10.23\* | [Credit Rights Assignment Agreement dated December 10, 2025, between PicPay Bank — Banco Múltiplo S.A. and J&F S.A. (English translation).](ea020169017ex10-23_picpay.htm) |
|  10.24\* | [Credit Rights Assignment Agreement dated December 19, 2025, between PicPay Bank — Banco Múltiplo S.A. and J&F S.A. (English translation).](ea020169017ex10-24_picpay.htm) |
|  21.1\* | [List of subsidiaries.](ea020169017ex21-1_picpay.htm) |
|  23.1\* | [Consent of KPMG Auditores Independentes Ltda.](ea020169017ex23-1_picpay.htm) |
|  23.2\* | [Consent of Loyens & Loeff N.V., Dutch counsel to the Registrant (included in Exhibit 5.1).](ea020169017ex5-1_picpay.htm) |
|  24.1\* | [Powers of attorney (included in signature page of the initial filing of this registration statement).](#T3654) |
|  107\* | [Filing Fee Table.](ea020169017ex-fee_picpay.htm) |

---

____________

\* Filed herewith.

† To be filed by amendment.

# Portions of this exhibit have been omitted as the registrant has determined that (i) the omitted information is not material and (ii) the omitted information is of the type that the registrant customarily and actually treats as private or confidential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Statement Schedules

No financial statement schedules are provided because the information called for is not applicable or is shown in the financial statements or notes thereto.

#### Item 9. Undertakings
The undersigned hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The undersigned registrant hereby undertakes to provide to the underwriter at the closing specified in the underwriting agreements, certificates in such denominations and registered in such names as required by the underwriter to permit prompt delivery to each purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the U.S. Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question of whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The undersigned registrant hereby undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) For purposes of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the Registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) For the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

[**Table of Contents**](#TOC001)

#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the city of São Paulo, Brazil, on this 5<sup>th</sup> day of January, 2026.

---

| | | |
|:---|:---|:---|
|  Picpay Holdings Netherlands B.V. | Picpay Holdings Netherlands B.V. | Picpay Holdings Netherlands B.V. |
|  By: | /s/ Eduardo Chedid Simões  | /s/ Eduardo Chedid Simões  |
|  | Name: | Eduardo Chedid Simões |
|  | Title: | Executive Director and Chief Executive Officer |
|  By: | /s/ Rodrigo Luís Rosa Couto  | /s/ Rodrigo Luís Rosa Couto  |
|  | Name: | Rodrigo Luís Rosa Couto |
|  | Title: | Chief Financial Officer |

---

#### POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Eduardo Chedid Simões and Rodrigo Luís Rosa Couto each of them, individually, as his or her true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead in any and all capacities, in connection with this registration statement, including to sign in the name and on behalf of the undersigned, this registration statement and any and all amendments thereto, including post-effective amendments and registrations filed pursuant to Rule 462 under the U.S. Securities Act of 1933, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the U.S. Securities and Exchange Commission, granting unto such attorneys-in-fact and agents full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or his or her substitute, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons on this 5<sup>th</sup> day of January, 2026 in the capacities indicated:

---

| | |
|:---|:---|
|  **Name** | **Title** |
|  /s/ Eduardo Chedid Simões | Executive Director and Chief Executive Officer |
|  Eduardo Chedid Simões | (principal executive officer) |
|  /s/ Rodrigo Luís Rosa Couto  | Chief Financial Officer |
|  Rodrigo Luís Rosa Couto | (principal financial officer and principal accounting officer) |
|  /s/ José Antonio Batista Costa | Chairman and Non-Executive Director |
|  José Antonio Batista Costa |  |
|  /s/ Eduardo Cruz | Non-Executive Director |
|  Eduardo Cruz  |  |
|  /s/ Jackson Ricardo Gomes  | Non-Executive Director |
|  Jackson Ricardo Gomes |  |
|  /s/ Marcio Antonio Teixeira Linares  | Non-Executive Director |
|  Marcio Antonio Teixeira Linares |  |
|  /s/ Mauricio Costa de Moura  | Non-Executive Director |
|  Mauricio Costa de Moura |  |
|  /s/ William Rodney Pruett | Non-Executive Director |
|  William Rodney Pruett |  |

---

[**Table of Contents**](#TOC001)

#### AUTHORIZED REPRESENTATIVE
Pursuant to the requirements of the Securities Act of 1933, as amended, the undersigned, the duly authorized representative of Picpay Holdings Netherlands B.V. in the United States, has signed this registration statement on January 5, 2026.

---

| | | |
|:---|:---|:---|
|  **Authorized U.S. Representative — Cogency Global Inc.** | **Authorized U.S. Representative — Cogency Global Inc.** | **Authorized U.S. Representative — Cogency Global Inc.** |
|  By: | /s/ Colleen A. De Vries  | /s/ Colleen A. De Vries  |
|  | Name: | Colleen A. De Vries |
|  | Title: | Senior Vice-President on behalf of Cogency Global Inc. |

---

## Exhibit 3.1

**Exhibit 3.1**

**NOTE ABOUT TRANSLATION:**

This document is an English translation of a deed (to be) executed in the Dutch language. In preparing this document, an attempt has been made to translate as literally as possible without jeopardising the overall continuity of the text. Inevitably, however, differences may occur in translation and if they do, the Dutch text will govern by law. In this translation, Dutch legal concepts are expressed in English terms and not in their original Dutch terms. The concepts concerned may not be identical to concepts described by the English terms as such terms may be understood under the laws of other jurisdictions.

**ARTICLES OF ASSOCIATION:**

1 Definitions

1.1 In these articles of association the following words shall
have the following meanings:

**Class A Common Share**: an ordinary class A share in the Company's share capital;

**Class B Common Share**: an ordinary class B share in the Company's share capital;

**Board of Directors**: the board of the Company, consisting of one or more executive directors and one or more non-executive directors;

**Company Body**: the Board of Directors, the General Meeting or a Class Meeting;

**Class Meeting**: the meeting of holders of Shares of a specific class, and if a specific class is added it means the meeting of that specific class;

**Depositary Receipt**: a depositary receipt for a Share;

**Director**: a member of the Board of Directors; unless the contrary is expressed, this includes each executive director and each non-executive director;

**General Meeting**: the general meeting of the Company;

**Inability**: inability as referred to in Section 2:244 paragraph 4 of the Dutch Civil Code, including the event that the relevant person claims inability for a certain period of time in writing;

**in writing**: by letter, telecopier, e-mail, or by a legible and reproducible message otherwise electronically sent, provided that the identity of the sender can be sufficiently established;

**Meeting Right**: the right to attend the General Meeting and to address the meeting in person or through a representative authorised in writing, and the other rights designated by law to holders of depositary receipts for shares to which meeting right is attached;

**Person with Meeting Right**: a Shareholder, a holder of one or more Depositary Receipts with Meeting Right and any usufructuary or pledgee with voting rights in respect of one or more Shares or Meeting Right;

**Share**: a share in the capital of the Company, unless the contrary is apparent, this shall include each Class A Common Share and each Class B Common Share;

**Shareholder**: a holder of one or more Shares;

**Transferees**: has the meaning assigned thereto in Article 9.4;

**Transferor**: has the meaning assigned thereto in Article 9.2;

1.2 References to Articles shall be deemed to refer to articles of these articles of association, unless the contrary is apparent.

2 Name and official seat

2.1 The Company's name is:

**Picpay Holdings Netherlands B.V.**

2.2 The official seat of the Company is in Amsterdam, the Netherlands.

---

| | |
|:---|:---|
| 3 | Objects |

---

The objects of the Company are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to incorporate, to participate in any way whatsoever in,
to manage, to supervise businesses and companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to finance businesses and companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to borrow, to lend and to raise funds, including the issue
of bonds, promissory notes or other securities or evidence of indebtedness as well as to enter into agreements in connection with aforementioned
activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to render advice and services to businesses and companies
with which the Company forms a group and to third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to grant guarantees, to bind the Company and to pledge its
assets for obligations of the Company, group companies and/or third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to acquire, alienate, manage and exploit registered property
and items of property in general;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) to trade in currencies, securities and items of property
in general;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) to develop and trade in patents, trade marks, licenses, know-how
and other intellectual and industrial property rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to perform any and all activities of an industrial, financial
or commercial nature,

and to do all that is connected therewith or may be conducive thereto, all to be interpreted in the broadest sense.

---

| | |
|:---|:---|
| 4 | Capital |

---

4.1 The Company has Class A Common Shares and/or Class B Common Shares.

4.2 The nominal value of each of the Class A Common Shares equals one eurocent (EUR 0.01). The nominal value of each of the Class B Common
Shares equals ten eurocent (EUR 0.10).

4.3 All Shares shall be registered. No share certificates shall be issued.

---

| | |
|:---|:---|
| 5 | Register |

---

The Board of Directors shall keep a register with the names and addresses of all Shareholders, pledgees, usufructuaries and holders of Depositary Receipts with Meeting Right.

6 Issuance of Shares

6.1 Shares shall be issued pursuant to a resolution of the General Meeting. The General Meeting may transfer this authority to the Board
of Directors and may also revoke such transfer.

6.2 A resolution to issue Shares shall stipulate the issue price and the other conditions.

6.3 Upon issuance of Shares, each Shareholder shall have a right of pre-emption in proportion to the aggregate nominal value of his Shares,
subject to the limitations prescribed by law and subject to Article 6.4 and provided that holders of Shares of the class to be issued
shall have preference over holders of Shares of the other class.

6.4 Prior to each issuance of Shares, the right of pre-emption may be limited or excluded by the Company Body competent to issue such
Shares.

6.5 The above provisions of this Article 6 shall apply by analogy to the granting of rights to subscribe for Shares, but shall not apply
to the issuance of Shares to a person exercising a right to subscribe for Shares previously granted.

6.6 The issue of a Share shall require a notarial deed, to be executed for that purpose before a civil law notary registered in the Netherlands,
to which deed those involved in the issuance shall be parties.

6.7 The full nominal value of each Share must be paid in upon issuance.

7 Own Shares and reduction of the issued capital

7.1 Fully paid in own Shares or Depositary Receipts shall be acquired pursuant to a resolution of the Board of Directors, in addition
to which a resolution to acquire Shares or Depositary Receipts for a consideration shall be subject to approval of the General Meeting.

7.2 The General Meeting may resolve to reduce the Company's issued capital.

8 Transfer of Shares

8.1 The transfer of a Share shall require a notarial deed, to be executed for that purpose before a civil law notary registered in the
Netherlands, to which deed those involved in the transfer shall be parties.

8.2 Unless the Company itself is party to the legal act, the rights attributable to any Share can only be exercised after the Company
has acknowledged said transfer or said deed has been served upon it in accordance with the provisions of the law.

9 Blocking clause (approval General Meeting)

9.1 A transfer of one or more Shares can only be effected with due observance of the provisions set out in this Article 9, unless (i)
all Shareholders have approved the contemplated transfer in writing, which approval shall then be valid for a period of three (3) months,
or (ii) the Shareholder concerned is obliged by law to transfer his Shares to a former Shareholder or (iii) it concerns the acquiring
of fully paid in own Shares.

9.2 A Shareholder wishing to transfer one or more of his Shares (**Transferor**) shall require the approval of the General Meeting
for such transfer. The request for approval shall be made by the Transferor by means of a written notification to the Board of Directors,
stating the number of Shares he wishes to transfer and the person or persons to whom the Transferor wishes to transfer such Shares. The
Board of Directors shall be obliged to convene and to hold a General Meeting to discuss the request for approval within six (6) weeks
from the date of receipt of the request. The contents of such request shall be stated in the convocation.

9.3 The Transferor may transfer the total number of Shares to which the request relates, and not part thereof, to the person or persons
named in the request within a period of three (3) months after the General Meeting granted the approval requested.

9.4 If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the General Meeting does not adopt a resolution regarding the request for approval within six (6) weeks after the request has been
received by the Board of Directors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the approval has been refused without the General Meeting having informed the Transferor, at the same time as the refusal, of one
or more transferees that wish to purchase all the Shares to which the request for approval relates for payment in cash (**Transferees**),

the approval requested shall be considered to have been granted, in the event mentioned under (a), on the final day of the six (6) week period mentioned under (a).

9.5 The Shares to which the request for approval relates can be purchased by the Transferees at a price to be mutually agreed between
the Transferor and the Transferees or by one or more experts jointly appointed by them. If they do not reach agreement on the price or
the expert or experts, as the case may be, the price shall be determined by three (3) independent experts, one (1) to be appointed by
the Transferor, one (1) to be appointed by the Transferee or Transferees and the third to be jointly appointed by the experts thus appointed.
The appointed experts shall be authorised to inspect all books and records of the Company and to obtain all such information as will be
useful to them in determining the price.

9.6 Within one (1) month of the price being determined, the Transferees must give notice to the Board of Directors of the number of Shares
to which the request for approval relates they wish to purchase. A Transferee who fails to submit notice within said term shall no longer
be regarded as a Transferee. Once the notice mentioned in the preceding sentence has been given, a Transferee can only withdraw with the
consent of the other Transferees.

9.7 The Transferor may withdraw within one (1) month after the day of being informed to which Transferee or Transferees all the Shares
to which the request for approval relates can be sold and at what price. The Transferor is obliged to cooperate with the transfer of the
Shares within two (2) weeks after lapse of that term. If the Transferor does not withdraw timely, and does not meet his obligation to
transfer within the said term, the Company shall be irrevocably authorised to transfer the Shares to the Transferee or Transferees. If
the Board of Directors proceeds with such transfer, it shall immediately give notice thereof to the Shareholder concerned. If the Company
effectuates the transfer, the Company is entitled to accept the purchase price on behalf of the party entitled thereto, under the obligation
to forward the purchase price to such party, after deduction of the expenses chargeable to such party, as soon as possible but at the
latest ten (10) business days after receipt of the bank account number designated by such party for this purpose.

9.8 All notifications and notices referred to in this Article 9 shall be made by certified mail or against acknowledgement of receipt.
The convocation of the General Meeting shall be made in accordance with the provisions of these articles of association.

9.9 All costs of the appointment of the expert or experts, as the case may be, and their determination of the price, shall be borne by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Transferor if he withdraws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Transferor for a half and the buyers for the other half, provided that if the Shares are purchased by one or more Transferees,
each buyer shall contribute to such costs in proportion to the number of Shares purchased by that buyer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Company, in cases not provided for under (a) or (b).

9.10 The preceding provisions of this Article 9 shall apply by analogy to rights to subscribe for Shares and rights of pre-emption.

10 Pledge and usufruct

10.1 The provisions of Article 8 shall apply by analogy to the pledging of Shares and to the creation or transfer of a usufruct in Shares.

10.2 The voting rights attributable to a Share may be assigned to the pledgee or the usufructuary with the approval of the General Meeting
and otherwise with due observance of the provisions of the law.

10.3 Any pledgee or usufructuary with voting rights on Shares shall also have Meeting Right. Meeting Right may also be granted to the pledgee
or usufructuary without voting rights on Shares with the approval of the General Meeting and otherwise with due observance of the provisions
of the law.

11 Depositary Receipts

11.1 The General Meeting has the authority to attach Meeting Right to Depositary Receipts. The General Meeting also has the authority to
deprive Depositary Receipts of Meeting Right, provided that this authority has been reserved at the time the Meeting Right is attached,
or with the consent of the relevant Depositary Receipts holder(s).

11.2 The transfer of a Depositary Receipt shall require a deed for that purpose to which those involved in the transfer shall be parties.

11.3 Unless the Company itself is party to the legal act, the Meeting Right attached to a Depositary Receipt can only be exercised after
the Company has acknowledged said transfer or said deed has been served upon it in accordance with the provisions of the law.

12 Directors

12.1 The Board of Directors shall consist of one or more executive directors and one or more non-executive directors. The number of executive
directors and non-executive directors shall be determined by the General Meeting.

12.2 Directors are appointed by the General Meeting. Upon appointment the General Meeting determines whether a Director shall be appointed
as an executive director or as a non-executive director.

12.3 The General Meeting designates one of the non-executive directors as chairperson of the Board of Directors.

12.4 The executive directors shall in particular be entrusted with the day-to-day management of the Company and the enterprise connected
with it and the non-executive directors shall have the duty of supervising the Directors performing their duties. This last duty cannot
be deprived from the non-executive directors by means of an allocation of duties. Both individuals and legal entities can be executive
directors. Only individuals can be non-executive directors.

12.5 A Director may be suspended or dismissed by the General Meeting at any time. An executive director may also be suspended by the Board
of Directors. A suspension by the Board of Directors may be discontinued at any time by the General Meeting.

12.6 The authority to establish a remuneration and other conditions of employment for Directors is vested in the General Meeting.

13 Management duties, decision-making, allocation of duties and conflict of interest

13.1 The Board of Directors shall be entrusted with the management of the Company. In performing their duties the Directors shall act in
accordance with the interests of the Company and the enterprise connected with it.

13.2 Each Director may cast one (1) vote in the Board of Directors.

13.3 All resolutions of the Board of Directors shall be adopted by more than half of the votes cast.

13.4 Resolutions of the Board of Directors may be adopted outside of a meeting, in writing or otherwise, provided that the proposal concerned
is submitted to all Directors then in office and none of them objects to this manner of adopting resolutions.

13.5 The Board of Directors may establish further rules regarding its decision-making process and working methods. In this context, the
Board of Directors may also determine the duties for which each Director in particular shall be responsible. In doing so, the Board of
Directors is not allowed to deviate from the allocation of duties for executive and non-executive directors as described in Article 12.4.
In conformity with Section 2:239a paragraph 3 of the Dutch Civil Code the Board of Directors may determine that a Director can make legally
valid decisions concerning matters belonging to its duties. Such rules and allocation of duties must be put in writing and the General
Meeting may decide that such rules and allocation of duties shall be subject to its approval.

13.6 A Director shall not participate in deliberations and the decision-making process in the event of a direct or indirect personal conflict
of interest between that Director and the Company and the enterprise connected with it. If there is such a personal conflict of interest
in respect of all Directors, the preceding sentence does not apply and the Board of Directors shall maintain its authority, without prejudice
to Article 15.2.

14 Committees

14.1 The Board may establish such committees as it may deem necessary. The Board appoints the members of each committee.

14.2 The Board determines the task of each committee and the Board may at any time change the duties and the composition of each committee.

14.3 The composition, duties and organisation of the committees shall be further laid down in rules as referred to in Article 13.5.

15 Approval of resolutions Board of Directors

15.1 The General Meeting may require resolutions of the Board of Directors to be subject to its approval. The Board of Directors shall
be notified in writing of such resolutions, which shall be clearly specified.

15.2 A resolution of the Board of Directors with respect to a matter involving a direct or indirect personal conflict of interest between
all Directors and the Company and the enterprise connected with it shall be subject to the approval of the General Meeting.

15.3 The Board of Directors may enter into the legal acts referred to in Section 2:204 of the Dutch Civil Code without the prior approval
of the General Meeting.

15.4 The absence of approval by the General Meeting of a resolution as referred to in this Article 15 shall not affect the authority of
the Board of Directors or the Directors to represent the Company.

16 Representation

16.1 The Company shall be represented by the Board of Directors. Each executive director shall also be authorised to represent the Company.

16.2 The Board of Directors may appoint officers with general or limited power to represent the Company. Each officer shall be competent
to represent the Company, subject to the restrictions imposed on him. The Board of Directors shall determine each officer's title. Such
officers may be registered with the Dutch trade register, indicating the scope of their power to represent the Company.

17 Vacancy or Inability of the Directors

17.1 If the seat of an executive director is vacant or upon the Inability of an executive director, the remaining executive directors or
remaining executive director shall temporarily be entrusted with the executive management of the Company. If the seats of all executive
directors are vacant or upon the Inability of all executive directors or the sole executive director, as the case may be, the executive
management of the Company shall temporarily be entrusted to the non-executive directors, with the authority to temporarily entrust the
executive management of the Company to one or more non-executive directors and/or one or more other persons.

17.2 If the seat of a non-executive director is vacant or upon Inability of a non-executive director, the remaining non-executive directors
or remaining non-executive director shall temporarily be entrusted with the performance of the duties and the exercise of the authorities
of that non-executive director. If the seats of all non-executive directors are vacant or upon Inability of all non-executive directors
or the sole non-executive director, as the case may be, the General Meeting shall be authorised to temporarily entrust the performance
of the duties and the exercise of the authorities of non-executive directors to one or more other individuals.

18 Financial year and annual accounts

18.1 The Company's financial year shall be the calendar year.

18.2 Annually, not later than five (5) months after the end of the financial year, unless by reason of special circumstances this period
is extended by the General Meeting by not more than five (5) months, the Board of Directors shall prepare annual accounts and deposit
the same for inspection by the Shareholders at the Company's office.

18.3 Within the same period, the Board of Directors shall also deposit the management report for inspection by the Shareholders.

18.4 The annual accounts shall consist of a balance sheet, a profit and loss account and explanatory notes.

18.5 The annual accounts shall be signed by the Directors. If the signature of one or more of them is missing, this shall be stated and
reasons for this omission shall be given.

18.6 The Company may, and if the law so requires shall, appoint an accountant to audit the annual accounts. Such appointment shall be made
by the General Meeting.

18.7 The General Meeting shall adopt the annual accounts. Signing of the annual accounts by the Directors does not constitute as adoption
by the General Meeting, not even when each Shareholder is also a Director.

18.8 The General Meeting may grant full or limited discharge to the Directors for the management pursued.

18.9 The preceding provisions of this Article 18 shall not apply if Section 2:395a, Section 2:396 or Section 2:403 of the Dutch Civil Code
applies to the Company and states otherwise.

19 Profits and distributions

19.1 The General Meeting has the authority to allocate the profits determined by adoption of the annual accounts. If the General Meeting
does not adopt a resolution regarding the allocation of the profits prior to or at the latest immediately after the adoption of the annual
accounts, the profits shall be reserved.

19.2 The General Meeting has the authority to make distributions. If the Company is required by law to maintain reserves, this authority
only applies to the extent that the equity exceeds these reserves. No resolution of the General Meeting to distribute shall have effect
without the consent of the Board of Directors. The Board of Directors may withhold such consent only if it knows or reasonably should
expect that after the distribution, the Company will be unable to continue the payment of its due debts.

20 General Meeting

20.1 At least one (1) General Meeting, the annual General Meeting, shall be held or at least once a resolution shall be adopted in accordance
with Article 26 during each financial year.

20.2 General Meetings shall be convened by and held as often as the Board of Directors deems such necessary. General Meetings may also
be convened by persons to whom voting rights to Shares accrue, representing in the aggregate at least half of the Company's issued capital.

20.3 One or more Persons with Meeting Right representing individually or jointly at least one per cent (1%) of the Company's issued capital
may request the Board of Directors in writing to convene a General Meeting, stating specifically the subjects to be discussed. If the
Board of Directors has taken insufficient action such that the meeting cannot be held within four (4) weeks after receipt of the request,
the applicants shall be authorised to convene a meeting themselves.

21 Notice and venue of meetings

21.1 Notice of the meeting shall be given no later than on the eighth (8th) day before the date of the meeting.

21.2 The notice of the meeting shall specify the subjects to be discussed.

21.3 A subject for discussion of which discussion has been requested in writing not later than thirty (30) days before the day of the meeting
by one or more Persons with Meeting Right who individually or jointly represent at least one per cent (1%) of the Company's issued
capital, shall be included in the notice or shall be notified in the same way as the other subjects for discussion, provided that no important
interest of the Company dictates otherwise.

21.4 The notice of the meeting shall be sent by letters to the addresses of the Persons with Meeting Right, shown in the register referred
to in Article 5. Persons with Meeting Right may be sent notice of the meeting by means of a legible and reproducible message electronically
sent to the address stated by them for this purpose to the Company.

21.5 General Meetings are held in the municipality in which, according to these articles of association, the Company has its official seat
or in the municipality of Amstelveen, Rotterdam or Haarlemmermeer (Schiphol). General Meetings may also be held elsewhere, provided that
all Persons with Meeting Right have consented to the place of the meeting and prior to the decision-making process, the Directors have
been given the opportunity to render advice.

22 Admittance and Meeting Right

22.1 Each Person with Meeting Right shall be entitled to attend any General Meeting, to address that meeting and, if the voting rights
accrue to him, to exercise his voting rights. Persons with Meeting Right may be represented in a General Meeting by a proxy authorised
in writing.

22.2 At a meeting, each Person with Meeting Right or his representative must sign the attendance list. The chairperson of the meeting may
decide that the attendance list must also be signed by other persons present at the meeting.

22.3 The Directors shall have the right to give advice in the General Meetings.

22.4 The chairperson of the meeting shall decide on the admittance of other persons to the meeting.

23 Chairperson and secretary of the meeting

23.1 The General Meetings shall be directed by the chairperson of the Board of Directors. In the absence of the chairperson of the Board
of Directors or, if no chairperson is appointed for the General Meeting, the chairperson of the meeting shall be appointed by the Directors
present at the meeting from among the non-executive directors present at the meeting or, if no non-executive director is present at the
meeting, from among the executive directors present at the meeting. The Board of Directors may appoint another chairperson for any General
Meeting.

23.2 In case the chairmanship of a General Meeting is not provided for in accordance with Article 23.1, the chairperson of a General Meeting
shall be appointed by more than half of the votes cast by the persons with voting rights present at the meeting. Until such appointment
is made, the eldest person present at the meeting shall act as chairperson.

23.3 The chairperson of the meeting shall appoint a secretary for the meeting.

24 Minutes and recording of shareholders' resolutions

24.1 The secretary of a General Meeting shall keep minutes of the proceedings at the meeting. The minutes shall be adopted by the chairperson
and the secretary of the meeting and as evidence thereof shall be signed by them.

24.2 The Board of Directors shall keep record of all resolutions adopted by the General Meeting. If the Board of Directors is not represented
at a meeting, the chairperson of the meeting or the chairperson's representative shall ensure that the Board of Directors is provided
with a transcript of the resolutions adopted, as soon as possible after the meeting. The records shall be deposited at the Company's office
for inspection by the Persons with Meeting Right. Each of them shall be provided with a copy of or an extract from the records upon request.

25 Resolutions

25.1 Each Class A Common Share confers the right to cast one (1) vote at the General Meeting and each Class B Common Share confers the
right to cast ten (10) votes at the General Meeting.

25.2 To the extent that the law or these articles of association do not require a qualified majority, all resolutions of the General Meeting
shall be adopted by more than half of the votes cast.

25.3 If there is a tie in voting, the proposal shall be deemed to have been rejected.

25.4 If the formalities for convening and holding of General Meetings, as prescribed by law or these articles of association, have not
been complied with, valid resolutions by the General Meeting may only be adopted in a meeting if all Persons with Meeting Right have consented
to the decision-making process taking place and prior to the decision-making process, Directors have been given the opportunity to render
advice.

25.5 No voting rights may be exercised in the General Meeting for any Share held by the Company or a subsidiary, nor for any Share for
which the Company or a subsidiary holds the Depositary Receipts. However, pledgees and usufructuaries of Shares owned by the Company or
a subsidiary are not excluded from exercising the voting rights, if the right of pledge or the usufruct was created before the Share was
owned by the Company or such subsidiary. The Company or a subsidiary may not exercise voting rights for a Share in which it holds a right
of pledge or a usufruct.

26 Resolutions without holding meetings

26.1 Shareholders' resolutions may also be adopted in a manner other than at a meeting, provided that all Persons with Meeting Right
have given consent to such decision-making process in writing. The votes shall be cast in writing. Prior to the adoption of resolutions,
Directors shall be given the opportunity to render advice.

26.2 For the purposes of Article 26.1 the requirement of votes to be cast in writing shall also be met in case the resolution is recorded
in writing or electronically, indicating the manner in which each vote is cast and such resolution is signed by all Persons with Meeting
Right.

26.3 As soon as the Board of Directors is acquainted with the resolution it shall keep record thereof and add such record to those referred
to in Article 24.2.

27 Class Meeting

27.1 Resolutions of a Class Meeting shall be adopted in a meeting of holders of the relevant class of Shares.

27.2 Class Meetings are held as often as the Board of Directors or a Shareholder of the relevant class of Shares deems such necessary.

27.3 The Directors shall not have the right to give advice.

27.4 The provisions of these articles of association with respect to General Meetings shall apply by analogy to Class Meetings, to the
extent that Articles 27.2 and 27.3 do not provide otherwise. Also, the provisions of Article 26 shall apply by analogy.

27.4 If and as long as no Shares of a class have been issued or all issued Shares of a class are held by the Company or if voting rights
are suspended for all Shares of a class, all powers vested in the relevant Class Meeting under these articles of association shall be
vested in the General Meeting.

28 Amendment articles of association

28.1 The General Meeting may resolve to amend these articles of association. When a proposal to amend
these articles of association is to be made at a General Meeting, this must be stated in the notice of such meeting. Simultaneously, a
copy of the proposal, including the verbatim text thereof, shall be deposited and kept available at the Company's office for inspection
by the Persons with Meeting Right, until the end of the meeting.

28.2 A resolution to an amendment of these articles of association which specifically damages any right
of the holders of Shares of a specific class requires the approval of the relevant Class Meeting, without prejudice to any requirement
of consent that stems from mandatory law.

29 Dissolution and liquidation

29.1 The Company may be dissolved pursuant to a resolution to that effect by the General Meeting. When a proposal to dissolve the Company
is to be made at a General Meeting this must be stated in the notice of such meeting.

29.2 If the Company is dissolved pursuant to a resolution of the General Meeting, the Directors shall become liquidators of the dissolved
Company's property. The General Meeting may decide to appoint other persons as liquidators.

29.3 During liquidation, to the extent possible the provisions of these articles of association shall continue to apply.

29.4 The balance remaining after payment of the debts of the dissolved Company shall be transferred to the Shareholders in proportion to
the aggregate nominal value of the Shares held by each.

## Exhibit 3.2

**Exhibit 3.2**

**NOTE ABOUT TRANSLATION:**

This document is an English translation of a deed (to be) executed in the Dutch language. In preparing this document, an attempt has been made to translate as literally as possible without jeopardising the overall continuity of the text. The definitions in article 1.1 of this document are listed in the English alphabetical order which may differ from the Dutch alphabetical order. Inevitably, however, differences may occur in translation and if they do, the Dutch text will govern by law. In this translation, Dutch legal concepts are expressed in English terms and not in their original Dutch terms. The concepts concerned may not be identical to concepts described by the English terms as such terms may be understood under the laws of other jurisdictions.

**ARTICLES OF ASSOCIATION**

**CHAPTER I – DEFINITIONS AND INTERPRETATION**

1 Definitions

1.1 In these articles of association the following words shall have the following meanings:

**Affiliate**: (i) in relation to any person other than a natural person, any person which is Controlled by, Controls or is under common Control with such person; and (ii) in relation to a natural person, his first- and second-degree relatives (whether by blood, marriage or adoption), one or more trustees, acting in its/their capacity as such, of any trust of which he or any of his first- or second-degree relatives is a beneficiary, or, in the case of a discretionary trust, is a potential beneficiary, in each case from time to time;

**Annual Accounts**: the Company's annual accounts as referred to in Section 2:361 DCC;

**Auditor**: an auditor as referred to in Section 2:393 DCC, or an organization in which such auditors work together;

**Board**: the Company's board of directors;

**Board Regulations**: the written rules and regulations adopted by the Board as referred to in article 21.4;

**Chairman**: the chairman of the Board;

**Class A Common Share**: an ordinary class A share in the Company's share capital;

**Class B Common Share**: an ordinary class B share in the Company's share capital;

**Company**: the Company to which these articles of association pertain;

**Control** (including its correlative meanings, **Controlled by**, **Controls** and **under common Control with**) means with respect to any person (not being an individual):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the direct or indirect ownership or control of more than fifty per cent (50%) of the (i) ownership interest
or (ii) voting power at the general meeting or a similar body, of that person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the rights or ability to (i) appoint or remove or (ii) direct the appointment or removal of, such number
of members of the management board or a similar body of that person with decisive voting power in such body;

**Conversion Date**: (i) the date that the Board determines, in its sole discretion, that a Conversion Event has occurred, provided that the Conversion Date shall be no later than the date of such determination or (ii) the date of a Conversion Resolution;

**Conversion Event**: means the occurrence of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Transfer of a Class B Common Share that is not a Permitted Transfer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Voting Rights Conversion Event; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) with respect to a Class B Common Share held by a Permitted Transferee, an event as a consequence of which
such Permitted Transferee ceases to be a Permitted Transferee.

**Conversion Resolution**: shall have the meaning given thereto in article 6C;

**Conversion Request**: shall have the meaning given thereto in article 6A.1;

**Conversion Share**: a conversion share in the Company's share capital;

**Conversion Share Allocation**: has the meaning given thereto in article 34.10 paragraph (a);

**DCC**: the Dutch Civil Code;

**Director**: an Executive Director or a Non-Executive Director;

**Exchange Act**: the United States Securities Exchange Act of 1934, as amended;

**Executive Director**: a member of the Board appointed as executive director;

**General Meeting**: the corporate body of the Company consisting of Shareholders and all other Persons with Meeting Right or a meeting of Shareholders and other Persons with Meeting Right, as the case may be;

**Group Company**: a group company of the Company as referred to in Section 2:24b DCC;

**Initial Holder** means, in relation to any Class B Share, the person or entity holding such Class B Share on the date the Class A Shares are first admitted to listing and trading on the NASDAQ;

**in writing**: by letter, by telecopier, by e-mail, or by a legible and reproducible message otherwise electronically sent, provided that the identity of the sender can be sufficiently established;

**Management Report**: the Company's management report as referred to in Section 2:391 DCC;

**Meeting Right**: the right, either in person or by proxy authorized in writing, to attend and address the General Meeting;

**NASDAQ**: Nasdaq (National Association of Securities Dealers Automated Quotations) Global Select Market;

**Non-Executive Director**: a member of the Board appointed as non-executive director;

**Permitted Transfer**: a Transfer of Class B Common Shares by a holder of Class B Common Shares to a Permitted Transferee;

**Permitted Transferee**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an Initial Holder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to an Initial Holder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any of its Affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any entity (including a corporation, (limited liability) company, partnership and trust) fully owned by the Initial Holder and/or
one or more of its Affiliates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) organizations that are exempt from taxation under Section 501(c)(3) of the Internal Revenue Code of 1986, as amended;

**Persons with Meeting Right**: Shareholders, holders of a usufruct with Meeting Right and holders of a right of pledge with Meeting Right;

**Persons with Voting Rights**: Shareholders with voting rights, holders of a usufruct with voting rights and holders of a right of pledge with voting rights in the General Meeting;

**Record Date**: the twenty-eighth day prior to the date of a General Meeting, or such other day as prescribed by law;

**Sarbanes Oxley Act**: the Sarbanes-Oxley Act of 2002;

**Share**: a share in the Company's share capital, unless the contrary is expressed this shall include each Class A Common Share, each Class B Common Share and each Conversion Share;

**Shareholder**: a holder of one or more Shares;

**Subsidiary**: a subsidiary of the Company as referred to in Section 2:24a DCC;

**Transfer**: any sale, assignment, transfer under general or specific title, conveyance, grant of any form of security interest, or other transfer or disposition of a Class B Common Share or any legal or beneficial interest in such Class B Common Share, whether or not for value and whether voluntary or involuntary or by operation of law, whether directly or indirectly, including by merger, consolidation or otherwise;

**Transferor**: shall have the meaning given thereto in article 6D.1;

**Vice-Chairman**: the Non-Executive Director appointed as vice-chairman;

**Voting Rights Conversion Event**: the occurrence of the aggregate number of voting rights attached to all issued and outstanding Class B Common Shares in the capital of the Company falling below ten percent (10%) of the aggregate number of voting rights attached to all issued and outstanding Shares in the capital of the Company.

2 Construction

2.1 References to articles shall be deemed to refer to articles of these articles of association, unless the contrary is apparent.

2.2 Any reference to a gender includes all genders.

**CHAPTER II – NAME, CORPORATE SEAT AND OBJECTS**

3 Name and corporate seat

3.1 The Company's name is PicS N.V.

3.2 The corporate seat of the Company is in Amsterdam, the Netherlands.

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|:---|:---|
| 4 | Objects |

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The objects of the Company are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to incorporate, to participate in any way whatsoever in,
to manage, to supervise businesses and companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to finance businesses and companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to borrow, to lend and to raise funds, including the issue
of bonds, promissory notes or other securities or evidence of indebtedness, as well as to enter into agreements in connection with aforementioned
activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to render advice and services to businesses and companies
with which the Company forms a group and to third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to grant guarantees, to bind the Company and to pledge its
assets for obligations of the Company, Group Companies and/or third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to acquire, alienate, manage and exploit registered property
and items of property in general;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) to trade in currencies, securities and items of property
in general;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) to develop and trade in patents, trade marks, licenses, know-how
and other intellectual and industrial property rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to perform any and all activities of an industrial, financial
or commercial nature,

and to do all that is connected therewith or may be conducive thereto, all to be interpreted in the broadest sense.

**CHAPTER III – SHARE CAPITAL**

5 Authorized capital, share premium reserve

5.1 The authorized capital of the Company equals ● (EUR ●).

5.2 The authorized capital of the Company is divided into ● (●)
Class A Common Shares, with a nominal value of one eurocent (EUR 0.01) each, ● (●)
Class B Common Shares, with a nominal value of ten eurocent (EUR 0.10) each, and ten (10) Conversion Shares, with a nominal value
of nine eurocent (EUR 0.09) each.

5.3 Upon the conversion of one or more Class B Common Shares into Class A Common Shares and Conversion Shares referred to in article 6,
the authorized capital shall decrease with the number of Class B Common Shares so converted and shall increase with the number of Class
A Common Shares and Conversion Shares into which such Class B Common Shares were converted.

5.4 Within eight days after a conversion of one or more Class B Common Shares into Class A Common Shares and Conversion Shares, the Board
shall (i) file a notification thereof with the Dutch trade register, which notification must at least include the authorized capital following
the conversion, and (ii) register the conversion in the register of Shareholders as referred to in article 13.

5.5 No share certificates shall be issued.

5.6 The Company shall maintain a general share premium reserve for the benefit of the Shareholders. The Company shall maintain a separate
dividend reserve for each class of Shares, for the exclusive benefit of the holders of Shares of the applicable class.

6 Conversion of Shares

Each Class B Common Share can be converted into one (1) Class A Common Share and one (1) Conversion Share, subject to the provisions of this article 6. Class A Common Shares and Conversion Shares cannot be converted into other classes of Shares.

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| | |
|:---|:---|
| **6A** | **Voluntary conversion of Class B Common Shares** |

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| | |
|:---|:---|
| 6A.1 | Each holder of one or more Class B Common Shares may request the conversion of all or part of his Class B Common Shares into Class A Common Shares and Conversion Shares in the ratio set out in article 6 by means of a written request addressed to the Board (**Conversion Request**). The Conversion Request must: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) indicate the number of Class B Common Shares to which the Conversion Request pertains;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) include a representation by the requesting Shareholder that no depositary receipts have been issued with respect to the Class B Common
Shares to which the Conversion Request pertains nor that these Class B Common Shares are encumbered with any usufruct, right of pledge,
attachment or other encumbrance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) provide for an irrevocable and unconditional power of attorney from the requesting Shareholder to the Company, with full power of
substitution and governed by Dutch law, to perform the acts described in article 6A.2 paragraph (b) on behalf of such Shareholder.

6A.2 Subject to article 6A.3:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) upon receipt of a Conversion Request satisfactory to the Board, the Board shall, as soon as reasonably possible, resolve to convert
the number of Class B Common Shares to which the Conversion Request pertains into Class A Common Shares and Conversion Shares in the ratio
set out in article 6; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) promptly following such conversion, the requesting Shareholder shall be obliged to offer and transfer the Conversion Shares to the
Company for no consideration and the Company shall accept such Conversion Shares.

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| | |
|:---|:---|
| 6A.3 | To the extent the Company would not be permitted under applicable law to acquire Conversion Shares in accordance with article 6A.2 paragraph (b), the Board shall, as soon as reasonably possible, convene a General Meeting in accordance with article 26, at which meeting it shall be proposed to the General Meeting to cancel such number of Shares (held in treasury) to allow again for the acquisition of Conversion Shares as referred to in article 6A.2 paragraph (b). |

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| | |
|:---|:---|
| **6B** | **Mandatory conversion of Class B Common Shares** |

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| | |
|:---|:---|
| 6B.1 | A Class B Common Share shall automatically convert into one (1) Class A Common Share and one (1) Conversion Share upon the occurrence of a Conversion Event (where applicable, in respect of such Class B Common Share), subject to the provisions of article 6D and with effect as of the Conversion Date. Upon the occurrence of a Conversion Event other than a Voting Rights Conversion Event, the Shareholder concerned shall be obliged to notify the Board thereof by means of a written notice addressed to the Board. |

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| | |
|:---|:---|
| 6B.2 | The Board may, from time to time, establish such policies and procedures relating to the general administration of the share capital structure as it may deem necessary or advisable, and may request that holders of Class B Common Shares furnish affidavits or other proof to the Board as it deems necessary to verify the legal and beneficial ownership of Class B Common Shares, and to confirm that a Conversion Event has not occurred. |

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| | |
|:---|:---|
| **6C** | **Resolution on the conversion of Class B Common Shares** |

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| | |
|:---|:---|
| 6C.1 | The class Meeting of holders of Class B Common Shares can, with the consent of the holder(s) of the Class B Common Share(s) concerned, resolve to convert one or more Class B Common Shares into Class A Common Shares and Conversion Shares in the ratio set out in article 6 (**Conversion Resolution**). |

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6C.2 The class Meeting of holders of Class B Common Shares shall shall be obliged to notify the Board of the adoption of a Conversion Resolution by means of a written notice addressed to the Board.

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| | |
|:---|:---|
| **6D** | **Mandatory transfer of Conversion Shares** |

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| | |
|:---|:---|
| 6D.1 | If at any time a Conversion Share is held by anyone other than the Company following a Conversion Event or a Conversion Resolution, such holder of Conversion Shares (**Transferor**) shall be obliged to offer and transfer such Conversion Shares to the Company unencumbered (without any usufruct, right of pledge, attachment or other encumbrance and without depositary receipts issued for such Conversion Shares) and for no consideration. If and for as long as the Transferor fails to offer and transfer the relevant Conversion Shares to the Company, the voting rights (both in the General Meeting and in class meetings as referred to in article 31), Meeting Right and rights to receive distributions attached to the relevant Conversion Shares are suspended. |

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| | |
|:---|:---|
| 6D.2 | If the Transferor fails to offer and transfer the relevant Conversion Shares to the Company within thirty (30) days after the Conversion Date, the Company is irrevocably empowered and authorized to offer and transfer the relevant Conversion Shares to the Company until such transaction occurs. The Company shall immediately notify the Transferor upon proceeding with the offer and transfer of Conversion Shares to the Company in accordance with this article 6D.2. |

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| | |
|:---|:---|
| 6D.3 | To the extent the Company would not be permitted under applicable law to acquire Conversion Shares in accordance with article 6D.1 or article 6D.2, as applicable, the Board shall convene a General Meeting in accordance with article 26, at which meeting it shall be proposed to the General Meeting to cancel such number of Shares (held in treasury) to allow again for the acquisition of Conversion Shares as referred to in article 6D.1 or article 6D.2, as applicable. |

---

7 Issuance of Shares

7.1 Shares shall be issued pursuant to a resolution of the Board if the Board has been designated thereto by the General Meeting for a
specific period and with due observance of applicable statutory provisions. Such designation by the General Meeting must state the number
of Shares that may be issued.

The designation may be extended by specific consecutive periods with due observance of applicable statutory provisions. Unless otherwise stipulated at its grant, the designation may not be withdrawn.

7.2 If and insofar as the Board is not designated by the General Meeting, Shares shall be issued pursuant to a resolution of the General
Meeting. The General Meeting shall, in addition to the Board, remain authorized to issue Shares if such is specifically stipulated in
the resolution authorizing the Board to issue Shares as described in article 7.1.

7.3 Following a Voting Rights Conversion Event, the Company shall not issue any new Class B Common Shares.

7.4 The articles 7.1, 7.2 and 7.3 shall apply by analogy to the granting of rights to subscribe for Shares, but shall not apply to an
issue of Shares to a person exercising a previously granted right to subscribe for Shares.

7.5 If the resolution of the General Meeting to issue Shares or to designate the authority to issue Shares to the Board as referred to
in article 7.1 is detrimental to the rights of holders of a specific class of Shares, the validity of such resolution of the General Meeting
requires a prior or simultaneous approval by the group of holders of such class of Shares.

8 Pre-emptive rights

8.1 Each Shareholder shall have a pre-emptive right on any issuance of Class A Common Shares and Class B Common Shares in proportion to
the aggregate amount of its Class A Common Shares and Class B Common Shares. No pre-emptive rights shall apply in respect of any issuance
of Conversion Shares.

8.2 Upon an issuance of Shares, each Shareholder exercising its pre-emptive right will receive such number of Class A Common Shares and
Class B Common Shares in the same proportion as is held by such Shareholder at nine hours Eastern Time (9:00 ET) on the date the issue
of Shares is resolved upon or such other date as determined by the Board.

8.3 This pre-emptive right on any issuance of Class A Common Shares and Class B Common Shares does not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Shares issued to employees of the Company or a Group Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Shares that are issued against payment other than in cash; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Shares issued to a person exercising a previously granted right to subscribe for Shares.

8.4 Pre-emptive rights may be limited or excluded by a resolution of the General Meeting. Pre-emptive rights may also be limited or excluded
by a resolution of the Board if the Board has been designated thereto by the General Meeting for a specific period and with due observance
of applicable statutory provisions, and the Board has also been designated to issue Shares in accordance with article 7.1. The designation
may be extended by specific consecutive periods with due observance of applicable statutory provisions. Unless otherwise stipulated at
its grant, the designation may not be withdrawn.

8.5 If and insofar as the Board is not designated by the General Meeting, pre-emptive rights may be limited or excluded by a resolution
of the General Meeting. The General Meeting shall, in addition to the Board, remain authorized to limit or exclude pre-emptive rights
if such is specifically stipulated in the resolution authorizing the Board to limit or exclude pre-emptive rights as described in article
8.4. 8.6 When adopting a resolution to issue Shares, the General Meeting or the Board shall determine how and during which period these pre-emptive
rights may be exercised, subject to Section 2:96a DCC.

8.7 Article 8 shall apply by analogy to the granting of rights to subscribe for Shares.

9 Payment on Shares

9.1 Shares may only be issued against payment in full of the amount at which such Shares are issued and with due observance of the provisions
of the Sections 2:80, 2:80a and 2:80b DCC.

9.2 Payment on Shares must be made in cash if no alternative contribution has been agreed. Payment other than in cash must be made in
accordance with the provisions of Section 2:94b DCC. Payment in a currency other than euro may only be made with the consent of the Company
and with due observance of the provisions of Section 2:93a DCC.

9.3 Shares issued to (i) current or former employees of the Company or a Group Company, (ii) current or former Directors under an equity
compensation plan of the Company and (iii) holders of a right to subscribe for Shares granted in accordance with article 7.4 may be paid-up
at the expense of the reserves of the Company, notwithstanding the provisions of article 34.

9.4 The Board may perform legal acts as referred to in Section 2:94 DCC without the prior approval of the General Meeting.

**CHAPTER IV – OWN SHARES AND CAPITAL REDUCTION**

10 Share repurchase and disposal of shares

10.1 The Company may repurchase fully paid-up Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for no consideration; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) against consideration if and insofar as the Board has been authorized thereto by the General Meeting for a specific period and with
due observance of applicable statutory provisions. The General Meeting shall determine in its authorization how many Shares the Company
may repurchase, in what manner and at what price range.

10.2 The authorization by the General Meeting is not required if the Company repurchases fully paid-up Shares for the purpose of transferring
these Shares to employees of the Company or a Group Company under any applicable equity compensation plan, provided that those Shares
are quoted on an official list of a stock exchange.

10.3 Any disposal of Shares by the Company shall require a resolution of the Board. Such resolution shall also stipulate any conditions
of the disposal.

11 Capital reduction

11.1 The General Meeting may only at the proposal of the Board resolve to reduce the Company's issued capital by (i) reducing the
nominal value of Shares through amendment of these articles of association or (ii) cancelling Shares held by the Company itself.

11.2 A resolution of the General Meeting to reduce the Company's issued capital, shall require a majority of at least two-thirds
of the votes cast if less than half of the issued capital of the Company is represented at the General Meeting.

11.3 If the resolution of the General Meeting to reduce the Company's issued capital by reducing the nominal value of Shares through
amendment of these articles of association, as referred to above, is detrimental to the rights of holders of a specific class of Shares,
the validity of such resolution of the General Meeting requires a prior or simultaneous approval by the group of holders of such class
of Shares.

**CHAPTER V – TRANSFER OF SHARES**

12 Transfer of shares

12.1 The transfer of Shares shall require a deed executed for that purpose and, save in the event the Company itself is a party to such
legal act, written acknowledgement by the Company of the transfer. Service of notice of such deed to the Company or of a true copy or
extract of such deed will be the equivalent of such acknowledgement.

12.2 Article 12.1 shall apply *mutatis mutandis* to the creation of a right of pledge or usufruct on a Share, provided that a right
of pledge may also be created without acknowledgement by or service of notice upon the Company, in which case Section 3:239 DCC applies
and the acknowledgement by or service of notice upon the Company shall replace the announcement as referred to in Section 3:239(3) DCC.

12.3 If and as long as one or more Class A Common Shares are admitted to trading on the NASDAQ, or if it may reasonably be expected that
one or more Class A Common Shares shall shortly be admitted to trading on the NASDAQ, the Board may resolve that the laws of the State
of New York, United States of America, shall apply to the property law aspects of the Class A Common Shares, as a result of which the
articles 12.1 and 12.2 shall not apply to the Class A Common Shares. Such resolution and the revocation thereof shall be made available
for inspection on the Company's website and at the Dutch trade register.

The property law aspects of the Class A Common Shares (including the legal rules on ownership, legal title and transfer) in book-entry form, as included in the part of the register of shareholders kept by the relevant transfer agent, shall be governed by the laws of the State of New York, United States of America, in accordance with the applicable law on International Private laws as referred to in Title 10 of Book 10 DCC (*Boek 10 Internationaal privaatrecht*), especially Section 10:141 DCC.

**CHAPTER VI – SHAREHOLDERS' REGISTER AND LIMITED RIGHTS TO SHARES**

13 Shareholders' register

13.1 The Board must keep a shareholders' register; the Board may appoint a registrar to keep the register on its behalf. The register
must be regularly updated. The shareholders' register may be kept in several copies and in several places. Part of the register
may be kept outside the Netherlands to comply with applicable local law or pursuant to stock exchange rules.

13.2 Each Shareholder's name, address and further information as required by law or considered appropriate by the Board are recorded in
the shareholders' register. Shareholders shall provide the Board with the necessary particulars in a timely fashion. Any consequences
of not, or incorrectly, notifying such particulars will be the responsibility of the Shareholder concerned.

13.3 If a Shareholder so requests, the Board shall provide the Shareholder, free of charge, with written evidence of the information in
the shareholders' register concerning the Shares registered in the Shareholder's name.

13.4 The articles 13.2 and 13.3 shall apply by analogy to holders of a usufruct or right of pledge on one or more Shares, with the exception
of a holder of a right of pledge created without acknowledgement by or service of notice upon the Company.

14 Right of pledge on Shares

14.1 Class A Common Shares and Class B Common Shares can be pledged. Conversion Shares cannot be pledged.

14.2 Subject to article 12.3 (if applicable), if a Class A Common Share is encumbered with a right of pledge, the voting rights attached
to that Class A Common Share shall vest in the Shareholder, unless at the creation of the right of pledge the voting rights were granted
to the pledgee. A pledgee with voting rights shall have Meeting Right.

14.3 If a Class B Common Share is encumbered with a right of pledge, the voting rights attached to that Class B Common Share may not be
granted to the pledgee.

14.4 A Shareholder who as a result of a right of pledge does not have voting rights, shall have Meeting Right. A pledgee without voting
rights shall not have Meeting Right.

15 Usufruct on Shares

15.1 Subject to article 12.3 (if applicable), if a usufruct is created on a Class A Common Share, the voting rights attached to that Class
A Common Share shall vest in the Shareholder, unless at the creation of the usufruct the voting rights were granted to the usufructuary.
A usufructuary with voting rights shall have Meeting Right.

15.2 If a usufruct is created on a Class B Common Share or a Conversion Share, the voting rights attached to that Share may not be granted
to the usufructuary.

15.3 A Shareholder who as a result of a usufruct does not have voting rights, shall have Meeting Right. A usufructuary without voting rights
shall not have Meeting Right.

16 Depositary receipts

The Company shall not cooperate with the issuance of depositary receipts for Shares.

**CHAPTER VII – MANAGEMENT AND SUPERVISION**

17 Board: composition, appointment, suspension and dismissal

17.1 The Company shall be managed by the Board. The Board shall consist of a minimum of four (4) and a maximum of eleven (11) Directors,
of which a minimum of one (1) and a maximum of three (3) Executive Directors and a minimum of three (3) and a maximum of ten (10) Non-Executive
Directors. The number of Executive Directors and the number of Non-Executive Directors shall be determined by the Board. Only individuals
may be Directors.

17.2 The Executive Directors and Non-Executive Directors shall be appointed as such by the General Meeting at the nomination of the Board.
A nomination by the Board shall state whether a person is nominated for appointment as Executive Director or Non-Executive Director.

17.3 A Director shall be appointed for a term of approximately one (1) year, which term of office shall lapse immediately after the close
of the annual General Meeting held in the year after his appointment. The General Meeting may resolve to deviate from the term of office
of approximately one year. A Director may be reappointed with due observance of the preceding sentence. A Non-Executive Director may be
in office for a period not exceeding twelve (12) years, which period may or may not be interrupted, unless at the proposal of the Board
the General Meeting resolves otherwise.

17.4 The General Meeting may at all times suspend or dismiss any Director. The Board may at all times suspend an Executive Director. A
resolution by the General Meeting to suspend or dismiss a Director can only be adopted by two/thirds majority in a meeting at which at
least half of the issued and outstanding capital is present or represented.

17.5 A suspension may be extended one or more times but may not last longer than three (3) months in aggregate. If at the end of that period,
no decision has been taken on termination of the suspension or on dismissal, the suspension shall end. A suspension can be terminated
by the General Meeting at any time.

18 Board: vacancy or inability

18.1 If the seat of an Executive Director is vacant or upon the inability of an Executive Director, the remaining Executive Directors shall
temporarily be entrusted with the executive management of the Company, provided that the Board may provide for a temporary replacement.
If the seats of all Executive Directors are vacant or upon the inability of all Executive Directors, the executive management of the Company
shall temporarily be entrusted to the Non-Executive Directors, provided that the Board may provide for one or more temporary replacements.

18.2 If the seat of a Non-Executive Director is vacant or upon inability of a Non-Executive Director, the remaining Non-Executive Directors
shall temporarily be entrusted with the performance of the duties and the exercise of the authorities of that Non-Executive Director,
provided that the Board may provide for a temporary replacement. If the seats of all Non-Executive Directors are vacant or upon inability
of all Non-Executive Directors, the General Meeting shall be authorized to temporarily entrust the performance of the duties and the exercise
of the authorities of the Non-Executive Directors to one or more other individuals.

18.3 A Director shall in any event be unable to act within the meaning of the articles 18.1 and 18.2:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) during the period for which the Director has claimed inability in writing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) during the Director's suspension; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) during periods when the Company has not been able to contact the Director (including as a result of illness), provided that such period
lasted longer than five (5) consecutive days (or such other period as reasonably determined by the Board).

19 Board: Chairman, Vice-Chairman and other titles

19.1 A Non-Executive Director shall be appointed by the General Meeting as Chairman.

19.2 The Board may appoint a Non-Executive Director as Vice-Chairman. If the Chairman is absent or unable to act, the Vice-Chairman is
entrusted with the duties of the Chairman.

19.3 The Board may also grant other titles to Directors, such as, in case of an Executive Director, Chief Executive Officer (CEO) or Chief
Financial Officer (CFO) and/or in case of a Non-Executive Director, Lead Independent Director. The Board may at any time revoke any such
title granted to a Director.

20 Board: remuneration

20.1 The Company has a policy in respect of the remuneration of Executive Directors and Non-Executive Directors. The remuneration policy
is adopted by the General Meeting at the proposal of the Board.

20.2 The remuneration of the Executive Directors shall be determined by the Board with observance of the remuneration policy adopted by
the General Meeting. The Executive Directors shall not participate in the deliberations and decision-making regarding the determination
of the remuneration of the Executive Directors.

20.3 The remuneration of the Non-Executive Directors shall be determined by the Board with observance of the remuneration policy adopted
by the General Meeting.

20.4 A proposal with respect to remuneration schemes in the form of Shares or rights to subscribe for Shares shall be submitted by the
Board to the General Meeting for its approval. Such proposal shall state at least the maximum number of Shares or rights to subscribe
for Shares that may be granted to Directors and the criteria for making or amending such grants.

21 Board: tasks and duties

21.1 The Board shall be entrusted with the management of the Company and shall for such purpose have all the powers within the limits of
the law that are not granted by these articles of association to others. In the performance of their tasks, the Directors shall be guided
by the interests of the Company and the enterprise connected with it.

21.2 The Executive Directors are primarily responsible for all day-to-day operations of the Company. The Non-Executive Directors supervise
(i) the Executive Directors' policy and performance of duties and (ii) the Company's general affairs and its business, and render
advice and direction to the Executive Directors. The Executive Directors shall timely provide the Non-Executive Directors with the information
they need to carry out their duties.

21.3 The Directors furthermore perform any duties allocated to them under or pursuant to the law or these articles of association.

21.4 With due observance of these articles of association, the Board shall adopt Board Regulations dealing with its internal organization,
the manner in which decisions are taken, any quorum requirements, the composition, duties and organization of committees and any other
matters concerning the Board, the Executive Directors, the Non-Executive Directors and committees established by the Board.

21.5 The Board may allocate its duties and powers among the Directors pursuant to the Board Regulations or otherwise in writing, provided
that the following duties and powers may not be allocated to the Executive Directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) supervising the performance of the Executive Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) making a nomination for the appointment of Directors pursuant to article 17.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) determining an Executive Director's remuneration pursuant to article 20.2; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) instructing an auditor pursuant to article 33.1.

21.6 Without prejudice to any other provisions of these articles of association, the Board shall require the approval of the General Meeting
for resolutions regarding a significant change in the identity or nature of the Company or the enterprise connected with it, including
in any event:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the transfer of the business enterprise, or practically the entire business enterprise, to a third party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) entering into or terminating any long-lasting cooperation of the Company or a Subsidiary with any other legal person or company or
as a fully-liable general partner in a partnership, provided that such cooperation or termination thereof is of material significance
to the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) acquiring or disposing of a participating interest in the share capital of a company with a value of at least one-third of the Company's
assets, as shown in the consolidated balance sheet with explanatory notes thereto according to the last adopted Annual Accounts, by the
Company or a Subsidiary.

22 Board: decision-making

22.1 Resolutions of the Board shall be adopted by a simple majority of the votes cast, unless the Board Regulations provide for a qualified
majority. Each Director shall have one vote. If there is a tie vote, the Chairman shall have a casting vote.

22.2 At a meeting of the Board, a Director may only be represented by another Director holding a proxy in writing.

22.3 Meetings of the Board may be held by means of an assembly of Directors in person or by telephone, video conference or any other means
of electronic communication, provided that all Directors participating in such meeting are able to communicate with each other simultaneously.
Participation in a meeting held in any of the foregoing ways shall constitute presence at such meeting.

22.4 A document stating that one or more resolutions have been adopted by the Board and signed by the Chairman or by the chairperson and
secretary of the particular meeting constitutes valid proof of those resolutions.

22.5 The Board may also adopt resolutions outside of a meeting, provided that such resolutions are recorded in writing or otherwise and
that none of the Directors entitled to vote objects to this manner of decision-making.

22.6 A Director shall not participate in deliberations and the decision-making process in the event of a direct or indirect personal conflict
of interest between that Director and the Company and the enterprise connected with it. If the Board is unable to adopt a resolution as
a result of all Directors being unable to participate in the deliberations and decision-making process due to such a conflict of interest,
the decision shall nevertheless be taken by the Board, but the Board shall record in writing the reasons for the resolution.

22.7 The Board may determine pursuant to the Board Regulations or otherwise in writing that one or more Directors can lawfully adopt resolutions
concerning matters belonging to their duties within the meaning of Section 2:129a(3) DCC.

23 Board: indemnification

23.1 The Company shall indemnify each current or former Director in any anticipated or pending action, suit, proceeding or investigation
for any claim against that Director that such Director may derive from exercising his respective duties as a Director for any and all:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) costs and expenses, including but not limited to substantiated attorneys' fees, reasonably incurred in relation to that Director's
defences in the relevant action, suit, proceeding or investigation or a settlement thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) liabilities, losses, damages, fines, penalties and other claims and/or financial effects of judgements against that Director, excluding
any reputational damages and (other) immaterial damages; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) payments by that Director and/or any other financial effects resulting from a settlement of such action, suit, proceeding or investigation,
excluding any reputational damages and (other) immaterial damages, subject to prior written approval of such settlement by the Company
(such approval not to be unreasonably withheld),

provided he acted in good faith and in a manner he reasonably believed to be in, or not opposed to, the best interests of the Company or out of his mandate, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful.

23.2 Any indemnification by the Company referred to in article 23.1 shall be made only upon a determination by the Board that indemnification
of the Director is proper under the circumstances because he had met the applicable standard of conduct set forth in article 23.1.

23.3 Indemnified amounts referred to in article 23.1 under (a) until (c) inclusive may be paid by the Company in advance of the final disposition
of the relevant anticipated or pending action, suit or proceeding against that Director, upon a resolution of the Board with respect to
the specific case.

23.4 A Director, current or former, shall not be entitled to any indemnification as mentioned in this article 23, if and to the extent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Dutch law would not permit such indemnification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a competent court, a judicial tribunal or, in case of an arbitration, an arbitrator or arbitral panel has established by final judgement
that is not open to challenge or appeal, that the acts or omissions of the current or former Director can be considered intentional, fraudulent,
grossly negligent, willfully reckless or seriously culpable, unless this would in the given circumstances be unacceptable according to
the standards of reasonableness and fairness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the costs or the decrease in assets of the current or former Director are/is covered by an insurance and the insurer started payment
of the costs or the decrease in assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Company and/or a Group Company brought the procedure in question up before the relevant court, judicial tribunal or, in case of
an arbitration, arbitrator or arbitral panel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the pending action, suit and/or proceeding is brought by the current or former Director against the Company, a Group Company, any
legal entity which it Controls, any director or officer thereof or any third party unless (i) the Board has consented to the initiation
of such action, suit and/or proceeding or part thereof, (ii) the Company provides the indemnification, in its sole discretion, pursuant
to the powers vested in the Company under applicable law (provided, however, that this shall not apply to counterclaims or affirmative
defenses asserted by such current or former Director in an action brought against such current or former Director) or (iii) required by
applicable law; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the request for indemnification is in connection with a pending action, suit, proceeding or investigation for any claim:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) for which payment has actually been made to and received by or on behalf of such current or former Director under any statute, insurance
policy, indemnity provision, vote or otherwise, except with respect to any excess beyond the amount paid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to the extent applicable to the Company, for an accounting or disgorgement of profits pursuant to Section 16(b) of the Exchange
Act, or similar provisions of federal, state or local statutory law or common law, if such current or fomer Director is held liable therefore
(including pursuant to any settlement arrangements); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) for any reimbursement of the Company by such current or former Director of any bonus or other incentive-based or equity-based compensation
or of any profits realized by such person from the sale of securities, as required in each case under the Exchange Act (including any
such reimbursements that arise from an accounting restatement of the Company pursuant to Section 304 of the Sarbanes-Oxley Act, the
payment to the Company of profits arising from the purchase and sale by such person of securities in violation of Section 306 of
the Sarbanes-Oxley Act), if such person is held liable therefor (including pursuant to any settlement arrangements), or any other remuneration
paid to such person if it shall be determined by a final judgment or other final adjudication that such remuneration was in violation
of law),

in which event he shall immediately repay any amount paid to him (in advance, as the case may be) by the Company under this article 23.

24 Representation

24.1 The Company shall be represented by the Board. The Company shall also be represented by two Executive Directors acting jointly.

24.2 The Board may appoint officers with general or limited power to represent the Company. Each officer shall be competent to represent
the Company, subject to the restrictions imposed on him. The Board shall determine each officer's title and may at any time revoke or
amend such title. Such officers may be registered with the Dutch trade register, indicating the scope of their power to represent the
Company.

**CHAPTER VIII – GENERAL MEETING AND CLASS MEETINGS**

25 General Meeting

25.1 General Meetings can be held in Amsterdam, Amstelveen or Haarlemmermeer (including Schiphol Airport), the Netherlands.

25.2 The annual General Meeting shall be held each year within six months after the end of the Company's financial year.

25.3 Other General Meetings shall be held as often as the Board deems necessary.

26 General Meeting: convocation

26.1 General Meetings are convened by the Board.

26.2 One or more Shareholders and/or other Persons with Meeting Right who individually or jointly represent at least the part of the Company's
issued capital prescribed by law for this purpose, may request the Board in writing to convene a General Meeting setting out in detail
the matters to be discussed. If the Board has not taken the steps necessary to ensure that the General Meeting could be held within the
relevant statutory period after the request, the requesting Shareholders and/or other Persons with Meeting Right may at their request
be authorized by the preliminary relief judge of the district court to convene a General Meeting.

27 General Meeting: notice and agenda

27.1 The notice of a General Meeting shall be given by the Board by means of an announcement with due observance of the statutory notice
period and in accordance with the law.

27.2 The notice of a General Meeting shall state the items to be dealt with, the items to be discussed and which items to be voted on,
the place and time of the meeting, the procedure for participating at the meeting whether or not by written proxy-holder, the address
of the website of the Company and, if applicable, the procedure for participating at the meeting and exercising one's right to vote
by electronic means of communication as referred to in article 28.4, with due observance of the relevant provisions of the law.

27.3 The notice of a General Meeting shall also state the Record Date and the manner in which the Persons with Meeting Right may procure
their registration and exercise their rights.

27.4 A subject for discussion which has been requested in writing by one or more Shareholders and/or other Persons with Meeting Right who
individually or jointly represent at least the part of the Company's issued capital prescribed by law for this purpose, shall be included
in the notice of the General Meeting or shall be notified in the same manner as the other subjects for discussion, provided the Company
has received the request (including the reasons for such request) not later than sixty (60) days before the day of the meeting. Such written
requests must comply with the conditions stipulated by the Board as posted on the Company's website.

28 General Meeting: admittance

28.1 Those Persons with Meeting Right and those Persons with Voting Rights who are listed on the Record Date for a General Meeting as such
in a register designated for that purpose by the Board, are deemed Persons with Meeting Right or Persons with Voting Rights, respectively,
for that General Meeting, regardless of who is entitled to the Shares at the date of the General Meeting.

28.2 In order for a person to be able to exercise Meeting Right and the right to vote in a General Meeting, that person must notify the
Company in writing of his intention to do so no later than on the date and in the manner mentioned in the notice convening the General
Meeting.

28.3 The Board may determine in the notice of a General Meeting that any vote cast prior to the meeting by means of electronic communication
or by means of a letter, shall be deemed to be a vote cast in the meeting. Such a vote may not be cast prior to the Record Date for the
General Meeting.

28.4 The Board may determine that each Person with Meeting Right has the right, in person or represented by a written proxy, to take part
in, address and, to the extent applicable, to vote at the General Meeting by means of electronic communication, provided that such person
can be identified via the same electronic means and is able to directly observe the proceedings and, to the extent applicable, to vote
at the meeting. The Board may attach conditions to the use of the electronic communication, provided that these conditions are reasonable
and necessary for the identification of the Person with Meeting Right and for the reliability and security of the communication. The conditions
must be included in the notice of a General Meeting and be published on the Company's website.

28.5 The Directors are authorized to attend the General Meeting and shall, as such, have an advisory vote at the General Meeting.

28.6 The chairperson of the General Meeting decides on all matters relating to admission to the General Meeting. The chairperson of the
General Meeting may admit third parties to the General Meeting.

28.7 The Company may direct that any person, before being admitted to a General Meeting, identifies himself by means of a valid passport
or other means of identification and/or should be submitted to such security arrangements as the Company may consider to be appropriate
under the given circumstances.

28.8 The General Meeting may be conducted in Dutch or English as determined by the chairperson of the General Meeting.

29 General Meeting: chairperson, secretary and minutes

29.1 The General Meeting shall be presided over by the Chairman or, in his absence, the Vice-Chairman. If the Vice-Chairman is also absent
or if no Non-Executive Director has been appointed as Vice-Chairman, the Board shall designate a Non-Executive Director to deputize for
the Chairman in his absence. If (i) the Chairman is not present at the meeting, (ii) the Vice-Chairman is not present at the meeting and/or
no Vice-Chairman has been appointed and (iii) no other Non-Executive Director has been designated by the Board to preside over the General
Meeting, the General Meeting itself shall appoint a chairperson.

29.2 The chairperson of the General Meeting shall appoint a secretary of the General Meeting.

29.3 Minutes of the proceedings at a General Meeting shall be kept by the secretary, unless a notarial record of the General Meeting is
prepared at the request of the Board. The minutes shall be adopted by the chairperson and the secretary of the General Meeting and shall
be signed by them as evidence thereof. A document stating that one or more resolutions have been adopted by the General Meeting and signed
by the chairperson and secretary of the particular meeting constitutes valid proof of those resolutions.

30 General Meeting: decision-making

30.1 Each Class A Common Share confers the right to cast one (1) vote at the General Meeting, each Class B Common Share confers the right
to cast ten (10) votes at the General Meeting and each Conversion Share confers the right to cast nine (9) votes at the General Meeting.

30.2 To the extent the law or these articles of association do not require a qualified majority, all resolutions of the General Meeting
shall be adopted by a simple majority of the votes cast.

30.3 The chairperson of the General Meeting shall decide on the method of voting.

30.4 Abstentions, blank votes and invalid votes shall not be counted as votes.

30.5 The ruling by the chairperson of the General Meeting on the outcome of a vote shall be decisive.

30.6 All disputes concerning voting for which neither the law nor these articles of association provide a solution are decided by the chairperson
of the General Meeting.

30.7 No votes may be cast at the General Meeting for a Share held by the Company or a Subsidiary, nor for any Share for which the Company
or a Subsidiary holds the depositary receipts. The Company or a Subsidiary may not cast a vote in respect of a Share on which it holds
a right of pledge or a usufruct. However, holders of a right of pledge or a usufruct on Shares held by the Company or a Subsidiary are
not excluded from voting, if the right of pledge or the usufruct was created before the Share belonged to the Company or a Subsidiary.

30.8 When determining how many votes are cast by Shareholders, how many Shareholders are present or represented, or which part of the Company's
issued capital is represented at the General Meeting, no account shall be taken of Shares for which, pursuant to the law or these articles
of association, no vote can be cast.

31 Class meetings

31.1 The provisions of these articles of association with respect to General Meetings, save for article 25.2, shall apply *mutatis mutandis* to a meeting of holders of Class A Common Shares and other persons entitled to attend such meeting.

31.2 The provisions of these articles of association with respect to General Meetings, save for article 25.2 and article 28.5, shall apply *mutatis mutandis* to a meeting of holders of Class B Common Shares or a meeting of holders of Conversion Shares (as applicable)
and other persons entitled to attend such meeting, provided that the applicable meeting shall appoint its own chairperson, and furthermore
provided that for as long as Class B Common Shares or Conversion Shares (as applicable) are not admitted to listing and trading on a stock
exchange with the cooperation of the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) notice of a meeting as referred to in this article shall be given no later than on the fifteenth day before the date of the meeting
and the convocation notice shall be sent to the addresses as included in the shareholders' register;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) resolutions may be adopted in writing without holding a meeting as referred to in this article, provided such resolutions are adopted
by the unanimous vote of all holders of Class B Common Shares entitled to vote or Conversion Shares entitled to vote (as applicable);
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) valid resolutions may be adopted if the formalities for convening and holding of meetings as referred to in this article have not
been complied with, if adopted by unanimous vote in a meeting at which all issued and outstanding Class B Common Shares or Conversion
Shares (as applicable) are represented.

**CHAPTER IX – FINANCIAL YEAR, ANNUAL ACCOUNTS AND AUDITOR**

32 Financial year and annual accounts

32.1 The Company's financial year shall be the calendar year.

32.2 Annually, within the term set by law, the Board shall prepare the Annual Accounts. The Annual Accounts must be accompanied by an auditor's
statement as referred to in article 33.3, the Management Report, and the additional information to the extent that this information is
required.

32.3 The Annual Accounts shall be signed by the Directors; if one or more of their signatures is lacking, this shall be stated, giving
the reasons therefor.

32.4 The Annual Accounts shall be adopted by the General Meeting.

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| | |
|:---|:---|
| 33 | Auditor |

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33.1 The General Meeting shall instruct an Auditor to audit the Annual Accounts. If the General Meeting fails to issue the instructions
to an Auditor, the Board shall be authorized to do so. The Executive Directors shall not participate in the deliberations and decision-making
regarding instructing an Auditor to audit the Annual Accounts.

33.2 The instructions issued to the Auditor may only be revoked by the General Meeting and, if the Board issued the instructions, by the
Board, for valid reasons and in accordance with Section 2:393(2) DCC.

33.3 The Auditor shall report the findings of the audit to the Board and present the results of the audit in a statement on the true and
fair view provided by the Annual Accounts.

**CHAPTER X – RESULT AND DISTRIBUTIONS**

34 Profits and distributions

34.1 Distribution of profits shall be made after adoption of the Annual Accounts from which it appears that the same is permitted.

34.2 Distributions may be made only to the extent the Company's equity exceeds the sum of its paid up and called up part of its issued
capital and the reserves which must be maintained pursuant to the law.

34.3 The Company may have a policy on reserves and dividends to be determined and amended by the Board.

34.4 The General Meeting may determine which part of the profits shall be reserved, with due observance of the Company's policy on
reserves and dividends.

34.5 The General Meeting may resolve to distribute any part of the profits remaining after reservation in accordance with article 34.4.
If the General Meeting does not resolve to distribute these profits in whole or in part, such profits (or any profits remaining after
distribution) shall also be reserved.

34.6 The Board may resolve to make distributions from the share premium reserve or other distributable reserves maintained by the Company.

34.7 The Board may resolve to make interim distributions on Shares, provided that an interim statement of assets and liabilities drawn
up in accordance with the statutory requirements shows that the requirement of article 34.2 has been fulfilled, and with observance of
(other) applicable statutory provisions.

34.8 The Board and the General Meeting may resolve that a distribution on Shares shall not be paid in whole or in part in cash but in kind
or in the form of Shares, or decide that Shareholders shall be given the option to receive the distribution in cash or in kind and/or
in the form of Shares (and with due observance of articles 7 and 8), and may determine the conditions under which such option can be given
to the Shareholders.

34.9 In calculating the amount of any distribution on Shares, Shares held by the Company shall be disregarded, unless such Shares are encumbered
with a usufruct or right of pledge.

34.10 Any and all distributions of profit on the Class A Common Shares and Class B Common Shares shall be made in such a way that on each
Class A Common Share and each Class B Common Share an equal amount or value will be distributed, provided that and with observance of
the following order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the event of the General Meeting resolving to distribute any part of the profits in accordance with article 34.5, for each issued
and outstanding Conversion Share an amount equal to one percent (1%) of the nominal value of such Conversion Share shall first be added
to the dividend reserve maintained for the holders of Conversion Shares (**Conversion Share Allocation**); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) following the Conversion Share Allocation, no further distribution shall be made on Conversion Shares, nor shall any profit be added
to the dividend reserve maintained for the holders of Conversion Shares, in respect of such financial year.

35 Notices and payments

35.1 The date on which dividends and other distributions shall be made payable shall be announced in accordance with the law and published
on the Company's website.

35.2 Distributions shall be payable on the date determined by the Board.

35.3 The persons entitled to a distribution shall be the relevant Shareholders, holders of a usufruct on Shares and holders of a right
of pledge on Shares, at a date to be determined by the Board for that purpose. This date shall not be earlier than the date on which the
distribution was announced.

35.4 Distributions which have not been claimed upon the expiry of five (5) years and one (1) day after the date when they became payable
will be forfeited to the Company and will be carried to the reserves.

35.5 The Board may determine that distributions on Shares will be made payable either in euro or in another currency.

**CHAPTER XI – AMENDMENT OF THE ARTICLES OF ASSOCIATION, DISSOLUTION AND LIQUIDATION**

36 Amendment of the articles of association

36.1 The General Meeting may resolve to amend these articles of association at the proposal of the Board.

36.2 If a proposal to amend these articles of association is to be submitted to the General Meeting, the notice of such meeting must state
so and a copy of the proposal, including the verbatim text thereof, shall be deposited and kept available at the Company's office for
inspection by, and must be made available free of charge to, Shareholders and other Persons with Meeting Right, until the conclusion of
the meeting. An amendment of these articles of association shall be laid down in a notarial deed.

37 Dissolution and liquidation

37.1 The General Meeting may resolve to dissolve the Company at the proposal of the Board.

37.2 If the Company is dissolved pursuant to a resolution of the General Meeting, the Directors shall become liquidators of the dissolved
Company's property. The General Meeting may decide to appoint other persons as liquidators.

37.3 During liquidation, to the extent possible these articles of association shall continue to apply.

37.4 The balance remaining after payment of the debts of the dissolved Company shall be transferred *pro rata* in proportion to the
number of Class A Common Shares and Class B Common Shares held by each Shareholder.

38 Federal forum provision

## Exhibit 5.1

**Exhibit 5.1**

---

| | | |
|:---|:---|:---|
| ![](ex5-1_001.jpg) | POSTAL ADDRESS | P.O. Box 71170<br> 1008 BD AMSTERDAM<br> P.O. Box 2888<br> 3000 CW ROTTERDAM |
|  | OFFICE ADDRESS | Parnassusweg 300<br> 1081 LC AMSTERDAM<br> Blaak 31<br> 3011 GA ROTTERDAM<br> The Netherlands |
|  | <br> INTERNET | www.loyensloeff.com<br>|

---

DRAFT <br> To: Picpay Holdings Netherlands B.V. Stroombaan 10 1181 VX Amstelveen The Netherlands

---

| | |
|:---|:---|
| re | **Dutch law legal opinion – Project Green Day / Picpay Holdings Netherlands B.V.** |
| reference | 60457743 |
| date | ● 2026 |

---

1 INTRODUCTION

We have acted as special counsel on certain matters of Dutch law to the Company. We render this opinion regarding the registration of the Class A Common Shares in accordance with the Registration Statement.

2 DEFINITIONS

2.1 In this opinion letter:

**Board** means the board of directors of the Company.

**Class A Common Shares** means class A common shares in the capital of the Company, with a nominal value of EUR 0.01 each.

**Class B Common Shares** means class B common shares in the capital of the Company, with a nominal value of EUR 0.10 each.

**Company** means Picpay Holdings Netherlands B.V., registered with the Trade Register under number 92410456.

**Deeds** means the Deed of Incorporation, the Deed of Amendment I, the Deed of Amendment II, the Deed of Conversion, the Deed of Issuance Offer Shares and the Deed of Issuance Option Shares.

**Exercise Notice** means a written notice given from Citigroup Global Markets Inc. (as representative of the Underwriters) to the Company within 30 calendar days from the date of the Underwriting Agreement electing to exercise the Option Right, setting forth the aggregate number of Option Shares to be issued and the date on which such Option Shares are to be issued, all in accordance with the Underwriting Agreement.

The public limited liability company Loyens & Loeff N.V. is established in Rotterdam and is registered with the Trade Register of the Chamber of Commerce under number 24370566. Solely Loyens & Loeff N.V. shall operate as contracting agent. All its services shall be governed by its General Terms and Conditions, including, inter alia, a limitation of liability and a nomination of competent jurisdiction. These General Terms and Conditions may be consulted via www.loyensloeff.com. The conditions were also deposited at the Trade Register of the Chamber of Commerce under number 24370566.

AMSTERDAM • BRUSSELS • HONG KONG • LONDON • LUXEMBOURG • NEW YORK • PARIS • ROTTERDAM • SINGAPORE • TOKYO • ZURICH 1/17

![](ex5-1_001.jpg)

**Existing Shares** means the 38 Class A Common Shares, numbered A1 up to and including A38, issued and outstanding on the date of this opinion letter.

**Loyens & Loeff N.V.** means Loyens & Loeff N.V., registered with the Trade Register under number 24370566.

**Offering** means (i) the initial public offering of ● Class A Common Shares (**Offer Shares**) and up to ● Class A Common Shares (**Option Shares**) and (ii) the admission to listing and trading of the Offer Shares and the Option Shares, if any, on the NASDAQ Global Select Market, a non-regulated trading venue, under the symbol ''PICS''.

**Option Right** means any right granted by the Company to the Underwriters to, at their election, acquire up to ● additional Class A Common Shares, as included in the Underwriting Agreement.

**Registration Statement** means the draft registration statement on Form F-1 (File No: 333-●) (excluding any documents incorporated by reference therein or any exhibits thereto), initially filed with the SEC on 22 November 2023 in connection with the Offering.

**Relevant Date** means the date of the Resolutions, the date of the Deed of Conversion, the date of the Deed of Issuance Offer Shares and the date of the Deed of Issuance Option Shares.

**Resolutions** means the Shareholders' Resolution Conversion, the Shareholders' Resolution Authorization and the Board Resolution.

**Reviewed Documents** means the documents listed in paragraph 3.1 of this opinion letter.

**SEC** means the U.S. Securities and Exchange Commission.

**Securities Act** means the U.S. Securities Act of 1933.

**Trade Register** means the trade register of the Chamber of Commerce in the Netherlands.

**Underwriters** means the underwriters named in the Underwriting Agreement.

**Underwriting Agreement** means the New York law underwriting agreement dated ● 2026 by and between the Company and Citigroup Global Markets Inc. as representative of the Underwriters.

3 SCOPE OF INQUIRY

3.1 For the purpose of rendering this opinion letter, we have only examined and relied upon electronically
transmitted copies of the Registration Statement and the Underwriting Agreement and the following documents:

(a) an excerpt of the registration of the Company in the Trade Register dated ● (**Excerpt**);

Draft legal opinion Project Green Day 2/17

![](ex5-1_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the notarial deed of incorporation of the Company dated 27 December 2023 (**Deed of Incorporation**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the notarial deed of amendment of the articles of association of the Company dated 12 September 2024 (**Deed of Amendment I**), whereby, *inter alia*, each issued share in the capital of the Company, with a nominal value of EUR 0.01, was
converted and split into two shares with a nominal value of EUR 0.005 each, as a result whereof the issued capital of the Company consisted
of 200 shares, numbered 1 up to and including 200, with a nominal value of EUR 0.005 each;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the notarial deed of amendment of the articles of association of the Company dated 5 January 2026
 (**Deed of Amendment II**), including the articles of association (*statuten*) of the Company (**Articles**), whereby, *inter alia*, (i) 38 shares in the capital of the Company, with a nominal value of EUR 0.005 each, numbered 1 and 164 up to and
 including 200, (**Original Shares**) were converted into the Existing Shares and (ii) the difference in nominal value between the
 Original Shares and the Class A Common Shares so converted was charged at the share premium reserve (*agioreserve*) of the
 Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the draft resolution of the general meeting of the Company (**Shareholders' Resolution Conversion**),
including, *inter alia*, the resolution to (i) convert the Company into a public limited liability company (*naamloze vennootschap*)
under Dutch law and (ii) amend and completely readopt the articles of association of the Company, as attached as <u>Annex I</u> to this
opinion letter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the draft notarial deed of conversion and amendment of the Company's articles of association pursuant
to which the Company will be converted into a public company with limited liability (*naamloze vennootschap)* under Dutch law *,* as attached as <u>Annex II</u> to this opinion letter (**Deed of Conversion**), including the articles of association of the Company
as these will read as from the execution of the Deed of Conversion (**New Articles**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the draft resolution of the general meeting of the Company (**Shareholders' Resolution Authorization**),
including, *inter alia*, the resolution to designate the Board as authorized corporate body of the Company for a period of eighteen
months from the date of the Shareholders' Resolution Authorization to (i) resolve on the issuance of the Offer Shares and the Option
Shares and (ii) restrict or exclude pre-emptive rights with respect to the issuance of the Offer Shares and the Option Shares *,* as attached as <u>Annex III</u> to this opinion letter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the draft [resolution][minutes of a meeting] of the Board (**Board Resolution**), including, *inter alia*, the resolution to (i) issue the Offer Shares and, subject to the Underwriters exercising the Option Right within 30 calendar
days from the date of the Underwriting Agreement, the Option Shares and (ii) exclude the pre-emptive rights with respect to the issuance
of the Offer Shares and the Option Shares, as attached as <u>Annex IV</u> to this opinion letter;

Draft legal opinion Project Green Day 3/17

![](ex5-1_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the draft private deed of issuance (**Deed of Issuance Offer Shares**) providing for the issuance of
the Offer Shares, as attached as <u>Annex V</u> to this opinion letter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the draft private deed of issuance (**Deed of Issuance Option Shares**) providing for the issuance
of the Option Shares, as attached as <u>Annex VI</u> to this opinion letter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the shareholders' register (*aandeelhoudersregister*) of the Company (**Shareholders' Register**).

3.2 We have undertaken the following checks (**Checks**) at the date of this opinion letter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an inquiry at the Trade Register, confirming that no relevant changes were registered compared to the
contents of the Excerpt; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an inquiry at the Central Insolvency Register (*Centraal Insolventieregister*) confirming that the
Company is not listed with the Central Insolvency Register and not listed on the EU Registrations list with the Central Insolvency Register.

3.3 We have not reviewed any documents incorporated by reference or referred to in the Reviewed Documents
(unless included as a Reviewed Document) and therefore our opinions do not extend to such documents.

4 NATURE OF OPINION

4.1 We only express an opinion on matters of Dutch law and the law of the European Union, to the extent directly
applicable in the Netherlands, in force on the date of this opinion letter, excluding unpublished case law, all as interpreted by Dutch
courts and the European Court of Justice. We do not express an opinion on tax law, competition law, sanction laws, equal treatment of
shareholders and financial assistance. The terms "the Netherlands" and "Dutch" in this opinion letter refer solely
to the European part of the Kingdom of the Netherlands.

4.2 Our opinion is strictly limited to the matters stated herein. We do not express any opinion on matters
of fact, on the commercial and other non-legal aspects of the transactions contemplated by the Reviewed Documents and on any representations,
warranties or other information included in the Reviewed Documents and any other document examined in connection with this opinion letter,
except as expressly stated in this opinion letter.

4.3 In this opinion letter Dutch legal concepts are sometimes expressed in English terms and not in their
original Dutch terms. The concepts concerned may not be identical to the concepts described by the same English term as they exist under
the laws of other jurisdictions. For the purpose of tax law a term may have a different meaning than for the purpose of other areas of
Dutch law.

Draft legal opinion Project Green Day 4/17

![](ex5-1_001.jpg)

4.4 This opinion letter may only be relied upon under the express condition that any issue of interpretation
or liability arising hereunder will be governed by Dutch law and be brought exclusively before the competent court in Rotterdam, the Netherlands.

4.5 This opinion letter is issued by Loyens & Loeff N.V. and may only be relied upon under the express
condition that any liability of Loyens & Loeff N.V. is limited to the amount paid out under its professional liability insurance policies.
Individuals or legal entities that are involved in the services provided by or on behalf of Loyens & Loeff N.V. cannot be held liable
in any manner whatsoever.

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|:---|:---|
| 5 | OPINIONS |

---

The opinions expressed in this paragraph 5 (Opinions) should be read in conjunction with the assumptions set out in Schedule 1 (Assumptions) and the qualifications set out in 0 (Qualifications). On the basis of these assumptions and subject to these qualifications and any factual matters or information not disclosed to us in the course of our investigation, we are of the opinion that as at the date of this opinion letter:

5.1 **Corporate status** 

The Company has been duly incorporated as *a besloten vennootschap met beperkte aansprakelijkheid* (private limited liability company) under Dutch law and, upon due execution of the Deed of Conversion, will be validly existing as *a naamloze vennootschap* (public limited liability company) under Dutch law.

5.2 **Issued share capital** 

5.2.1 The Existing Shares have been duly authorised and validly issued, are fully paid and are validly outstanding
and non-assessable.

5.2.2 When issued pursuant to a validly executed Deed of Issuance Offer Shares in the form reviewed by us and
upon payment in full of the Offer Shares in accordance with the Underwriting Agreement, the Offer Shares will have been validly issued
and fully paid and will be validly outstanding and non-assessable.

5.2.3 When issued pursuant to a validly executed Deed of Issuance Option Shares in the form reviewed by us upon
the exercise of the Option Right by way of an Exercise Notice and upon payment in full of the Option Shares in accordance with the Underwriting
Agreement, the Option Shares will have been validly issued and fully paid and will be validly outstanding and non-assessable.

5.3 **No Insolvency** 

Based solely on the Excerpt and the Checks, the Company has not been granted a suspension of payments (*surseance verleend*), declared bankrupt (*failliet verklaard*) or subjected to a public composition proceeding (*openbaar onderhands akkoord*) by a Dutch court.

Draft legal opinion Project Green Day 5/17

6 ADDRESSEES

6.1 This opinion is an exhibit to the Registration Statement and may be relied upon solely for the purpose
of the registration of the Registration Statement in accordance with the Securities Act. It may not be supplied, and its contents or existence
may not be disclosed, to any person other than as an exhibit to (and therefore together with) the Registration Statement and may not be
relied upon for any purpose other than the registration.

6.2 We consent to the filing of this opinion letter with the SEC as an exhibit to the Registration Statement
and to the reference to Loyens & Loeff N.V. in the Registration Statement under the heading 'Legal Matters'. In giving this consent,
we do not admit that we are a person whose consent is required under the Securities Act or any rules and regulations promulgated by the
SEC.

Yours faithfully, <br> Loyens & Loeff N.V. <br> _____________________________ _____________________________

Draft legal opinion Project Green Day 6/17

**<u>Schedule 1</u>**

**ASSUMPTIONS**

The opinions in this opinion letter are subject to the following assumptions:

1 Documents

1.1 All original documents are authentic, all signatures (whether handwritten or electronic) are genuine and
were inserted or agreed to be inserted by the relevant individual, and all copies are complete and conform to the originals.

1.2 All documents and the legal acts contained therein are accurate, complete, unmodified and not terminated
(unless modified by any other document reviewed for the purposes of this opinion letter).

1.3 The information recorded in the Excerpt is true, accurate and complete on the date of this opinion letter
(although not constituting conclusive evidence thereof, this assumption is supported by the Checks).

1.4 The information recorded in the Excerpt will be true, accurate and complete on the Relevant Date, other
than that (i) the conversion of the Company from a private limited liability company (*besloten vennootschap met beperkte aansprakelijkheid*)
under Dutch law into a public limited liability company (*naamloze vennootschap*) under Dutch law and the name change of the Company
to PicS N.V. on the date the Deed of Conversion is executed, (ii) the issuance of the Offer Shares on the date of execution of the Deed
of Issuance Offer Shares and (iii) the issuance of the Option Shares on the date of execution of the Deed of Issuance Option Shares, as
applicable, have not yet been reflected.

1.5 The information recorded in the Shareholders' Register is true, accurate and complete on the date of this
opinion letter.

1.6 The Shareholders' Resolution Conversion will be adopted by the general meeting of the Company in
the form of the draft attached to this opinion letter as <u>Annex I</u> and will not be amended, supplemented, terminated, rescinded,
nullified or declared void thereafter.

1.7 The Deed of Conversion will be executed in the form of the draft attached to this opinion letter as <u>Annex II</u> and will not be amended, supplemented, terminated, rescinded, nullified or declared void thereafter.

1.8 The Shareholders' Resolution Authorization will be adopted by the general meeting of the Company
in the form of the draft attached to this opinion letter as <u>Annex III</u> and will not be amended, supplemented, terminated, rescinded,
nullified or declared void thereafter.

1.9 The Board Resolution will be adopted by the Board in the form of the draft attached to this opinion letter
as <u>Annex IV</u> and will not be amended, supplemented, terminated, rescinded, nullified or declared void thereafter.

Draft legal opinion Project Green Day 7/17

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1.10 The Deed of Issuance Offer Shares will be executed in the form of the draft attached to this opinion letter
as <u>Annex V</u> and will not be amended, supplemented, terminated, rescinded, nullified or declared void thereafter.

1.11 The Deed of Issuance Option Shares will be executed in the form of the draft attached to this opinion
letter as <u>Annex VI</u> and will not be amended, supplemented, terminated, rescinded, nullified or declared void thereafter.

2 Incorporation, existence and corporate power

2.1 The Deed of Incorporation is a valid notarial deed (*notariële authentieke akte*), the contents
thereof are correct and complete and there were no defects in the incorporation process (not appearing on the face thereof) for which
a court might dissolve the Company.

2.2 The Articles are the articles of association (*statuten*) of the Company in force on the date of
this opinion letter (although not constituting conclusive evidence thereof, this assumption is supported by the contents of the Excerpt)
and will be the articles of association (*statuten*) of the Company in force on the date the Shareholders' Resolution Conversion
is executed and the date the Deed of Conversion is executed.

2.3 The New Articles as included in the Deed of Conversion in the form of the draft attached to this opinion
letter as <u>Annex II</u> will be the articles of association (*statuten*) of the Company in force on the date the Shareholders'
Resolution Authorization is executed, the date the Board Resolution is executed, the date the Deed of Issuance Offer Shares is executed
and the date the Deed of Issuance Option Shares is executed.

2.4 The Company has not been dissolved, merged involving the Company as disappearing entity, demerged, converted,
terminated, granted a suspension of payments, declared bankrupt, subjected to any other insolvency proceedings or prohibited within the
meaning of Section 2:20 (4) of the Dutch Civil Code (although not constituting conclusive evidence thereof, this assumption is supported
by the contents of the Checks and the Excerpt).

3 Corporate authorisations

3.1 The Shareholders' Resolution Conversion (a) correctly reflects the resolutions to be made by the
general meeting of the Company, (b) will be made with due observance of the Articles and any applicable regulations in effect on the date
of the Shareholders' Resolution Conversion and (c) will remain in full force and effect without modification.

3.2 The Shareholders' Resolution Authorization (a) correctly reflects the resolutions to be made by
the general meeting of the Company, (b) will be made with due observance of the New Articles and any applicable regulations in effect
on the date of the Shareholders' Resolution Authorization and (c) will remain in full force and effect without modification.

3.3 The Board Resolution (a) correctly reflects the resolutions to be made by the Board, (b) will be made
with due observance of the New Articles and any applicable regulations in effect on the date of the Board Resolution and (c) will remain
in full force and effect without modification.

Draft legal opinion Project Green Day 8/17

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3.4 The Board Resolution is adopted within eighteen months from the date the Shareholders' Resolution
Authorization is executed **.** 

3.5 No member of the Board has or will have a direct or indirect personal interest which conflicts with the
interest of the Company or its business in respect of the transactions contemplated by the Board Resolution (although not constituting
conclusive evidence thereof, this assumption is supported by the contents of the Board Resolution).

3.6 The Company has not established, has not been requested to establish, nor is in the process of establishing
any works council (*ondernemingsraad*) and there is no works council, which has jurisdiction over the transactions contemplated by
the Deeds.

4 Other parties

4.1 Each party to the Deed of Issuance Offer Shares is validly existing under the laws by which it is purported
to be governed on the date the Deed of Issuance Offer Shares is executed.

4.2 Each party to the Deed of Issuance Option Shares is validly existing under the laws by which it is purported
to be governed on the date the Deed of Issuance Option Shares is executed.

4.3 Each party to the Deed of Issuance Offer Shares has all requisite power and capacity (corporate and otherwise)
to execute and to perform its obligations under the Deed of Issuance Offer Shares and the Deed of Issuance Offer Shares has been duly
authorised, executed and delivered by or on behalf of the parties thereto other than the Company.

4.4 Each party to the Deed of Issuance Option Shares has all requisite power and capacity (corporate and otherwise)
to execute and to perform its obligations under the Deed of Issuance Option Shares and the Deed of Issuance Option Shares has been duly
authorised, executed and delivered by or on behalf of the parties thereto other than the Company.

5 Share capital

5.1 All steps for payment in respect of the Existing Shares have been fulfilled.

5.2 The Existing Shares have not been repurchased (*ingekocht*), cancelled (*ingetrokken*), reduced
(*afgestempeld*), split, or combined.

5.3 The Offer Shares will be subscribed for and duly accepted by the Underwriters.

5.4 The Option Shares will be subscribed for and duly accepted by the Underwriters.

5.5 Prior to the execution of the Deed of Issuance Offer Shares, the issuance of the Offer Shares will have
been duly authorised by all requisite corporate action on the part of the Company.

Draft legal opinion Project Green Day 9/17

![](ex5-1_001.jpg)

5.6 Prior to the execution of the Deed of Issuance Option Shares, the issuance of the Option Shares will have
been duly authorised by all requisite corporate action on the part of the Company.

5.7 All steps for payment in respect of the Offer Shares have been fulfilled.

5.8 All steps for payment in respect of the Option Shares have been fulfilled.

5.9 At the time of the Deed of Issuance Offer Shares, the authorised share capital of the Company allows for
the Offer Shares.

5.10 At the time of the Deed of Issuance Option Shares, the authorised share capital of the Company allows
for the Option Shares.

6 Exercise Notice

If applicable, the Exercise Notice will have been duly executed by Citigroup Global Markets Inc. (as representative of the Underwriters) and delivered to the Company within 30 calendar days from the date of the Underwriting Agreement.

7 Regulatory

The Offer Shares and the Option Shares will not be offered or sold, directly or indirectly, in the Netherlands to persons other than to qualified investors within the meaning of the Prospectus Regulation (EU) 2017/1129.

Draft legal opinion Project Green Day 10/17

**<u>Schedule 2</u>**

**Qualifications**

The opinions in this opinion letter are subject to the following qualifications:

1 Insolvency

The opinions expressed herein may be affected or limited by the provisions of any applicable bankruptcy, suspension of payments, statutory composition proceeding, any intervention, recovery or resolution measure, other insolvency proceedings and fraudulent conveyance (*actio Pauliana*) and other laws of general application now or hereafter in effect, relating to or affecting the enforcement or protection of creditors' rights.

2 Incorporation, existence and corporate power

2.1 The information obtained from the Checks does not provide conclusive evidence that a company has not been
granted a suspension of payments or declared bankrupt by a Dutch court nor does it provide any information regarding any other insolvency
proceedings.

2.2 Any dissolution, merger, demerger or conversion involving a company must be notified to the Trade Register.
However, proper registration is not a condition for a dissolution, merger, demerger or conversion to be effective. Therefore, the contents
of a Trade Register excerpt do not provide conclusive evidence that a company has not been dissolved, merged, demerged or converted.

3 Accuracy of information

3.1 A Trade Register excerpt does not provide conclusive evidence that the facts set out therein are correct
and complete. However, subject to limited exceptions, a company cannot invoke the incorrectness or incompleteness of its trade register
registration against third parties who were unaware thereof.

3.2 A shareholders' register does not provide conclusive evidence that the facts set out therein are correct
and complete However, the management board of a Dutch private or public limited liability company is obliged to regularly update the shareholders'
register.

4 Non-assessable

The term "non-assessable" as used in this opinion letter means that a holder of a share in the capital of the Company will not by mere reason of being such a holder be subject to calls by the Company or its creditors for any further payment on such share.

Draft legal opinion Project Green Day 11/17

![](ex5-1_001.jpg)

**<u>Annex I – Shareholders' Resolution Conversion</u>**

Draft legal opinion Project Green Day 12/17

**<u>Annex II – Deed of Conversion</u>**

Draft legal opinion Project Green Day 13/17

**<u>Annex III – Shareholders' Resolution Authorization</u>**

Draft legal opinion Project Green Day 14/17

**<u>Annex IV – Board Resolution</u>**

Draft legal opinion Project Green Day 15/17

**<u>Annex V – Deed of Issuance Offer Shares</u>**

Draft legal opinion Project Green Day 16/17

**<u>Annex VI – Deed of Issuance Option Shares</u>**

Draft legal opinion Project Green Day 17/17

## Exhibit 10.1

**Exhibit 10.1**

**Free English Translation**

**RIGHTS ASSIGNMENT AGREEMENT**

Between:

**BANCO ORIGINAL S.A.**, a financial institution, enrolled with CNPJ under No. 92.894.922/0001-08, headquartered at Rua Porto União, nº 295, São Paulo/SP, ZIP Code 04568-02, herein represented in accordance with its bylaws ("**Assignor**" or "**Original**");

and

**PICPAY BANK BANCO MÚLTIPLO S.A.**, a financial institution, enrolled with CNPJ under No. 09.516.419/0001-75, headquartered at Avenida Manuel Bandeira, nº 291, Block B, 3rd floor, Vila Leopoldina, São Paulo/SP, ZIP Code 05317-020 ("**Assignee**" or "**PicPay Bank**").

**Assignor** and **Assignee** individually referred to as a "Party" and jointly as the "Parties."

**WHEREAS:**

I. **PicPay Bank** and PicPay Instituição de Pagamento S.A., enrolled with CNPJ No. 22.896.431/0001-10 ("**PicPay**"), belong to the same economic group ("**PicPay Group**");

II. **Original and PicPay** executed on September 9, 2020, a partnership for the issuance of payment cards by **Original**, aiming to regulate the terms and conditions to develop, promote, offer, operate, and advertise the cards issued by **Original** under the PicPay brand, according to which the service margin was allocated to PicPay and the financial margin to Original;

III. On July 15, 2023, **Original** and **PicPay** decided to migrate from **Original** to **PicPay** the retail segment operations, so that the relationship maintained with Original's users in this segment would be maintained exclusively by **PicPay**;

IV. **Original** decided, based on assessment of the financial margin, to partially dispose of the customer portfolio of the credit card product for which it is the issuer in this operation ("Customers"); and

IV. (sic) **PicPay Group** is interested in preserving revenue and expanding the relationship with Customers through the acquisition of this portfolio.

The Parties, in accordance with the best legal practices, RESOLVE to execute this Assignment of Rights Agreement ("Agreement"), pursuant to the clauses and conditions below:

**1. Purpose** Under this Agreement, and in accordance with the best legal practices, the **Assignor** assigns to the **Assignee**, as it has hereby assigned, without recourse, irrevocably and irreversibly, the credit card agreements (listed in Exhibit I hereto) of the **Assignor's** Customers, individuals, and the credit arising from all credit operations granted by the Assignor pursuant to such credit card agreements ("Assigned Operations").

1.1. The assignment shall be deemed complete and finished upon execution of this Agreement, regardless of any other formality, so that, as of this date, the **Assignee** shall be the sole and rightful holder of any and all rights and obligations arising from the Assigned Operations, in particular any payments made, voluntarily or judicially, by the cardholders involved in the agreements comprising the Assigned Operations.

**2. Price.** The price for the Assigned Operations amounts to one billion, six hundred and twelve million, seventy-three thousand, five hundred and fifty-two *Reais* (<u>BRL 1,612,073,552.00</u>) ("Total Assignment Price").

2.1. Payment of the Total Assignment Price shall be made by STR4 transfer by the **Assignee**, on the date of execution of this Agreement, to reserve account ISPB 92894922 held by the **Assignor**.

2.2. The Total Assignment Price may be modified upon reassessment of the economic content of the Assigned Operations by a qualified professional, reflected in a formal appraisal report to be issued within no later than sixty (60) days as of execution of this Agreement, provided that there is prior mutual agreement between the Parties, in which case the corresponding adjustments shall be due, either as additional price payment or as refund of any price paid in excess.

**3. Responsibility in judicial and extrajudicial proceedings involving the Assigned Operations.** Should the Assignor have engaged outsourced law firms for collection and/or administrative or judicial defense of the credit rights arising from the Assigned Operations, the Parties declare and agree that the fees due for such engagement, for activities performed as from this date, shall be the responsibility of the **Assignee**, including any court costs for actions taken after execution of this Agreement. Expenses and fees billed for services performed prior to the date of this assignment shall be the sole responsibility of the **Assignor**.

3.1. Within thirty (30) days as of execution of this Agreement, the **Assignor** shall provide to the **Assignee** copies of the agreements entered with the outsourced law firms and prepare a report containing all essential information for compliance with the obligations in such agreements, setting forth the total value of the services, the terms of engagement, payment method, contact details of the responsible attorneys, the list of documentation sent to the outsourced firm, and the current stage of judicial action or extrajudicial proceeding.

3.2. The **Assignee** declares and agrees that, should it wish to engage a professional other than the one engaged by the **Assignor**, it shall bear the amounts due for terminating the said legal services engagement.

3.3. The **Assignor** undertakes to inform the **Assignee** in writing, within no later than forty-eight (48) hours after being served with summons or notice, of the existence of any judicial action or extrajudicial proceeding initiated after execution of this Agreement, related to the Assigned Operations.

3.4. Any judicial actions or extrajudicial proceedings initiated by the debtors of the **Assigned** Operations based on any act, fact, or omission by the **Assignor** prior to execution of this Agreement and related to the Assigned Operations shall remain the responsibility of the **Assignor**, which shall bear all costs related to defending its interests, including expenses, taxes, fees, indemnifications, and attorney's fees. The **Assignor** will also be in charge, and bear all costs related to the defense, of the judicial actions or extrajudicial proceedings regarding existence, validity, lawfulness and creation of the Assigned Operations, being responsible before the **Assignee**.

3.5. The **Assignee** shall be responsible for following all proceedings currently pending to review or collect the Assigned Operations, as well as potentially filing new related actions, if necessary, and the **Assignor** shall have standing to act in such cases as the Assignee's procedural substitute. The **Assignor's** acting in court may be agreed between the Parties on a timely basis, as advised by the lawyers in charge of the case.

3.5.1. Any economic outcome that may be obtained in the judicial actions for review or collection of the Assigned Operations shall belong exclusively to the **Assignee**. Any adverse judgment shall also be fully borne by the **Assignee**, in light of this assignment.

3.5.2. The **Assignor** shall not be liable for the outcome of ongoing judicial proceedings related to review or collection of the Assigned Operations, so that any loss in such proceedings shall not result in termination of this assignment, which is deemed complete and effective as of this act.

3.6. The **Assignor** shall provide the **Assignee** with all relevant information related to ongoing proceedings, upon request. The lawyers handling the cases shall be instructed to send reports directly to the Assignee and to clarify any doubts. Future procedural strategies for the core issues may be discussed between the lawyers and the Parties hereto.

3.7. The **Assignor** shall identify and register all payments that may be made by the debtors of the Assigned Operations as from the date of this assignment, undertaking to transfer such amounts to the **Assignee**, including those possibly made through debits in the debtors' current accounts, upon prior debtor authorization. Until such transfer is effectively made, the Assignor shall be deemed a depositary of the amounts received on behalf of the **Assignee**.

3.8. As this assignment does not alter the standing of the parties in the proceedings, and given the payment transfer obligations herein, there shall be no requirement to notify the debtors of the Assigned Operations that are already under litigation, as per article 290 of the Brazilian Civil Code.

4. **Obligations of the Assignor.** Without prejudice to other obligations under this Agreement, the **Assignor** undertakes to:

(i) not make any changes to any document related to the Assigned Operations without the prior expressed consent of the **Assignee**;

(ii) perform all acts depending on its sole efforts necessary for the perfect execution of the Assigned Operations, informing the **Assignee** of all terms and conditions on which the Assigned Operations were originally formalized;

(iii) deliver to the **Assignee**, within thirty (30) days of execution hereof, the documents related to the Assigned Operations, such as agreements and amendments or versions, invoices, contracting logs, credit instruments and exhibits, collateral instruments, notices and/or any communications referring to this assignment, appraisal reports of collateral, and debt collection documents from the debtors, alongside respective worksheets showing the debt evolution, with all payments and/or amortizations made regarding each of the Assigned Operations. Documents already available shall be promptly delivered.

4.1. In case of a judicial request for presentation of any originals of documents related to the Assigned Operations, the **Assignee** and/or the **Assignor**, as applicable, undertake to present them pursuant to the judicial request.

**5. Term.** This Agreement shall remain in effect until the full performance of all obligations of the Parties, in particular, payment of the Total Assignment Price by the **Assignee** to the **Assignor**.

5.1. Neither Party may terminate and/or assign this Agreement except with the express prior written consent of the other Party.

**6. Representations and Warranties.** The Parties, individually, represent and warrant, for all legal purposes, that:

(i) They are duly incorporated and in good standing, in accordance with Brazilian law;

(ii) They are duly authorized to execute this Agreement and to fulfil the obligations set forth herein, having met all the legal and corporate requirements necessary thereto;

(iii) The execution of this Agreement and the fulfilment of the obligations set forth herein do not infringe any previously assumed obligation; and

(iv) This Agreement is a valid and binding legal obligation, enforceable in accordance with its terms and conditions, having been duly authorized by their competent corporate bodies.

6.1. The Parties mutually declare that this Agreement was executed respecting the principles of probity and good faith, by free, conscious, and firm expression of will, and in perfect fairness.

6.2. The Parties expressly acknowledge that:

(i) Full compliance with the obligations provided herein is of fundamental importance to the achievement of the objectives of both Parties, in view of the basis of the assignment of rights and obligations established herein; and

(ii) The terms and conditions of the obligations agreed herein are fair and reasonable, including from the standpoint of the rights of both Parties.

6.3. The **Assignor** further represents and warrants to the **Assignee**, for all legal purposes, that:

(i) It is the lawful owner of the credits represented by the Assigned Operations which have not been the subject of any other transfer, commitment of transfer, and/or encumbrance;

(ii) The principal amount of the Assigned Operations has been effectively disbursed by the **Assignor** or made available to the debtor, and the **Assignor** has no obligation to reimburse expenses or refinance the debt of the debtor of the Assigned Operations;

(iii) The Assigned Operations and, where applicable, their respective real or personal guarantees are binding, valid, and legitimate obligations of the respective debtors;

(iv) The Assigned Operations are free and clear of any liens, pledges, attachments, or seizures;

(vi) The debtor and/or third parties do not have, as of this date, any established right against the **Assignor** that may give rise to a claim of set-off and/or any other form of extinguishment or reduction and/or change in payment terms of the Assigned Operations, and/or that may prevent or delay the receipt of the Assigned Operations by the **Assignee** or reduce their value.

**7. Confidentiality and Personal Data Protection.** The Parties agree to keep confidential the information contained in this Agreement that is not public domain and other information that may be disclosed as a result of this Agreement, so that such information be not disclosed and/or revealed to third parties, except when required by applicable law or regulation or judicial or administrative decision.

7.1. The duty of confidentiality referred to in this clause shall not apply to the use by PicPay Bank of information considered confidential for the performance of this Agreement.

7.2. The duty of confidentiality set forth in this clause shall remain in effect after termination of this Agreement for a period of two (2) years.

7.3. The Parties agree and acknowledge that the processing of Personal Data in the performance of this Agreement shall be carried out in accordance with the applicable Brazilian legislation in force, including Law No. 12.965/14 ("Brazilian Internet Civil Framework"), Decree No. 8.771/16 (Regulatory Decree of the Internet Civil Framework), Law No. 8.078/90 (Consumer Protection Code) and Law No. 13.709/18 (General Data Protection Law), each Party being liable for any misuse it makes of such Personal Data in violation of the law.

7.4. The Parties declare that they are aware and agree that all Personal Data processed in connection with the performance of this Agreement shall remain owned by the individuals to whom they refer. Nothing in this Agreement, including the sharing of Personal Data by one Party to the other, shall be construed as an assignment or transfer of the respective database, whose ownership shall remain exclusively with the Party that originally transferred it to the other Party.

**8. Anti-Corruption and Ethical and Moral Conduct.** The Parties mutually represent and irrevocably and irreversibly warrant that their directors, officers, employees, service providers, including their subcontractors and agents:

(i) Fully comply with national or international regulations, laws, and normative provisions to which they are subject, aimed at combating corruption, bribery, and practices harmful to Public Administration, especially Law No. 12.846 of August 1, 2013 and Decree No. 11.129 of July 11, 2022;

(ii) Do not engage in any irregular or illegal conduct or any act that might directly or indirectly favor one another or any of the companies in their respective economic groups, in violation of applicable laws in Brazil or abroad;

(iii) Will not, during the term of this Agreement or in the performance of any activity related thereto, make any payment, offer, or promise, directly or indirectly, to any public official (whether municipal, state, or federal) intended to induce such official to use their influence with the government and/or any agency, company, political party, public authority, or public office to obtain improper business advantages for themselves or for the other Party;

(iv) Will immediately report to the other Party any information that may indicate that any type of action, payment, offer, promise, directly or indirectly, has been made to any public official with the objective described above, so that the Party that becomes aware that any of its agents or employees have breached the principles and obligations agreed herein shall voluntarily report such fact to the other Party, so that together they may prepare and implement a plan of action to: (a) immediately remove the employee or agent; (b) prevent such acts from recurring; and (c) ensure that the Agreement can continue in force, without prejudice to the right of the notified Party to immediately terminate the Agreement regardless of the other Party's consent;

(v) They, their members, directors, agents, attorneys, officers, partners, employees, consultants, or representatives have not been convicted, found guilty, or indicted for any offense involving fraud, corruption, or moral/ethical turpitude, and none of these persons has been listed by government agencies as excluded, suspended, or otherwise disqualified from government procurement programs, nor mentioned in publicly reported acts that involve them in promoting or facilitating illicit or shady businesses, in engaging in acts that cause commercial discredit and/or harm the image of the other Party; and

(vi) Will keep their accounting books and/or Digital Accounting Bookkeeping (ECD), records and accounting documents in sufficient detail and accuracy to clearly and unequivocally reflect the transactions and resources related to the purpose of this Agreement.

8.1. If either Party becomes involved in investigations or administrative or judicial proceedings for corruption, bribery, and/or acts harmful to Public Administration during the performance of this Agreement or related thereto, the Party causing such situation undertakes to bear the respective burden, and must also provide documents and information that may assist the other Party in its defense.

8.2. For the purposes of this clause, there shall be no breach of this Agreement where a Party's involvement in a situation related to corruption, bribery, and/or acts harmful to Public Administration is notorious and publicly known at the time of execution of this Agreement.

8.3. The Parties further warrant that:

(i) They do not use illegal labor, and undertake not to use practices of slave-like labor or child labor, except as permitted by law, whether directly or indirectly through their respective suppliers of products and services;

(ii) They do not employ persons under eighteen (18) years of age, including apprentices, in locations harmful to their training, physical, psychological, moral, or social development, as well as in hazardous or unhealthy locations and services, in hours that do not allow school attendance, or at night;

(iii) They do not engage in negative discrimination and restrictions on access to employment or its retention, for reasons such as, but not limited to, gender, origin, race, color, physical condition, religion, marital status, age, family situation, or pregnancy status;

(iv) They undertake to protect and preserve the environment, as well as to prevent and eradicate practices harmful to the environment, performing their services in compliance with current legislation regarding the National Environmental Policy and Environmental Crimes, as well as legal, normative, and administrative acts related to the environmental area and related areas, issued by federal, state, and municipal authorities; and

(v) They do not adopt practices related to activities that involve criminal exploitation of prostitution or sexual exploitation of vulnerable persons.

8.4. The Parties declare that they have their own Codes of Ethics, and undertake to observe and ensure that their respective employees respect such documents.

8.5. The duties provided for in this clause extend to the shareholders, quotaholders, partners, board members, officers, employees, and service providers, including subcontractors and agents of each Party.

**9. General Provisions.** Without prejudice to other provisions, the following conditions also apply to this Agreement:

(i) <u>Taxes</u>. Any and all burden of taxes, contributions, and other charges due as a result of the transaction subject of this Agreement shall be borne by the taxpayer so defined in tax law, in accordance with applicable legislation;

(ii) <u>Tolerance</u>. No omission or delay by the Parties in exercising their rights, powers, or privileges under this Agreement, nor any agreement between the **Assignee** and the **Assignor**, shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power, or privilege under this Agreement prevent any other or subsequent exercise thereof, or the exercise of any other right, power, or privilege;

(iii) <u>Rights and Remedies</u>. The rights and remedies expressly provided under this Agreement are cumulative, without limitation to any other rights or remedies existing by law;

(iv) <u>Notices.</u> For all purposes of this Agreement, any communication, request, or other notice required or permitted under this Agreement shall only be valid if in writing and delivered with acknowledgment of receipt, addressed to the Parties at the addresses stated in the preamble to this Agreement;

(v) <u>Amendments</u>. This Agreement, or any of its provisions, exhibits, or documents to be provided under this Agreement, may not be altered, modified, waived, released, or terminated verbally, but only by written instrument signed by all Parties;

(vi) <u>Severability</u>. If one or more provisions contained in this Agreement become invalid, illegal, or unenforceable in any respect, the validity, lawfulness, and enforceability of the remaining provisions shall not be affected;

(vii) <u>Succession</u>. This Agreement is executed in an irrevocable and irreversible manner, binding the Parties and their successors in any capacity;

(viii) <u>Entire Agreement</u>. This Agreement comprises the full agreement between the Parties with respect to its subject matter and supersedes all prior written expressions, memoranda, and agreements with respect to such subject matter;

(ix) <u>Governing Law</u>. This Agreement shall be governed by and construed in accordance with the laws of the Federative Republic of Brazil;

(x) <u>Jurisdiction</u>. To settle any disputes arising from this Agreement, the Parties elect the Central Courts of the Judicial District of São Paulo/SP, to the exclusion of any other, however privileged;

(xi) <u>Electronic Signature</u>. The Parties sign this Agreement electronically and expressly admit such means as valid, legitimate, and effective, under Art. 219 of the Civil Code and §2 of Art. 10 of Provisional Measure 2.200-2/2001, regardless of the use of certificates issued under the ICP-Brazil standard.

In witness whereof, the Parties electronically sign this Agreement, together with the witnesses below.

São Paulo, January 26th, 2024.

---

| | |
|:---|:---|
| /s/ Simão Luiz Kovalski | /s/ Luiz Antonio Fernandes Caldas Morone |
| Simão Luiz Kovalski | Luiz Antonio Fernandes Caldas Morone |

---

**BANCO ORIGINAL S.A.**

---

| | |
|:---|:---|
| /s/ Francisco José Pereira Terra | /s/ Fernando Abe Ohara |
| Francisco José Pereira Terra | Fernando Abe Ohara |

---

**PICPAY BANK - BANCO MÚLTIPLO S.A.**

**Witnesses:**

---

| | |
|:---|:---|
| /s/ Alexandre Laham | /s/ Frederico Botto Trevisan |
| Alexandre Laham | Frederico Botto Trevisan |

---

**<u>EXHIBIT I TO THE ASSIGNMENT OF RIGHTS AGREEMENT</u>**

**1. List of Assigned Contracts.** The Parties agree that **PicPay Bank** will keep, in its internal network file storage system, the file containing the details of the contracts assigned by **Original** to **PicPay Bank**, including the name and CPF (Brazilian Individual Taxpayer Registry) of the credit card holders, credit card contract numbers, and contract date, as specified in the Agreement ("List of Assigned Contracts").

**2. File Description.** The file containing the List of Assigned Contracts:

(i) file title: BASE_CESSAO_26_01_2024.CSV

(ii) total number of credit card contracts assigned to **PicPay Bank**: 2,861,983

(iii) total number of CPFs: 2,860,811

(iv) file storage location: https://drive.google.com/drive/folders/1lZqSMlBHl9RrQk-mcGPv8dQjmnBfHsXv?usp=sharing

(v) file format: CSV

(vi) file creation date: January 26, 2024

**2. Responsibility for file storage. PicPay Bank** shall be responsible for retaining and maintaining all necessary documents in accordance with applicable laws and regulations during the legally required period.

2.1. **PicPay Bank** ensures that the information contained in the file is protected against unauthorized access and against any alterations, edits, or new recordings.

**3. File Storage Period.** The List of Assigned Contracts shall be stored for a minimum period of ten (10) years from the date of termination of the Agreement, or as otherwise required by applicable laws and regulations.

**4. Access to Information.** The Parties agree to provide access to competent regulatory authorities, as necessary, during the storage period of the List of Assigned Contracts.

**5. Disposal Procedures.** Upon expiration of the retention period, and provided there are no additional legal requirements for maintaining the documents, PicPay Bank may carry out the proper disposal of the documents.

**6. Confidentiality and Security.** The Parties agree to maintain the confidentiality and security of the stored List of Assigned Contracts, adopting necessary measures to protect against unauthorized access or disclosure.

**7. Legislative Changes.** In the event of legislative changes affecting the document storage requirements, the Parties agree to renegotiate the conditions of the Agreement and its exhibits to guarantee continuous compliance.

## Exhibit 10.2

**Exhibit 10.2**

**Free English Translation**

**OPERATING AGREEMENT**

On one part:

**BANCO ORIGINAL S.A.,** a financial institution, registered under CNPJ number 92.894.922/0001-08, with headquarters at Rua Porto União, No. 295, São Paulo/SP, CEP 04568-02 ("**Original**");

and on the other part:

**PICPAY BANK BANCO MÚLTIPLO S.A.,** a financial institution, registered under CNPJ number 09.516.419/0001-75, with headquarters at Avenida Manuel Bandeira, No. 291, Bloco B, 3º andar, Vila Leopoldina, São Paulo/SP, CEP 05317-020 ("**PicPay Bank**");

**Original** and **PicPay Bank** are individually referred to as a Party and, collectively, as the Parties.

**WHEREAS:**

I. On January 26, 2024, **PicPay Bank** began operating as a card issuer;

II. On January 26, 2024, the Parties entered into the Assignment of Rights Agreement, together with any subsequent and future amendments ("Assignment Agreement"), which sets forth the terms and conditions for the assignment of **Original**'s customer credit card agreements and the credits arising from credit transactions granted by **Original** through these credit cards; and

III. The Parties agreed to define the transitional operating procedures for each Party necessary to operationalize the assignment of the agreements agreed upon through the Assignment Agreement.

THE PARTIES HEREBY AGREE, in the best for of law, to enter into this Operating Agreement ("Agreement"), under the terms and conditions set forth below:

**1. Purpose.** By this Agreement and in the best legal form, the Parties establish the operating procedures for each Party relating to the Assignment Agreement, for the purpose of ensuring compliance with the regulatory and contractual obligations applicable to the assigned operations, as well as defining financial flows and procedures.

**2. *Cashback* Program<u>.</u>** Starting January 31, 2024, **PicPay Bank** will assume responsibility for crediting *cashbacks* to Customers arising from the reward promises made by **Original** through the *cashback* program linked to credit card agreements, which may be redeemed by Customers who are the holders of the assigned credit card agreements.

2.1. **Original,** in fulfillment of the promises above, shall transfer to **PicPay Bank** the total amount of *cashback* credits committed by the Original *Cashback* Program, which corresponds to nine million, one hundred and six thousand, five hundred and sixty-four *Reais* and eighty-six cents (BRL 9,106,564.86) ("Total Value of the Original *Cashback Program*").

2.2. The transfer of the Total Value of the Original *Cashback* Program will be carried out via STR4 by **Original,** within a maximum period of thirty (30) days after the date of signature of this Agreement, to the ISPB 09516419 bank reserve account held by **PicPay Bank.**

**3. Obligations of the Parties.** Without prejudice to the other obligations set forth in this Agreement, the Parties shall:

(i) perform all acts, which depend on their exclusive efforts, necessary for the execution of all obligations and procedures for operationalizing the assignment of rights formalized by the Assignment Agreement;

(ii) obtain and maintain in force any and all governmental and/or regulatory authorizations, approvals and licenses required by federal, state and municipal authorities and carry out any and all filings and registrations necessary for the fulfillment of its obligations, as provided for in this Agreement;

(iii) comply with the requirements of the law, including, without limitation, the Civil Code, the Consumer Protection Code, the laws on banking secrecy and personal data protection, intellectual property, environmental preservation, corporate social responsibility and anti-corruption rules and any other applicable legislation in the performance of the obligations set forth herein, being fully responsible for any infractions caused, as well as providing all information and making all registrations required by the Central Bank;

(iv) take any and all actions reasonably necessary for the faithful performance of its obligations under this Agreement;

(v) perform their activities using the best existing technique and with the aim of achieving the best possible result;

(vi) perform its activities under its exclusive and full responsibility, providing all the resources necessary for this purpose and managing the designated professionals;

(vii) request from the other Party all operating reports that it deems necessary based on its technical knowledge and experience;

(viii) notify, immediately and in writing, any irregularity, occurrence, impediment, error or omission that may, in any way, affect the performance of their activities or their execution time, including occurrences relating to deviation from function, suspension, revocation or termination of validity of registrations and licenses;

(ix) regularize, in a timely manner, activities or procedures that are inadequate or incompatible with the specifications defined in this Agreement;

(x) collaborate with quality verification and accountability processes;

(xi) designate an authorized representative to monitor the progress of activities, supervise and resolve any possible doubts that may arise;

(xii) allocate professionals belonging to its staff of consultants, agents and employees, who are professionally qualified and capable of developing and executing the purpose of this Agreement, and in the quantity necessary for the fulfillment of the respective obligations;

(xiii) assume all administrative, financial and legal responsibility relating to any type of software or technology installation necessary for the fulfillment of its obligations, this responsibility not being, in any way, joint and several for the purposes of this Agreement;

(xiv) provide the necessary support for the achievement of the subject-matter of this Agreement in its entirety;

(xv) ensure that the other Party has access to any information relating to the subject-matter of this Agreement;

(xvi) assume responsibility for all acts and/or omissions of its employees and/or agents, as well as for all damages of any nature caused to the other Party and/or third parties, arising from the performance of activities carried out under this Agreement; and

(xvi) (sic) be responsible for its obligations in the civil, labor, social security, tax, insurance, administrative and social and environmental areas, to ensure the resolution of facts for which the other Party may be held liable, until the time-barring or forfeiture of the respective rights.

**4. Validity.** This Agreement shall remain in effect until all obligations of the Parties have been fully fulfilled.

5.1. Neither Party may terminate and/or assign this Agreement, except with the express prior written consent of the other Party.

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|:---|:---|
| ![](ex10-2_001.jpg) | ![](ex10-2_002.jpg)<sub>2</sub> |

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**5. Representations and Warranties.** The Parties, individually, represent and warrant, for all legal purposes and effects, that:

(i) they are duly organized and in good standing, in accordance with Brazilian laws;

(ii) are duly authorized to enter into this Agreement and to fulfill the obligations set forth herein, having met all the legal and statutory requirements necessary for this purpose;

(iii) the execution of this Agreement and the fulfillment of the obligations set forth herein do not infringe any obligation previously assumed; and

(iv) this Agreement is a legal, valid and enforceable obligation, in accordance with its terms and conditions, which have been duly authorized by its competent corporate bodies.

6.1. The Parties mutually and expressly declare that this Agreement was entered into respecting the principles of probity and good faith, through a free, conscious and firm expression of will and in a perfectly equitable relationship.

6.2. The Parties expressly acknowledge that:

(i) full compliance with the obligations set forth in this Agreement is of fundamental importance for the achievement of the objectives of both parties, in view of the basis for the assignment of rights and obligations established herein; and

(ii) the terms and conditions of the obligations agreed herein are fair and reasonable, including from the point of view of the rights of both Parties.

**6. Indemnification.** Each Party ("Indemnifying Party") irrevocably and irreversibly undertakes to defend, indemnify and hold the other Party ("Indemnified Party") harmless from any loss, damage and/or harm that may be caused by the Indemnifying Party, its employees, staff, service providers and/or subcontractors, as a result of their respective activities performed under this Agreement, including, but not limited to, any operating failures as well as the services provided in accordance with this Agreement.

6.1. The Indemnifying Party's obligation to defend, indemnify, and hold the Indemnified Party harmless in relation to any and all events mentioned above shall apply to any proceeding, claim, or action of any nature whatsoever, brought by any third party, including, but not limited to, competent authorities, Brands, and/or consumer protection agencies against the Indemnified Party, provided that the terms and conditions of this clause are observed.

6.2. The obligation stipulated in this clause shall remain in effect even after termination of this Agreement, whether due to the expiration of the term, early maturity, and/or any other reason.

6.3. The Parties agree that the indemnification obligation referred to in this clause shall only be due after the final judgment of the action that determined the payment of resources by the Indemnified Party. Until the final judgment occurs, no amount shall be due from the Indemnifying Party to the Indemnified Party.

6.4. Should either Party be summoned, subpoenaed, or notified in administrative or judicial proceedings ("Summoned Party") as a result of acts or omissions attributable to the other Party ("Responsible Party"), in accordance with the responsibilities assumed by each Party in this Agreement, the Summoned Party irrevocably and irreversibly undertakes to conduct the proceedings, and the Responsible Party shall provide supporting documents for the defense when promptly requested by the Summoned Party.

6.4.1 The Summoned Party shall be responsible for conducting and defending each claim, including, but not limited to: (a) respecting judicial deadlines; (b) developing and implementing effective and timely defense strategies and mechanisms; and (c) selecting, at its own expense, lawyers to act as attorneys for the Summoned Party, such lawyers being responsible, among other duties inherent to the legal profession, for filing and conducting the processing of defenses, responses, objections, appeals, petitions, requests, as well as recommending and sponsoring any other legal measures that may be necessary to preserve the interests of the Responsible Party, within the scope of any such actions or proceedings.

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|:---|:---|
| ![](ex10-2_001.jpg) | ![](ex10-2_002.jpg)<sub>3</sub> |

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**7. Confidentiality and Protection of Personal Data.** The Parties agree to keep confidential the information contained in this Agreement, which is not in the public domain, and other information that may be revealed as a result of this Agreement, so that such information be not disclosed and/or revealed to third parties, except when required by applicable law or regulation or judicial or administrative decision.

7.1. The duty of confidentiality referred to in this clause shall not apply to the use, by **PicPay Bank,** of information considered confidential for the performance of this Agreement.

7.2. The duty of confidentiality provided for in this clause shall remain in effect after termination of this Agreement for a period of two (2) years.

7.3. The Parties agree and acknowledge that the processing of Personal Data in the execution of this Agreement will be carried out in accordance with applicable Brazilian legislation, including Law No. 12.965/14 ("Internet Civil Framework"), Decree No. 8.771/16 (Regulatory Decree of the Internet Civil Framework), Law No. 8.078/90 (Consumer Code) and Law No. 13.709/18 (Protection of Personal Data General Law), each Party being responsible for any misuse of such Personal Data that it makes in violation of the Legislation.

7.4. The Parties declare that they are aware and agree that all Personal Data processed as a result of the execution of this Agreement will remain the property of the individuals to whom they refer. Nothing in this Agreement, including the sharing of Personal Data by one Party to the other, will be considered an assignment or transfer of the respective database, the ownership of which will remain exclusively with the Party that originally transferred it to the other Party.

**8. Combating Corruption and Ethical and Moral Conduct.** The Parties mutually represent and irrevocably warrant that their advisors, administrators, employees, service providers, including their subcontractors and agents:

(i) fully comply with the national or international regulations, laws and normative provisions to which they are subject, which aim to combat corruption, bribery and practices that harm the Public Administration, especially Law No. 12.846, of August 1, 2013 and Decree No. 11.129 of July 11, 2022;

(ii) do not engage in any irregular or illegal conduct or any act that may directly or indirectly benefit each other or any of the companies within their respective economic conglomerates, contrary to applicable laws in Brazil or abroad;

(iii) will not, during the term of this Agreement or in the performance of any activity related to it, make any payment, offer, promise, directly or indirectly, to any public official (whether municipal, state or federal) that aims to induce that official to use their influence with the government and/or any agency, company, political party, autonomous entity or public office for the purpose of obtaining improper business advantages for themselves or the other Party;

(iv) shall immediately report to each other any information that may indicate that there has been any action, payment, offer, promise, directly or indirectly, to any public official for the purpose described above, so that the Party that becomes aware that any of its respective agents or employees have failed to comply with the premises and obligations agreed above shall spontaneously report the fact to the other Party, so that, together, they may develop and execute an action plan to (a) remove the employee or agent immediately; (b) prevent such acts from recurring; and (c) ensure that the Agreement can remain in force, safeguarding the right of the notified Party to terminate the Agreement immediately regardless of the other Party's consent;

(v) they, their partners, directors, agents, attorneys, administrators, partners, employees, consultants or representatives have not been convicted, found guilty or indicted for any wrongdoing involving fraud, corruption or moral/ethical turpitude, and none of these persons have been listed by government agencies as excluded, suspended, or otherwise disqualified from government procurement programs, or in any way mentioned in publicly reported acts involving them in the promotion or facilitation of illicit or obscure business dealings, or in the practice of acts that cause commercial and/or reputational discredit to the other Party; and

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|:---|:---|
| ![](ex10-2_001.jpg) | ![](ex10-2_002.jpg)<sub>4</sub> |

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(vi) shall maintain their books and/or Digital Accounting Records (ECD), accounting records and documents with sufficient detail and accuracy to clearly and unequivocally reflect the operations and resources related to the subject matter of this Agreement.

8.1. Should either Party become involved in investigations or administrative or judicial proceedings for the practice of corruption, bribery and/or acts detrimental to the Public Administration during the execution of this Agreement or related thereto, the Party causing the situation undertakes to assume the respective burden, including presenting documents and information that may assist the other Party in its defense.

8.2. For the purposes of this clause, there will be no breach of contract when the involvement of either Party in a situation related to the practice of corruption, bribery and/or acts harmful to the Public Administration is notorious and publicly known at the time of the execution of this Agreement.

8.3. The Parties further warrant that:

(i) They do not use illegal labor, and undertake not to use practices of labor analogous to slavery, or child labor, except for legal exceptions, whether directly or indirectly, through their respective suppliers of products and services;

(ii) do not employ minors under 18 (eighteen) years of age, including minor apprentices, in places that are detrimental to their education, physical, mental, moral and social development, as well as in dangerous or unhealthy places and services, at times that do not allow school attendance and also at night;

(iii) do not use practices of negative discrimination, and restrictive to access to or maintenance of employment, such as, but not limited to, grounds of: gender, origin, race, color, physical condition, religion, marital status, age, family situation or pregnancy status;

(iv) undertake to protect and preserve the environment, as well as to prevent and eradicate practices harmful to the environment, performing their services in accordance with current legislation regarding the National Environmental Policy and Environmental Crimes, as well as legal, regulatory and administrative acts relating to the environmental and related areas, emanating from the federal, state and municipal spheres; and

(v) do not engage in practices related to activities that involve criminal profiting from prostitution or sexual exploitation of vulnerable individuals.

8.4. The parties declare that they have their own Codes of Ethics, and undertake to observe and ensure that their respective employees respect such documents.

8.5. The duties set forth in this clause extend to the shareholders, quotaholders, partners, directors, administrators, employees and service providers, including subcontractors and agents of each Party.

**9. General Provisions.** Without prejudice to the other provisions, the following conditions also apply to this Agreement:

(i) <u>Taxes.</u> Any and all burdens of all taxes, contributions and other charges due as a result of the transaction covered by this Agreement shall be borne by the taxpayer as defined in tax law, in accordance with applicable legislation.

(ii) <u>Retroactive effects.</u> The effects of this Agreement are retroactive to January 26, 2024.

(iii) <u>Tolerance.</u> No omission or delay by the Parties in exercising their rights, powers or privileges under this Agreement, nor any agreement between **PicPay Bank** and **Original** work as a waiver thereof, nor shall the sole or partial exercise of any right, power or privilege under this Agreement preclude any other or subsequent exercise thereof, or the exercise of any other right, power or privilege.

(iv) <u>Rights and Remedies.</u> The rights and remedies expressly provided for in this Agreement are cumulative, without limitation to any other rights or remedies existing under the law.

(v) <u>Notifications.</u> For all purposes and effects of this Agreement, any communication, request or other notification required or permitted under this Agreement shall only be valid if in writing and delivered with acknowledgment of receipt, addressed to the addresses of the Parties stated in the preamble of this Agreement.

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|:---|:---|
| ![](ex10-2_001.jpg) | ![](ex10-2_002.jpg)<sub>5</sub> |

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(vi) <u>Amendment.</u> This Agreement, or any of its provisions, exhibits or documents to be provided under this Agreement, may not be altered, modified, waived, released or terminated verbally, but only by means of a written instrument signed by all Parties.

(vii) <u>Invalidity of Clause.</u> If one or more provisions contained in this Agreement becomes invalid, illegal or unenforceable in any respect, the validity, legitimacy or enforceability of the remaining provisions contained herein shall not be affected.

(viii) <u>Succession.</u> This Agreement is entered into on an irrevocable and irreversible basis, binding the Parties and their successors in any way.

(ix) <u>Entire Agreement.</u> This Agreement fully encompasses the agreement between the Parties with respect to the subject matter of this Agreement and supersedes all prior written statements, memoranda and agreements relating to such subject matter.

(x) <u>Applicable Law.</u> This Agreement shall be governed by and construed in accordance with the laws of the Federative Republic of Brazil.

(xi) <u>Jurisdiction.</u> To settle any disputes arising from this Agreement, the Parties elect the Central Courts of the Judicial District of São Paulo/SP, to the exclusion of any other, however privileged they may be.

(xii) <u>Electronic Signature.</u> The Parties sign this Agreement electronically and expressly acknowledge such means as valid, legitimate and effective, pursuant to Article 219 of the Civil Code and paragraph 2 of Article 10 of Provisional Measure 2.200-2/2001, regardless of the use of certificates issued under the ICP-Brasil standard.

In witness whereof, the Parties electronically sign this Agreement, together with the witnesses below.

São Paulo, March 28, 2024.

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|:---|:---|
| /s/ Simão Luiz Kovalski | /s/ Francisco José Pereira Terra |
| Simão Luiz Kovalski | Francisco José Pereira Terra |

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|:---|:---|
| /s/ Luiz Antonio Fernandes Caldas Morone | /s/ Fernando Abe Ohara |
| Luiz Antonio Fernandes Caldas Morone | Fernando Abe Ohara |

---

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|:---|:---|
| &nbsp;&nbsp;**BANCO ORIGINAL S.A.** | &nbsp;&nbsp;**PICPAY BANK - BANCO MÚLTIPLO S.A.** |

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Witnesses:

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|:---|:---|
| /s/ Jessica Christ | /s/ Frederico Botto Trevisan |
| Jessica Christ | Frederico Botto Trevisan |

---

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|:---|:---|
| ![](ex10-2_001.jpg) | ![](ex10-2_002.jpg)<sub>6</sub> |

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## Exhibit 10.3

**Exhibit 10.3**

**Free English Translation**

**SERVICE AGREEMENT**

**<u>SUMMARY TABLE</u>**

**1. IDENTIFICATION OF THE PARTIES**

a) **PICPAY BANK – BANCO MULTIPLO S.A.,** registered with the CNPJ under number 09.516.419/0001-75, located at Rua Manuel Bandeira, No. 291 – Cond. Atlas Office Park – Bloco B, 3º Andar, Vila Leopoldina, CEP: 05.317-020, São Paulo/SP, hereinafter referred to as "**CONTRACTOR**".

Email: luiz.gava@picpay.com \| Agreement Manager: Luiz Gava

b) **BANCO ORIGINAL S.A.,** registered with the CNPJ under number 92.894.922/0001-08, with headquarters in São Paulo/SP, at Rua Porto União, No. 295, Brooklin Paulista, CEP 04.568-020, herein represented by its legal representatives, hereinafter referred to as the "**PRINCIPAL**".

Email: thiago.simao@original.com.br \| Agreement Manager: Thiago Simão

**2. PURPOSE (brief description)**

The purpose of this agreement is to provide debt collection and recovery services by the **CONTRACTOR** for the collection of amounts owed to the **PRINCIPAL** for any debts of its defaulting clients, whose credits have not been recovered directly from the **PRINCIPAL** ("Services").

**3. VALIDITY AND TERMINATION**

3.1 This Agreement shall be valid for twenty-four (24) months, with retroactive effect from **01/01/2023**, being automatically renewed for additional periods of twelve (12) months, unless either Party terminates the agreement thirty (30) days in advance.

3.2 Furthermore, this Agreement may be terminated by either Party upon prior and express notice at least thirty (30) days in advance, unless the termination may cause some financial impact to the **PRINCIPAL** , in which case the **CONTRACTOR** may only terminate the Agreement if it reimburses the **PRINCIPAL** for expenses incurred and/or that may be incurred.

**4. AMOUNTS**

4.1 For the provision of services, the **CONTRACTOR** will receive from the **PRINCIPAL** a commission percentage on the amounts of credits **<u>effectively</u>** recovered, respecting the percentage per delay range, as determined below:

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| | |
|:---|:---|
| Delay Range | Commission percentage on the <br> recovered amount |
| [up to 30] | 0.3% |
| [031-060] | 0.6% |
| [061-090] | 4.8% |
| [091-120] | 5.2% |
| [121-150] | 5.4% |
| [151-180] | 5.4% |
| [181-210] | 6.4% |
| [211-240] | 6.4% |
| [241-270] | 6.4% |
| [271-300] | 6.4% |
| [300-330] | 6.4% |
| [331-360] | 6.4% |
| [M 360 + W.O] | 10.9% |

---

4.2. For the purpose of calculating the commission rate, the client's longest delay will be considered, whether at the time of renegotiation or the client's actual payment.

4.3 Payments will be made in accordance with the procedures described in the "Amount and Payment" clause of the General Terms and Conditions of Service.

**5. PAYMENT DATES AND DEADLINES**

5.1 The calculation of the amounts to be paid for the monthly credit recovery service, and the generation of the invoice, will take place within 10 days after the end of each month, and payment must be made within 20 days after the tax invoice is generated.

**6. PENALTIES**

6.1. In case of total or partial non-compliance with the provisions of this Agreement, except for payment obligations, the Party notified of the default will be in default after five (5) days from this notification and will be obliged to pay a non-compensatory penalty of five percent (5%) on the value of the Agreement.

6.2. For the purposes of applying the penalties stipulated in this agreement, the parties assign to the agreement the value of the last tax invoice, multiplied by the agreement term.

**7. AGREEMENT EXECUTION DATES**

January 18, 2024.

**GENERAL TERMS AND CONDITIONS FOR THE PROVISION OF SERVICES**

**1. DETAILED DESCRIPTION OF THE PURPOSE**

1.1 The following points are included in the provision of services:

i. Human contact with the debtor client (inbound and outbound)

ii. Management and monitoring of securities whose payments are being made by the respective clients;

iii. Possibility of renegotiating overdue contracts and defaulted loans, including the generation of agreements for debt renegotiation;

iv. providing information to Clients regarding the renegotiation and payment of their debts;

v. generation of electronic payment slips by Clients, so that they can settle their obligations with the PRINCIPAL, making payments directly at any bank or by credit or debit card or Alternative Currencies, if available;

vi. Sending emails, SMS, and WhatsApp messages to the responsible party/decision-maker seeking feedback for negotiation;

vii. Attempting to locate the debtor client with the internal team and third-party partners;

viii. Debt negotiation with parameters pre-approved by the PRINCIPAL through human or virtual contact.

IX. Legal action for cases previously agreed upon between the Principal and the contractor.

1.2 The PRINCIPAL, at its sole discretion and without any obligation to maintain exclusivity, shall forward to the CONTRACTOR all the documentation and/or information necessary for the respective debt to be determined and collected directly from the debtor, plus the respective legal/contractual charges.

1.2.1 The documents mentioned in item 1.2 may be sent to the Contractor in physical or digital form, at the sole discretion of the PRINCIPAL, observing the provisions of this Agreement.

1.3 The Contractor shall begin administrative collection immediately upon receipt of the documentation and/or information provided by the PRINCIPAL, and must observe the collection deadlines and procedures stipulated by the PRINCIPAL through instructions sent to the Contractor for this purpose.

1.4 After the portfolio and documentation have been sent, as provided for above, the Contractor will contact the respective Clients and encourage them to pay or renegotiate and settle their debts through telephone contact, emails and SMS messages. After being informed, the Client may choose to accept the offer and renegotiation agreements, at which point the Contractor will generate the payment slip for payment of their debt. After such payment, the receivables will be deposited into a bank account held by the Contractor, who will then transfer them to the PRINCIPAL, as stipulated herein.

1.5 The PRINCIPAL shall be responsible for agreeing with its Clients on the interest rate for late payment and/or penalty to be applied to the collection of overdue invoices. The Contractor is prohibited from offering clients the renegotiation of interest rates, payment plans or penalties without the prior approval of the PRINCIPAL.

1.6 The CONTRACTOR assures, warrants and undertakes to only provide to the Clients previously listed by the PRINCIPAL the conditions for the formalization of the agreements, in strict compliance with the guidelines sent by the PRINCIPAL.

1.7 If discrepancies are detected between the conditions reported by the PRINCIPAL and those made available by the CONTRACTOR on the Platform, the Contractor will be fully responsible for repairing all damages caused, whether to the PRINCIPAL or to third parties harmed as a result of such discrepancies.

1.8 The PRINCIPAL may request the suspension of administrative charges or the return, at any time, of the documentation and/or information sent to the CONTRACTOR for collection purposes, without needing to state the reasons, in which case the CONTRACTOR will not be entitled to any remuneration.

1.9 The procedures to be adopted for carrying out the administrative collection to be executed by the Contractor must strictly observe the available legal means and resources, as well as the rules permitted by law, preserving, in particular, the confidentiality of information and observing the rules of the Consumer Protection Code, with any discriminatory or vexatious practice being expressly prohibited.

**2. OBLIGATIONS OF THE PARTIES**

2.1 The Contractor undertakes and agrees to:

a) have qualified professionals and sufficient structure and materials for the perfect execution of the Services, according to the guidelines and parameters provided by the PRINCIPAL;

b) perform the Services to the highest standard, strictly in accordance with the applicable legal conditions, specifications and standards, being solely responsible to the PRINCIPAL for any and all defects and/or illegal acts in the Service provided by its employees and/or personnel assigned by the Contractor for the execution of the services contracted herein, occurring at any stage of the contracting process;

c) provide the service with quality, punctuality, safety and to fulfill everything in the manner agreed upon during the negotiation;

d) assist the PRINCIPAL in resolving doubts regarding the services and method of execution;

e) submit reports and/or measurement bulletins to prove the progress, execution and/or completion of the services, as well as to inform in advance of any event that may impact the delivery of the Services;

f) promptly collect/pay all taxes and contributions applicable to its activities, in accordance with the legislation in force at the time of collection, whether federal, state or municipal, except when the relevant tax legislation stipulates that the PRINCIPAL will be responsible for withholding and collecting them.

g) properly comply with all provisions and clauses set forth in this Agreement.

2.2 The Contractor represents:

a) to have full technical, operational and economic capacity to provide the Services, according to the Principal's needs, without the need to carry out, for the purposes of the sole paragraph of article 473 of the Civil Code, special mobilization or additional investment; and

b) that it is in accordance with and complies with all legal requirements regarding proper registration with the National Corporate Taxpayers Register (CNPJ), registration with the Commercial Registry, and share capital compatible with legal parameters.

2.3 The PRINCIPAL undertakes and agrees to:

a) make timely payments due to the Contractor, provided that all payment procedures described in this Agreement are followed;

b) if necessary, provide the Contractor with access to the PRINCIPAL's premises;

c) properly comply with all provisions and clauses set forth in this Agreement.

**3. AMOUNT AND PAYMENT**

3.1 The service amounts, indicated in item 4 of the Summary Table, include all costs and expenses incurred by the CONTRACTOR in providing the services, unless expressly stipulated otherwise in this Agreement. This includes, by way of example and without limitation, the supply of materials, labor, transportation of personnel at the service location, copyrights and royalties, all costs arising from labor and social security charges relating to its employees and the employees of any subcontractors, administrative charges, taxes, depreciation of equipment, materials for use and consumption in ancillary activities, interest, insurance, profits and risks, labor and equipment downtime.

3.2 Payment will be made by credit to a current account indicated by the Contractor, provided that the account is in the Contractor's name.

3.3 The PRINCIPAL may suspend payments to the CONTRACTOR, regardless of the amounts, whenever:

a) if there is an interruption of services; or repeated poor service provision; or if services are provided in a manner inconsistent with the technical specifications defined by the PRINCIPAL and/or with quality inferior to that practiced in the market; and/or

3.4 The Contractor shall be solely and exclusively responsible for the payment of all taxes, fees, and any other federal, state, and municipal contributions arising from the execution of the services covered by this instrument. If the PRINCIPAL is a withholding agent, it shall deduct and collect, at the time of payment, the taxes and contributions that it is required to pay under current legislation.

3.5 The Contractor is prohibited from issuing, drawing, discounting, assigning, pledging as collateral, securitizing, transferring to third parties in any way, or protesting any credit instruments based on this Agreement.

**4. VALIDITY AND TERMINATION**

4.1 The effective date will be as indicated in item 3 of the Summary Table.

4.2 This Agreement may be terminated by either Party, without penalty, by simply giving written notice to the other Party, observing the minimum notice period indicated in item 3 of the Summary Table.

4.3 In the event of termination of this Agreement, any outstanding obligations must be fulfilled, even if the fulfillment period exceeds the termination period, and the outstanding obligation must be completed for the Contractor's performance/delivery obligations to cease.

**5. TERMINATION**

5.1 This Agreement may be terminated by simply giving prior notice to the other Party, in the following cases:

a) total or partial non-compliance with the provisions of this instrument, if the non-compliance is not remedied within five (5) days from the date of notification by the other Party;

b) a request for extrajudicial or judicial reorganization, or in the event of declared bankruptcy, by either Party; and

c) failure to comply with any conditions established in the confidentiality clauses, data processing and anti-corruption clauses.

5.2 In the event of termination, rescission, cancellation or conclusion of this Agreement, the Parties agree that the confidentiality and data protection obligations shall remain in effect for a minimum period of five (5) years from the date of termination of the Agreement.

5.3 In the event of termination of this Agreement, any outstanding obligations must be fulfilled, even if the fulfillment period exceeds the termination period, and the outstanding obligation must be completed for the Contractor's performance/delivery obligations to cease.

**6. FINES**

6.1 In the event of total or partial non-compliance with the provisions of this Agreement, the Parties shall be subject to the following penalties:

a) For delays in the delivery of services, the Contractor will incur a daily penalty of zero point five percent (0.5%) calculated on the value of the services overdue and/or delivered late, from the date the delay is detected until the day the services are completed, and the Parties agree that this penalty will not exceed twenty percent (20%) of the total price of the services, however, it may be cumulative with other penalties stipulated in the Agreement;

b) Failure to comply with other obligations, such as breach of confidentiality, obligations to combat corruption, intellectual property, absence of employment relationship, data protection, the Contractor will incur a non-compensatory fine of twenty percent (20%) on the value of the Agreement, without prejudice to other penalties, the right to terminate the Agreement and any losses and damages.

6.1.1 Contractual penalties will be collected by operation of law, in an executive manner, this agreement constituting a perfect enforceable instrument for this purpose, without prejudice to: (a) contractual termination due to breach of agreement clause, (b) withholding of payment, and (c) compensation for direct losses and damages ascertained.

6.2 In case of unjustified delay in payment, the PRINCIPAL will be subject to a penalty of two percent (2%) on the overdue amount plus interest of one percent (1%) per month pro rata die until the date of actual payment. For cases of late payment, the PRINCIPAL will be subject exclusively to the penalty indicated in this clause.

6.3 Any breaches of obligations, such as clarifications and/or delivery of documents, that do not cause damage to the other Party are excepted. In these cases, the Innocent Party will notify the Infringing Party, which will have a period of up to ten (10) days to remedy any breach, counting from the notification made by the other Party.

6.4 If a Service Level Agreement (SLA) is established for the fulfillment of services, the Parties agree to establish a tiered table with criticality and deadlines for service fulfillment, including a progressive penalty for each breach, which must be included with the SLA criteria, by means of an exhibit. If a tiered table is not prepared, in case of non-compliance with the SLA, the penalty indicated in subparagraph "a" will be applied plus the penalty indicated in subparagraph "b", until effective compliance.

6.5 Should the Contractor incur any penalty stipulated in this Agreement and/or its exhibits, it hereby expressly authorizes that such amounts be automatically deducted from the amounts to be paid by the PRINCIPAL for the services.

**7. ABSENCE OF EMPLOYMENT RELATIONSHIP**

7.1 No type of relationship, especially employment, is established under this Agreement between the PRINCIPAL and the employees, agents, and other contractors of the Contractor for the provision of the services that are the subject of this Agreement, given that the Contractor is the sole employer and directly responsible for such persons, who are responsible for paying salaries, social security contributions, any benefits, and other legally due payments, fully complying with current labor and social security legislation.

7.2 In the event that the PRINCIPAL is subject to fines, labor claims, or any other administrative or judicial measure initiated or motivated by personnel assigned by the Contractor to perform the services contracted herein, the Contractor undertakes to promptly assume its status as employer and sole party responsible for said personnel, assisting the PRINCIPAL in its defense, providing all necessary documents, and assisting in the accurate verification of the facts.

7.3 Once the PRINCIPAL receives any notification as described above, the PRINCIPAL may retain any amounts not yet paid to the Contractor, without this resulting in any penalty, fine and/or obligation. Said amounts will be retained until the procedure that gave rise to them is terminated/becomes final and unappealable, or until the PRINCIPAL ceases to be a defendant pursuant to an irrevocable court order.

7.4 Any losses that the PRINCIPAL may suffer as a result of the aforementioned judicial and/or administrative measures, as provided for in the preceding paragraph, will be immediately reimbursed by the Contractor, including court costs, procedural expenses and attorney's fees.

7.5 In addition to responsibility for employment contracts, the Contractor shall also be responsible (i) for any and all work-related accidents that occur in the performance of duties involving its employees, agents and contractors, bearing all labor and civil indemnities at any time, even after the termination of this contractual relationship, as well as any and all resulting legal charges; and (ii) for any damages or losses caused to the PRINCIPAL by its employees and/or personnel assigned by the Contractor to perform the services contracted herein.

**8. COMBATING CORRUPTION AND PROMOTING ETHICAL AND MORAL CONDUCT**

8.1 The Parties undertake to:

a) comply, at all times, with all applicable regulations, laws and legislation, including, but not limited to, Brazilian anti-corruption laws and decrees, Law No. 12.846, of August 1, 2013 and Decree No. 8.420 of March 18, 2015;

b) observe all such laws, as well as any other anti-bribery, anti-corruption or conflict of interest laws that may be applicable under this Agreement; and

c) not to engage in any irregular or illegal conduct, nor to take any action or perform any act that may directly or indirectly favor one another or any of the companies within their respective economic conglomerates, contrary to applicable laws in Brazil or abroad.

8.2 The Parties further warrant and agree that:

a) During the term of this agreement or in the performance of any related activity, they will not take/make any action, payment, offer, or promise, directly or indirectly, to any public official (whether municipal, state, or federal) that aims to induce that official to use their influence with the government and/or any agency, company, political party, autonomous entity, or public office for the purpose of obtaining improper business advantages for itself or the other Party;

b) they shall immediately report to each other any information that may indicate that there has been any type of action, payment, offer, or promise, directly or indirectly, to any public official with the objective described above, that is, the Party that becomes aware that any of its agents or employees have failed to comply with the premises and obligations agreed upon above shall spontaneously report the fact to the other Party, so that, together, they may develop and execute an action plan to (i) remove the employee or agent immediately; (ii) prevent such acts from recurring; and (iii) ensure that the Agreement can remain in force, safeguarding the right of the notified Party to terminate this instrument immediately even without the consent of the other Party;

c) they will inform each other of any political contributions as required by law;

d) no public official (whether municipal, state or federal) has any financial participation or interest in their respective businesses, and shall promptly inform the other Party in writing of any future participation or interest in this regard;

e) all information provided by the Parties under this Agreement is true and accurate;

f) they, their partners, directors, agents, attorneys, administrators, associates, employees, consultants or representatives have not been convicted, found guilty or indicted for any wrongdoing involving fraud, corruption or moral/ethical turpitude, and none of these persons have been listed by government agencies as excluded, suspended, allegedly suspended or excluded or otherwise ineligible for government procurement programs, or in any way mentioned in publicly reported acts involving them in the promotion or facilitation of illicit or obscure business dealings, or in the practice of acts that result in commercial and/or reputational discrediting of the other Party;

(g) they will properly complete any due diligence form, providing all the information requested therein;

h) they shall maintain their commercial books, records, and accounting and financial documents with sufficient detail and accuracy to clearly reflect the operations and resources that are the subject of this Agreement; and

h) to present documents and information that may assist the other Party in its defense, should either Party become involved in any situation related to corruption or bribery, as a result of an action taken by the other Party.

8.3 The Parties warrant that:

a) They do not use illegal labor and undertake not to use practices analogous to slave labor or child labor, except for legal exceptions, whether directly or indirectly, through their respective suppliers of products and services;

b) they do not employ minors under eighteen (18) years of age, including apprentices, in places that are detrimental to their education, physical, mental, moral and social development, as well as in dangerous or unhealthy places and services, at times that do not allow school attendance, and also at night;

c) they do not use discriminatory practices that restrict access to or maintenance of employment, such as, but not limited to, grounds of: sex, origin, race, color, physical condition, religion, marital status, age, family situation, or pregnancy status;

(d) they undertake to protect and preserve the environment, as well as to prevent and eradicate practices harmful to the environment, performing their services in accordance with current legislation regarding the National Environmental Policy and Environmental Crimes, as well as legal, regulatory and administrative acts related to the environmental area and related matters, emanating from the federal, state and municipal spheres; and

(e) they do not engage in practices related to activities that involve criminal profiting from prostitution or the sexual exploitation of vulnerable individuals.

8.4 The Contractor declares to be aware of the Code of Ethics and Anti-Corruption Policy, available at https://www.original.com.br/governanca/, and (ii) the Policy for the Prevention of Money Laundering and the Financing of Terrorism, available at the link https://cdn.picpay.com/docs/picpay/portais/politica-pld-conglomerado-publico-externo.pdf, and undertakes to respect it, for itself and its employees.

8.5 The duties set forth in this clause extend to the shareholders, quotaholders, partners, directors, administrators, employees and service providers, including subcontractors and agents of each Party.

**9. CONFIDENTIALITY**

9.1 Confidentiality. Confidential information is all information transmitted by one party to the other party during the execution of this Agreement, by any means (verbal, written, on paper or electronic means, or otherwise), such as data, materials and documents, financial information, information about investments (and potential investments), budgets, business plans, marketing plans, projects, prototypes, reports, personnel matters, intellectual property rights, technology, products, processes, know-how, formulas, algorithms, trade secrets, and other copyrighted works ("Confidential Information"), even if not identified as Confidential Information.

9.1.1 During the term of this Agreement and for five (5) years from the end of its validity, each of the Parties undertakes and agrees to maintain confidentiality and not to disclose to any person (except its partners, administrators, employees and collaborators who need such information to fulfill the obligations assumed) any of the confidential information.

9.2 The confidentiality obligation stipulated in this item shall not apply:

a) with respect to information that is already public knowledge at the time of signing this Agreement;

b) with respect to Confidential Information which, although confidential on the date of signature of this Agreement, becomes public knowledge through no fault of either Party or any third party connected to them; and

(c) when there is a legal obligation to disclose, by virtue of law or court order, in which case the Confidential Information must be provided exclusively to those persons who, by virtue of such legal obligation or court order, must receive it, and the other Party must be previously informed, in writing, of such obligation.

9.3 The Parties are responsible for any unauthorized disclosure made by any of their employees, agents, contractors, subcontractors, representatives who have received any Confidential Information. The Party that fails to comply with the provisions of this clause shall be liable for any losses and damages caused by the breach of confidentiality it caused, without prejudice to the right to terminate this Agreement.

9.4 The Parties shall take the necessary measures to ensure compliance with confidentiality obligations. They shall also protect the information they receive and/or disclose with the same care and precautions adopted to preserve the confidentiality of their own confidential information.

9.5 The Parties acknowledge that Confidential Information provided to them by the other Party is the exclusive property of the party that provided it, and it is prohibited to maintain copies or dispose of it in any way, at any time, and for any purpose, except for performance of this Agreement.

9.6 The Contractor is prohibited from downloading and storing documents and/or information belonging to the PRINCIPAL. The Contractor must work on remote file servers (cloud), and if there is a need to download any material or create material outside the cloud, upon completion of the services the Contractor must upload it to the cloud and delete the material and/or project from any hardware that is not owned by the PRINCIPAL.

9.7 Upon termination, cancellation, or expiration of this Agreement, the Parties undertake to return and/or destroy all Confidential Information received or obtained, including any equipment and/or work material within ten (10) days, except for those which, by their nature, must be exclusively and mandatorily kept by the Parties as proof of compliance with their obligations, including to third parties, or those which are part of a backup carried out in the commercial activity of the Parties.

**10. DATA PROCESSING**

10.1 **Data Protection.** The Contractor ("Processor") declares that it is aware and agrees that, by virtue of this Agreement and exclusively for its execution, it may process personal data ("Personal Data") which, under applicable law, are controlled by the PRINCIPAL.

10.2 **Obligations**. Without prejudice to the other provisions of this Agreement, the Processor's obligations are:

a) process Personal Data in strict accordance with the instructions of the PRINCIPAL (if the latter is the Controller) and/or in accordance with this Agreement, as well as with other applicable legal and regulatory provisions, especially regarding privacy and security ("Legislation"), such as, but not limited to, those set forth in Federal Decree No. 8.771/2016, Complementary Law No. 105/2001 and Law No. 13.709/2018 ("General Data Protection Law");

b) process the data only during the term of validity and/or for the fulfillment of its obligations under this Agreement, retaining it for a longer period, provided that it is permitted by law;

c) inform the PRINCIPAL of the need to change the way Personal Data is processed in advance, so that the latter authorizes the change and provides the appropriate and necessary guidelines for adaptation;

d) ensure that appropriate technical protections, capable of maintaining the integrity, confidentiality, availability and non-repudiation of personal and sensitive personal data, are implemented;

e) not transfer and/or share with third parties the Personal Data processed by reason of this contractual relationship and/or the result of the processing thereof, except in the cases provided for in this Agreement;

f) not subcontract, in whole or in part, the processing of data, without prior and express authorization from the Privacy and Information Security areas of the PRINCIPAL and, if authorized, (i) require that subcontractors meet the same technical, organizational and security requirements imposed on the Processor; and (ii) be fully responsible for any failures or damages caused by subcontractors.

g) have a comprehensive program for the security, protection and governance of personal data, in compliance with the provisions of the Legislation, establishing appropriate technical and administrative controls to guarantee the confidentiality, integrity, availability and non-repudiation of the Personal Data being processed, in addition to guaranteeing compliance with the Legislation;

h) assist the PRINCIPAL in fulfilling the rights of data subjects as provided for in the Legislation, within a notice period of five (5) days before the end of the legal deadline for responding to the data subject or, within four (4) hours, when said response deadline must be immediate due to the Legislation;

i) in the event of an international data transfer expressly approved by the PRINCIPAL, not to process Personal Data in a location other than that approved by the PRINCIPAL's Privacy and Information Security areas, as well as to follow the guidelines issued by the National Data Protection Authority and the appropriate and necessary measures for the transfer;

j) to collaborate with the PRINCIPAL, attending to its requests within the timeframe defined by the latter or stipulated in this Agreement, whichever is shorter, guaranteeing full compliance with the provisions of the Legislation.

10.3 **Incident.** In the event of any incident (e.g., loss, deletion, or unwanted or unauthorized disclosure) involving the processed data, the Processor must notify the PRINCIPAL within four (4) hours of becoming aware of the incident and, within forty-eight (48) hours, transmit to its data protection officer all information related to the event:

(i) the description and quantity of the data involved;

(ii) the data subjects affected by the event;

(iii) technical and security measures used for data protection, respecting commercial and industrial secrets;

(iv) the risks related to the incident;

(v) the reasons for the delay in communication, if it was not immediate;

(vi) the measures that have been or will be adopted to reverse or mitigate the effects of the damage.

10.3.1 If the PRINCIPAL is sued judicially or administratively for security incidents involving the processing of personal data by the Processor in connection with the performance of this agreement, the PRINCIPAL is guaranteed the right to join the proceedings and to bring a third-party claim in accordance with the Code of Civil Procedure. In case of rejection, the PRINCIPAL reserves the right to file a claim for reimbursement of all damages suffered.

10.4 Compliance with legal obligation. If the Processor is the recipient of any court order or official communication that determines the provision or disclosure of personal data, it must notify the PRINCIPAL, within a maximum period of four (4) hours, of the occurrence, allowing for the timely adoption of legal measures to prevent or mitigate the effects arising from the disclosure of personal data related to this request or objects thereof.

10.5 Audit. The PRINCIPAL and/or a specialized independent auditing company designated by it, at its sole discretion, may inspect and audit the Processor's documents relating to data processing, provided that it is previously informed, expressly and in writing, forty-eight (48) hours in advance.

10.6 Penalties. In case of non-compliance with the obligations set forth in this clause, the Processor will incur a non-compensatory penalty of twenty percent (20%) on the value of the Agreement, without prejudice to the right to terminate the Agreement and any losses and damages.

10.7 Exhibits. Without prejudice to the foregoing, the provisions set out in the Information Security Requirements Exhibit and the Relevant Suppliers Exhibit shall apply to this Agreement.

10.8 Due to the entry into force of the General Data Protection Law, the establishment of the National Data Protection Authority, as well as its determinations, which may alter data processing activities in Brazil, the Parties undertake to execute an amendment to this instrument, adapting the performance of this Agreement to legal and infra-legal rules, in addition to the guidelines and determinations of public authorities, whenever necessary.

**11. GENERAL PROVISIONS**

11.1 **Indemnification**. The Contractor undertakes to indemnify, defend and hold harmless the PRINCIPAL, its advisors, partners and directors, in relation to any and all liabilities, obligations, losses and damages, damages, costs and expenses, including attorneys' fees, fines, penalties, judgments and amounts paid as settlement, imposed on the PRINCIPAL, due to negligent or intentional actions of the Contractor; as well as due to any labor liabilities or fiscal, social security, tax, commercial, among other liabilities, that are the responsibility of the Contractor, respecting the conditions set forth in this Agreement.

11.1.1 If the PRINCIPAL bears the costs of the Contractor due to the provisions above or any other breach relating to the Agreement, the Contractor shall reimburse the PRINCIPAL within a maximum period of forty-eight (48) hours, under penalty of withholding payments up to the amount due by the Contractor.

11.1.2 In procedural, administrative, arbitral, judicial and extrajudicial proceedings that are solely against the Contractor, by virtue of this Agreement, the Contractor is required to notify the PRINCIPAL, which may enter the proceedings as a co-litigant assistant, at its sole discretion, pursuant to Article 124 of the Code of Civil Procedure.

11.1.3 The PRINCIPAL may bring a third-party claim against the CONTRACTOR when the latter, for any reason, was not a party to the proceedings, pursuant to articles 125 et seq. of the Code of Civil Procedure, in which case the CONTRACTOR shall assume full responsibility before the court for the damages caused and expenses incurred.

11.2 **Intellectual Property**. Any and all intellectual property developed as a result of this Agreement, whether patentable or not, and whether or not it directly involved labor, time, or knowledge of the parties, shall be the exclusive property of the PRINCIPAL, and the Contractor is prohibited from sharing and/or using it without authorization with third parties, whether or not they are competitors of the PRINCIPAL.

11.2.1 The Parties may not use the name, trademarks, logos and other distinctive signs of the other party, even by way of mere reference, in any medium and for any purpose, without prior express authorization and in writing from the trademark holder, under penalty of being compelled to compensate for losses and damages, determined in accordance with the law.

11.3 **Taxation.** The Parties shall bear the taxes due from them, in accordance with current legislation, undertaking to keep their tax obligations up to date and to safeguard the other Parties from any liability in this regard.

11.4 **Independence of the Parties.** It is expressly stipulated that no type of representative relationship, joint venture, employment relationship and/or subsidiary or joint liability, or employment relationship, is established between the Parties, including their employees and agents, under this Agreement. Neither Party, nor its employees, agents, representatives, shall have any right, power or authority to act or create any obligation, express or implied, on behalf of the other.

11.5 **Audit.** The Parties agree that the PRINCIPAL and/or a specialized independent auditing firm designated by it, at its sole discretion, may audit the Contractor's documents relating to this Agreement, such audit to be carried out semi-annually or in a shorter period, as convenient for the PRINCIPAL, provided that the Contractor is previously informed expressly and in writing.

11.6 **Assignment.** The Parties may not assign, transfer or pledge, in whole or in part, this Agreement and/or the obligations and rights arising from this Agreement, except when expressly authorized in writing by the other Party. Total or partial assignment of this Agreement to related companies of the PRINCIPAL is permitted.

11.7 **Succession.** The Parties bind themselves, their heirs or successors to the faithful performance of this Agreement.

11.8 **Communications.** All communication between the Parties shall be in writing and by means of mail or email, as indicated in the Summary Table, with proof of delivery.

11.9 **Novation or Waiver.** Any omission or tolerance by either Party in demanding the faithful fulfillment of the terms and conditions of this Agreement shall not constitute novation, forgiveness or waiver, nor shall it affect the Party's right to demand its fulfillment at any time.

11.10 **Nullity.** Any invalidity, nullity or unenforceability of any contractual provision shall not affect the other provisions of this Agreement, which shall remain valid and enforceable, and the clause declared null or unenforceable shall be replaced by another that leads the Parties to the same desired economic and legal result.

11.11 **Prior Negotiations.** This Agreement supersedes any and all agreements and/or negotiations, whether verbal or written, previously entered into between the Parties relating to the subject matter of this Agreement, except for any Confidentiality Agreement, which shall be interpreted in a manner complementary to this Agreement.

11.12 **Digital Signatures.** The parties acknowledge that contracting through electronic, digital, and computer means is valid and fully effective, even if established with a digital signature (in electronic and/or biometric format) outside the ICP-Brasil standards, as provided for in Article 10, §2, of Provisional Measure No. 2.200-2/2001.

**12. JURISDICTION**

12.1 The parties hereby elect the courts of the city of São Paulo, State of São Paulo, to settle any disputes relating to this instrument.

São Paulo, January 18, 2024.

---

| | |
|:---|:---|
| /s/ Francisco José Pereira Terra | /s/ Fernando Abe Ohara |
| Francisco José Pereira Terra | Fernando Abe Ohara |

---

**PICPAY BANK – BANCO MULTIPLO S.A.**

---

| | |
|:---|:---|
| /s/ Anderson Andrade Chamon do Carmo | /s/ Eduardo Chedid Simões |
| Anderson Andrade Chamon do Carmo | Eduardo Chedid Simões |

---

**BANCO ORIGINAL S.A.**

Witnesses:

---

| | | | |
|:---|:---|:---|:---|
| 1. | /s/ Luiz Gustavo Pereira Gava | 2. | /s/ Thiago Stainoff Simão |
|  | Luiz Gustavo Pereira Gava |  | Thiago Stainoff Simão |

---

## Exhibit 10.4

**Exhibit 10.4**

**Free English Translation**

**COST SHARING AGREEMENT**

**PICPAY BANK – BANCO MÚLTIPLO S.A.,** a company with address at Avenida Manuel Bandeira, No. 291, Bloco B, 3rd floor, Condomínio Atlas Office Park, Vila Leopoldina, São Paulo, SP, CEP 05317-02, registered with the CNPJ/MF under number 09.516.419/0001-75 and represented according to its corporate documents, hereinafter referred to as **"PicPay Bank";** and

**BANCO ORIGINAL S.A.,** a company with address at Rua Porto União, no. 295, Brooklin Paulista, CEP 04568-020, São Paulo, SP, registered with the CNPJ/MF under No. 92.894.922/0001-08, herein represented according to its corporate documents, hereinafter referred to as **"Banco Original".**

**WHEREAS:**

1) PicPay Bank is a company duly incorporated under Brazilian law, supported by specific internal support areas to run its business and manage its day-to-day operations;

2) Banco Original is a company that is part of the PicPay Bank Economic Group and does not have all the necessary internal support areas for its day-to-day business operations, which is why it uses PicPay Bank's internal support areas, as well as sharing suppliers for better development of its operation;

3) In order to maintain the balance of the economic and financial relationship established between the Parties, they decide to formalize this Cost Sharing Agreement ("Agreement").

**1. PURPOSE**

**1.1** <u>SUPPORT AREAS</u>. This instrument aims to regulate the criteria, deadlines, and conditions that will be observed for the sharing of support areas between PicPay Bank and Banco Original.

**1.1.1** Considering the diversity of PicPay Bank support areas used by Banco Original to meet the demands of companies, all related to the day-to-day business operations, the criteria, values, scope description, and payment method indicated in the **Support Areas Exhibits** will be adopted for the assessment and sharing of costs between the Parties.

**1.1.2** If the Parties, by mutual agreement, wish to amend the conditions of the **Support Area Exhibits,** it will suffice to sign a separate document, which will become an inseparable part of this instrument, and will be designated as "Exhibit I", "Exhibit II", and so on, regardless of the execution of a contractual amendment.

**1.1.3** PicPay Bank support areas will assist Banco Original in the same governance model aligned with PicPay Bank, in accordance with the forms, manuals, regulations, policies and internal rules, meeting the same deadlines and procedures described in these materials ("Materials").

**1.2** <u>CONTRACTS</u>. This instrument also aims to regulate the reimbursement, when applicable, by Banco Original to PicPay Bank, of any costs that the latter may incur in contracting suppliers that provide products and/or services that are also shared by PicPay Bank with Banco Original and that, for some reason, cannot be formalized directly between Banco Original and the supplier.

The criteria indicated in the shared contracts exhibit will be adopted for the assessment of the costs to be reimbursed by Banco Original to PicPay Bank, which will be included in this instrument **("Supplier Exhibit"),** and when combined with the other exhibits, will be referred to simply as **Exhibits.**

**1.2.1** If the Parties, by mutual agreement, wish to amend the conditions of the Supplier Exhibits, it will suffice to sign a separate document, which will become an inseparable part of this instrument, and will be named "Exhibit A", "Exhibit B", and so on, regardless of the execution of a contractual amendment.

**1.3** There is no exclusivity on the part of the Parties with respect to the subject matter of this agreement.

**2 PRICE AND PAYMENT METHOD**

**2.1** The price to be paid by Banco Original will include all charges, expenses and social and labor-related charges, insurance including workers' compensation and civil liability insurance, taxes, salary variations and any other costs that the Parties may have to bear to fulfill this instrument.

**2.2** <u>Allocation Criteria</u>. It is hereby agreed and settled that the allocation criteria established in section 2.2 for sharing costs and expenses incurred in the development of the activities described in the Exhibits will be defined in each of the respective instruments.

&nbsp;&nbsp;&nbsp;&nbsp;**2.2.1** If any of the Exhibits establishes a criterion different
from that mentioned in the heading of clause 2.2 above, the criterion defined in the Exhibit shall prevail.

**2.3** PicPay Bank will issue, at the frequency indicated in the Exhibit, a debit note with the amounts calculated based on the definitions in the Exhibits, which will be paid by the debtor party by crediting a current account held by the creditor party, with each credit note representing proof of payment and receipt of settlement.

&nbsp;&nbsp;&nbsp;&nbsp;**2.3.1** In addition to debit notes, PicPay Bank must present reports
prepared in accordance with the provisions of the Exhibits, which demonstrate, individually, by Support Area and by shared contract,
the monthly usage and its respective costs.

**2.4** Unjustified delay in payment will subject the defaulting Party to payment of the amount due plus a penalty of two percent (2%), calculated on the principal amount in arrears, and default interest of one percent (1%) per month, calculated pro rata die.

**2.5** In the event of a disagreement between the Parties regarding the amounts due, the debtor Party shall pay the undisputed amounts, and the enforceability of the disputed amounts shall be suspended until the disagreement is resolved.

**2.6** The Parties hereby authorize the offsetting of credits owed to them against the value of fines and reimbursements for which they are responsible, determined in accordance with the provisions of this instrument.

**2.7** During the execution of this agreement and even after its termination, the Parties shall observe the principles of probity and good faith and the ancillary duties of loyalty, information, cooperation and confidentiality.

3. TERM AND TERMINATION

**3.1.** This Agreement shall enter into force on the date of signature and shall remain valid for an indefinite period.

**3.2.** Either Party may, at any time, by giving thirty (30) days' prior written notice, terminate this agreement, regardless of the reason and without payment of any fine or penalty of any kind.

**3.3.** This instrument may also be terminated, at the discretion of the innocent Party:

&nbsp;&nbsp;&nbsp;&nbsp;(i) by written notice, in the event of a breach of contractual or legal provision by one of the Parties and
not remedied within ten (10) days from receipt of written notification sent by the innocent Party; and

&nbsp;&nbsp;&nbsp;&nbsp;(ii) regardless of notice, in cases of requests for judicial or extrajudicial reorganization, liquidation,
dissolution or bankruptcy of either Party.

**3.4.** If this instrument is terminated based on subitem 3.3 (i), the innocent Party will be entitled to claim compensation, upon proof of losses and damages.

**3.5.** In any event of termination, whether normal or early, of this Agreement, the Parties shall fulfill the following specific obligations:

&nbsp;&nbsp;&nbsp;&nbsp;(i) cease sharing their support areas - people; and

&nbsp;&nbsp;&nbsp;&nbsp;(ii) make payment to the other Party of all amounts due for expenses already incurred.

4. RESPONSIBILITIES

**4.1.** Under no circumstances will this instrument establish an employment relationship between the employees of PicPay Bank and Banco Original, or vice versa, each being responsible for any labor lawsuits filed by its employees, agents, and other collaborators.

**4.2.** Each Party shall be responsible for its respective obligations in the civil, labor, social security, tax, insurance, administrative, and social and environmental areas until the statute of limitations or forfeiture of the respective rights.

**4.3.** Banco Original assumes full responsibility for the use of the contracts described in the Suppliers Exhibit of this instrument and shall indemnify PicPay Bank in the event of any loss caused to it or to third parties, as a result of any negligent or intentional action or omission that causes damage, related to any agreement described in the exhibit.

5. INTELLECTUAL PROPERTY

**5.1.** The trademarks, patents, industrial designs, applications, databases and pre-existing materials of the Parties are not shared. Any and all material produced as a result of the subject matter of this instrument, including, for example, concepts, formulas and designs, know-how, layouts, software, source codes, technical documentation, models, ideas, project management tools and methodology, product and service development methodologies, information systems methodologies, business plans, functionalities, documentation and characteristics of financial products and services and policies, as well as intellectual works of any kind or nature, are the full and exclusive property of PicPay Bank, unless otherwise agreed in writing between the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;5.1.1. PicPay Bank may freely use the intellectual property of the materials produced
by virtue of this instrument, in any way or form, for any purpose and at any time, in any location, including abroad, and may also modify, supplement,
update, or create derivative works, also of its exclusive property, by itself or through third parties contracted for this purpose, without
any limitation and regardless of any formality or authorization from anyone whatsoever.

**5.2.** Banco Original may use PicPay Bank's name, its trademarks, logos and other distinctive signs, even if only by reference, in any medium and for any purpose for the fulfillment of this instrument.

6. CONFIDENTIALITY

**6.1.** Throughout the term of this Agreement and for up to two (2) years after its termination, except as provided in clause 6.1.2, the Parties shall maintain confidentiality regarding this instrument, the negotiations that preceded it, its execution and all information obtained or to which they have access as a result of the Services, refraining from using them for any purpose other than the normal performance of this Instrument.

&nbsp;&nbsp;&nbsp;&nbsp;**6.1.1.** "Confidential Information" means all information
or documents of the Parties, obtained or accessed by the other Party, including personal and operational data of clients, data of their
employees, business data, economic and financial information, strategic, technical, legal, accounting, operational, administrative, commercial,
financial and economic reports and analyses, as well as intellectual works and software owned by them, obtained by any means (oral or
written, express or tacit), which may be contained in any documents, spreadsheets, programs, systems, photographs, reports, physical
media, electronic media, etc.

&nbsp;&nbsp;&nbsp;&nbsp;**6.1.2.** The deadline referred to in sub-item 6.1 does not apply to
information protected by banking or tax secrecy, and the confidentiality of such information must be observed by the Parties on an ongoing
basis.

**6.2.** All Confidential Information must be kept in a secure location with access restricted to the Parties' professionals who require such information.

**6.3.** The Parties undertake to immediately inform each other of any breach of confidentiality rules by any person, including unintentional or negligent breaches of Confidential Information.

**6.4.** If either Party is required to disclose any Confidential Information due to an administrative or judicial order, it must inform the other Party within twenty-four (24) hours so that the latter may take the legal measures it deems necessary.

**7. COMBATING CORRUPTION AND PROVIDING ETHICAL AND MORAL CONDUCT**

**7.1** The Parties undertake to:

&nbsp;&nbsp;&nbsp;&nbsp;a) comply, at all times, with all applicable regulations, laws
and legislation, including, but not limited to, Brazilian anti-corruption laws and decrees, Law No. 12.846, of August 1, 2013 and Decree
No. 11.129 of July 11, 2022;

&nbsp;&nbsp;&nbsp;&nbsp;b) to respect all such laws, as well as any other anti-bribery,
anti-corruption or conflict of interest laws that may be applicable under this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;c) not to engage in any irregular or illegal conduct, nor to
take any action or perform any act that may directly or indirectly favor one another or any of the companies within their respective
economic conglomerates, contrary to applicable laws in Brazil or abroad.

**7.2** The Parties further warrant and agree that:

&nbsp;&nbsp;&nbsp;&nbsp;a) During the term of this instrument or in the performance
of any related activity, they will not take/make any action, payment, offer, or promise, directly or indirectly, to any public official
(whether municipal, state, or federal) that aims to induce that official to use their influence with the government and/or any agency,
company, political party, autonomous entity, or public office for the purpose of obtaining improper business advantages for themselves
or the other Party;

&nbsp;&nbsp;&nbsp;&nbsp;(b) They shall immediately report to each other any information
that may indicate that there has been any type of action, payment, offer, or promise, directly or indirectly, to any public official
with the objective described above, that is, the Party that becomes aware that any of its agents or employees have failed to comply with
the premises and obligations agreed upon above shall spontaneously report the fact to the other Party, so that, together, they may develop
and execute an action plan to (i) remove the employee or agent immediately; (ii) prevent such acts from recurring; and (iii) ensure that
the Agreement can remain in force, safeguarding the right of the notified Party to terminate this instrument immediately even without
the consent of the other Party;

&nbsp;&nbsp;&nbsp;&nbsp;(c) They will inform each other of any political contributions
as required by law;

&nbsp;&nbsp;&nbsp;&nbsp;(d) no public official (whether municipal, state or federal)
has any financial participation or interest in their respective businesses, and shall promptly inform the other Party in writing of any
future participation or interest in this regard;

&nbsp;&nbsp;&nbsp;&nbsp;(e) all information provided by the Parties under this Agreement
is true and accurate;

&nbsp;&nbsp;&nbsp;&nbsp;f) they, their partners, directors, agents, attorneys, administrators,
associates, employees, consultants or representatives have not been convicted, found guilty or indicted for any wrongdoing involving
fraud, corruption or moral/ethical turpitude, and none of these persons have been listed by government agencies as excluded, suspended,
allegedly suspended or excluded or otherwise ineligible for government procurement programs, or in any way mentioned in publicly reported
acts involving them in the promotion or facilitation of illicit or obscure business dealings, or in the practice of acts that result
in commercial and/or reputational discrediting of the other Party;

&nbsp;&nbsp;&nbsp;&nbsp;(g) they will properly complete any due diligence form, providing
all the information requested therein;

&nbsp;&nbsp;&nbsp;&nbsp;h) they shall maintain their commercial books, records, and
accounting and financial documents with sufficient detail and accuracy to clearly reflect the operations and resources that are the subject
of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;i) to present documents and information that may assist the
other Party in its defense, should either Party become involved in any situation related to corruption or bribery, as a result of an
action taken by the other Party.

**7.3** The Parties warrant that:

&nbsp;&nbsp;&nbsp;&nbsp;a) They do not use illegal labor and undertake not to use practices
analogous to slave labor or child labor, except for legal exceptions, whether directly or indirectly, through their respective suppliers
of products and services;

&nbsp;&nbsp;&nbsp;&nbsp;b) They do not employ minors under eighteen (18) years of age,
including apprentices, in places that are detrimental to their education, physical, mental, moral and social development, as well as
in dangerous or unhealthy places and services, at times that do not allow school attendance, and also at night;

&nbsp;&nbsp;&nbsp;&nbsp;c) They do not use discriminatory practices that restrict access
to or maintenance of employment, such as, but not limited to, grounds of: sex, origin, race, color, physical condition, religion, marital
status, age, family situation or pregnancy;

&nbsp;&nbsp;&nbsp;&nbsp;(d) They undertake to protect and preserve the environment, as
well as to prevent and eradicate practices harmful to the environment, performing their services in accordance with current legislation
regarding the National Environmental Policy and Environmental Crimes, as well as legal, regulatory and administrative acts related to
the environmental area and related matters, emanating from the federal, state and municipal spheres; and

&nbsp;&nbsp;&nbsp;&nbsp;(e) They do not engage in practices related to activities that
involve criminal profiting from prostitution or the sexual exploitation of vulnerable individuals.

8. GENERAL DATA PROTECTION LAW

**8.1** The Parties undertake to comply with all applicable legislation on privacy and data protection, including (whenever and where applicable) the Federal Constitution, the Consumer Protection Code, the Civil Code, the Marco Civil da Internet (Federal Law No. 12.965/2014), its regulatory decree (Decree 8.771/2016), the General Data Protection Law (Federal Law No. 13.709/2018), and other sectoral or general regulations on the subject.

9. GENERAL PROVISIONS

**9.1.** This instrument represents the complete and total agreement between the Parties and may not be modified without the prior express written consent of the legal representatives of the Parties or their respective successors, and the assignment of rights and obligations arising from this instrument is prohibited without the written consent of the other Party.

**9.2.** The Parties expressly acknowledge that: (a) full compliance with the obligations hereunder is of fundamental importance for the balance of this instrument and (b) the terms and conditions set forth in this instrument are fair and reasonable and were agreed upon in accordance with the principles of probity and good faith.

**9.3.** The Parties shall bear the taxes due from them, in accordance with current legislation, undertaking to keep their tax obligations up to date and to safeguard the other Parties from any liability in this regard.

**9.4.** This instrument prevails over any other document previously signed with the same subject matter.

**9.5.** Any omission or tolerance by either Party in demanding the faithful fulfillment of the terms and conditions of this Agreement shall not constitute novation, forgiveness or waiver, nor shall it affect the Party's right to demand its fulfillment at any time.

**9.6.** Any invalidity, nullity, or unenforceability of any contractual provision shall not affect the other provisions of this Agreement, which shall remain valid and enforceable, and the clause declared null or unenforceable shall be replaced by another that leads the Parties to the same desired economic and legal result.

**9.7.** Without prejudice to the possibility of contract termination due to involuntary non-performance, neither Party shall be considered in default, nor shall it be liable to the other for failures in the performance of its obligations, to the extent that such non-performance results exclusively and demonstrably from an event beyond its control, act of God or force majeure, or from an act or omission attributable solely to the other Party.

10. JURISDICTION

**10.1** The Parties hereby elect the courts of the city of São Paulo, State of São Paulo, to settle any disputes relating to this instrument.

**10.2** In witness whereof, the Parties agree that the execution of this instrument will be carried out electronically, as authorized by Provisional Measure 2.200-2/2001, acknowledging that this means is valid, binding and enforceable for all legal purposes. The Parties declare, individually, that they have adopted security measures to prevent unauthorized access by third parties to the signature tools now being used.

São Paulo, January 10th, 2024.

---

| | |
|:---|:---|
| /s/ Francisco José Pereira Terra | /s/ Fernando Abe Ohara |
| Francisco José Pereira Terra | Fernando Abe Ohara |

---

**PICPAY BANK – BANCO MÚLTIPLO S.A.**

---

| | |
|:---|:---|
| /s/ Eduardo Chedid Simões | /s/ Anderson Andrade Chamon do Carmo |
| Eduardo Chedid Simões | Anderson Andrade Chamon do Carmo |

---

**BANCO ORIGINAL S.A.**

Witnesses:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 1. | /s/ Luiz Gustavo Pereira Gava | /s/ Luiz Gustavo Pereira Gava | 2. | /s/ Hyde De Melo Gomes Silva | /s/ Hyde De Melo Gomes Silva |
|  | Name: | Luiz Gustavo Pereira Gava |  | Name: | Hyde De Melo Gomes Silva |
|  | CPF: | CPF: |  | CPF: | CPF: |

---

**SUPPORT AREAS**

**EXHIBIT I**

● **BENEFICIARY COMPANY.** Banco Original

● **COMPANY TO BE REIMBURSEED.** PicPay Bank

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**SUPPORT AREA** | &nbsp;&nbsp;**DESCRIPTION OF ACTIVITIES** | &nbsp;&nbsp;**CRITERIA** | &nbsp;&nbsp;**FORM OF PAYMENT** |
| &nbsp;&nbsp;Credit | &nbsp;&nbsp; People who work in the<br> Credit structure<br>| &nbsp;&nbsp; Participation<br> by product using credit | &nbsp;&nbsp;Monthly payment |
| &nbsp;&nbsp;Credit | &nbsp;&nbsp; Growth expenses, Consulting, Technology, Rentals, Travel, Facilities, Consumption,<br> Third Parties and Other Expenses<br> allocated in the centers of Credit costs | &nbsp;&nbsp;Participation by product using credit | &nbsp;&nbsp;Monthly payment |
| &nbsp;&nbsp;Charge | &nbsp;&nbsp; People who work in the<br> Collections structure. | &nbsp;&nbsp; Participation in Box<br>Recovered in the collection process | &nbsp;&nbsp; Monthly<br> payment |
| &nbsp;&nbsp;Charge | &nbsp;&nbsp;Growth expenses, Consulting, Technology, Rentals, Travel, Facilities, Consumption, Third Parties and Other Expenses allocated in the centers of Collection costs | &nbsp;&nbsp; Participation in Box<br>Recovered in the collection | &nbsp;&nbsp;Monthly payment |

---

**SUPPLIER EXHIBIT**

**EXHIBIT A**

● **BENEFICIARY COMPANY.** Banco Original

● **COMPANY TO BE REIMBURSEED.** PicPay Bank

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**SUPPLIER** | &nbsp;&nbsp;**PURPOSE** | **SHARING CRITERIA** | **FORM OF PAYMENT** |
| SERASA S.A. | Bureau company that provides customer data consultation services for credit. | &nbsp;&nbsp;Participation by product using credit | &nbsp;&nbsp;Monthly payment |
| &nbsp;&nbsp; BOA VISTA<br> SERVICOS S.A | Bureau company that provides customer data consultation services for credit. | &nbsp;&nbsp; Participation<br> by product using credit | &nbsp;&nbsp;Monthly payment |

---

**D4Sign** 94a7dd5f-c6a4-41e9-8813-6bec6d4f2c5c - To confirm the signatures, access https://secure.d4sign.com.br/verificar. **This document was signed electronically, in accordance with Provisional Measure 2.200-2/01, Article 10, §2.**

(…)

## Exhibit 10.5

**Exhibit 10.5**

**Free English Translation**

**COST SHARING AGREEMENT**

**PICPAY INSTITUIÇÃO DE PAGAMENTO S.A.,** a company headquartered at Avenida Manuel Bandeira, No. 291, Block A, 1st floor - offices 22 and 23, 2nd and 3rd floors, Atlas Office Park Condominium, Vila Leopoldina, São Paulo, SP, CEP 05317-020, registered with the CNPJ under number 22.896.431/0001-10, herein represented in accordance with its corporate documents, hereinafter referred to as **"PicPay";** and

**BANCO ORIGINAL S.A.,** a company with address at Rua Porto União, No. 295, Brooklin Paulista, CEP 04568-020, São Paulo, SP, a financial institution, registered with the CNPJ under No. 92.894.922/0001-08, herein represented according to its corporate documents, hereinafter referred to as **"Banco Original".**

**WHEREAS:**

1) PicPay is an operating company, duly incorporated under Brazilian law, and supported by various internal support areas to sustain its business and manage its day-to-day operations;

2) Banco Original is a company that is part of the PicPay Economic Group and does not have all the internal support areas necessary for its day-to-day business operations, which is why it uses PicPay's internal support areas, as well as sharing suppliers to maintain its operation;

3) In order to maintain the balance of the economic and financial relationship established between the Parties, they decide to formalize this Cost Sharing Agreement ("**Agreement**").

**1. PURPOSE**

**1.1** <u>SUPPORT AREAS</u>. This instrument aims to regulate the criteria, deadlines, and conditions that will be observed for the sharing of support areas between PicPay and Banco Original.

**1.1.1** Considering the diversity of PicPay support areas used by Banco Original to meet the demands of companies, all related to the day-to-day business operations, the criteria, values, scope description, and payment method indicated in the **Support Areas Exhibits** will be adopted for the assessment and sharing of costs between the Parties.

**1.1.2** If the Parties, by mutual agreement, wish to amend the conditions of the **Support Area Exhibits,** it will suffice to sign a separate document, which will become an inseparable part of this instrument, and will be designated as "Exhibit I", "Exhibit II", and so on, regardless of the execution of a contractual amendment.

**1.1.3** PicPay's support areas will assist Banco Original in the same governance manner aligned with PicPay, in accordance with the forms, manuals, regulations, policies and internal rules, meeting the same deadlines and procedures described in these materials ("Materials").

**1.2** <u>CONTRACTS</u>. This instrument also aims to regulate the reimbursement, when applicable, by Banco Original to PicPay, of any costs that the latter may incur in contracting suppliers that provide products and/or services that are also shared by PicPay with Banco Original and that, for some reason, cannot be formalized directly between Banco Original and the supplier. The criteria respectively indicated in share contracts exhibit will be adopted for the assessment of the costs to be reimbursed by Banco Original to PicPay, which will be included in this instrument ("**Supplier Exhibit**"), and when combined with the other exhibits, referred to simply as **Exhibits**.

**1.2.1** If the Parties, by mutual agreement, wish to amend the conditions of the Supplier Exhibits, it will suffice to sign a separate document, which will become an inseparable part of this instrument, and will be named "Exhibit A", "Exhibit B", and so on, regardless of the execution of a contractual amendment.

**1.3** There is no exclusivity on the part of the Parties with respect to the subject matter of this agreement.

**2 PRICE AND PAYMENT METHOD**

**2.1** The price to be paid by Banco Original will include all charges, expenses and social and labor-related charges, insurance including workers' compensation and civil liability insurance, taxes, salary variations and any other costs that the Parties may have to bear to fulfill this instrument.

**2.2** <u>Allocation Criteria</u>. It is hereby agreed that the allocation criteria established in section 2.2 for sharing costs and expenses incurred in the development of the activities described in the Exhibits will be defined in each of the respective instruments.

**2.2.1** If any of the Exhibits establishes a criterion different from that mentioned in the heading of clause 2.2 above, the criterion defined in the Exhibit shall prevail.

**2.3** PicPay will issue, at the frequency indicated in the Exhibit, a debit note with the amounts calculated based on the definitions in the Exhibits, which will be paid by the debtor party by crediting a current account held by the creditor party, with each credit voucher constituting proof of payment and receipt of settlement.

**2.3.1** In addition to debit notes, PicPay must present reports prepared in accordance with the provisions of the Exhibits, which demonstrate, individually, by Support Area and by shared contract, the monthly usage and its respective costs.

**2.4** Unjustified delay in payment will subject the defaulting Party to payment of the amount due plus a penalty of two percent (2%), calculated on the principal amount in arrears, and default interest of one percent (1%), calculated per pro rata die.

**2.5** In the event of a disagreement between the Parties regarding the amounts due, the debtor Party shall pay the undisputed amounts, and the enforceability of the disputed amounts shall be suspended until the disagreement is resolved.

**2.6** The Parties hereby authorize the offsetting of credits owed to them against the value of fines and reimbursements for which they are responsible, determined in accordance with the provisions of this instrument.

**2.7** During the execution of this agreement and even after its termination, the Parties shall observe the principles of probity and good faith and the ancillary duties of loyalty, information, cooperation and confidentiality.

3. TERM AND TERMINATION

**3.1.** This Agreement shall enter into force retroactively on **01/01/2023** and shall remain valid for an indefinite period.

**3.2.** Either Party may, at any time, by giving thirty (30) days' prior written notice, terminate this agreement, regardless of the reason and without payment of any fine or penalty of any kind.

**3.3.** This instrument may also be terminated, at the discretion of the innocent Party:

(i) by written notice, in the event of a breach of contractual or legal provision by one of the Parties and not remedied within ten (10) days from receipt of written notification sent by the innocent Party; and

(ii) regardless of notice, in cases of requests for judicial or extrajudicial reorganization, liquidation, dissolution or bankruptcy of either Party.

**3.4.** If this instrument is terminated based on subitem 3.3 (i), the innocent Party will be entitled to claim compensation, upon proof of losses and damages.

**3.5.** In any event of termination, whether normal or early, of this Agreement, the Parties shall fulfill the following specific obligations:

(i) cease sharing their support areas - people; and

(ii) make payment to the other Party of all amounts due for expenses already incurred supported.

4. RESPONSIBILITIES

**4.1.** Under no circumstances will this instrument establish an employment relationship between PicPay employees and Banco Original, or vice versa, each being responsible for any labor lawsuits filed by its employees, agents, and other collaborators.

**4.2.** Each Party shall be responsible for its respective obligations in the civil, labor, social security, tax, insurance, administrative, and socio-environmental areas until the statute of limitations or forfeiture of the respective rights.

**4.3.** Banco Original assumes full responsibility for the use of the contracts described in the Suppliers Exhibit of this instrument, and shall indemnify PicPay in the event of any loss caused to PicPay or to third parties, as a result of any culpable or intentional action or omission that causes damage, related to any contract described therein attached.

5. INTELLECTUAL PROPERTY

**5.1.** The trademarks, patents, industrial designs, applications, databases, pre-existing materials of PicPay and/ or any and all material produced as a result of the use of the support areas, including, for example, concepts, formulas and designs, software, source codes, technical documentation, models, ideas, tools and project management methodologies, product and service development methodologies, information systems methodologies, business plans, functionalities, documentation and characteristics of financial products and services and policies, as well as intellectual works of any kind or nature, are the full and exclusive property of PicPay, unless expressly agreed otherwise in writing between the parties.

**5.1.1.** PicPay may freely use the intellectual property of the materials produced by virtue of the material produced under this instrument, in any way or form, for any purpose and at any time, in any location, including abroad, and may also alter, supplement, update or create derivative works that are also its exclusive property, by itself or by third parties contracted for this purpose, without any limitation and regardless of any formality or authorization from anyone.

**5.2.** Banco Original may use the PicPay name, its trademarks, logos and other distinctive signs, even if only by way of reference, in any medium and for any purpose for the purposes of fulfilling this instrument.

6. CONFIDENTIALITY

**6.1.** Throughout the term of this Agreement and for up to two (2) years after its termination, except as provided in clause 6.1.2, the Parties shall maintain confidentiality regarding this instrument, the negotiations that preceded it, its execution and all information obtained or to which they have access as a result of the Services, refraining from using them for any purpose other than the normal execution of this Instrument.

**6.1.1.** "Confidential Information" means all information or documents of the Parties, obtained or accessed by the other Party, including personal and operational data of clients, data of their employees, business data, economic and financial information, strategic, technical, legal, accounting, operational, administrative, commercial, financial and economic reports and analyses, as well as intellectual works and software owned by them, obtained by any means (oral or written, express or tacit), which may be contained in any documents, spreadsheets, programs, systems, photographs, reports, physical media, electronic media, etc.

**6.1.2.** The deadline referred to in sub-item 6.1 does not apply to information protected by banking or tax secrecy, and the confidentiality of such information must be observed by the Parties on an ongoing basis.

**6.2.** All Confidential Information must be kept in a secure location with access restricted to the Parties' professionals who require such information.

**6.3.** The Parties undertake to immediately inform each other of any breach of confidentiality rules by any person, including unintentional or negligent breaches of Confidential Information.

**6.4.** If either Party is required to disclose any Confidential Information due to an administrative or judicial order, it must inform the other Party within twenty-four (24) hours so that the latter may take the legal measures it deems necessary.

**7. COMBATING CORRUPTION AND PROVIDING ETHICAL AND MORAL CONDUCT**

**7.1** The Parties undertake to:

a) comply, at all times, with all applicable regulations, laws and legislation, including, but not limited to, Brazilian anti-corruption laws and decrees, Law No. 12.846, of August 1, 2013 and Decree No. 11.129 of July 11, 2022;

b) respect all such laws, as well as any other anti-bribery, anti-corruption or conflict of interest laws that may be applicable under this Agreement; and

c) not to engage in any irregular or illegal conduct, nor to take any action or perform any act that may directly or indirectly favor one another or any of the companies within their respective economic conglomerates, contrary to applicable laws in Brazil or abroad.

**7.2** The Parties further warrant and agree that:

a) During the term of this instrument or in the performance of any related activity, they will not take/make any action, payment, offer, or promise, directly or indirectly, to any public official (whether municipal, state, or federal) that aims to induce that official to use their influence with the government and/or any agency, company, political party, autonomous entity, or public office for the purpose of obtaining improper business advantages for themselves or the other Party;

(b) They shall immediately report to each other any information that may indicate that there has been any type of action, payment, offer, or promise, directly or indirectly, to any public official with the objective described above, that is, the Party that becomes aware that any of its agents or employees have failed to comply with the premises and obligations agreed upon above shall spontaneously report the fact to the other Party, so that, together, they may develop and execute an action plan to (i) remove the employee or agent immediately; (ii) prevent such acts from recurring; and (iii) ensure that the Agreement can remain in force, safeguarding the right of the notified Party to terminate this instrument immediately even without the consent of the other Party;

(c) They will inform each other of any political contributions as required by law;

(d) no public official (whether municipal, state or federal) has any financial participation or interest in their respective businesses, and shall promptly inform the other Party in writing of any future participation or interest in this regard;

(e) all information provided by the Parties under this Agreement is true and accurate;

f) they, their partners, directors, agents, attorneys, administrators, associates, employees, consultants or representatives have not been convicted, found guilty or indicted for any wrongdoing involving fraud, corruption or moral/ethical turpitude, and none of these persons have been listed by government agencies as excluded, suspended, allegedly suspended or excluded or otherwise ineligible for government procurement programs, or in any way mentioned in publicly reported acts involving them in the promotion or facilitation of illicit or obscure business dealings, or in the practice of acts that result in commercial and/or reputational discrediting of the other Party;

(g) They will properly complete any due diligence form, providing all the information requested therein;

h) they shall maintain their commercial books, records, and accounting and financial documents with sufficient detail and accuracy to clearly reflect the operations and resources that are the subject of this Agreement; and

i) present documents and information that may assist the other Party in its defense, should either Party become involved in any situation related to corruption or bribery, as a result of an action taken by the other Party.

**7.3** The Parties warrant that:

a) They do not use illegal labor and undertake not to use practices analogous to slave labor or child labor, except for legal exceptions, whether directly or indirectly, through their respective suppliers of products and services;

b) do not employ minors under eighteen (18) years of age, including apprentices, in places that are detrimental to their education, physical, mental, moral and social development, as well as in dangerous or unhealthy places and services, at times that do not allow school attendance, and also at night;

c) They do not use discriminatory practices that restrict access to or maintenance of employment, such as, but not limited to, grounds of: sex, origin, race, color, physical condition, religion, marital status, age, family situation or pregnancy;

(d) They undertake to protect and preserve the environment, as well as to prevent and eradicate practices harmful to the environment, performing their services in accordance with current legislation regarding the National Environmental Policy and Environmental Crimes, as well as legal, regulatory and administrative acts related to the environmental area and related matters, emanating from the federal, state and municipal spheres; and

(e) They do not engage in practices related to activities that involve criminal profiting from prostitution or the sexual exploitation of vulnerable individuals.

8. GENERAL DATA PROTECTION LAW

**8.1** The Parties undertake to comply with all applicable legislation on privacy and data protection, including (whenever and where applicable) the Federal Constitution, the Consumer Protection Code, the Civil Code, the Internet Civil Framework (Federal Law No. 12.965/2014), its regulatory decree (Decree 8.771/2016), the General Data Protection Law (Federal Law No. 13.709/2018), and other sectoral or general regulations on the subject.

9. GENERAL PROVISIONS

**9.1.** This instrument represents the complete and total agreement between the Parties and may not be modified or altered without the prior express written consent of the legal representatives of the Parties or their respective successors, and the assignment of rights and obligations arising from this instrument is prohibited without the written consent of the other Party.

**9.2.** The Parties expressly acknowledge that: (a) full compliance with the obligations hereunder is of fundamental importance for the balance of this Instrument and (b) the terms and conditions set forth in this instrument are fair and reasonable and were agreed upon in accordance with the principles of probity and good faith.

**9.3.** The Parties shall bear the taxes due from them, in accordance with current legislation, undertaking to keep their tax obligations up to date and to safeguard the other Parties from any liability in this regard.

**9.4.** All communication between the Parties must be in writing and by mail or email, with proof of delivery.

**9.5.** Any omission or tolerance by either Party in demanding the faithful fulfillment of the terms and conditions of this Agreement shall not constitute novation, forgiveness or waiver, nor shall it affect the Party's right to demand its fulfillment at any time.

**9.6.** Any invalidity, nullity, or unenforceability of any contractual provision shall not affect the other provisions of this Agreement, which shall remain valid and enforceable, and the clause declared null or unenforceable shall be replaced by another that leads the Parties to the same desired economic and legal result.

**9.7.** Without prejudice to the possibility of contract termination due to involuntary non-performance, neither Party shall be considered in default, nor shall it be liable to the other for failures in the performance of its obligations, to the extent that such non-performance results exclusively and demonstrably from an event beyond its control, act of God or force majeure, or from an act or omission attributable solely to the other Party.

10. JURISDICTION

**10.1** The Parties hereby elect the courts of the city of São Paulo, State of São Paulo, to settle any disputes relating to this instrument.

**10.2** In witness whereof, the Parties agree that the signing of this instrument will be carried out electronically, as authorized by Provisional Measure 2.200-2/2001, acknowledging that this means is valid, binding and enforceable for all legal purposes. The Parties declare, individually, that they have adopted security measures to prevent unauthorized access by third parties to the signature tools now being used.

São Paulo, November 16th, 2023.

---

| | |
|:---|:---|
| **/s/ Eduardo Chedid Simões** | **/s/ Fernando Abe Ohara** |
| **Eduardo Chedid Simões** | **Fernando Abe Ohara** |

---

**PICPAY INSTITUIÇÃO DE PAGAMENTO S.A.**

---

| | |
|:---|:---|
| /s/ Simão Luiz Kovalski | /s/ Anderson Andrade Chamon do Carmo |
| Simão Luiz Kovalski | Anderson Andrade Chamon do Carmo |

---

 **BANCO ORIGINAL S.A.**

Witnesses:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 1. | &nbsp;&nbsp; /s/ Juliana Bertechini Lucas | &nbsp;&nbsp; /s/ Juliana Bertechini Lucas | 2. | &nbsp;&nbsp; /s/ Hyde de Melo Gomes Silva | &nbsp;&nbsp; /s/ Hyde de Melo Gomes Silva |
|  | &nbsp;&nbsp;Name: | &nbsp;&nbsp;Juliana Bertechini Lucas |  | &nbsp;&nbsp;Name: | &nbsp;&nbsp;Hyde de Melo Gomes Silva |
|  | &nbsp;&nbsp;CPF: | &nbsp;&nbsp;CPF: |  | &nbsp;&nbsp;CPF: | &nbsp;&nbsp;CPF: |

---

**SUPPORT AREAS**

**EXHIBIT I**

● **BENEFICIARY COMPANY.** Banco Original

● **COMPANY TO BE REIMBURSED.** PicPay IP

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**AREA OF SUPPORT** | &nbsp;&nbsp;**DESCRIPTION OF ACTIVITIES** | &nbsp;&nbsp;**CRITERIA** | &nbsp;&nbsp;**FORM OF PAYMENT** |
| &nbsp;&nbsp;Credit | &nbsp;&nbsp;People who work in the Credit structure of PicPay (IF, Bank and GB) | &nbsp;&nbsp;Participation by product using credit | &nbsp;&nbsp;Monthly payment |
| &nbsp;&nbsp;Credit | &nbsp;&nbsp;Growth expenses, Consulting, Technology, Rentals, Travel, Facilities, Consumption, Third Parties and Other Expenses allocated to PicPay's Credit cost centers. | &nbsp;&nbsp;Participation by product using credit | &nbsp;&nbsp;Monthly payment |
| &nbsp;&nbsp;Credit | &nbsp;&nbsp;Credit bureau companies that provide customer data lookup services (Serasa and BoaVista) | &nbsp;&nbsp;Participation by product using credit | &nbsp;&nbsp;Monthly payment |
| &nbsp;&nbsp;Charge | &nbsp;&nbsp;People who work in the PicPay Collection structure (IF, Bank and GB) | &nbsp;&nbsp;Participation by product using a fee scheduler. | &nbsp;&nbsp;Monthly payment |
| &nbsp;&nbsp;Charge | &nbsp;&nbsp;Growth expenses, Consulting, Technology, Rentals, Travel, Facilities, Consumption, Third Parties and Other Expenses allocated to PicPay's Billing cost centers. | &nbsp;&nbsp;Participation by product using a fee scheduler. | &nbsp;&nbsp;Monthly payment |

---

**SUPPLIER EXHIBIT**

**EXHIBIT A**

● **BENEFICIARY COMPANY.** Banco Original

● **COMPANY TO BE REIMBURSED.** PicPay IP

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**SUPPLIER** | &nbsp;&nbsp;**PURPOSE** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CRITERIA** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FORM OF PAYMENT** |
| &nbsp;&nbsp;SERASA SA | &nbsp;&nbsp;Bureau company that provides customer data consultation services for credit. | Participation by product using credit | &nbsp;&nbsp;&nbsp;Monthly payment |
| &nbsp;&nbsp;BOAVISTA SERVIÇOS S.A. | Bureau company that provides customer data consultation services for credit. | &nbsp;&nbsp;Participation by product using credit | &nbsp;&nbsp;Monthly payment |

---

**D4Sign** 4074a40a-a958-46f3-bd02-a595296a442e - To confirm the signatures, access https://secure.d4sign.com.br/verificar. **This document was signed electronically, in accordance with Provisional Measure 2.200-2/01, Article 10, §2.**

## Exhibit 10.6

**Exhibit 10.6** 

 **Free English Translation**

**COST AND EXPENSE SHARING AGREEMENT**

**PICPAY INSTITUIÇÃO DE PAGAMENTO S.A**., a company headquartered at Avenida Manuel Bandeira, No. 291, Block A, 1st floor – offices 22 and 23, 2nd floor and 3rd floor, Condomínio Atlas Office Park, Vila Leopoldina, São Paulo, SP, ZIP Code 05317-020, registered with the CNPJ under No. 22.896.431/0001-10, herein represented in accordance with its corporate acts, hereinafter referred to as "**PicPay**"; and

**BANCO ORIGINAL S.A,** a company headquartered at Rua Porto União, no. 295, Brooklin Paulista, ZIP Code 04568-020, São Paulo, SP, a financial institution, registered with the CNPJ under No. 92.894.922/0001-08, herein represented in accordance with its corporate documents, hereinafter referred to as **"Banco Original**".

**CONSIDERING THAT:**

1) PicPay is an operational company duly incorporated under Brazilian law, supported by various internal support areas to supply its business and run its day-to-day operations;

2) Banco Original is a company that, until October 2024, belonged to the same Prudential Conglomerate and, therefore, with the aim of optimizing the financial management of both Parties, they maintained all their ancillary operational activities shared;

3) Following the aforementioned separation, the Parties no longer belong to the same prudential conglomerate, but remain entities belonging to the same economic group;

4) Following the segregation, the Parties are in the process of organizing their operational structures; however, this process requires a period of adaptation and internal organization;

5) Therefore, and in order for the Parties to have sufficient time to establish their own operational structures, the Parties hereby enter into this Cost and Expense Sharing Agreement ("Agreement") for a term of eight (8) months, for the purpose of sharing activities related to Information Security.

1. PURPOSE

**1.1** The purpose of this instrument is to regulate the criteria for
apportioning costs, common expenses, and the terms and conditions that will be observed for the sharing of Information Security activities
between PicPay and Banco Original.

**1.1.1** Considering that the fulfillment of companies' ancillary demands related to information
security, related to the day-to-day business operations, will be adopted for the assessment and sharing of costs, the criteria, values,
scope description, and form of payment indicated in Annexes I and II of this Agreement.

**1.1.2** The costs and expenses of sharing include, among others, expenses incurred with
employees, material resources, and services related to administrative and operational support activities allocated to the sector.

**1.1.3** In the event that the Parties, by mutual agreement, wish to change the conditions
of the Annexes, it shall be sufficient to sign a separate document, which shall become an integral part of this instrument, inseparably,
and shall be referred to as "Annex I."

![](ex10-6_001.jpg)

"Annex II" and so on, regardless of the signing of a contractual amendment contractual amendment.

**1.1.4** PicPay's support areas will assist Banco Original in the same governance manner
aligned between them and PicPay, in accordance with the forms, manuals, rules, policies, and internal regulations, meeting the same deadlines
and procedures described in these materials ("Materials").

**1.2** <u>CONTRACTS</u>. This instrument also aims to regulate the
reimbursement, when applicable, by Banco Original to PicPay, of any costs that the latter may incur in contracting suppliers that provide
products and/or services that are also shared by PicPay with Banco Original and that, for some reason, cannot be formalized directly
between Banco Original and the supplier. The criteria indicated in the annex of shared contracts, which will be included in this instrument
as Annex A **("Supplier Annex")**, and when together with the other annexes, referred to simply as **Annexes**, will
be adopted for the assessment of the costs to be reimbursed by Banco Original to PicPay.

**1.2.1** In the event that the Parties, by mutual agreement, wish to amend the terms and
conditions of the Supplier Annexes, it shall suffice to sign a separate document, which shall become an integral part of this instrument,
to be referred to as "Annex A," "Annex B," and so on, regardless of whether a contract amendment is signed.

**1.3** There is no exclusivity between the Parties in relation to the
subject matter of this contract.

2 PRICE AND FORM OF PAYMENT

**2.1** The price to be paid by Banco Original shall include all encumbrances,
expenses, and social and labor charges, including work accident and civil liability insurance, taxes, salary variations, and any other
costs that the Parties may incur in order to comply with this instrument.

**2.2** <u>Apportionment Criteria</u>. It is hereby agreed and settled
that the apportionment criteria established for sharing costs and expenses incurred in the development of the activities described in
the Annexes shall be defined in each of the respective instruments. Common costs and expenses, including those not expressly regulated
in this instrument, shall be apportioned in proportion to the actual use of human or material resources used by Banco Original, demonstrated
through objective calculations and as accurately as possible. To this end, the Parties shall adopt the parameter that best quantifies
the actual and individualized use of the respective resource.

**2.2.1** If any of the Annexes establishes criteria other than those
mentioned in the caput of clause 2.2 above, the criteria defined in the Annex shall prevail.

**2.3** PicPay shall issue, at the frequency indicated in the Annex,
a debit note with the amounts calculated based on the definitions in the Annexes, which shall be paid by the debtor Party by crediting
the current account held by the creditor Party, with each credit note constituting proof of payment and receipt of discharge.

**2.3.1** In addition to the debit notes, PicPay shall submit reports
prepared in accordance with the provisions of the Annexes, which show, individually, by Support Area and by shared contract, the monthly
uses and their respective costs.

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|:---|:---|
| 2 | ![](ex10-6_001.jpg) |

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**2.4** Unjustified delay in payment shall subject the defaulting
Party to payment of the amount due plus a penalty of 2% (two percent), calculated on the principal amount in arrears, and interest on
arrears of 1% (one percent) per month, calculated *pro rata die*.

**2.5** In the event of a dispute between the Parties regarding the
amounts due, the debtor Party shall pay the undisputed amounts, suspending the enforceability of the disputed amounts until the dispute
is resolved.

**2.6** The Parties hereby authorize the offsetting of credits owed
to them against the amount of fines and reimbursements for which they are liable, calculated in accordance with the provisions of this
instrument.

**2.7** During the execution of this agreement and even after its
termination, the Parties shall observe the principles of probity and good faith and the ancillary duties of loyalty, information, cooperation,
and confidentiality.

3. TERM AND TERMINATION

**3.1.** This Agreement shall enter into force on the date of its
signature and shall remain in force until December 31, 2025, beginning on the date of signature of this instrument.

**3.2.** Either Party may, at any time, upon thirty (30) days' prior
written notice, terminate this Agreement, regardless of the reason and without payment of a fine or any type of penalty, unless the termination
may cause any financial impact on the other Party, in which case one Party shall reimburse the other for expenses incurred and/or that
may be incurred.

**3.3.** This instrument may also be terminated, at the discretion
of the innocent Party:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) upon written notice, in the event of default on a contractual
or legal provision by one of the Parties and not remedied within ten (10) days from receipt of written notification sent by the innocent
Party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) regardless of notice, in cases of judicial or extrajudicial
reorganization, liquidation, dissolution, or bankruptcy of either Party.

**3.4.** If this instrument is terminated based on subitem 3.3 (i),
the innocent Party shall be entitled to claim compensation, upon proof of losses and damages.

**3.5.** In any event of termination, whether normal or early, of
this Agreement, the Parties shall comply with the following specific obligations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) cease sharing its personnel support areas; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) pay the other Party all amounts due for expenses already
incurred.

**3.6.** In the event that PicPay is unable to continue providing
the services for any reason, Banco Original may assume the position in the performance of the services mentioned in this Agreement and
the contractual position with the shared suppliers for the purpose of continuing the services, by entering into the appropriate contractual
instrument(s).

4. NO EMPLOYMENT RELATIONSHIP

**4.1.** Under no circumstances shall this instrument establish an
employment relationship between PicPay's employees and Banco Original, or vice versa, each being responsible for any labor claims
brought by its employees, agents, and other collaborators.

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|:---|:---|
| 3 | ![](ex10-6_001.jpg) |

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**4.2.** In the event that Banco Original suffers fines, labor claims,
or any other administrative or judicial measures brought or motivated by employees who are part of PicPay's administrative infrastructure,
as listed in Annex I, PicPay undertakes to promptly assume its status as employer and sole responsible party for said employees, assisting
Banco Original in its defense, providing all necessary documents, and assisting in the accurate verification of the facts.

5. RESPONSIBILITIES

**5.1.** Each Party shall be responsible for its respective obligations
in the civil, labor, social security, tax, insurance, administrative, and socio-environmental areas until the respective rights expire
or lapse. The Parties undertake to indemnify, defend, and hold harmless the other Party in relation to any and all liabilities, obligations,
losses and damages, costs and expenses, including attorneys' fees, fines, penalties, judgments, and amounts paid as settlement, taxes,
due to the other Party's negligent or willful misconduct.

**5.2.** The Parties shall bear the taxes incumbent upon them, in
accordance with current legislation, undertaking to keep their tax obligations up to date and to safeguard the other Parties from any
liability in this regard.

6. INTELLECTUAL PROPERTY

**6.1.** The trademarks, patents, industrial designs, applications,
databases, pre-existing materials of PicPay and/or any and all materials produced as a result of the use of the support areas, including,
but not limited to, concepts, formulas and designs, *know-how, layouts*, software, source codes, technical documentation, models,
ideas, tools, and project management methodology, product and service development methodologies, information system methodologies, business
plans, functionalities, documentation, and characteristics of financial products and services and policies, as well as intellectual works
of any kind or nature, are the full and exclusive property of PicPay, unless expressly agreed otherwise in writing between the parties.

**6.1.1.** PicPay may freely use the intellectual property of the materials
produced under this instrument, by any means or in any form, for any purpose and at any time, in any location, including abroad, and
may also alter, supplement, update, or create derivatives also of its exclusive property, by itself or by third parties contracted for
this purpose, without any limitation and regardless of any formality or authorization from anyone.

7. CONFIDENTIALITY

**7.1.** Throughout the term of this Agreement and for up to two (2)
years after its termination, except in the cases provided for in clause 6.1.2, the Parties shall maintain confidentiality regarding this
instrument, the negotiations that preceded it, its execution, and all information obtained or accessed as a result of the Services, refraining
from using it for any purpose other than the normal execution of this Instrument.

**7.1.1.** "Confidential Information" means any information
or document of the Parties, obtained or accessed by the other Party, including personal data and customer transactions, employee data,
business data, economic and financial information, strategic, technical, legal, accounting, operational, administrative, commercial,
financial, and economic reports and analyses, as well as intellectual works and software owned by them, obtained by any means (oral or
written, express or tacit), which may be contained in any documents, spreadsheets, programs, systems, photographs, reports, physical
media, electronic media, etc.

---

| | |
|:---|:---|
| 4 | ![](ex10-6_001.jpg) |

---

**7.1.2.** The deadline referred to in subitem 6.1 does not apply to
information protected by banking or tax secrecy, and the confidentiality of such information must be observed by the Parties at all times.

**7.2.** All Confidential Information shall be kept in a secure location
with access restricted to the Parties' professionals who need such information.

**7.3.** The Parties undertake to immediately inform each other of
any breach of the confidentiality rules by any person, including unintentional or negligent breaches of Confidential Information.

**7.4.** If either Party is required to disclose any Confidential
Information due to an administrative or judicial order, it shall inform the other Party within 24 (twenty-four) hours so that the latter
may take the legal measures it deems necessary.

**7.5.** The Parties acknowledge that the Confidential Information
provided to them by the other Party is the exclusive property of the Party that provided it, and they are prohibited from keeping copies
or disposing of it in any way, at any time, and for any purpose, except for the performance of this Agreement.

**7.6.** Downloading documents and/or information for storage during
the term of this Agreement is prohibited. PicPay shall work on remote file servers (cloud), and if there is a need to download any material
or prepare material outside the cloud, at the end of the relationship, it shall upload it to the cloud and delete the material and/or
project from hardware that is not owned by PicPay.

8. COMBATING CORRUPTION AND ETHICAL
CONDUCT

**8.1.** The Parties undertake to:

a) comply, at all times, with all applicable regulations, laws,
and legislation, including, but not limited to, Brazilian anti-corruption laws and decrees, Law No. 12,846, of August 1, 2013, and Decree
No. 11,129, of July 11, 2022;

b) respect all such laws, as well as any other anti-bribery,
anti-corruption, or conflict of interest laws that may be applicable under this Agreement; and

c) not engage in any irregular or illegal conduct, nor take
any action or perform any act that may directly or indirectly favor one another or any of the companies in their respective economic
conglomerates, contrary to applicable laws in Brazil or abroad.

**8.2.** The Parties further warrant and agree that:

a) shall not, during the term of this instrument or in the performance
of any related activity, take any action, make any payment, offer, or promise, directly or indirectly, to any public official (whether
municipal, state, or federal) with the aim of inducing that official to use his or her influence with the government and/or any agency,
company, political party, municipality, or public office for the purpose of obtaining improper business advantages for themselves or
for the other Party;

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|:---|:---|
| 5 | ![](ex10-6_001.jpg) |

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b) immediately report to the other Party any information that
may indicate that there has been any type of action, payment, offer, or promise, directly or indirectly, to any public official for the
purpose described above, that is, the Party that becomes aware that any of its agents or employees have failed to comply with the above
agreed premises and obligations shall spontaneously report the fact to the other Party, so that, together, they can develop and execute
an action plan to (i) immediately remove the employee or agent; (ii) prevent such acts from recurring; and (iii) ensure that the Agreement
can remain in force, safeguarding the right of the notified Party to terminate this instrument immediately, even without the consent
of the other Party;

c) they shall inform each other of any political contributions
as required by law;

d) no public official (whether municipal, state, or federal)
has any participation or financial interest in their respective businesses, and shall promptly inform the other Party in writing of any
future participation or interest in this regard;

e) all information provided by the Parties under this Agreement
is true and accurate;

f) they, their partners, directors, agents, attorneys, administrators,
associates, employees, consultants, or representatives have not been convicted, found guilty, or indicted for any offense involving fraud,
corruption, or moral/ethical turpitude, and none of these persons have been listed by government agencies as excluded, suspended, allegedly
suspended or disqualified, or in any way unqualified for government procurement programs, or in any way mentioned in publicly reported
acts involving them in the promotion or facilitation of illegal or shady business practices, in the practice of acts that bring commercial
and/or image discredit to the other Party;

g) they will properly complete any due diligence form, providing
all information requested therein;

h) maintain their commercial books, records, and accounting
and financial documents with sufficient detail and accuracy to clearly reflect the operations and resources covered by this Agreement;
and

i) submit documents and information that may assist the other
Party in its defense, should either Party become involved in any situation related to corruption or bribery as a result of an action
taken by the other Party.

**8.3.** The Parties guarantee that:

a) they do not use illegal labor, and undertake not to use practices
analogous to slave labor or child labor, except for legal exceptions, either directly or indirectly, through their respective suppliers
of products and services;

b) they do not employ minors under the age of 18 (eighteen),
including minor apprentices, in places that are harmful to their education, physical, mental, moral, and social development, as well
as in dangerous or unhealthy places and services, at times that do not allow them to attend school, and also at night;

c) do not engage in negative discrimination practices that limit
access to or maintenance of employment, such as, but not limited to, reasons based on: gender, origin, race, color, physical condition,
religion, marital status, age, family situation, or pregnancy;

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|:---|:---|
| 6 | ![](ex10-6_001.jpg) |

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d) commit to protecting and preserving the environment, as well
as preventing and eradicating practices harmful to the environment, performing their services in compliance with current legislation
regarding the National Policy on the Environment and Environmental Crimes, as well as legal, regulatory, and administrative acts related
to the environmental and related areas, issued by the federal, state, and municipal governments; and

e) do not engage in practices related to activities that involve
criminal profit from prostitution or sexual exploitation of vulnerable persons.

9. GENERAL DATA PROTECTION LAW

**9.1** The Parties undertake to comply with all applicable legislation
on privacy and data protection, including (where applicable) the Federal Constitution, the Consumer Protection Code, the Civil Code,
the Brazilian Civil Rights Framework for the Internet (Federal Law No. 12,965/2014), its regulatory decree (Decree 8,771/2016), the General
Data Protection Law (Federal Law No. 13,709/2018), and other sectoral or general rules on the subject.

**9.2.** **Obligations**. Without prejudice to the other provisions
of this Agreement, PicPay's obligations are:

a) to treat the Personal Data to which it has access in strict
accordance with the instructions of the Agreement, as well as with other applicable legal and regulatory provisions, in particular regarding
privacy and security ("Legislation"), such as, but not limited to, those contained in Federal Decree No. 8,771/2016, Complementary
Law No. 105/2001, and Law No. 13,709/2018 ("General Data Protection Law");

b) process the data only during the term of this Agreement and/or
for the fulfillment of its obligations under this Agreement, retaining it for a longer period, provided that this is permitted by the
Legislation;

c) inform the need to change the way Personal Data is processed
in advance, so that the data subject can authorize the change and provide the appropriate and necessary guidelines for adaptation;

d) ensure that appropriate technical protections, capable of
maintaining the integrity, confidentiality, availability, and non-repudiation of personal and sensitive personal data, are implemented;

e) not transfer and/or share with third parties the Personal
Data processed under this contractual relationship and/or the result of such processing, except in the cases provided for in this Agreement;

f) not to subcontract, in whole or in part, the processing of
data without the prior and express authorization of the other Party's Privacy and Information Security departments, if authorized,
(i) to require subcontractors to meet the same technical, organizational, and security requirements imposed; and (ii) to take full responsibility
for any failures or damages caused by subcontractors.

g) have a comprehensive personal data security, protection,
and governance program, in compliance with the provisions of the Legislation, establishing appropriate technical and administrative controls
to ensure the confidentiality, integrity, availability, and non-repudiation of the Personal Data being processed, in addition to ensuring
compliance with the Legislation;

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|:---|:---|
| 7 | ![](ex10-6_001.jpg) |

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h) assist the other Party in fulfilling the rights of data subjects
provided for in the Legislation, 5 (five) days in advance of the legal deadline for responding to the data subject or within 4 (four)
hours when the response deadline must be immediate under the Legislation;

i) collaborate with PicPay, responding to its requests within
the period defined by it or provided for in this Agreement, whichever is shorter, ensuring full compliance with the provisions of the
Legislation.

**9.3** Data Breach. In the event of any incident (e.g., loss, deletion,
or unwanted or unauthorized exposure) involving the processed data, the Operator shall notify the Contracting Party within four (4) hours
of becoming aware of the incident and, within forty-eight (48) hours, provide its representative with all information related to the
event:

(i) the description and quantity of the data involved;

(ii) the data subjects affected by the event;

(iii) technical and security measures used to protect the data,
observing commercial and industrial secrets;

(iv) the risks related to the incident;

(v) the reasons for the delay in communication, if it was not
immediate;

(vi) the measures that have been or will be taken to reverse or
mitigate the effects of the damage.

10. INFORMATION SECURITY

**10.1.** The Parties undertake to:

a) Treat any information received or obtained, directly or indirectly,
from the Contracting Party in accordance with the criteria and degree of confidentiality established by the latter, always paying attention
to the confidentiality, integrity, and availability of the information, including any information system used within the scope of this
Agreement.

b) Immediately notify the other Party of possible cases of non-compliance
with Information Security guidelines, keeping them permanently informed about the measures taken to deal with the incident.

c) Be responsible for its administrators, employees, agents,
as well as third parties hired by it, for any damage or loss they may have caused due to non-compliance with the Information Security
rules set forth in this annex.

d) Allow the other Party to inspect the practices adopted in
relation to Information Security.

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|:---|:---|
| 8 | ![](ex10-6_001.jpg) |

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e) Use security mechanisms and controls based on best practices
and market standards, such as those established in the ISO-27001 technical standard, in addition to those established in laws or regulations,
such as BCB Resolution No. 85/2021 and payment card security standards (PCI-DSS), if applicable.

f) Keep security tools, technologies, and procedures up to date,
including, but not limited to, antivirus protection, anti-malware, and intrusion detection (IDS), in addition to using secure methods
to perform services under this Agreement.

g) Use up-to-date and secure encryption and hashing mechanisms
at all times during transmission (including via web interface), processing, and storage of data, whether for payment card data, personal
data, sensitive personal data, legal entity data, financial and transactional data, or any data previously agreed upon in the Agreement.

h) Not to share any information and/or transfer any rights of
access to information from the other Party, unless previously authorized

i) and formalized by means of a written addendum.

j) Keep your computing environment up to date and secure, ensuring
that security validation procedures are performed as described in this Agreement.

k) Ensure the use of licensed technology (e.g., devices, software,
applications) in accordance with the guidelines and usage characteristics of the respective suppliers.

**10.2.** In the event of termination or cancellation of this Agreement,
the Contractor shall ensure that all data from the Original is duly transferred to the Original or to a third party (indicated by the
Original in writing) within ten (10) business days.

11. GENERAL PROVISIONS

**11.1.** This instrument represents the complete and total agreement
between the Parties and may not be modified or altered without the prior and express written consent of the legal representatives of
the Parties or their respective successors, and the assignment of rights and obligations arising from this instrument is prohibited without
the written consent of the other Party.

**11.2.** The Parties expressly acknowledge that: (a) full compliance
with the obligations contracted herein is of fundamental importance to the balance of this Instrument and (b) the terms and conditions
set forth in this instrument are fair and reasonable and have been contracted in accordance with the principles of probity and good faith.

**11.3.** The Parties shall bear the taxes incumbent upon them, in
accordance with the legislation in force, undertaking to keep their tax obligations up to date and to safeguard the other Parties from
any liability in this regard.

**11.4.** All communications between the Parties shall be in writing
and by mail or email, with proof of delivery.

**11.5.** Any omission or tolerance by either Party in demanding faithful
compliance with the terms and conditions of this Agreement shall not constitute novation, forgiveness, or waiver, nor shall it affect
the Party's right to demand compliance at any time.

**11.6.** The possible invalidity, nullity, or unenforceability of
any contractual provision shall not affect the other provisions of this Agreement, which shall remain valid and enforceable, and the
clause declared void or inapplicable shall be replaced by another that leads the Parties to the same economic and legal result sought.

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| 9 | ![](ex10-6_001.jpg) |

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**11.7.** Without prejudice to the possibility of contractual termination
due to involuntary non-performance, neither Party shall be considered in default, nor shall it be liable to the other for failure to
perform its obligations, to the extent that such non-compliance results exclusively and demonstrably from an event beyond its control,
unforeseeable circumstances or force majeure, or from an act or omission attributable solely to the other Party.

12. JURISDICTION

**12.1** The Parties hereby elect the courts of the city of São
Paulo, State of São Paulo, to settle any disputes relating to this instrument.

**12.2** And, as they are fair and agreed upon, the Parties agree
that the signing of this instrument shall be carried out electronically, as authorized by Provisional Measure 2.200-2/2001, acknowledging
that this resource is valid, binding, and enforceable for all legal purposes. The Parties individually declare that they have adopted
security measures to prevent unauthorized access by third parties to the signature tools used herein.

---

| | |
|:---|:---|
|  | São Paulo, May 16, 2025 |
| /s/ Anderson Andrade Chamon do Carmo | /s/ Francisco José Pereira Terra |
| Anderson Andrade Chamon do Carmo | Francisco José Pereira Terra |

---

**PICPAY INSTITUIÇÃO DE PAGAMENTO S.A**

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| | |
|:---|:---|
| /s/ Sergio Leomil | /s/ Luiz Antonio Fernandes Caldas Morone |
| Sergio Leomil | Luiz Antonio Fernandes Caldas Morone |

---

**BANCO ORIGINAL S.A**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Witnesses: | Witnesses: |  |  |  |  |
| 1. | /s/ Fabio Alves Moreira | /s/ Fabio Alves Moreira | 2. | /s/ Haime Farias Heredia | /s/ Haime Farias Heredia |
|  | Name: | Fabio Alves Moreira |  | Name: | Haime Farias Heredia |
|  | CPF: |  |  | CPF : |  |

---

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|:---|:---|
| 10 | ![](ex10-6_001.jpg) |

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**SUPPORT AREAS**

**APPENDIX I**

● **BENEFICIARY COMPANY.** Banco Original.

● **COMPANY TO BE REIMBURSED.** PicPay.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SUPPORT AREA** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**DESCRIPTION OF ACTIVITIES** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ALLOCATION CRITERIA** | &nbsp;&nbsp;&nbsp;&nbsp;**PAYMENT METHOD** |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Security (SOC and CSIRT) | &nbsp;&nbsp; 24/7 SOC monitoring service and CSIRT incident response, which monitors security incidents, as well as monitoring brand abuse<br> or mentions on the dark web. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> R$23,000.00 | <br> Monthly |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Security (CloudSec) | &nbsp;&nbsp;Service that supports the implementation of Guardrails on AWS. | &nbsp;&nbsp;&nbsp;&nbsp; <br> R$31,360.00 | <br> Monthly |

---

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|:---|:---|
| 11 | ![](ex10-6_001.jpg) |

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**SUPPLIER AREAS**

**Appendix A**

● **BENEFICIARY COMPANY.** Banco Original S.A.

● **COMPANY TO BE REIMBURSED.** PicPay Instituição de Pagamento S.A.

● **TOTAL AMOUNT:** R$153,246.40 (one hundred and fifty-three thousand, two hundred and forty-six reais and forty centavos), monthly.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SUPPLIER** | **CNPJ** | &nbsp;&nbsp;&nbsp;&nbsp;**Description of Activities (contracted object)** | **Qty** | &nbsp;&nbsp;**Payment Method** | &nbsp;&nbsp;&nbsp;&nbsp;**Apportionment Criteria** |
| GCP (WIZ) | No CNPJ | &nbsp;&nbsp;CSPM Services - Cloud Security Posture Management | 318<br> Workloads | R$128,723.11 | Monthly |
| ASPER | 21,538,196/0001-42 | &nbsp;&nbsp;&nbsp;EDR - Crowdstrike for **Desktop**. Protection against ransomware and other threats. | 40<br> users | R$220,000.00 | Monthly |
| ASPER | 21.538.196/0001-42 | &nbsp;&nbsp;&nbsp;&nbsp; EDR - Crowdstrike for<br> **Servers**. Protection against ransomware and other | 80 servers | R$247,500.00 | Monthly |
| ASPER | 21.538.196/0001-42 | &nbsp;&nbsp;&nbsp;SASE / ZTNA Service - Netskope > Zscaler | 400<br> users | R$204,584.19 | Monthly |
| ASPER | 21,538,196/0001-42 | &nbsp;&nbsp;&nbsp;Forcepoint DLP endpoint service | 400<br> users | R$79,999.68 | Monthly |
| ASPER | 21.538.196/0001-42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pentest Consulting Service | &nbsp;&nbsp;&nbsp;&nbsp; 1 Annual Pentest<br> Third | R$72,000.00 | Monthly |
| GCP (SPLUNK) | No CNPJ | &nbsp;&nbsp;&nbsp; SIEM tool service, used for log correlation and threat monitoring<br> threats. | 6.5 SVC | R$206,522.40 | Monthly |
| GCP (SNYK) | No CNPJ | &nbsp;&nbsp; Static code analysis service and<br> third-party libraries -<br> SAST + SCA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86 HC<br> Tech | R$95,908.71 | Monthly |
| CLOUDFLARE | No CNPJ | &nbsp;&nbsp;&nbsp; CDN/WAF service: Web application firewall (WAF) protection services<br> Internet application (request) | &nbsp;&nbsp;&nbsp;50 MM requests | R$118,503.00 | Monthly |
| M3CORP | 10,608,614/0001-04 | &nbsp;&nbsp;&nbsp;SD Elements Service - Threat Modeling Tool. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86 HC<br> Tech | R$65,653.53 | Monthly |
| BESTSAVING | 46,408,359/0001-01 | &nbsp;&nbsp;&nbsp;&nbsp; Phishing Tool Service<br> Phishing Campaign - Knowbe4 | 400<br> users | R$60,800.00 | Monthly |
| OPLIUM | 06.108.544/0001-58 | &nbsp;&nbsp; Threatintell service that monitors the Original brand<br> on the Deep Web | &nbsp;&nbsp;&nbsp;&nbsp;1 brand: Original | R$132,868.08 | Monthly |
| HACKERONE | No CNPJ | &nbsp;&nbsp; Bug bounty service - reward for<br> vulnerabilities found | &nbsp;&nbsp;&nbsp;&nbsp; 20% of the contract +<br> $20k Bounty | R$205,893.99 | Monthly |

---

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|:---|:---|
| 12 | ![](ex10-6_001.jpg) |

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## Exhibit 10.7

**Exhibit 10.7**

**Free English Translation** 

**OPERATING AGREEMENT FOR API's USE LICENSE, ACCESS TO BANKING PRODUCTS AND SERVICES AND PROVISION OF TECHNICAL SUPPORT SERVICES**

**BANCO ORIGINAL S.A.,** headquartered in São Paulo/SP, at Rua Porto União, no. 295, Postal Code 04568-020, registered with CNPJ under No. 92.894.922/0001-08, herein represented in accordance with its Bylaws by its undersigned officers ("BANCO ORIGINAL"); and

**ORIGINAL HUB LTDA.,** headquartered in São Paulo/SP, at Porto União, No. 295, 18th floor, Brooklin Paulista, CEP 04568-020, registered with CNPJ under No. 11.214.823/0001-36, by its legal representatives identified at the end and undersigned ("ORIGINAL HUB"); and

**PICPAY INSTITUIÇÃO DE PAGAMENTO S.A.,** a joint-stock corporation, with its registered office at Avenida Manuel Bandeira, 291, Condomínio Atlas Office Park, Block A, 1st floor - offices 22 and 23, 2nd floor and 3rd floor, and Block B, 3rd floors - offices 43 and 44, Vila Leopoldina, Sao Paulo/SP, Postal Code 05317-020, CNPJ 22.896.431/0001-10, herein represented in the form of its corporate documents ("LICENSEE"),

**WHEREAS:**

a) BANCO ORIGINAL is a legally authorized and operationally qualified financial institution to market certain banking products and services through a partner company that aims to make these products available to its clients, within the scope of the project called Bank as a Service ("BaaS");

b) ORIGINAL HUB is a company technically qualified and legally authorized to act in the area of Technology of Information, being able to: (i) offer the partner company previously selected the right to use API's (Application Programming Interface) to access the products and services marketed within the scope of Baas, and (ii) provide related technical support services;

c) the LICENSEE, in its capacity as a selected partner through ORIGINAL HUB, intends to offer its clients - users of the technological platform developed by it, maintained and used for the accomplishment of its business purposes ("Application") - the option to access certain banking products and services included in the Baas and delivered via API ("API Services"), wherein the Application and the API services will be integrated by the LICENSEE; and

d) The Parties declare, under penalty of law, that they have the technical and financial resources and also the human resources necessary for the performance of this Agreement, also with the necessary know-how and experience;

the parties decide to enter into this Operating Agreement for API's Use License, Access to Banking Products and Services and Provision of Technical Support Services ("Agreement") under the terms of the following Sections and conditions.

**1 <u>SECTION ONE - DEFINITIONS</u>**

1.1. The Parties, by mutual agreement, decide on the definition of the following terms and/or expressions, including their variations in gender and number.

1.1.1. **"Agreement":** has the meaning assigned in the preamble.

1.1.2. **"Service Level Agreement":** refers to the adjustment defined in each Supplement intended to ensure the level of availability of Support Services, the tolerated downtime and, where applicable, the penalties for non-compliance.

1.1.3. **"Computing Environment":** refers to the set of computer equipment and systems, programs, and tables that make up the technological structure of each of the Parties.

1.1.4. **"APl's" (or *Application Programming Interface):*** refers to applications owned by ORIGINAL HUB that allow the connection of the Application and platform maintained by the LICENSEE with the Computing Environment of BANCO ORIGINAL, so that the LICENSEE's clients can use the API's Services.

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1.1.5. **"First Level Service":** registration of the incident, classification of the problem and prioritization according to the level of urgency. Service intended for resolving simple issues or referring calls to other levels of service.

1.1.6. **"BaaS" (or Bank as a Service):** means a platform of products and services made available to financial institutions authorized to operate by the Central Bank of Brazil, which may be used and offered to clients, suppliers and employees by any companies that intend to operate as suppliers of financial products without being subject to specific regulations applicable to the National Financial System.

1.1.7. **"API Content":** all content of a technical, operating, or business nature, that integrates the API and that be placed for access by the LICENSEE upon granting of the API license.

1.1.8. **"Registration Data":** includes information of identification and of location corresponding to name, CPF/CNPJ (Brazilian tax ID), phone number, email, and postal code.

1.1.9. **"Gateway":** API management tool that performs activities such as authentication, routing, limiting of rate, billing, monitoring, analysis, policies, alerts and security.

1.1.10. **"Grant-Code":** Access authentication pattern that is part of the OAuth 2.0 protocol used in the API call.

1.1.11. **"Leads":** User contact with Original generated by sending their registration data.

1.1.12. **"Licensee":** has the meaning assigned in the preamble.

1.1.13. **"Login":** the process of accessing a restricted computer system through user authentication or identification, using credentials.

1.1.14. **"Push Notification Confirmation":** messages and alerts received on the home screens of devices. They deliver a user-focused message aimed at generating clicks and engagement on the website or app.

1.1.15. **"Post Call-back":** type of function executed after the processing of another.

1.1.16. **"QR Code":** a barcode with information both horizontally and vertically that can be scanned by most smartphones.

1.1.17. **"Software":** it means any and all computer program developed or licensed by one of the parties, through which it is possible to access utilities and functionalities of a technological nature.

 **2 <u>SECTION TWO - PURPOSE</u>**

2.1. The purpose of this Agreement includes:

a) the granting, by ORIGINAL HUB to the LICENSEE, of a license to use, on a temporary and non-exclusive basis, of API('s);

b) the provision, by ORIGINAL HUB to the LICENSEE, of technical support services related to the licensed API('s), corresponding to corrective maintenance, provision of new versions and first-level support ("Support Services"); and

c) the responsibility of BANCO ORIGINAL to make available, in favor of the LICENSEE's clients, of the products and banking services related to the API('s) effectively licensed by ORIGINAL HUB as a result of this Agreement.

2.1.1. The complete description of each licensed API, including the specification of the banking services and products to be accessed through it, the term and conditions of the license, the implementation and technical compatibility requirements, the consideration due, the Support Services covered in each case, the service levels and respective penalties, the specific obligations and responsibilities of each party, among other aspects and conditions relevant to the fulfillment of this Agreement, will be contained in supplementary documents, which, once issued and signed by the Parties, will complement this instrument ("Supplements").

2.1.2. The disclosure of the availability of the API Services will be made by the LICENSEE, at its own expense and under its own terms and sole responsibility, and will necessarily be directed to its entire client base.

2.1.2.1. The LICENSEE shall submit to the prior and express approval of ORIGINAL HUB the final version of any and all materials created, produced and/or supplied by virtue of this Agreement, in which the trademarks or distinctive signs owned by BANCO ORIGINAL or ORIGINAL HUB are reproduced and/or which mention the API's, APP Content and/or APP Services, indicating the means and media in which such materials will be disseminated/distributed.

2.1.2.2. Should ORIGINAL HUB request adjustments and/or corrections to the materials mentioned in the previous sub-item, the LICENSEE shall take the necessary steps immediately, subsequently submitting the adapted material for prior and express approval by the former.

2.1.3 The provision, by ORIGINAL HUB, of services not specified in this Agreement and/or in a specific Supplement must be preceded by negotiation between the Parties and formalization of a contract that establishes the applicable technical, administrative, operating and commercial conditions.

2.1.4 During the performance of this Agreement and also after its termination, the Parties will observe the principles of probity and good faith and the ancillary duties of loyalty, information, cooperation and confidentiality.

 **3 <u>SECTION THREE – SPECIFIC CONDITIONS OF THE API's LICENSE</u>**

3.1. The use license referred to in sub-item 2.1 "a", granted by ORIGINAL HUB to the LICENSEE, is limited, temporary, revocable, non-exclusive, non-transferable and will allow the LICENSEE to access and use the API(s) described in the Supplement(s).

3.2. Before suspending, denying, limiting, pricing, or modifying the right of access and/or altering the technical specifications of any of the licensed Applications, ORIGINAL HUB will inform the LICENSEE at least twenty (20) days in advance to allow for the respective adaptation of its Application.

3.2.1. The LICENSEE agrees that it will be responsible for the necessary adaptations in the event of any changes to the technical specifications of the licensed API's.

3.3. The LICENSEE declares, under penalty of the law, that it is aware that the use of the licensed API('s) is/are subject to the security policies and procedures approved by BANCO ORIGINAL, including the procedures for generating and using credentials, which must be kept strictly confidential and may be changed by BANCO ORIGINAL at any time, upon prior notice to the LICENSEE.

3.4. The LICENSEE, for itself and through its clients, cannot:

a) modify, circumvent, or disable any element of the API, API Content, and/or API Service or its security and access devices;

b) disrupt, interfere with, or cause any kind of impact on access to or use of the API, API Content, and/or API Service;

c) violate, in any way, the intellectual property rights of BANCO ORIGINAL, ORIGINAL HUB, or third parties;

d) employ software, techniques, and/or devices with the intent of improperly using the API, API Content, or API Service, or transmitting or introducing viruses, worms, Trojan horses, or other malicious, contaminating, and/or destructive software through its systems or during their use;

e) Use the API, API Content, and/or API Service, in whole or in part, to alter the classification or concept of a given consumer regarding their eligibility for entering into business transactions of any kind, obtaining credit, securing employment, or for any other purpose;

f) Use the API, API Content, API Service, its Application, or any other Software or system to directly or indirectly facilitate the practice of contraventions, fraudulent or illegal acts of any kind, or acts contrary to morality and good customs;

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g) Use robots or any other automated information search mechanism to extract or index, in whole or in part, data from the API, API Content, and/or API Service for any unauthorized purpose; and

h) obtain or attempt to obtain unauthorized access to other computer systems or networks connected to the services of BANCO ORIGINAL or ORIGINAL HUB.

3.5. The LICENSEE is aware that the APIs, the API Content and the API Services may present errors in operation, accuracy, functionality, suitability for a specific purpose, security, stability, compatibility with other technological resources, availability or performance, except as provided in Section 8.1.

3.6. The LICENSEE is solely responsible for the Application it developed, its proper functioning, use and results, and for providing technical assistance or maintenance to its respective clients.

3.7. ORIGINAL HUB has the right to limit access to and/or use of the API('s) if the LICENSEE uses the API('s) in violation of this Agreement, including, but not limited to: limiting the number of calls or the frequency of access and use, the quantity and/or type of access requested, the type of applications, functions or data.

3.7.1. Any limitation will be notified to the LICENSEE at least 5 (five) days in advance.

3.8. ORIGINAL HUB is authorized to use any legal tracking mechanisms that allow it to audit, verify, and monitor the access and use of each API by the LICENSEE or its clients. The audits to be carried out by ORIGINAL HUB may, at its discretion, include requests for documents and information, as well as remote access or visits to the LICENSEE's facilities.

3.9. The LICENSEE undertakes to: (i) keep its access passwords to the APIs secret and prevent unauthorized third parties from using them; and (ii) indemnify ORIGINAL HUB against any liability arising from any misuse of its passwords by any third parties.

4. <u>SECTION FOUR – GENERAL OBLIGATIONS OF ORIGINAL HUB</u>

4.1. ORIGINAL HUB agrees to:

a) carry out the license of use of API's, observing the criteria, guidelines, places, deadlines, standards of quality and procedures stipulated in this Agreement and in the Supplements;

b) provide the Support Services under its full technical and operating responsibility, through suitable, qualified and legally authorized professionals;

c) exercise, under its exclusive and full responsibility, the management of professionals designated for the performance of Support and Marketing Services of the APIs;

d) review the communications submitted by the LICENSEE, in accordance with sub-item 2.1.2.1;

e) fully comply with the provisions relating to labor obligations and intellectual property;

f) safeguard and preserve assets, data, files, documents and passwords that may be delivered to it by BANCO ORIGINAL, the LICENSEE or a third party to enable compliance with this Agreement;

g) observe the policies, technical standards and procedures applicable within the scope of BaaS and those defined by BANCO ORIGINAL;

h) bear the taxes and contributions levied on the Support Services provided;

i) request to the LICENSEE all operating information that it deems necessary for the provision of the Support Services;

j) to immediately notify the LICENSEE in writing of any occurrence, error or omission that may affect the granted usage licenses, the provision of Support Services or the execution time thereof.

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 **5 <u>SECTION FIVE – GENERAL OBLIGATIONS OF BANCO ORIGINAL</u>**

5.1. BANCO ORIGINAL agrees to:

a) make available to the LICENSEE and its clients all the Services of the API's licensed by ORIGINAL HUB by virtue of this Agreement;

b) observe, in relation to the Services of the API's offered, all applicable specifications, especially those described in the corresponding Supplement;

c) maintain legally qualified personnel for the execution of banking activities related to the Services of the APs, complying with all applicable legal and administrative regulations, especially those defined by the National Monetary Council and the Central Bank of Brazil;

d) control all transactions carried out based on the connection enabled by the licensed APs under the terms of this Agreement, presenting, when appropriate, to ORIGINAL HUB the corresponding spreadsheets and reports; and

e) ensure the availability of the API's Services in order to enable, where applicable, compliance with the Service Level Agreements stipulated in the Supplements.

 **6 <u>SECTION SIX – SPECIFIC OBLIGATIONS OF BANCO ORIGINAL</u>**

6.1. BANCO ORIGINAL agrees to:

a) Receive the payment slip transaction and immediately and correctly confirm the settlement or return an error message;

b) Verify the amount;

c) Validate the barcode;

d) Verify inconsistencies;

e) Collecting the LICENSEE on the same day as receiving the transaction and settling the payment slip; and

f) Respect the agreements and deadlines defined in the Supplements to this Agreement.

 **7 <u>SECTION SEVEN – GENERAL OBLIGATIONS OF THE LICENSEE</u>**

7.1. The LICENSEE agrees to:

a) develop, at its own expense and under its sole responsibility, the Application, ensuring, on an ongoing basis, its proper functioning and its compatibility with the provisions of this Agreement and applicable legislation;

b) provide ORIGINAL HUB and BANCO ORIGINAL with the guidelines and information necessary for the fulfillment of the purpose of this Agreement;

c) disclose to its entire client base, at its own expense and in the manner defined in this instrument, the possibility of accessing the Services of the API's, offered within the scope of the BaaS, instructing interested parties on the operating conditions to be observed in each case;

d) when applicable, pay timely the remuneration agreed upon in each Supplement;

e) collect, pursuant to the applicable legal provisions, information about its clients;

f) obtain from its clients and store any and all required authorizations, in accordance with the applicable legislation;

g) guarantee the accuracy, quality, integrity, timeliness, legality, reliability, and relevance of the means of authentication and communication adopted and of the information provided to ORIGINAL HUB or to BANCO ORIGINAL or disclosed to third parties through its App;

h) respect the legal and/or contractual rights and prerogatives of ORIGINAL HUB, BANCO ORIGINAL, clients, or third parties, especially intellectual property and confidentiality rights;

i) comply with applicable legislation, including, without limitation, consumer protection rules, intellectual property, confidentiality and protection of personal data;

j) perform all operations and be responsible for all expenses necessary for the access, development, testing and maintenance of its Application;

k) obtain, when necessary, the consent of its clients for the sharing of data with ORIGINAL HUB and BANCO ORIGINAL; and

l) to comply with any and all technical standards and rules applicable to its activities.

 **8 <u>SECTION EIGHT - RESPONSIBILITIES AND COMPENSATION</u>**

8.1. Each Party is responsible for all direct losses and damages, duly proven, caused to the other Party(ies), arising from the breach of this Agreement and the general and specific obligations set forth herein.

8.2. Each Party is fully responsible to its clients for the services it provides and undertakes to indemnify the other Party(ies) from any claims or actions of any kind related to such services, in particular, those relating to violations of consumer rights.

8.3. Without prejudice to any exceptions provided for in this Agreement, neither Party shall be held liable for the services rendered or for any operation carried out by the other Party(ies), nor for the veracity of the information provided by the latter to its clients.

8.4. In the event that either Party is sued in legal proceedings concerning the services rendered by the other, the latter undertakes to act as a defendant in the lawsuit.

8.4.1. If acting as a defendant in the litigation is not possible, the responsible party undertakes to reimburse the other for all costs and expenses arising from claims, actions, litigation, administrative or judicial proceedings or any judicial or extrajudicial claims occurring in the manner of the preceding sub-item, including expenses relating to indemnities of any nature, fines, costs and attorney's fees, whether contractual and defeat, in addition to others necessary for the defense of the unduly sued Party, provided that they are proven in court, after a final and unappealable judgment, excluding expenses and non-pecuniary damages.

8.4.2. The amount to be reimbursed will be adjusted based on the variation of the IPCA, published by the Brazilian Institute of Geography and Statistics - IBGE, from the date of the damaging event until the date of reimbursement and increased, in case of delay, by a fine of two percent (2%) and default interest of 1% (one percent) per month.

8.5. The provisions of this Section will be effective even after the termination or expiration of the validity of this Agreement.

 **9 <u>SECTION NINE - LIMITATION OF LIABILITY</u>**

9.1. ORIGINAL HUB and BANCO ORIGINAL shall not, under any circumstances, be liable:

a) for any losses suffered by the LICENSEE's clients or third parties due to the use of the LICENSEE's Application, being liable only to the LICENSEE; and

b) for damages caused by malicious programs, such as viruses, trojans and hackers in the LICENSEE's systems, except if resulting from an error or failure caused by them.

9.2. Without prejudice to the other provisions contained in this Agreement, should either Party be held liable for the payment of any compensation to the others, such compensation shall be limited to the total amount of remuneration paid under this Agreement, determined in accordance with the criteria set forth in the Supplements.

9.3. Under no circumstances shall either Party be liable to compensate the other for lost profits or indirect damages.

 **10 <u>SECTION TEN – TERM, TERMINATION AND RESCISSION OF THE AGREEMENT</u>**

10.1. This Agreement shall be valid for twelve (12) months, counting from the date of signature of this instrument and shall be automatically renewed for equal periods, unless either party informs the other party of its interest to terminate it, with a thirty-(30)-days' prior notice before the end of the term.

10.1.1. At the discretion of the Parties, the term of this Agreement may be extended by means of an amendment.

10.2. Either party may, at any time, by giving thirty (30) days' prior notice, terminate this Agreement, regardless of the reason and without payment of any fine or penalty.

10.3. This Agreement may be terminated, at the discretion of the innocent Party:

a) by written notice, in the event of a breach of contractual or legal provision by one of the Parties and not remedied within ten (10) days from receipt of written notification sent by the innocent Party;

b) regardless of notice, in the event of judicial or extrajudicial liquidation, dissolution, judicial or extrajudicial reorganization, if applicable, or bankruptcy of either Party.

10.3.1. If the Agreement is terminated based on sub-item 10.3 (a), the innocent Party shall be entitled to receive a compensatory penalty in the amount of twenty percent (20%) of the total remuneration paid under this Agreement, adjusted according to the variation of the IPCA, published by the Brazilian Institute of Geography and Statistics - IBGE or, failing that, another index that replaces or represents it, regardless of the possibility of claiming supplementary compensation, upon evidence of excess losses and damages.

10.3.2. In any case of termination, normal or early, of this Agreement, the Parties shall fulfill the following specific obligations:

(i) ORIGINAL HUB will cease licensing the API's on the agreed date;

(ii) the LICENSEE shall make any payments due to ORIGINAL HUB up to the date of termination; and

(iii) the LICENSEE shall return or destroy, at the discretion of ORIGINAL HUB and BANCO ORIGINAL, all assets, documents, files and records in any format, physical or digital, of any nature, that have been used within the scope of this Agreement.

 **11 <u>SECTION ELEVEN – PRICE AND FORM OF PAYMENT</u>**

11.1. By virtue of this Agreement, remuneration will be due as defined in accordance with the parameters set forth in each Supplement, noting that the compensations usually employed in the context of banking activity will apply, where applicable, to the Services of the API's made available by BANCO ORIGINAL based on this instrument.

11.2. The remuneration defined in accordance with the Supplements will already include all charges, expenses and social and labor charges, insurance, including work accident insurance, taxes, salary variations and any other cost necessary for the implementation of this Agreement.

11.3. Any reimbursement of expenses will be conditional upon, cumulatively, the existence of an express provision in the Supplement, the prior written approval of the Party responsible for payment, and the presentation of the respective proof of payment. The frequency, form of payment, and late payment charges will also be defined in each Supplement.

 **12 <u>SECTION TWELVE - CONFIDENTIALITY</u>**

12.1. Throughout the term of this Agreement and for up to three (3) years after its termination, the Parties shall maintain confidentiality regarding this Agreement, its execution and all information they obtain or have access to as a result of signing this instrument, refraining from using it for any purpose other than the normal performance of this Agreement.

12.1.1. "Confidential Information" means all information or documents of each Party, including personal and operating data of its clients, data of its employees, business data, economic and financial information and information related to tangible and intangible assets owned by it, obtained by any means (oral or written, express or tacit), and may be contained in any documents, spreadsheets, programs, systems, photographs, reports, physical media, electronic media, etc.

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12.1.2. The period referred to in sub-item 12.1 does not apply to information protected by banking or tax secrecy, and the confidentiality of such information must be observed permanently.

12.2. All Confidential Information to which each Party has access must be kept in a secure location with access restricted to professionals who need such information to fulfill this Agreement.

12.2.1. The Parties are prohibited from disclosing Confidential Information to third parties, unless there is prior and express consent from the legal representatives of the Party holding the Confidential Information.

12.3. Each Party undertakes to immediately inform the Party holding the Confidential Information of any violation of the confidentiality rules by any person, including cases of unintentional or negligent violation of Confidential Information.

12.4. If a Party is required to disclose any Confidential Information due to an administrative or judicial order, it must notify the Party holding such information within twenty-four (24) hours,

so that the latter may take the judicial measures it deems necessary, provided that such communication is not prohibited by the requesting authority.

12.5. At any time and without prior notice, the Party holding the Confidential Information may request its return, in which case the other Party must return it immediately, and the latter is prohibited from retaining copies of any Confidential Information, except for information that may be kept by the Parties to comply with regulatory requirements.

12.5.1. The return referred to in sub-item 12.5 must be documented in a declaration signed by the Party making the return, under penalty of law, which shall include all Confidential Information actually returned and the declarant's statement that it does not have any copy of that information, in accordance with the provisions of sub-item 12.5.

12.5.2. Even with the return of any Confidential Information, the Party returning it shall remain bound by the duty of confidentiality and other conditions set forth in this Agreement.

12.6. Without prejudice to the immediate termination of the agreement, the breach, by the PARTIES or their representatives or agents, of any provision of this Agreement related to the security, use and disclosure of Confidential Information, will give rise to the application of a specific fine in the amount of twenty percent (20%) of the value of all payments made based on this Agreement, updated in accordance with the criteria set forth in sub-item 9.3.1, regardless of the possibility of claiming supplementary compensation, upon evidence of excess losses and damages.

12.6.1. Should the LICENSEE disclose any Confidential Information without the prior and express authorization of BANCO ORIGINAL or ORIGINAL HUB, the LICENSEE, without prejudice to the liability indicated in sub-item 12.6 and that applicable in the criminal sphere, may be subject to administrative sanctions imposed by regulatory bodies (Central Bank of Brazil, Brazilian Securities and Exchange Commission, etc.).

13. <u>SECTION THIRTEEN – WARRANTIES OF THE LICENSEE</u>

13.1. The LICENSEE represents and warrants that:

(i) it is technically and legally qualified to access and use the API's for interaction with its Application;

(ii) it has not and will not engage in any acts that may prejudice the rights and interests relating to the API's, the API's Content and the API's Services;

(iii) it will inform ORIGINAL HUB, as soon as it becomes aware, of any abusive or suspicious, unauthorized or prohibited use of the API's, the API's content and/or the API's services by a third party;

(iv) it is solely responsible for the confidentiality and proper use of the password to access the API's; and

(v) it will not question or prevent ORIGINAL HUB and/or BANCO ORIGINAL from analyzing, enabling, or using similar applications developed by their own technical team and/or by third parties.

14. <u>SECTION FOURTEEN- LABOR ASPECT</u>

14.1. Under no circumstances shall this Agreement establish an employment relationship between the employees of one Party or its subcontractors and any of the other Parties, each Party being responsible for any labor lawsuits filed by its employees, agents and other collaborators.

14.1.1. The responsibility mentioned in sub-item 14.1 shall remain even in the event of recognition of an employment relationship of the professional of one of the Parties with any of the other Parties, for any reason.

14.2. Each Party shall assume exclusive and full responsibility for the recruitment, hiring, management and supervision of the professionals designated by it for the performance of the services, as well as for compliance with the corresponding obligations of a labor, tax and social security nature.

14.2.1. The Parties shall formally designate a duly qualified manager to coordinate the execution of the activities that fall to them under this Agreement, who shall be responsible for providing the other Party(ies) with all necessary information about the work and the team under their management. Communication regarding demands and services between the Parties shall be made, only and exclusively, between the designated managers.

14.3. Each of the parties represents that it is individually responsible for any type of payment or compensation claimed by its employees, especially regarding labor claims and work accidents.

14.4. The Parties, when requested, undertake to present to the other Party(ies), at any time, within 5 (five) consecutive days from the date of the respective request, proof of payment of salaries, bonuses, social security contributions and deposits to the Unemployment Compensation Fund - FGTS, or other documents required by law, relating to employees who have been designated to perform activities covered by this Agreement, in addition to data and information that clearly identify these professionals, the location and period of activity.

14.5. If the Labor Court recognizes an employment relationship between a professional designated by one Party and the other Party, the former shall fully reimburse any expenses that may be incurred by the aggrieved Party in the labor action, in accordance with the provisions of sub-item 8.3.2.

14.6. In the case of the preceding sub-item, the Party responsible for the professional shall acknowledge the debt as its own, depositing the respective amounts into the current account indicated by the aggrieved Party within five (5) business days from the approval of the calculations under execution.

14.7. The responsible Party, under the terms of this Agreement, shall make its best efforts to settle any labor claims by entering into an agreement, excluding the innocent Party from the litigation, preferably by the first hearing.

14.7.1. If the responsible Party fails to appear in court, the other Party is hereby authorized to enter into an agreement, under the terms it deems appropriate, to be excluded from the litigation or to terminate the claim, with the responsible Party bearing the costs of the agreement, in accordance with the provisions of sub-item 8.3.2.

14.8. The Parties cannot, now or in the future, allege in court, to evade their responsibilities, that the defense provided by the other Party was imperfect or that the monitoring of the proceedings was unsatisfactory.

14.9. Should the innocent Party have assets blocked due to a labor claim by professionals of the other Party, or should it be summoned to make payment as a joint or subsidiary debtor, the responsible Party is required to immediately repair the damage, this instrument serving as an extrajudicial enforceable note and the bank statement of the blocking order serving as proof of the net amount demanded.]

15. <u>SECTION FIFTEEN - INTELLECTUAL PROPERTY</u> 

15.1. The LICENSEE represents that it is the exclusive owner of the intellectual property rights to its Application and that the use of the licensed API's in conjunction with its Application will not infringe or affect the rights of third parties.

15.2. The APIs and their respective development or support tools, trademarks, patents, service and product names, industrial designs, applications, databases, and all materials pre-existing or created during the term of this Agreement, including, for example, concepts, formulas and designs, know-how, layouts, software, source codes, technical documentation, models, ideas, project management tools and methodologies, product and service development methodologies, information systems methodologies, business plans, functionalities, documentation and characteristics of financial products and services, and policies provided are, and will remain, the full and exclusive property of the Party that creates them, which may, at its sole discretion, register, modify, or dispose of them in any way it sees fit, regardless of prior communication and/or authorization from the other Parties, including to protect or safeguard its exclusive ownership rights, and the other Parties may not use or dispose of them under any title.

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15.2.1. Under no circumstances will the LICENSEE have access to the source code of the API's.

15.3. The API's, Software, systems and/or other materials developed previously or during the term of this Agreement by ORIGINAL HUB or BANCO ORIGINAL will bear their trademarks or another expressly indicated by the Party that develops them.

15.3.1. The LICENSEE may not use the name of ORIGINAL HUB or BANCO ORIGINAL, their trademarks, logos and other distinctive signs, even as a mere reference, in any medium and under any title, without prior and express written authorization granted by the respective owner.

15.4. ORIGINAL HUB and BANCO ORIGINAL, as the exclusive owners of the intellectual property of the materials they develop, may freely use them for any purpose and at any time, in any location, including abroad, and may also update them or create derivative works, also of their exclusive property, for themselves or for third parties contracted for this purpose, without any limitation and regardless of any formality or authorization from anyone.

15.5. The LICENSEE will not be assigned the intellectual property of any of the materials licensed or used as tools for the provision of the Services.

16. <u>SECTION SIXTEEN – GENERAL DATA PROTECTION LAW</u> 

16.1 The Parties undertake to observe and comply, insofar as applicable, with the provisions of the DATA PROTECTION AGREEMENT (Exhibit I) to this Agreement.

17. <u>SECTION SEVENTEEN - NON-COMPLIANCE ALLOWED</u>

17.1. Without prejudice to the possibility of contractual termination due to involuntary non-performance, neither Party shall be considered in default, nor shall it be liable to the other for failures in the performance of its obligations under this Agreement, to the extent that such non-performance results exclusively from events beyond its control, acts of God or force majeure, or acts or omissions attributable solely to a third party or to the other Party(ies).

18. <u>SECTION EIGHTEEN – NOTICES BETWEEN THE PARTIES</u>

18.1. If either Party intends or is required to notify the other Party(ies), such notice shall be made to the following addresses:

---

| | |
|:---|:---|
| **ORIGINAL HUB** | **BANCO ORIGINAL** |
| Rua Porto União, No. 295, 18<sup>th</sup> Floor, São Paulo,<br> SP, Postal Code 04568-020<br> c/o: Luciana Arantes | Rua Porto União, No. 295, São Paulo, SP, Postal Code<br> 04568-020 <br> c/o: Adilson Nascimento Ferreira |

---

---

| | |
|:---|:---|
| Telephone:(11) 98101- 6100<br> E-mail: luciana.arantes@originalapp.com.br | Telephone:(11) 2330-1656<br> E-mail: adilson.ferreira@original.com.br |
| **LICENSEE** | **LICENSEE** |
| Address: Avenida Manuel Bandeira, 291, Condomínio Atlas Office Park, Block A, 1st floor - offices 22 and 23, 2nd floor and 3rd floor, and Block B, 3rd floor - offices 43 and 44, Vila Leopoldina, Sao Paulo/SP, Postal Code 05317-020<br> A/C: Gisele Aparecida Cavalheiro Ferreira <br> Telephone: (11) 99210-4701<br> E-mail: gisele.ferreira@picpay.com | Address: Avenida Manuel Bandeira, 291, Condomínio Atlas Office Park, Block A, 1st floor - offices 22 and 23, 2nd floor and 3rd floor, and Block B, 3rd floor - offices 43 and 44, Vila Leopoldina, Sao Paulo/SP, Postal Code 05317-020<br> A/C: Gisele Aparecida Cavalheiro Ferreira <br> Telephone: (11) 99210-4701<br> E-mail: gisele.ferreira@picpay.com |

---

18.2. The notifications referred to in this Section may be delivered in person, with proof of receipt by the other Party, or transmitted by telegram, e-mail, posted by the mail with return receipt requested or delivered via Registry of Deeds and Documents.

![](ex10-7_001.jpg)<sub>10</sub>

18.3. The Notices will be considered properly complied with when delivered to the representatives and addresses mentioned above.

18.4. Considering that, for compliance with this Agreement, exchange of information may be carried out by electronic means the Parties declare to recognize the validity of the information and the data transmitted electronically and that, according to article 225 of the Civil Code, mechanical or electronic reproductions of facts or things constitute full evidence thereof, unless the party against whom they are presented challenges their accuracy.

18.5. The Parties may, as necessary, change their representatives and/or addresses for receiving notifications related to this Agreement, notifying the other(s) Party(ies) of such alteration, in writing, ten (10) days in advance.

19. <u>SECTION NINETEEN: ASPECTS RELATING TO THE ANTICORRUPTION LAW</u>

19.1. The Parties mutually declare, irrevocably and irreversibly, that their directors, administrators, employees, service providers, including their subcontractors and agents, are aware of and fully comply with the provisions of national and international laws, regulations and normative provisions to which they are subject, which have as purpose the fight against corruption, bribery and the practice of acts harmful to the Public Administration.

19.2. For the performance of this Agreement, neither Party may offer, give or undertake to give to anyone, or accept or undertake to accept from anyone, whether on its own behalf or through another party, any payment, donation, compensation, financial or non-financial advantages or benefits of any kind that represent an illegal and/or corrupt practice, whether directly or indirectly related to the purpose of this Agreement, and must also ensure that its directors, administrators, employees, service providers, subcontractors and agents act in the same manner.

19.3. The Parties shall maintain their books and/or Digital Accounting Records (ECD), their records and accounting documents with sufficient detail and accuracy to clearly and unequivocally reflect the operations and resources related to this Agreement.

19.4. The Parties mutually assure that they adopt anti-corruption policies, processes and procedures aimed at ensuring the faithful compliance with national and international laws, regulations and normative provisions to which they are subject, which have as their purpose the fight against corruption, bribery and the practice of acts harmful to the Public Administration.

20. <u>SECTION TWENTY: SOCIAL AND ENVIRONMENTAL ASPECT</u>

20.1. Each Party warrants to the other Party(ies) that: (a) it is vested with all the powers and authority to assume and fulfill the obligations set forth herein and to consummate the transactions contemplated herein; and (b) the formalization and fulfillment of this Agreement does not imply a violation of any third-party rights, applicable law or regulation, or a violation, breach or default of any contract, instrument or document to which it is a party or by which it has any or all of its properties attached and/or affected, nor does it depend on obtaining any authorization under any contract, instrument or document to which it is a party or by which it has any or all of its properties attached and/or affected.

20.2. The Parties mutually represent and warrant that:

(i) they will comply with the provisions and conditions of this Agreement and its Supplement(s);

(ii) they are not politically exposed persons ("PEPs");

(iii) they conduct their activities in accordance with the applicable legislation in force, and that they hold the necessary approvals for the conclusion of this Agreement and for the fulfillment of the obligations set forth herein;

(iv) they do not use illegal labor and will not use forced labor or child labor, either directly or indirectly, through their respective suppliers of products and services;

(v) they do not employ minors under eighteen (18) years of age, including minor apprentices, in places that are detrimental to their education, physical, mental, moral and social development, as well as in dangerous or unhealthy places and services, at times that do not allow school attendance and, also, at night, considering this to be the period between 10 pm and 5 am;

(vi) they do not adopt practices related to activities that involve criminal profit from prostitution or sexual exploitation of vulnerable persons;

(vii) they do not use discriminatory practices that negatively restrict access to or maintenance of employment, such as, for example, those motivated by: sex, origin, race, color, physical condition, religion, marital status, age, family situation or pregnancy status; and

(viii) they undertake to protect and preserve the environment, as well as to prevent and eradicate practices harmful to the environment, carrying out their activities in compliance with current legislation regarding the National Environmental Policy and Environmental Crimes, as well as legal, normative and administrative acts relating to the environmental and related areas, emanating from the Federal, State and Municipal spheres.

21. <u>SECTION TWENTY-ONE – GENERAL PROVISIONS</u>

21.1. This Agreement represents the complete and total understanding between the Parties and may not be modified or altered without the prior and express written consent of the legal representatives of the Parties or their respective successors, and the transfer, subcontracting, in whole or in part, as well as the assignment of the rights and obligations arising from this instrument, is prohibited without the written consent of the other Party(ies).

21.2. This instrument does not constitute any employment, corporate, tax or any other similar relationship between the Parties, each Party remaining exclusively responsible for its obligations, under the terms of current legislation.

21.3. If one or more provisions of this Agreement are deemed ineffective, invalid or illegal in any respect, such finding shall not affect any other contractual provision.

21.4. In the event of a conflict between the provisions of this Agreement and those contained in any of its Supplements or Exhibits, the former shall prevail.

21.4.1. The modification of any Section or condition defined in this Agreement, including the definition of limits and/or exceptions of any nature not expressly mentioned in this instrument, will only be valid if stipulated in an Amendment signed by the legal representatives of the Parties.

21.4.2. The Supplements to be formalized during the term of this Agreement, intended exclusively to complement the provisions of this Agreement, once signed by the representatives of the parties, will integrate this instrument, for all legal purposes and effects.

21.5. Any tolerance by one Party regarding the non-observance or non-execution of any Section or condition by the other Party(ies) shall be mere liberality, not implying novation or waiver of the right to demand full compliance with the obligations agreed upon herein.

21.6. This instrument replaces any agreements, written or verbal, previously maintained by the Parties relating to the purpose hereby contracted and shall prevail over such documents, granting the Parties reciprocal, full and irrevocable release in relation to such agreements.

21.7. Each Party shall be responsible for the payment of the respective taxes to which it is liable. If, by any legal provision, one of the Parties is responsible for the payment of any tax for which the other Party is the taxpayer, the amount must be reimbursed by the debtor party to the creditor party within a period of up to five (5) business days, in accordance with the provisions of sub-item 8.3.2.

21.8. The LICENSEE agrees and, from now on, allows the Central Bank of Brazil to have access, if and when requested, to the terms agreed upon as a result of this Agreement, to the documentation and information relating to the API subject to the license, to the respective API Services and to the LICENSEE's premises.

21.9. The LICENSEE declares that it is aware of the content of Resolution No. 4.658, of April 26, 2018, of the Central Bank of Brazil, and undertakes, from now on, and if necessary, to adapt to the Cybersecurity Policy of Banco Original at the appropriate time.

21.10. This Agreement is entered into on an irrevocable and irreversible basis, producing effects between the Parties and their respective successors.

21.11. The Parties acknowledge that full compliance with the provisions of this Agreement and its Supplements is fundamental to the balance of the legal relationship established between them.

21.12. In the event of a merger, division, consolidation or association of one of the Parties with third parties, the other Party(ies) shall have the right to terminate this Agreement, without penalty, or continue its execution with the company resulting from the change.

21.13. The LICENSEE undertakes to present to BANCO ORIGINAL, at any time, within twenty-four (24) hours of the respective request, its Clearance Certificate of Debts relating to Federal Taxes and Registered Federal Debt (CND), issued by the Federal Revenue Service and its Certificate of Good Standing of the FGTS (CRF) - issued by Caixa Econômica Federal, under penalty of, if it fails to do so within the period defined above, incurring default giving rise to contractual termination.

21.14. The Parties declare that they have their own codes of conduct that encompass the guidelines and principles of ethical behavior to which they are subject, and Compliance programs that establish clear rules for conducting and supervising their activities, defining objective criteria for evaluating the conformity of their conduct with legal precepts and other applicable regulations, with structures and procedures aimed at preventing or inhibiting the practice of infractions of said Law and others with similar or related scope, and identifying misconduct. For the LICENSEE: PicPay Code of Ethics and Conduct - Codec, available at www.canaldeetica.com.br/picpay. For the Original Group: "CODE OF CONDUCT FOR RELATIONSHIPS WITH BUSINESS PARTNERS", available at https://www.original.com.br/qovernanca, being responsible for its full compliance, by itself, its employees, contractors and/or subcontractors.

21.15. The Parties elect the Courts of the Judicial District of the Capital of the State of São Paulo to resolve any doubts arising from this Agreement.

21.16. The signatures on this Agreement will be made by digital/electronic signature tool, in accordance with paragraph 2 of article 10 of Provisional Measure 2.200-2/2001, and are valid and enforceable obligations for all legal purposes, representing the will of all who sign it, as documentary evidence and extrajudicial execution note, for all purposes and effects.

21.17. The effects of this instrument are retroactive to January 1, 2022.

In witness whereof, the Parties sign this document on two (02) copies of equal content and form, in the presence of the witnesses identified and signed below.

São Paulo - SP, May 5, 2022.

---

| | |
|:---|:---|
| /s/ Alexandre Souza da Conceição | /s/ Wagner Aparecido Mardegan |
| Alexandre Souza da Conceição | Wagner Aparecido Mardegan |

---

**ORIGINAL HUB LTDA.**

---

| | |
|:---|:---|
| /s/ Erico de Arruda Holanda | /s/ Adilson Nascimento Ferreira |
| Erico de Arruda Holanda | Adilson Nascimento Ferreira |

---

**BANCO ORIGINAL S.A.**

---

| | |
|:---|:---|
| /s/ Augusto Ribeiro Junior | /s/ Eduardo Chedid Simões |
| Augusto Ribeiro Junior | Eduardo Chedid Simões |

---

**PICPAY INSTITUIÇÃO DE PAGAMENTO S.A.**

**Witnesses:**

---

| | | | |
|:---|:---|:---|:---|
| /s/ Gisele Cavalheiro Ferreira | /s/ Gisele Cavalheiro Ferreira | /s/ Helen Tamires Gonçalves de Farias | /s/ Helen Tamires Gonçalves de Farias |
| Name: | Gisele Cavalheiro Ferreira | Name: | Helen Tamires Gonçalves de Farias |
| CPF: | CPF: | CPF: | CPF: |

---

![](ex10-7_001.jpg)<sub>13</sub>

**DATA PROTECTION AGREEMENT**

1. This is an Integral part of the Operating Agreement for API's Use License, Access to Banking Products and Services and Provision of Technical Support Services, dated May 5, 2022, entered into by the Parties: **BANCO ORIGINAL S.A**. a private legal entity, headquartered in the city of São Paulo, state of São Paulo, at Rua Porto União, No. 295, Brooklin, CEP 04568-020, registered with the CNPJ under number 92.894.922/0001-08, herein represented in accordance with its Bylaws, hereinafter referred to as BANCO ORIGINAL, **ORIGINAL HUB LTDA**., headquartered in São Paulo/SP, at Rua Porto União, No. 295, 18th floor, Brooklin Paulista, CEP 04568-020, registered with the CNPJ under number 11.214.823/0001-36, herein represented in accordance with its Articles of Association, hereinafter referred to as ORIGINAL HUB, and **PICPAY INSTITUIÇÃO DE PAGAMENTO S.A**., a joint-stock company, headquartered at Avenida Manuel Bandeira, No. 291, Condomínio Atlas Office Park, Block A, 1st floor - offices 22 and 23, 2nd and 3rd floors, and Block B, 3rd floor - offices 43 and 44, Vila Leopoldina, São Paulo/SP, CEP 05317-020, CNPJ 22.896.431/0001-10, hereinafter referred to as LICENSEE.

BANCO ORIGINAL and ORIGINAL HUB, together, hereinafter referred to as "ORIGINAL".

1. This Data Protection Agreement ("DPA") is dated May 5, 2022 ("Effective Date") and, together with its exhibits, supersedes any other privacy and data protection instruments or provisions relating to the Services that may have been previously entered into by the Parties, including any provisions of the Agreement, its exhibits, or any other document whose terms may conflict with this DPA. The Parties agree to comply with the provisions below.

**2.** **PURPOSE AND SCOPE OF THE PROCESSING** 

2.1. This DPA applies to Personal Data controlled by the CONTRACTING parties (hereinafter referred to as "Client Personal Data") that is processed by the LICENSEE and ORIGINAL, as Sole Controllers, as part of the provision of the Services. The Parties acknowledge and agree that, for the purposes of Client Personal Data, ORIGINAL will act as Data Controller and the LICENSEE will also act as Data Controller. The Parties represent and warrant that they comply with all their duties and obligations as Personal Data Controllers, in accordance with the provisions of Applicable Privacy Laws.

**3.** **SECTIONS** 

3.1. The Parties undertake to process information legally classified as personal data, by reason of this agreementual relationship, in accordance with applicable legislation, including the General Data Protection Law ("LGPD" - Law No. 13.709/2018).

3.2. The Parties shall cooperate with each other in fulfilling obligations relating to the exercise of the rights of Data Subjects provided for in the LGPD, in the Laws and Regulations on Data Protection in force and in complying with requests and determinations of administrative control bodies.

3.3. The processing of personal data shall be carried out solely for the purpose established in this agreement, except in cases where processing is necessary for compliance with legal or regulatory obligations to which the Parties are subject.

3.4. The Parties undertake to establish and maintain a comprehensive personal data security and governance program, including appropriate technical and administrative measures to ensure the confidentiality, integrity, and availability of the data being processed throughout the entire personal data lifecycle, as well as ensuring compliance with the LGPD (Brazilian General Data Protection Law) and other regulations concerning privacy and personal data protection, and conducting periodic corporate training, monitoring compliance, and keeping their data processing records duly updated.

3.4.1. The Parties undertake to regularly conduct tests, assessments, and verifications of the effectiveness of technical, administrative, and organizational measures to ensure the security of processes involving the Processing of Personal Data.

3.5. The Parties shall have a written and structured incident response plan for incidents involving personal data. An incident is understood to be any unauthorized access, loss, deletion, or improper or accidental disclosure of personal and/or sensitive information processed.

![](ex10-7_001.jpg)<sub>14</sub>

3.6. The Parties ensure that all their employees involved in the processing of personal data arising from the performance of this agreement:

3.6.1. are subject to confidentiality agreements and professional or statutory obligations of confidentiality and protection of personal and sensitive data accessed by reason of their professional activities;

3.6.2. received training regarding the principles of data protection and the laws involving data processing;

3.6.3. are aware of the obligations of the Parties, including the obligations of this Agreement.

3.7. If, for the performance of this Agreement, the international transfer of data by either Party is necessary, and if the destination country does not have an adequate level of personal data protection as determined by the National Data Protection Authority, the Party sharing the data must ensure that the international transfer be carried out in accordance with one of the mechanisms provided for by the LGPD (Brazilian General Data Protection Law) and other laws and regulations on the matter.

3.8. The Parties agree not to transfer or share with third parties the personal data processed under this agreementual relationship, unless it is an essential requirement for the fulfillment of this agreement and has been previously communicated to and agreed upon by the other Party, so that the latter may take appropriate measures to adapt the intended processing, if necessary.

3.9. In the event of transfer or sharing of personal data, respect for the purpose of processing set forth in this agreement must be guaranteed, as well as the security, confidentiality, availability and integrity of the data.

3.10. The Parties shall refrain from commercializing, selling, distributing or otherwise exploiting the personal data subject to this agreement for economic purposes.

3.11. When one of the Parties identifies the occurrence of a security incident, it must notify the other Party in writing within four (4) hours. The notification must contain detailed information covering, at least:

(i) unique incident sequence number;

(ii) initial impact of the incident;

(iii) incident categorization;

(iv) origin of the incident (initial information);

(v) date and time of occurrence;

(vi) date and time of identification;

(vii) information on the identification of the equipment (IP addresses, hostname, network, data center, etc.) involved in the incident;

(viii) information on the physical location of the incident (if applicable);

(ix) initial description of the incident;

(x) initial action required for resolution;

(xi) teams involved in incident resolution;

(xii) incident status.

3.12. Without prejudice to the obligation set forth in Section 3.11, one of the Parties shall report information about the security incident to the other Party within a maximum period of twenty-four (24) hours, containing the following details:

(i) origin of the incident, with greater depth and detail of information;

(ii) detailed impact of the incident;

(iii) cause of the incident, with greater depth and detail of information;

(iv) complete mapping of the action necessary to resolve the incident.

3.13. When either Party identifies the occurrence of a security incident involving the processing of personal data, in accordance with the LGPD and any regulations that may be issued by the National Data Protection Authority, the Party that identifies the incident must notify the other Party in writing immediately, or within a maximum period of twenty-four (24) hours if immediate notification is not possible. The notification must contain detailed information, including, at least:

(i) identification and contact details of the data controller, data protection officer or other contact person;

(ii) indication of whether the notification of the incident is complete or partial;

(iii) description of the event and its cause, the nature of the data affected (date and time of detection; date and time of the incident and its duration; category of data affected; circumstances in which the security breach occurred; physical location and storage medium of the data; possible cross-border problems);

(iv) information about the data subjects involved (category and quantity of data and data subjects affected);

(v) the related risks and possible impacts on data subjects;

(vi) the actions taken for prevention and the technical and administrative measures to mitigate the effects and damages, so that the other Party can comply with any legal requirements;

(vii) other information useful to the affected persons to protect their data or prevent possible harm.

3.13.1. The Parties, at their own expense, shall investigate the causes and consequences of the Security Incident and take the necessary measures to remedy its consequences, promptly informing the other Party of all actions taken.

3.13.2. The Parties shall not disclose any information about the Security Incident unless agreed upon by the Parties, or required to do so by determination of the Supervisory Authorities, under Brazilian law.

3.14. The Parties shall communicate and cooperate so that requests related to Personal Data made by data subjects may be fulfilled, as provided for in the legislation, to the extent that it does not compromise the activities of the Parties and the fulfillment of this agreement. Whenever requested by one of the Parties, the other Party shall assist in fulfilling requests made by data subjects, providing all information requested by the other Party, immediately or in a timely manner, observing the maximum period of five (5) days from the date of the data subject's request.

3.15. Each Party shall be individually responsible for fulfilling its obligations arising from the LGPD and any regulations subsequently issued by the competent regulatory authority, considering its role as a personal data controller.

3.16. If the National Data Protection Agency (ANPD) imposes sanctions on the Parties related to this agreement, and exclusive fault or intent on the part of one of the Parties is found, the party that caused the sanction shall bear the administrative penalty, in addition to any costs and expenses incurred by the injured Party(ies) throughout the administrative proceeding, without prejudice to the right of recourse provided for in privacy and data protection legislation.

3.17. If any Party violates any legal provision regarding the processing of personal data of data subjects related to the subject matter of this agreement, or any applicable legislation, the innocent Party reserves the right to terminate this agreement, without any burden, fine or charge.

3.18. In case of conflict between the provisions of this Agreement and the Agreement or any other document signed between the parties, specifically in relation to Personal Data Processing activities, the provisions of this Agreement shall prevail, except in cases where a subsequent document is signed between the Parties, expressly declaring the subsidiary nature of this Agreement.

3.19. The Parties shall, upon termination of any Personal Data Processing activities in the context of the Agreement ("<u>Termination Date</u>"), cease processing Personal Data and, upon written request from the other Party, delete the Personal Data related to the terminated activities, as well as any existing copies (whether in digital or physical format), except when the maintenance of Personal Data is necessary for compliance with a legal or regulatory obligation.

3.20. The Parties may, at their sole discretion, by giving written notice to the other Party within 30 calendar days of the Termination Date, require the other Party to: (a) return a complete copy of all Personal Data processed in the context of the Agreement, by secure transfer and in an interoperable or proprietary format of the other Party.

3.21. The Parties shall provide written certification to the other Party that they have fully complied with this section within 30 calendar days of the Termination Date.

**4.** **EFFECTIVE DATE** 

This DPA shall enter into force on the Start Date and shall remain in force until the termination of the Agreement.

**5.** **REPRESENTATIVE CONTACT INFORMATION OF THE PARTIES FOR DATA PROTECTION** 

The contact information for ORIGINAL and PICPAY representatives regarding data privacy issues is:

ORIGINAL:

Érico de Arruda Holanda<br> contatodpo@original.com.br

LICENSEE:

Thiago Daniel <br> encarregado@picpay.com

**6.** **GENERAL PROVISIONS** 

6.1. Should any provision of this DPA be deemed invalid or ineffective, such invalidity or ineffectiveness shall only affect that provision, it being understood that the remainder of this DPA shall remain in force, effective and binding.

6.2. The provisions of this DPA are binding on the Parties and any successors, of any nature;

6.3. This DPA shall survive the termination of the Agreement and shall continue to bind the Parties with respect to Personal Data Processing activities arising from the Agreement that continue to occur, even if only for the purpose of complying with a legal or regulatory obligation.

6.4. This DPA may be amended by the will of the parties or if a new law, regulation or directives from the ANPD or any Supervisory Authority arise that require the amendment of its provisions. The new provisions must be agreed upon by the Parties in good faith, always in writing as an amendment to this DPA.

**<u>SUPPLEMENT No. 01 TO THE</u>** **<u>OPERATING AGREEMENT FOR API's USE LICENSE, ACCESS TO BANKING PRODUCTS AND SERVICES AND PROVISION OF TECHNICAL SUPPORT SERVICES</u>**

**<u>("Payment API")</u>**

**BANCO ORIGINAL S/A,** headquartered in São Paulo-SP, at Rua Porto União, No. 295, Brooklyn Paulista, Postal Code 04568-020, registered with the CNPJ under number 92.894.922/0001-08, by its legal representatives undersigned and identified below ("BANCO ORIGINAL");

**ORIGINAL HUB LTDA.,** headquartered in São Paulo-SP, at Rua Porto União, No. 295, 18° floor, Brooklin Paulista, Postal Code 04568-020, registered with the CNPJ under number 11.214.823/0001-36, by its legal representatives undersigned and identified below ("ORIGINAL HUB");

**PICPAY INSTITUIÇÃO DE PAGAMENTO S.A,** a joint-stock company, with its registered office at Avenida Manuel Bandeira, 291, Condomínio Atlas Office Park, Bloco A, 1st floor - offices 22 and 23, 2nd floor and 3rd floor, and Block B, 3rd floor - offices 43 and 44, Vila Leopoldina, Sao Paulo/SP, Postal Code 05317-020, CNPJ 22.896.431/0001-10, by its legal representatives identified below and undersigned ("LICENSEE");

each of them individually also designated "Party" and, collectively, "Parties";

**WHEREAS**:

a) the Parties, on May 5, 2022, entered into the Operating Agreement for API's Use License, Access to Banking Products and Services and Provision of Technical Support Services ("Agreement");

b) there is a need to define specificities applicable to the Agreement, particularly the characterization of the API(s) subject of the license, the banking products and services to be accessed, the related technical support services, as well as the criteria applicable to the remuneration due in each case;

They decide to formalize this Supplement No. 02 relating to the Payment API ("Supplement"), under the following terms:

**1. DESCRIPTION OF THE API(S) SUBJECT OF THE LICENSE**

1.1. The Payment API is the Application Programming Interface made available by ORIGINAL HUB to the LICENSEE, the use of which allows access to the payment service for bills, taxes and utility bills by the LICENSEE's users through its Application.

1.2. The specific purpose of the Payment API is to allow the LICENSEE to access the payment service for bills, taxes and utility bills of BANCO ORIGINAL, to make it available to its customers, business partners and employees, through its Application ("Services").

---

| | |
|:---|:---|
| ![](ex10-7_001.jpg) | 18 |

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1.3. Technical requirements for accessing any type of API.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Technologies and HTTP/REST Infrastructures** | &nbsp;&nbsp;**Details** |
|  | &nbsp;&nbsp;The APls are exposed using the REST standard. |
| &nbsp;&nbsp;**Secure Connection** | &nbsp;&nbsp;Requirement of security: The APls must be called using a secure HTTPS connection |
| &nbsp;&nbsp;To use the APls in the Open Banking Legal Entity Model |  |
| &nbsp;&nbsp;**Technologies and Infrastructure Account in Original** | &nbsp;&nbsp;**Details** <br> It is necessary that the LICENSEE owns one active business account at Banco Original |
| &nbsp;&nbsp;**Callback during Login** | &nbsp;&nbsp;During the login process, a POST callback is performed to a pre-registered URL (HTTPS) containing the authorization code (grant code). The format of this callback and the authentication flow are detailed in specific documentation. Therefore, the LICENSEE must register the callback URL with BANCO ORIGINAL and expose an API to receive the authorization code |
| &nbsp;&nbsp;**Fixed IP** | &nbsp;&nbsp;The APIs calls must be made through fixed IPs (IP list). The gateway will validate the originating IP of the request and if it is not in the combined list, the request will be denied |
| &nbsp;&nbsp;To use the APls in the Open Banking Partnerships |  |
| &nbsp;&nbsp;**Technologies and lnfrastructures Callback at Login** | &nbsp;&nbsp;**Details**<br>During the login flow, a POST callback is performed on a pre-registered URL (HTTPS) with the authorization code (grant code). The format of this callback and the authentication flow are detailed in specific documentation. Therefore, the partner must register the callback URL with BANCO ORIGINAL and expose an API to receive the authorization code. |
| &nbsp;&nbsp;**Fixed IP** | &nbsp;&nbsp;The API calls must be made through fixed IPs (IP list). The gateway will validate the originating IP of the request, and if it is not on the combined list, the request will be denied |

---

**2. DESCRIPTION OF BANKING SERVICES AND PRODUCTS TO BE ACCESSED**

2.1. The API acts as a bridge connecting the payment product system of BANCO ORIGINAL with the LICENSEE's system, enabling the LICENSEE to offer its clients payment services for bills, taxes, and utility bills. All processing, settlement, and accounting are done by BANCO ORIGINAL.

2.2. The banking services accessed through the API are:

● Real-time payment confirmation;

● Value verification;

● Barcode validation; and

● Inconsistency verification.

**3. DESCRIPTION OF TECHNICAL SUPPORT SERVICES**

Remote technical support will be provided through the following service channels: telephone (11) 2330-3533 and email gestao.processamento@original.com.br.

The LICENSEE will use the service channels to report occurrences and incidents related to the API.

The service team will provide 1st level support, 24x7 (twenty-four hours a day, seven days a week), in Portuguese.

ORIGINAL HUB is responsible for the construction, evolution, commercialization, support and maintenance, as well as for the 1st service level of the APIs.

**4. Service Level Agreement ("SLA")**

4.1. API AVAILABILITY

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Priority** | &nbsp;&nbsp;**Maximum time to start maintenance** | &nbsp;&nbsp;**Maximum time for a workaround solution** | &nbsp;&nbsp;**Maximum time for a definitive solution.** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;Up to 1 hour | &nbsp;&nbsp;Up to 4 hours | &nbsp;&nbsp;Up to 2 business days |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;Up to 4 hours | &nbsp;&nbsp;Up to 8 hours | &nbsp;&nbsp;Up to 4 business days |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;Up to 1 business day | &nbsp;&nbsp;Up to 48 hours | &nbsp;&nbsp;Up to 15 business days |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;Up to 3 business days | &nbsp;&nbsp;Up to 72 hours | &nbsp;&nbsp;No term |

---

a) Workaround: temporary solution to the incident.

b) Definitive solution: solution to the problem.

Priority 1 - Urgent: Calls under these conditions are those in which the LICENSEE or its clients are unable to perform an operation and have no workaround alternative.

Priority 2 - High: Calls under these conditions are those in which the LICENSEE or its clients are unable to perform an operation on the system, but have a workaround alternative by other means that allow the completion of the operation in question.

Priority 3 - Medium: Calls under these conditions refer to requests in which the LICENSEE or its clients are not unable to operate the system.

Priority 4 - Low: Calls under these conditions are those in which the LICENSEE or its clients are not unable to operate the system, there is no need for short-term adjustments, or they involve suggestions for system improvements made by the LICENSEE or its clients.

4.2. The average API response time is one second and twenty-two milliseconds (1.22) seconds.

4.2.1. The average time calculation is based on the last thirty (30) days, in which the transactions carried out in this period were analyzed with the response time of each one.

4.2.2. BANCO ORIGINAL and ORIGINAL HUB will not be required to observe the SLA provided for in this Supplement in the following cases:

(a) interruptions necessary for technical adjustments or maintenance, which must be notified at least forty-eight (48) hours in advance, and should preferably be carried out during periods of low usage, outside business hours and preferably on weekends;

(b) emergency interruptions resulting from the need to preserve the security of the API and the data stored therein, which must be notified at least twenty-four (24) hours in advance, intended to prevent and stop the actions of "hackers" or intended to implement security corrections;

(c) due to natural disasters or impediment of access to the API due to problems external to BANCO ORIGINAL and/or ORIGINAL HUB, for example, interruption of internet communication carried out by a third-party company to the Agreement;

(d) suspension of the provision of the services contracted herein by order of competent authorities or for non-compliance with clauses of the Agreement and/or its Supplements; and

(e) possible instabilities in the CIP's internal environment.

4.2.3. The availability window for payment settlement via the Payment API varies according to the type of payment, being from 7:00 AM to 8:30 PM for bank slips and from 7:00 AM to 6:00 PM for taxes and utility bills, on business days. If a payment settlement request occurs outside this period, the service will be completed on the next business day following the request.

4.2.4. ORIGINAL HUB will provide a homologation environment for validating new API functionalities. This environment will be available from Monday to Friday, from 9:00 AM to 5:00 PM, to receive requests from the LICENSEE. During the homologation period, ORIGINAL HUB will provide a response within five (5) business days, counted from the receipt of the requests.

5. **TERM**

5.1. This Supplement shall be in effect from the date of its signature and while the Agreement is in effect.

5.2. The Parties may terminate this Supplement at any time, upon thirty (30) days' prior written notice, regardless of the reason and without payment of any fine or penalty.

6. **AMOUNTS**

6.1. BANCO ORIGINAL will transfer monthly to the LICENSEE the amounts established in the table below due to the use of the Payment API each month:

---

| | |
|:---|:---|
| &nbsp;&nbsp;***Per bill paid through API PAG*** | &nbsp;&nbsp;***Per bill paid through API PAG*** |
| &nbsp;&nbsp;**Volume** | &nbsp;&nbsp;**Rebate** |
| &nbsp;&nbsp;**1 to 1.000.000** | &nbsp;&nbsp;**BRL 0.21** |
| &nbsp;&nbsp;**1.000.001 to 2.000.000** | &nbsp;&nbsp;**BRL 0.22** |
| &nbsp;&nbsp;**2.000.001 to 3.000.000** | &nbsp;&nbsp;**BRL 0.23** |
| &nbsp;&nbsp;**3.000.001 to 4.000.000** | &nbsp;&nbsp;**BRL 0.24** |
| &nbsp;&nbsp;**4.000.001 to 5.000.000** | &nbsp;&nbsp;**BRL 0.25** |
| &nbsp;&nbsp;**5.000.001 to 6.000.000** | &nbsp;&nbsp;**BRL 0.26** |
| &nbsp;&nbsp;**6.000.001 to 7.000.000** | &nbsp;&nbsp;**BRL 0.27** |
| &nbsp;&nbsp;**7.000.001 to 8.000.000** | &nbsp;&nbsp;**BRL 0.28** |
| &nbsp;&nbsp;**Above 8.000.000** | &nbsp;&nbsp;**BRL 0.31** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Per consumption bill or tax paid by** | &nbsp;&nbsp;**Per consumption bill or tax paid by** |
| &nbsp;&nbsp;**Volume** | &nbsp;&nbsp;**Rebate** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**1 to 2.000.000** | &nbsp;&nbsp;**BRL 0,16** |
| &nbsp;&nbsp;**2.000.001 to 4.000.000** | &nbsp;&nbsp;**BRL 0,17** |
| &nbsp;&nbsp;**4.000.001 to 6.000.000** | &nbsp;&nbsp;**BRL 0,21** |
| &nbsp;&nbsp;**6.000.001 to 7.000.000** | &nbsp;&nbsp;**BRL 0,22** |
| &nbsp;&nbsp;**7.000.001 to 8.000.000** | &nbsp;&nbsp;**BRL 0,23** |
| &nbsp;&nbsp;**Above 8.000.000** | &nbsp;&nbsp;**BRL 0,24** |

---

6.2. Once the minimum volume of each range, represented by the lines in the tables above, is reached, the rebate value will be applied to all transactions to be paid, as in the following example:

Example: 3,500,000 invoices paid in the month

Rebate = 3,500,000 \* BRL 0.24

6.3. It is agreed between the Parties that BANCO ORIGINAL may, at any time, renegotiate the amounts provided for in this Supplement in order to adapt them to current legislation and the determinations of the competent authorities. Any changes to the amounts provided for herein will be formalized between the Parties by means of an amendment to this Supplement.

7. **BILLING AND PAYMENT DATES**

7.1. Until the last business day of the following month, BANCO ORIGINAL must send the LICENSEE a report containing the value of all payments of bills and/or taxes/utility bills made by users of the LICENSEE's Application. The LICENSEE, in turn, will analyze the values and, if there is no objection regarding the amounts presented, BANCO ORIGINAL will transfer the amounts due to the LICENSEE.

7.2. If there is a disagreement between the Parties regarding the amounts described in the report, the undisputed amount will be credited to the LICENSEE's current account, and the Parties must work together to reach a consensus regarding the disputed part of the payment.

7.3. Payments will be made by credit to current account No. 3335329-8, branch 0001, Bank 212 of the LICENSEE, held at BANCO ORIGINAL, every 30th of each month.

7.4. The amount to be transferred by BANCO ORIGINAL to the LICENSEE already includes all taxes, fees, contributions and charges that are or may become due as a result of the purpose of the Agreement ("Taxes"), in accordance with the legislation in force, which are the sole responsibility of BANCO ORIGINAL.

7.5. In the event of changes in legislation that imply an increase or reduction in the taxes applicable to the operation, the Parties, by mutual agreement, may assess any impacts on the price agreed upon herein and renegotiate them through an Amendment.

7.6. BANCO ORIGINAL, when acting as a withholding agent, will deduct and collect from the payments it makes the taxes and contributions that it is required to collect under current legislation.

7.7. In the event that the LICENSEE has overdue debts to BANCO ORIGINAL arising from obligations under this Supplement and/or other contractual relationships maintained between the Parties, the LICENSEE hereby authorizes that said amounts be offset against amounts receivable from BANCO ORIGINAL under this Supplement.

7.8. It is hereby established that any delay in the transfer by BANCO ORIGINAL will result in the accrual of default interest of one percent (1%) per month, calculated pro rata die, plus a penalty of two percent (2%) on the amount of the overdue debt, adjusted based on the variation of the IPCA, published by the Brazilian Institute of Geography and Statistics - IBGE.

The effects of this Agreement are retroactive to January 1, 2022.

This Supplement, an integral part of the Agreement, shall be governed in its entirety by the provisions agreed upon herein, prevailing over this instrument, including the definitions contained in the Agreement.

In witness whereof, the Parties sign this document in two (02) copies of equal content and form, in the presence of the witnesses identified and signed below.

São Paulo - SP, May 5, 2022.

---

| | |
|:---|:---|
| /s/ Adilson Nascimento Ferreira | /s/ Erico de Arruda Holanda |
| Adilson Nascimento Ferreira | Erico de Arruda Holanda |
| **ORIGINAL HUB LTDA.** |  |

---

---

| | |
|:---|:---|
| /s/ Wagner Aparecido Mardegan | /s/ Alexandre Souza da Conceição |
| Wagner Aparecido Mardegan | Alexandre Souza da Conceição |
|  | **BANCO ORIGINAL S.A.** |

---

---

| | |
|:---|:---|
| /s/ Augusto Ribeiro Junior | /s/ Eduardo Chedid Simões |
| Augusto Ribeiro Junior | Eduardo Chedid Simões |
| **PICPAY INSTITUIÇÃO DE PAGAMENTO S.A.** |  |

---

Witnesses:

---

| | | | |
|:---|:---|:---|:---|
| /s/ Helen Tamires Gonçalves de Farias | /s/ Helen Tamires Gonçalves de Farias | /s/ Gisele Cavalheiro Ferreira | /s/ Gisele Cavalheiro Ferreira |
| Name: | Helen Tamires Gonçalves de Farias | Name: | Gisele Cavalheiro Ferreira |
| CPF: |  | CPF: |  |

---

**<u>SUPPLEMENT No. 02 TO THE OPERATIONAL AGREEMENT FOR LICENSING OF APPLICATIONS, ACCESS TO BANKING PRODUCTS AND SERVICES AND PROVISION OF TECHNICAL SUPPORT SERVICES</u>**

**<u>("Automatic Debit API")</u>**

**BANCO ORIGINAL S/A**, headquartered in Sao Paulo-SP, at Rua Porto União, No. 295, Brooklin Paulista, CEP 04568-020, registered with CNPJ under number 92.894.922/0001-08, through its legal representatives identified and signed below ("BANCO ORIGINAL");

**ORIGINAL HUB LTDA.**, headquartered in Sao Paulo-SP, at Rua Porto União, No. 295, 18th floor, Brooklin Paulista, CEP 04568-020, registered with the CNPJ under number 11.214.823/0001-36, through its legal representatives identified and signed below ("ORIGINAL HUB");

**PICPAY INSTITUIÇÃO DE PAGAMENTO S.A.**, a public limited company, with registered office at Avenida Manuel Bandeira, 291, Condomínio Atlas Office Park, Block A, 1st floor - offices 22 and 23, 2nd and 3rd floors, and Block B, 3rd floor - offices 43 and 44, Vila Leopoldina, São Paulo/SP, CEP 05317-020, CNPJ 22.896.431/0001-10, through its legal representatives identified and signed below ("LICENSEE");

each of them individually also referred to as a "Party" and, collectively, as the "Parties";

**WHEREAS**:

a) the Parties, on May 5, 2022, entered into the Operational Agreement for the Licensing of Use of APIs, Access to Banking Products and Services and Provision of Technical Support Services ("Agreement");

b) there is a need to define specificities applicable to the Agreement, particularly the characterization of the API(s) subject to the license, the banking products and services to be accessed, the related technical support services, as well as the criteria applicable to the remuneration due in each case;

they decide to formalize this Supplement No. 01 relating to the Automatic Debit API ("Supplement"), under the following terms:

**1. DESCRIPTION OF THE API(S) SUBJECT TO THE LICENSE**

1.1. The Automatic Debit API and the Application Programming Interface provided by ORIGINAL APP to the LICENSEE, whose use will allow the LICENSEE to provide its clients with the service of registering their current accounts for recurring debit with public service providers that have a contractual relationship with BANCO ORIGINAL during the term of this instrument, for payment of utility bills, taxes and collection slips by means of automatic debit from the account.

1.1.1. The registration of the LICENSEE's clients' current accounts for recurring debit with public service providers is conditional upon the existence of a current payment service agreement between BANCO ORIGINAL and the public service providers. It is hereby agreed between the Parties that BANCO ORIGINAL shall have full autonomy to decide which agreements will be maintained or formalized with public service concessionaires, and shall not, under any circumstances, be obliged to formalize or maintain specific agreements to meet the requests of the LICENSEE and/or its clients. In the event that BANCO ORIGINAL chooses to discontinue any agreement, it must notify the LICENSEE 60 (sixty) days prior to the effective termination of the agreement in question.

1.1.2. All exchange of information between the Parties relating to the use of the Automatic Debit API will be carried out in a managerial manner, by means of "IDs", with no exchange of personal customer data from the LICENSED to BANCO ORIGINAL and vice versa.

1.1.3. The specific purpose of the Automatic Debit API is to allow the LICENSEE to access the BANCO ORIGINAL service that will enable the registration of its clients' accounts in direct debit to facilitate the payment of utility bills, taxes and collection slips automatically, by direct debit, subject to the exceptions provided for in the Agreement and its Supplements ("Services").

1.2. Technical requirements for accessing any type of API.

---

| | |
|:---|:---|
| **Technologies and Infrastructures** | **Details** |
| **HTTP/REST** | The APIs are exposed using the REST standard. |
| **Secure Connection** | Security Requirement: APIs must be called using a secure HTTPS connection. |
| For use of APIs in the Open Banking PJ |  |
| **Model Technologies and Infrastructures** | **Details** |
| **Account at Banco Original** | It is necessary that the LICENSEE has an active PJ account at Banco Original. |
| **Login Callback** | During the login flow, a POST callback is performed on a pre-registered URL (HTTPS) with the authorization code (grant-code). The format of this callback and the authentication flow are detailed in specific documentation. Therefore, the LICENSEE must register the callback URL with BANCO ORIGINAL and expose an API to receive the authorization code. |
| **Fixed IPs** | API calls must be made through Fixed IPs (IP list). The gateway will validate the originating IP of the request, and if it is not in the combined list, the request will be denied. |
| For the use of APIs in the Open Banking Partnerships Model |  |
| **Technologies and Infrastructures** | **Details** |
| **Callback at Login** | Fixed IP Details During the login flow, a POST callback is made to a pre-registered URL (HTTPS) with the authorization code (grant code). The format of this callback and the authentication flow are detailed in specific documentation. Therefore, the partner must register the callback URL with the ORIGINAL BANK and expose an API to receive the authorization code. |
| **Fixed IPs** | API calls must be made through Fixed IPs (IP list). The gateway will validate the originating IP address of the request, and if it is not in the matched list, the request will be rejected. |

---

**2. DESCRIPTION OF BANKING SERVICES AND PRODUCTS TO BE ACCESSED** 

2.1. The API is equivalent to a bridge that connects the debit product system of BANCO ORIGINAL with the LICENSEE's system, so that the latter can offer its clients the Automatic Debit services for utility and tax bills. All processing, settlement, and accounting is done by BANCO ORIGINAL.

2.2. The banking services accessed through the API are:

● Consultation of enabled agreements and registration of automatic debit;

● Confirmation of registration with the partner institutions;

● Confirmation of due date entries with the partner institutions;

● Activation, suspension, or cancellation of the entry; and

● Confirmation of debit execution.

**3. DESCRIPTION OF TECHNICAL SUPPORT SERVICES**

Remote technical support will be provided through the following service channels: telephone (11) 2330-3533 and email gestao.processamento@original.com.br.

The LICENSEE will use the service channels to report occurrences and incidents related to the API.

The service team will provide 1st level support, 24x7 (twenty-four hours a day, seven days a week), in Portuguese.

ORIGINAL HUB is responsible for the construction, evolution, commercialization, support and maintenance, as well as for the 1st level service of the APIs.

**4. Service Level Agreement ("SLA")** 

4.1. API AVAILABILITY

---

| | | | |
|:---|:---|:---|:---|
| **Priority** | **Maximum time to start maintenance** | **Maximum time frame for<br> resolution of contour** | **Term maximum for<br> definitive solution** |
| 1 | Up to 1 hour | Until 4 hours | Up to 2 days useful |
| 2 | Until 4 hours | Until 8 hours | Until 4 days useful |
| 3 | Until 1 days useful | Until 48 hours | Until 15 days useful |
| 4 | Until 3 days useful | Until 72 hours | Without Term |

---

&nbsp;&nbsp;&nbsp;&nbsp;a) Workaround solution: temporary solution to the incident.

&nbsp;&nbsp;&nbsp;&nbsp;b) Definitive solution: solution to the problem.

Priority 1 - Urgent: Calls under these conditions are those in which the LICENSEE or its clients are unable to perform an operation and have no workaround alternative.

Priority 2 - High: Calls under these conditions are those in which the LICENSEE or its clients are unable to perform an operation in the system, but have a workaround alternative through other means that allow the completion of the operation in question.

Priority 3 - Medium: Calls under these conditions refer to requests in which the LICENSEE or its clients are not unable to operate the system.

Priority 4 - Low: Calls under these conditions are those in which the LICENSEE or its clients are not unable to operate the system, there is no need for short-term adjustments, or they involve suggestions for system improvement made by the LICENSEE or its clients.

4.2. The average API response time is 1.22 (one second and twenty-two milliseconds) seconds.

4.2.1 The average time calculation is based on the last 30 (thirty) days, in which the transactions carried out in this period were analyzed with the response time of each one.

4.2.2. BANCO ORIGINAL and ORIGINAL HUB will not be required to observe the SLA provided for in this Supplement in the following cases:

(a) interruptions necessary for technical adjustments or maintenance, being informed at least 48 (forty-eight) hours in advance, and should preferably be carried out during off-peak hours, outside business hours and preferably on weekends;

(b) emergency interruptions resulting from the need to preserve the security of the API and the data stored therein, being informed at least 24 (twenty-four) hours in advance, intended to prevent and stop the actions of "hackers" or intended to implement security corrections;

(c) due to natural disasters or due to impediment of access to the API due to problems external to BANCO ORIGINAL and/or ORIGINAL HUB, for example, interruption of internet communication carried out by a third-party company to the Agreement;

(d) suspension of the provision of the services contracted herein by order of competent authorities or due to non-compliance with clauses of the Agreement and/or its Supplements; and

(e) possible instabilities in the internal environment of CIP.

4.2.3. The availability window for payment settlement via the Payment API varies according to the payment type, being from 7:00 AM to 8:30 PM for bank slips and from 7:00 AM to 6:00 PM for taxes and utility bills, on business days. If a payment settlement request occurs outside this period, the service will be processed on the next business day following the request.

**5. TERM**

5.1. This Supplement shall be effective from the date of its signature and for as long as the Agreement is in effect.

5.2. The Parties may terminate this Supplement at any time, upon prior written notice of 60 (sixty) days, regardless of the reason and without payment of any fine or penalty.

**6. AMOUNTS**

6.1. BANCO ORIGINAL will transfer monthly to the LICENSEE the amounts provided for in the table below as a result of the use of the Automatic Debit API each month:

---

| | | |
|:---|:---|:---|
| **AUTOMATIC DEBIT** | **AUTOMATIC DEBIT** | **AUTOMATIC DEBIT** |
| **Pricing for payments via direct debit, considering the total volume of payments for taxes, utility bills, and payment slips.** | **Pricing for payments via direct debit, considering the total volume of payments for taxes, utility bills, and payment slips.** | **Pricing for payments via direct debit, considering the total volume of payments for taxes, utility bills, and payment slips.** |
| **Total number of bill payments made per month (taxes, utility bills, and payment slips), including payments via direct debit** | **Unit value paid by the LICENSEE to ORIGINAL HUB for payments made for utility bills/taxes via automatic debit through the Automatic Debit API** | **Unit value paid by the LICENSEE to ORIGINAL HUB for payments made for utility bills/taxes via automatic debit through the Automatic Debit API** |
| **From 1 to 100,000** | **BRL** | **0.12** |
| **From 100,001 to 500,000** | **BRL** | **0.10** |
| **Above of 500,001** | **BRL** | **0.08** |

---

6.2 It is agreed between the Parties that the BANCO ORIGINAL may, at any time, renegotiate the amounts stipulated in this Supplement in order to adapt them to current legislation and the determinations of the competent authorities. Any changes to the amounts stipulated herein will be formalized between the Parties by means of an addendum to this Supplement.

**7. BILLING AND PAYMENT DATES**

7.1. The charge for using the Automatic Debit API will use, for the purpose of calculating the amount due, the volume of payments made in the month of assessment, considering the volume of payments made through automatic debit and the volume of payments of bills without automatic debit (payment slips, utility bills and taxes).

7.1.1 If a given automatic debit is not completed for any reason, the attempt to complete the automatic debit will not be considered for the purpose of calculating the amount payable to BANCO ORIGINAL; that is, only automatic debits effectively completed through the Automatic Debit API will be considered for the purpose of payment, in accordance with clause 6.1 above.

7.2 Payments will be made by crediting the LICENSEE's current account held at BANCO ORIGINAL.

7.3 It is hereby established that any delay in the transfer of amounts due by the BANCO ORIGINAL to the LICENSEE will result in the accrual of default interest of 1% (one percent) per month, calculated pro rata die, plus a penalty of 2% (two percent) on the amount of the overdue debt.

7.4. The amount to be paid for the service already includes all taxes, fees, contributions and charges that are or may become due as a result of the object of this Agreement ("Taxes"), in accordance with current legislation.

7.4.1. In the event of a change in legislation that implies an increase or reduction in the taxes applicable to the operation, the Parties, by mutual agreement, may assess any impacts on the price agreed herein and negotiate them through an Addendum.

7.5 In the event that the LICENSEE has outstanding debts to BANCO ORIGINAL arising from obligations under this Supplement and/or other contractual relationships between the Parties, the LICENSEE hereby authorizes that said amounts be offset against amounts receivable from BANCO ORIGINAL under this Supplement.

**8. OTHER RELEVANT CONDITIONS**

8.1. BANCO ORIGINAL is hereby authorized by the LICENSEE to debit from current account No. 3335329-8, branch 0001, Bank 212, maintained under its custody, the amounts necessary for the execution of the Services, at the exact moment of use of the API, observing the volumes foreseen in this instrument.

8.2. In case of insufficient balance in the aforementioned current account, both for the execution of the Services and for payment of the Consideration foreseen in this Supplement, the Parties declare that they are aware that BANCO ORIGINAL will **NOT** execute the requested service and will send the LICENSEE an error message due to insufficient account balance.

8.3. The LICENSEE is aware and agrees that, when issuing payment receipts to its users for payments made through the use of the API, it must clearly and unequivocally inform them, on the receipts themselves, that the payment settlement was made "via an accredited partner".

The effects of this instrument are retroactive to January 1, 2022.

This Supplement, an integral part of the Agreement, shall be governed in its entirety by the provisions agreed upon herein, prevailing over this instrument, including the definitions contained in the Agreement.

And, being in agreement, the Parties sign this document in two (2) copies of equal content and form, in the presence of the witnesses identified and signed below.

São Paulo - SP, May 5, 2022.

---

| | |
|:---|:---|
| /s/ Adilson Nascimento Ferreira | /s/ Erico de Arruda Holanda |
| Adilson Nascimento Ferreira | Erico de Arruda Holanda |
| **ORIGINAL HUB LTDA.** | **ORIGINAL HUB LTDA.** |
| /s/ Wagner Aparecido Mardegan | /s/ Alexandre Souza da Conceição |
| Wagner Aparecido Mardegan | Alexandre Souza da Conceição |
| **BANCO ORIGINAL S.A.** | **BANCO ORIGINAL S.A.** |
| /s/ Augusto Ribeiro Junior | /s/ Eduardo Chedid Simões |
| Augusto Ribeiro Junior | Eduardo Chedid Simões |

---

**PICPAY INSTITUIÇÃO DE PAGAMENTO S.A.** 

Witnesses:

---

| | |
|:---|:---|
| /s/ Helen Tamires Gonçalves de Farias | /s/ Gisele Cavalheiro Ferreira |
| Name: Helen Tamires Gonçalves de Farias | Name: Gisele Cavalheiro Ferreira |
| CPF: | CPF: |

---

**1st AMENDMENT TO THE OPERATIONAL AGREEMENT FOR API USAGE LICENSE, ACCESS TO BANKING PRODUCTS AND SERVICES, AND PROVISION OF TECHNICAL SUPPORT SERVICES**

**BANCO ORIGINAL S.A.**, headquartered in São Paulo/SP, at Rua Porto União, No. 295, ZIP Code 04568-020, registered with the CNPJ under No. 92.894.922/0001-08, herein represented, in accordance with its Bylaws, by its undersigned officers ("BANCO ORIGINAL");

**ORIGINAL HUB LTDA.**, headquartered in São Paulo/SP, at Porto União, No. 295, 18th floor, Brooklin Paulista, ZIP Code 04568-020, registered with the CNPJ under No. 11.214.823/0001-36, herein represented by its undersigned legal representatives identified below ("ORIGINAL HUB"); and

**PICPAY INSTITUIÇÃO DE PAGAMENTO S.A.**, a joint-stock company headquartered at Avenida Manuel Bandeira, 291, Condomínio Atlas Office Park, Block A, 1st floor - offices 22 and 23, 2nd floor and 3rd floor, and Block B, 3rd floor - offices 43 and 44, Vila Leopoldina, Municipality of São Paulo, State of São Paulo, ZIP Code 05317-020, registered with the CNPJ under No. 22.896.431/0001-10, herein represented by its undersigned legal representatives identified below ("LICENSEE");

**WHEREAS:**

a) On May 5, 2022, the Parties formalized the Operational Agreement for API Usage License, Access to Banking Products and Services, and Provision of Technical Support Services ("Agreement"); and

b) The intellectual property and responsibility of the APIs currently used by the LICENSEE, under the Agreement and its Supplements, were transferred by ORIGINAL HUB to BANCO ORIGINAL;

The Parties hereby execute this **1st Amendment to the Operational Agreement for API Usage License, Access to Banking Products and Services, and Provision of Technical Support Services** ("**Amendment**"), under the following clauses and conditions.

**CLAUSE ONE**

1.1. Considering that the responsibility and intellectual property of the APIs used by the LICENSEE under the Agreement and its Supplements were transferred by ORIGINAL HUB to BANCO ORIGINAL, the Parties agree to formalize the **assignment of all obligations and responsibilities of ORIGINAL HUB to BANCO ORIGINAL, with the consequent exclusion of ORIGINAL HUB as a party to the Agreement.**

1.2. Therefore, as of this date, BANCO ORIGINAL shall be responsible for providing, supporting, and maintaining the APIs, pursuant to the provisions of the Agreement and each Supplement executed between the Parties.

1.3. Due to the assignment provided for in item 1.1 above, all references to "ORIGINAL HUB" shall be understood as "BANCO ORIGINAL" and the preamble to the Agreement shall henceforth read as follows:

"***BANCO ORIGINAL S.A.****, headquartered in São Paulo/SP, at Rua Porto União, No. 295, ZIP Code 04568-020, registered with the CNPJ under No. 92.894.922/0001-08, herein represented, in accordance with its Bylaws, by its undersigned officers ("BANCO ORIGINAL"); and*

 ****

 ****

***PICPAY INSTITUIÇÃO DE PAGAMENTO S.A.****, a joint-stock company headquartered at Avenida Manuel Bandeira, 291, Condomínio Atlas Office Park, Block A, 1st floor - offices 22 and 23, 2nd floor and 3rd floor, and Block B, 3rd floor - offices 43 and 44, Vila Leopoldina, Municipality of São Paulo, State of São Paulo, ZIP Code 05317-020, registered with the CNPJ under No. 22.896.431/0001-10, herein represented by its legal representatives identified and undersigned below ("LICENSEE"),*

 

*BANCO ORIGINAL and LICENSEE are individually referred to as "Party" and jointly as "Parties"*."

1.4. All references to ORIGINAL HUB in the Agreement and its Supplements are deemed automatically replaced with "BANCO ORIGINAL."

1.5. Any payments owed by ORIGINAL HUB to LICENSEE shall be made by BANCO ORIGINAL.

1.6. If there is no specific provision for payments by credit/debit to/from the account in the Supplements, any payments owed by LICENSEE to ORIGINAL HUB shall be made to BANCO ORIGINAL upon issuance of the corresponding debit note by BANCO ORIGINAL, to be sent to LICENSEE at least thirty (30) days before the payment due date.

**CLAUSE TWO**

2.1. All other clauses and conditions of the Agreement and its Supplements not expressly amended by this Amendment remain ratified and unchanged.

IN WITNESS WHEREOF, the Parties execute this instrument electronically, jointly with the witnesses identified below.

São Paulo - SP, November 29, 2022.

---

| | |
|:---|:---|
| /s/ Eduardo Chedid Simões | /s/ Augusto Ribeiro Junior |
| Eduardo Chedid Simões | Augusto Ribeiro Junior |

---

**PICPAY INSTITUIÇÃO DE PAGAMENTO S.A.**

---

| | |
|:---|:---|
| /s/ Alexandre Souza da Conceição | /s/ Simão Luiz Kovalski |
| Alexandre Souza da Conceição | Simão Luiz Kovalski |

---

**BANCO ORIGINAL S.A.**

---

| | |
|:---|:---|
| /s/ Alexandre Souza da Conceição | /s/ Wagner Aparecido Mardegan |
| Alexandre Souza da Conceição | Wagner Aparecido Mardegan |

---

**ORIGINAL HUB LTDA.**

**Witnesses:**

---

| |
|:---|
| /s/ Marcos Roberto Sales Collado |
| Marcos Roberto Sales Collado |
| CPF: 12463575859 |

---

---

| |
|:---|
| /s/ Gisele Ferreira |
| Gisele Ferreira |
| CPF: 29798424867 |

---

## Exhibit 10.8

**Exhibit 10.8**

**Free English Translation**

**OPERATIONAL AGREEMENT FOR THE USE OF ADMINISTRATIVE INFRASTRUCTURE**

**PICPAY INSTITUIÇÃO DE PAGAMENTO S.A**., a company headquartered at Avenida Manuel Bandeira, no. 291, Block A, 1st floor - offices 22 and 23, 2nd floor and 3rd floor, Condomínio Atlas Office Park, Vila Leopoldina, São Paulo, SP, ZIP Code 05317-020, registered with the CNPJ under No. 22.896.431/0001-10, herein represented in accordance with its corporate acts, hereinafter referred to as "**PicPay**"; and

**BANCO ORIGINAL S.A,** a company headquartered at Rua Porto União, no. 295, Brooklin Paulista, ZIP code 04568-020, São Paulo, SP, a financial institution, registered with the CNPJ under No. 92.894.922/0001-08, herein represented in accordance with its corporate documents, hereinafter referred to as "**Banco Original**".

**CONSIDERING THAT:**

1) PicPay and Banco Original are institutions controlled by J&F Participações S.A., but belong to different conglomerates;

2) PicPay is an operating company duly incorporated under Brazilian law and will centralize the infrastructure of the administrative areas indicated in this Agreement, which will be used by Banco Original for administrative support purposes;

3) Banco Original will pay the corresponding costs/expenses.

In order to maintain the balance of the economic and financial relationship established between the Parties, they decide to formalize this Agreement ("Agreement").

1. PURPOSE

**1.1** The purpose of this instrument is to define guidelines and rules regarding the use, by Banco Original, of PicPay's administrative services, including services, human resources, systems, and materials employed, as described and characterized in **Annex I - Support Areas** and **Annex II - Suppliers.**

**1.1.1** In the event that the Parties, by mutual agreement, wish to amend the terms of the **Annex**, it shall
suffice to sign a separate document, which shall become an integral part of this instrument, indivisibly, and shall be entitled "Annex
I" and so on, regardless of the execution of the respective addendum.

**1.1.2** PicPay's support areas will assist Banco Original in the same governance manner aligned between
them and PicPay, in accordance with the forms, manuals, rules, policies, and internal regulations, meeting the same deadlines and procedures
described in these materials ("Materials").

**1.2** There is no exclusivity between the Parties in relation to the subject matter of this Agreement.

2 PRICE AND FORM OF PAYMENT

**2.1** Due to the use of PicPay's infrastructure, as described in this instrument, Banco Original is obliged to make the respective payments to PicPay, in proportion to its actual use, according to the values and calculation parameters indicated in Annex I of this Agreement, by issuing a debit note.

![](ex10-8_001.jpg)

**2.1.1.** The amounts indicated above shall include all charges, expenses, and social and labor costs, including work accident and civil liability insurance, taxes, salary variations, and any other costs that the Parties may incur in order to comply with this instrument.

**2.2** PicPay shall issue, at the intervals indicated in the Annex, a debit note with the amounts calculated based on the definitions in the Annexes, which shall be paid by the debtor Party by crediting the current account held by the creditor Party, with each credit note constituting proof of payment and receipt of settlement.

**2.2.1** In addition to the debit notes, PicPay shall submit reports prepared in accordance with the provisions of the Annexes, showing, individually, by Support Area, the monthly uses and their respective costs.

**2.3** Unjustified delay in payment shall subject the defaulting Party to payment of the amount due plus a penalty of 2% (two percent), calculated on the principal amount in arrears, and interest on arrears of 1% (one percent) per month, calculated *pro rata die*.

**2.4** In the event of a dispute between the Parties regarding the amounts due, the debtor Party shall pay the undisputed amounts, suspending the enforceability of the disputed amounts until the dispute is resolved.

**2.5** The Parties hereby authorize the offsetting of credits owed to them against the amount of fines and reimbursements for which they are liable, calculated in accordance with the provisions of this instrument.

**2.6** During the execution of this adjustment and even after its termination, the Parties shall observe the principles of probity and good faith and the ancillary duties of loyalty, information, cooperation, and confidentiality.

3. TERM AND TERMINATION

**3.1.** This Agreement shall enter into force on the date of its signature and shall remain valid for an indefinite period.

**3.1.1.** The division criteria mentioned in Annex I shall be reviewed periodically every one (1) year by the Parties.

**3.2.** Either Party may, at any time, upon thirty (30) days' prior written notice, terminate this instrument, regardless of the reason and without payment of a fine or any type of penalty, unless the termination may cause any financial impact on the other Party, in which case one Party shall reimburse the other for expenses incurred and/or to be incurred.

**3.3.** This instrument may also be terminated, at the discretion of the innocent Party:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by written notice, in the event of breach of a contractual or legal provision by one of the Parties and
not remedied within ten (10) days of receipt of written notification sent by the innocent Party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) regardless of notice, in cases of judicial or extrajudicial reorganization, liquidation, dissolution,
or bankruptcy of either Party.

**3.4.** If this instrument is terminated based on subitem 3.3 (i), the innocent Party shall be entitled to claim compensation, upon proof of losses and damages.

---

| | |
|:---|:---|
| 2 | ![](ex10-8_001.jpg) |

---

**3.5.** In any event of termination, whether normal or early, of this Agreement, the Parties shall comply with the following specific obligations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) cease the sharing of services in their support-person areas; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) pay the other Party all amounts due for expenses already incurred.

**3.6.** In the event that PicPay is unable to continue the services for any reason, Banco Original may assume the position in the performance of the services mentioned in this Agreement and the contractual position with the shared suppliers for the purpose of continuing the services, by entering into the appropriate contractual instrument(s).

4. NO EMPLOYMENT RELATIONSHIP

**4.1.** Under no circumstances shall this instrument establish an employment relationship between PicPay employees and Banco Original, or vice versa, each party being liable for any labor claims brought by its employees, agents, and other collaborators.

**4.2.** In the event that Banco Original suffers fines, labor claims, or any other administrative or judicial measures brought or motivated by employees who are part of PicPay's administrative infrastructure, as listed in Annex I, PicPay undertakes to promptly assume its status as employer and sole responsible party for said collaborators, assisting Banco Original in its defense, providing all necessary documents, and assisting in the accurate verification of the facts.

5. RESPONSIBILITIES

**5.1.** Each Party shall be responsible for its respective obligations in the civil, labor, social security, tax, insurance, administrative, and socio-environmental areas until the respective rights expire or lapse. The Parties undertake to indemnify, defend, and hold harmless the other Party in relation to any and all liabilities, obligations, losses and damages, costs and expenses, including attorneys' fees, fines, penalties, judgments, and amounts paid as settlement, taxes, due to the other Party's negligent or willful misconduct.

**5.2.** The Parties shall bear the taxes incumbent upon them, in accordance with the legislation in force, undertaking to keep their tax obligations up to date and to safeguard the other Parties from any liability in this regard.

6. INTELLECTUAL PROPERTY

**6.1.** The trademarks, patents, industrial designs, applications, databases, pre-existing materials of PicPay and/or any and all materials produced as a result of the use of the support areas, including, but not limited to, concepts, formulas and designs, *know-how*, *layouts*, software, source codes, technical documentation, models, ideas, project management tools and methodologies, product and service development methodologies, information system methodologies, business plans, functionalities, documentation and characteristics of financial products and services and policies, as well as intellectual works of any kind or nature, are the full and exclusive property of PicPay, unless expressly agreed otherwise in writing between the parties.

**6.1.1.** PicPay may freely use the intellectual property of the materials produced under this instrument, by any means or in any form, for any purpose and at any time, in any location, including abroad, and may also alter, supplement, update, or create derivatives that are also its exclusive property, either by itself or by third parties contracted for this purpose, without any limitation and regardless of any formality or authorization from anyone.

---

| | |
|:---|:---|
| 3 | ![](ex10-8_001.jpg) |

---

7. CONFIDENTIALITY

**7.1.** During the term of this Agreement and for up to two (2) years after its termination, the Parties shall maintain confidentiality regarding this instrument, the negotiations that preceded it, its execution, and all information obtained or accessed as a result of its subject matter, refraining from using it for any purpose other than the normal execution of this Instrument.

**7.1.1.** "Confidential Information" means any information or document of the Parties, obtained or accessed by the other P arty, including personal data and customer transactions, employee data, business data, economic and financial information, strategic, technical, legal, accounting, operational, administrative, commercial, financial, and economic reports and analyses, as well as intellectual works and software owned by them, obtained by any means (oral or written, express or tacit), which may be contained in any documents, spreadsheets, programs, systems, photographs, reports, physical media, electronic media, etc.

**7.1.2.** The term referred to in subitem 7.1 does not apply to information protected by bank or tax secrecy, and the confidentiality of such information must be observed by the Parties on a permanent basis.

**7.2.** All Confidential Information shall be kept in a secure location with access restricted to those professionals of the Parties who need such information.

**7.3.** The Parties undertake to immediately inform each other of any breach of confidentiality rules by any person, including unintentional or negligent breaches of Confidential Information.

**7.4.** If either Party is required to disclose any Confidential Information due to an administrative or judicial order, it shall inform the other Party within 24 (twenty-four) hours so that the latter may take the legal measures it deems necessary.

8. COMBATING CORRUPTION AND ETHICAL CONDUCT

**8.1.** The Parties undertake to:

a) comply, at all times, with all applicable regulations, laws, and legislation, including, but not limited to, Brazilian anti-corruption laws and decrees, Law No. 12,846, of August 1, 2013, and Decree No. 11,129, of March 11, 2022;

b) respect all such laws, as well as any other anti-bribery, anti-corruption, or conflict of interest laws that may be applicable under this Agreement; and

c) not engage in any irregular or illegal conduct, nor take any action or perform any act that may directly or indirectly favor one another or any of the companies in their respective economic conglomerates, in violation of applicable laws in Brazil or abroad.

---

| | |
|:---|:---|
| 4 | ![](ex10-8_001.jpg) |

---

**8.2.** The Parties further undertake and agree that:

a) shall not, during the term of this instrument or in the performance of any related activity, take any action, payment, offer, or promise, directly or indirectly, to any public official (whether municipal, state, or federal) that seeks to induce that official to use their influence with the government and/or any agency, company, political party, autonomous government agency, or public office for the purpose of obtaining improper business advantages for themselves or for the other Party;

b) shall immediately report to the other Party any information that may indicate that there has been any type of action, payment, offer, or promise, directly or indirectly, to any public official for the purpose described above, that is, the Party that becomes aware that any of its agents or employees have failed to comply with the above-agreed premises and obligations shall spontaneously report the fact to the other Party, so that, together, they can develop and execute an action plan to (i) immediately remove the employee or agent; (ii) prevent such acts from recurring; and (iii) ensure that the Agreement remains in force, safeguarding the right of the notified Party to terminate this instrument immediately, even without the consent of the other Party;

c) shall inform each other of any political contributions as required by law;

d) no public official (whether municipal, state, or federal) has any participation or financial interest in their respective businesses, and shall promptly inform the other Party in writing of any future participation or interest in this regard;

e) all information provided by the Parties under this Agreement is true and accurate;

f) they, their partners, directors, agents, attorneys, administrators, associates, employees, consultants, or representatives have not been convicted, found guilty, or indicted for any offense involving fraud, corruption, or moral/ethical turpitude, and none of these persons have been listed by government agencies as excluded, suspended, allegedly suspended or disqualified, or in any way unqualified for government procurement programs, or in any way mentioned in publicly reported acts involving them in the promotion or facilitation of illegal or shady business practices, in the practice of acts that bring commercial and/or image discredit to the other Party;

g) will properly complete any due diligence form, providing all information requested therein;

h) maintain their business books, records, and accounting and financial documents with sufficient detail and accuracy to clearly reflect the operations and resources covered by this Agreement; and

i) submit documents and information that may assist the other Party in its defense, should either Party become involved in any situation related to corruption or bribery as a result of an action taken by the other Party.

**8.3.** The parties declare that they are familiar with (i) PicPay's Code of Ethics and Conduct - Codec, available at https://etica-compliance.picpay.com/; (ii) Banco Original's Code of Ethics and Anti-Corruption Policy, available at https://www.original.com.br/governanca/; and (iii) the Anti-Money Laundering and Counter-Terrorist Financing Policy, available at https://cdn.picpay.com/docs/picpay/portais/politica-pld-conglomerado-publico-externo.pdf, and undertake to comply with them, on their own behalf and on behalf of their employees.

---

| | |
|:---|:---|
| 5 | ![](ex10-8_001.jpg) |

---

**8.4.** The Parties undertake that:

a) do not use illegal labor, and undertake not to use practices analogous to slave labor or child labor, except for legal exceptions, either directly or indirectly, through their respective product and service suppliers;

b) do not employ minors under the age of 18 (eighteen), including minor apprentices, in places that are harmful to their education, physical, mental, moral, and social development, as well as in dangerous or unhealthy places and services, at times that do not allow them to attend school, and also at night;

c) do not engage in practices of negative discrimination that limit access to or maintenance of employment, such as, but not limited to, reasons of: sex, origin, race, color, physical condition, religion, marital status, age, family situation, or pregnancy;

d) commit to protecting and preserving the environment, as well as preventing and eradicating practices harmful to the environment, performing their services in compliance with current legislation regarding the National Policy on the Environment and Environmental Crimes, as well as legal, regulatory, and administrative acts related to the environmental and related areas, issued by the federal, state, and municipal governments; and

e) do not engage in practices related to activities that involve criminal profit from prostitution or sexual exploitation of vulnerable persons.

9. GENERAL DATA PROTECTION LAW

**9.1** The trademarks, patents, industrial designs, applications, databases, pre-existing materials of each Party and/or any and all materials produced as a result of this Agreement, including, but not limited to, concepts, formulas and designs, know-how, layouts, software, source codes, technical documentation, models, ideas, tools and project management methodology, product and service development methodologies, information systems methodologies, business plans, functionalities, documentation and characteristics of financial products and services and policies, as well as intellectual works of any kind or nature, are the full and exclusive property of each of the original owners.

**9.2.** The Parties hereby undertake to provide each other with any and all information or documents necessary to enable the exercise of all relevant intellectual property rights, as well as to make the appropriate registrations.

**9.3.** Any and all material developed during the term of this Agreement by PicPay, due to the use of its infrastructure by Banco Original, shall bear the trademark of Banco Original or another company expressly indicated by it.

---

| | |
|:---|:---|
| 6 | ![](ex10-8_001.jpg) |

---

**9.4.** PicPay may not use the name of Banco Original, its trademarks, logos, and other distinctive signs, even for reference purposes, in any medium and for any reason, without the prior written authorization of said Bank.

**9.5.** PicPay guarantees that the materials resulting from the use of its infrastructure and the pre-existing materials owned by it do not and will not infringe any intellectual property or personality rights, patents, or trade secrets of third parties, and shall be fully liable for any losses resulting from any legal or administrative action based on the violation of such rights.

10. GENERAL PROVISIONS

**10.1.** This instrument represents the complete and total agreement between the Parties and may not be modified or altered without the prior and express written consent of the legal representatives of the Parties or their respective successors, and the assignment of rights and obligations arising from this instrument is prohibited without the written consent of the other Party.

**10.2.** The Parties expressly acknowledge that: (a) full compliance with the obligations set forth herein is of fundamental importance to the balance of this Instrument and (b) the terms and conditions set forth in this instrument are fair and reasonable and have been agreed upon in accordance with the principles of probity and good faith.

**10.3.** The Parties shall bear the taxes incumbent upon them, in accordance with the legislation in force, undertaking to keep their tax obligations up to date and to safeguard the other Parties from any liability in this regard.

**10.4.** All communications between the Parties shall be in writing and by mail or email, with proof of delivery.

**10.5.** Any omission or tolerance by either Party in demanding faithful compliance with the terms and conditions of this Agreement shall not constitute novation, forgiveness, or waiver, nor shall it affect the Party's right to demand compliance at any time.

**10.6.** The possible invalidity, nullity, or unenforceability of any provision shall not affect the other provisions of this Agreement, which shall remain valid and enforceable, and the clause declared null or unenforceable shall be replaced by another that leads the Parties to the same economic and legal result sought.

**10.7.** Without prejudice to the possibility of contractual termination due to involuntary non-performance, neither Party shall be considered in default, nor shall it be liable to the other for failure to perform its obligations, to the extent that such non-compliance results exclusively and demonstrably from an event beyond its control, unforeseeable circumstances or force majeure, or from an act or omission attributable solely to the other Party.

11. JURISDICTION

**11.1** The Parties hereby choose the courts of the city of São Paulo, State of São Paulo, to settle any disputes relating to this instrument.

**11.2** And, as they are fair and agreed upon, the Parties agree that the signing of this instrument will be carried out electronically, as authorized by Provisional Measure 2.200-2/2001, recognizing that this resource is valid, binding, and enforceable for all legal purposes. The Parties individually declare that they have adopted security measures to prevent unauthorized access by third parties to the signature tools used herein.

---

| | |
|:---|:---|
| 7 | ![](ex10-8_001.jpg) |

---

São Paulo, January 21, 2025

---

| | |
|:---|:---|
| /s/ Francisco José Pereira Terra | /s/ Fernando Abe Ohara |
| Francisco José Pereira Terra | Fernando Abe Ohara |

---

**PICPAY INSTITUIÇÃO DE PAGAMENTO S.A**

---

| | |
|:---|:---|
| /s/ Luiz Meneguetti | /s/ Sergio Leomil |
| Luiz Meneguetti | Sergio Leomil |

---

**BANCO ORIGINAL S.A**

Witnesses:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 1. | /s/ Haime Farias Heredia | /s/ Haime Farias Heredia | 2. | /s/ Eduardo de Barros Teixeira | /s/ Eduardo de Barros Teixeira |
|  | Name: | Haime Farias Heredia |  | Name: | Eduardo de Barros Teixeira |
|  | CPF: |  |  | CPF: |  |

---

---

| | |
|:---|:---|
| 8 | ![](ex10-8_001.jpg) |

---

**SUPPORT AREAS**

**APPENDIX I**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**SUPPORT AREA** | &nbsp;&nbsp;**DESCRIPTION OF ACTIVITIES** | &nbsp;&nbsp;**PAYMENT CRITERIA** | &nbsp;&nbsp;**METHOD OF PAYMENT** |
| &nbsp;&nbsp;Facilities | &nbsp;&nbsp;Use of the infrastructure of the *facilities* services in the building of Brooklin and Banco Original offices | &nbsp;&nbsp;14.29% of the facilities payroll costs. | &nbsp;&nbsp;Monthly Payment |
| &nbsp;&nbsp;Facilities | &nbsp;&nbsp;Use of space and rental of offices used by Banco Original | &nbsp;&nbsp;14.29% of rental costs | &nbsp;&nbsp;Monthly Payment |
| &nbsp;&nbsp;Procurement | &nbsp;&nbsp;Purchasing services, through intermediation in the negotiation and contracting of goods and services with suppliers. | &nbsp;&nbsp;20% of all costs charged to the Procurement cost center. | &nbsp;&nbsp;Monthly Payment |
| &nbsp;&nbsp;Ombudsman | &nbsp;&nbsp;Ombudsman services, including handling customer complaints. | &nbsp;&nbsp;30% of the costs calculated at the end of each month, which may be reduced during the term of the contract, depending on the reduction in the use of services by Banco Original. | &nbsp;&nbsp;Monthly Payment |
| &nbsp;&nbsp;Corporate HR | &nbsp;&nbsp;services for health, safety, and well-being. | &nbsp;&nbsp;8.43% of people assigned to Banco Original for Personnel, Benefits, Consumables, and Third-Party services. | &nbsp;&nbsp;Monthly Payment |
| &nbsp;&nbsp;Corporate HR | &nbsp;&nbsp;services of payroll benefits. | &nbsp;&nbsp;8.43% of people assigned to Banco Original for Personnel, Benefits, Rent Equipment/Freight, Facilities, Material Equipment/Freight, Facilities, Consumer Goods, Technology. Consumption, Technology. | &nbsp;&nbsp;Monthly Payment |
| &nbsp;&nbsp;Corporate HR | &nbsp;&nbsp;Use of DHO service infrastructure. | &nbsp;&nbsp;8.43% of people assigned to Banco Original for Personnel and Benefits services, Calendar Actions, Diversity Actions, Lidera, Climate and Engagement Survey, and Shared Systems (Greenhouse, LinkedIn Learning, and Recruiter). | &nbsp;&nbsp;Monthly Payment |
| &nbsp;&nbsp;Corporate HR | &nbsp;&nbsp;Use of Compensation services infrastructure by the Human Resources team for o Banco Original. | &nbsp;&nbsp;Use 8.43% of personnel costs and expenses allocated to servicing Banco Original. | &nbsp;&nbsp;Monthly Payment |
| &nbsp;&nbsp;Corporate HR | &nbsp;&nbsp;Use of the Management and Executive Board service infrastructure by the Human Resources team for Banco Original Banco Original. | &nbsp;&nbsp;8.43% of personnel costs and expenses allocated to Banco Original services. | &nbsp;&nbsp;Monthly Payment |

---

1.1. For the purposes of defining the percentages indicated in the table above, the Parties assessed the total volumes used by Banco Original, calculated on the total costs of PicPay, in each of the areas indicated in this Agreement.

---

| | |
|:---|:---|
| 9 | ![](ex10-8_001.jpg) |

---

São Paulo, January 21, 2025

**SUPPLIER ANNEX ANNEX II**

● **BENEFICIARY COMPANY.** As defined in the spreadsheet below.

● **COMPANY TO BE REIMBURSED.** As defined in the spreadsheet below.

[Omitted pursuant to Item 601(a)(5) of Regulation S-K]

---

| | |
|:---|:---|
| 10 | ![](ex10-8_001.jpg) |

---

## Exhibit 10.9

**Exhibit 10.9**

**Free English Translation**

---

| | |
|:---|:---|
| ![](ex10-9_001.jpg) | ![](ex10-9_002.jpg) |

---

**PARTNERSHIP AGREEMENT** 

**BANCO ORIGINAL S.A.**, registered with the CNPJ under No. 92.894.922/0001-08, headquartered at Rua Porto União, No. 295, São Paulo/SP, ZIP Code 04568-020, referred to as **"Original"**;

**PICPAY INSTITUIÇÃO DE PAGAMENTO S.A.,** registered with the CNPJ UNDER No. 22.896.431/0001-10, headquartered at Avenida Manuel Bandeira, 291, Condomínio Atlas Office Park, Block A, 1st floor - offices 22 and 23, 2nd and 3rd floors, and Block B, 3rd floor - offices 43 and 44, Vila Leopoldina, São Paulo/SP, ZIP Code 05317-020, hereinafter referred to as "**PicPay**";

***WHEREAS*** :

**(i)** Among other banking products and services, **Original** operates with receivables financing **("Financing" or "Financings"),** for the purpose of providing business establishments **("Establishments")** with advance payments of future receivables arising from prepaid and postpaid payment transactions made by their customers, in payment arrangements from various acquirers; and

**(ii) PicPay** owns software designed for the management and control of receivables and is interested in making available, through an electronic platform **("Platform")** developed in its application and viewed in the "PicPay Business Applications" tab, the services of **Financing** of prepaid and postpaid payment transactions in payment arrangements of its clients, carried out in accredited **Establishments** that wish to and adhere to this product and service;

***NOW, THEREFORE, they resolve*** to enter into this Partnership **("Partnership")** under the following conditions.

**1. Subject Matter**

**1.1 Original** will make available the **Financing** product to **PicPay**-accredited **Establishments** that adhere to the provision of this service through the **Platform.**

**1.2** This Partnership is limited to the carrying out of 20 Financings with the **Establishments,** which shall be governed by the terms of this Partnership, it being understood that the carrying out of financings in excess of this limit is at the sole discretion of **Original.**

**2. Financing Procedure and Processing**

**2.1. Original** shall register the **Establishments** indicated by **PicPay** and will inform which **Establishments** adhere to **Original's** internal rules, with a view to carrying out the **Financings.**

**2.2.** The operational procedures and times to be observed for the **Financing** to be effective on the requested date shall be agreed upon between the Parties via the email addresses indicated in this **Partnership.**

**2.3.** If the agreed-upon times are not observed by **PicPay** and **Original** is unable to process the credit on the same day, **PicPay** shall send a new proposal on the next business day.

**2.4. Original** shall define the discount rate to be applied to the **Financings**, which shall be informed to PicPay from time to time ("Discount Rate"), it being understood that **Original** may adjust said rate, at its sole discretion, provided that **PicPay** is informed at least three (3) business days in advance.

---

| | |
|:---|:---|
| ![](ex10-9_001.jpg) | ![](ex10-9_002.jpg) |

---

**2.5. PicPay** shall verify if the accepted receivables are free of liens and, if there are no restrictions, it shall input the information about the **Financing** carried out, the new ownership, and the bank account for settlement of the receivables into the **CERC** registration system, sending proof of the registration ("Confirmation") to **Original.**

**2.6.** After confirmation, **Original** shall credit the net amount (amount of the financed receivables less the discount rate applied to the Financing) to the account held by the **Establishment** indicated by **PicPay.** It is established by the Parties that, if there is no confirmation, **Original** shall not be required to credit the net amount.

3. **PREMIUM FOR BANK PREFERENCE**

**3.1 Original** and **PicPay** agree that, given the absence of exclusivity, there shall be no consideration in this **Partnership;** however, **ORIGINAL** assures **PicPay** the payment of a premium for banking preference resulting from the referral Ef **establishments** for **Financing.**

**3.2** The amount determined as a premium shall be due monthly and calculated and paid based on the methodology indicated below, which may be altered by formal agreement between the Parties, and shall be paid by **ORIGINAL** considering the amounts disbursed, less the costs of the operation and any taxes that may be due.

**Methodology:**

*Premium = Discount Rate – (transfer price + 1% p.a.)*

 

Where:

a) *transfer Price* in effect on the date of the financing
transaction: Corresponds to the operational expenses/costs related to the Financing assessed during the period;

b) *Discount Rate: Discount rate defined by **Original,** pursuant to the provisions of clause 2.4.* 

**3.3** Proof of credit of the premium to the **PicPay** checking account constitutes full and irrevocable settlement.

**4. PicPay's Obligations**

**4.1.** Promote the product and all terms of use for the **Financing** on its **Platform** to the base of **Establishments** eligible to contract it.

**4.2** Obtain authorization from the **Establishments,** which shall be stored, to carry out, on their behalf and order, the carrying out of the **Financing** transaction.

**4.3** Share the **Establishments'** database with **Original,** only upon proof of consent from the **Establishments.**

**4.4** Perform internal procedures and controls in the analysis of Money Laundering Prevention and Counter-Terrorism, Fraud Prevention, "Know your Customer", for the **Establishments** to be indicated and wishing to make the **Financing.**

**4.5** Observe the eligibility criteria, when indicated by **Original** electronically, regarding the types of **Establishments** that will not be able to adhere to the product.

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| ![](ex10-9_001.jpg) | ![](ex10-9_002.jpg) |

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**4.6** Provide **Original** with any technical and administrative clarifications that may be necessary to carry out the **Financing.**

**4.7** Be liable for all financial losses suffered by **Original** resulting from: unlawful acts committed by the **Establishments** in payment transactions and operational failures that impact the effective registration in **CERC** and cause financial losses to **Original.**

**4.8** Provide customer service – SAC and Ombudsman's Office.

**4.9** Be liable for any proven damage caused as a result of this Partnership.

**4.10** Make the **Platform** available for the management, operation, and intermediation of **Financing** transactions carried out by the **Establishments.**

**4.11** Handle the registration and transfer of ownership for the benefit of **Original,** in the **Establishments'** schedules, before the registrars.

**4.12** Assume any costs necessary for implementation of this Partnership.

**4.13** Suspend new **Financing** transactions whenever requested by **Original.**

**4.14** Notify **Original** of any issues that could jeopardize this Partnership.

**4.15** Inform the **Establishments** about the rates charged by **Original.**

**4.16** Not grant discounts or reductions on the amounts defined for the **Financing.**

**4.17** Neither trade nor share with third parties any data resulting from this Partnership.

**4.18** Maintain custody, as depositary, of any and all documents relating to **Financing,** including the electronic file containing the authorization from the **Establishments** *(*, including, but not limited to, opt-in, authorization to provide data to **Original***),* the corporate documents of the **Establishments,** the proofs of effective **Financing** and its files.

**4.19** Perform reconciliation of all financial settlements made by the Acquirers.

**4.20** Subsidize **Original,** whenever necessary or at its request, at any time, in case of any doubts or clarifications that may be requested by the Central Bank of Brazil regarding **Financing** transactions and related to this **Partnership.**

**5. Obligations of Original**

**5.1.** Provide **PicPay** with the necessary clarifications regarding **Financing** transactions.

**5.2** Make the resources available for the **Financing** transactions.

**5.3** Inform **PicPay** of the current rates that should be applied to the **Financing.**

**5.4** Be liable for any proven damage caused as a result of this Partnership.

**5.5** Register the **establishments** that are eligible and have agreed to participate in the **Financing program.**

**5.6** Neither trade nor share with third parties any data resulting from this Partnership.

**5.7** Answer any questions or clarifications that may be requested by the Central Bank of Brazil regarding the **Financing** transactions.

**6. Term**

**6.1** This Partnership shall have a term of up to six (6) months from the date of execution hereof, and may be automatically extended if there is no objection from either Party, observing the maximum number of **Financings** mentioned in clause 1.2., which shall comply with the conditions of this **Partnership.** until full settlement thereof.

**6.2** This Partnership may be terminated at any time, for any reason, by **Original** or **PicPay,** without the imposition of penalties or compensation, with 30 days' prior notice, without prejudice to any ongoing Financing, which shall comply with the conditions of this **Partnership** until full settlement thereof.

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| ![](ex10-9_001.jpg) | ![](ex10-9_002.jpg) |

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**7. Confidentiality**

**7.1** Throughout the term of this Partnership and for up to 3 years after its termination, except as provided in clause 7.1.2, the Parties undertake, on their account and on account of their members, shareholders, officers, employees, agents and/or contracted personnel, to grant confidential treatment to this Partnership, the negotiations carried out, the execution and information obtained or accessed, refraining from using them for any purpose other than the normal performance of this Partnership.

**7.1.1** "<u>Confidential Information</u>" means all information or documents of the Parties, including personal data and data on transactions carried out with their suppliers and/or clients, employee information and data, business data, economic and financial information, strategic, technical, legal, accounting, operational, administrative, commercial, financial, and economic reports and analyses, as well as intellectual works and software, obtained by any means (whether oral or written, express or tacit), which may be contained in any documents, spreadsheets, programs, systems, photographs, reports, physical media, electronic media, among others.

**7.1.2** The term referred to in sub-item 7.1 shall not apply to information protected by banking or tax secrecy, and the confidentiality of such information shall be observed permanently.

**7.2** All Confidential Information shall be kept in a secure location with access restricted to professionals who need to know it for the proper fulfillment of this Partnership.

**7.2.2** Disclosure of Confidential Information to third parties is prohibited, unless there is prior and express consent from the legal representatives of the other Party.

**7.3** The Parties undertake to inform each other of any breach of confidentiality rules by any person, including unintentional or negligent breaches of Confidential Information.

**7.4** If either Party is required to disclose any piece of Confidential Information due to an administrative or judicial order, it shall inform the other Party within 24 hours so that it can take any legal action it deems necessary.

**7.4.1** In the event provided for in sub-item 7.4, if a Party discloses Confidential Information without informing the other Party, it shall be subject to the provisions of sub-item 7.6.

**7.5** At any time and without prior notice, either Party may request the return or destruction of Confidential Information in the possession of the other Party, which shall return or destroy it immediately, and may not retain copies of the requested Confidential Information.

**7.5.1** The return or destruction referred to in sub-item 7.5 shall be documented in a statement signed by the Party, under penalty of law, which shall include all Confidential Information returned or destroyed and a statement that it does not possess a copy of that information.

**7.5.2** Even if the Confidential Information is returned or destroyed, the Party shall remain bound by the duty of confidentiality and other conditions of this Partnership, under penalty of application of the provisions of sub-item 7.6, in addition to other legal penalties.

**7.6** Without prejudice to immediate termination, failure by the Parties, their representatives, or agents to comply with any provision of this Partnership relating to the security, use, and disclosure of Confidential Information shall give rise to compensation in an amount to be determined in court.

**7.6.1** Except for the case provided for in clause 7.4, should a Party disclose any piece of Confidential Information without the prior and express authorization of the other Party, without prejudice to the liability indicated in item 7.6 and that applicable in the criminal sphere, it may be subject to administrative sanctions imposed by any regulatory bodies.

**7.7** For purposes of this clause, confidential information shall not necessarily contain or be accompanied by any type of confidentiality warning, and such characteristic shall always be presumed by the Parties.

**7.8.** This Partnership incorporates, where applicable, the **Original** Privacy Policy, available for consultation at www.original.com.br.

**7.9.** It is forbidden to disclose to competitors of **Original,** without its express authorization, the **Establishments,** business data, economic and financial information, commercial information, reports, and strategic and accounting analyses arising from this Partnership.

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| ![](ex10-9_001.jpg) | ![](ex10-9_002.jpg) |

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**8. Relationship**

**8.1** The relationship between the Parties is that of independent partners, and they expressly acknowledge that the only existing relationship relates to the subject matter of this Partnership. Each Party shall be solely and exclusively liable for its labor, social-security, tax, and/or any other judicial and/or administrative obligations.

**8.2** The Parties shall conduct their business in their own names and shall be separately liable for the acts and conduct of their employees and agents.

**8.3** The Parties expressly acknowledge that they may not, on their account or through their officers, employees, or agents, execute any document or assume any obligations on behalf of the other Party, except when expressly authorized by the other Party and within the strict limits of such authorization.

**9. Environmental Responsibility and Anti-Corruption Practices**

**9.1** The Parties mutually, irrevocably and irreversibly represent that their directors, managers, employees, service providers, including their subcontractors and agents, are aware of and fully comply with the provisions of national and international laws, regulations, and normative provisions to which they are subject and which aim to combat corruption, bribery, and the practice of acts harmful to the Government.

**9.2** For the performance of this Partnership, neither Party may offer, give, or promise to give to anyone, or accept or promise to accept from anyone, either on its own behalf or through another party, any payment, donation, compensation, financial or non-financial advantages, or benefits of any kind that constitute an illegal and/or corrupt practice, whether directly or indirectly related to the subject matter of this Partnership, and shall also ensure that its advisors, administrators, employees, service providers, including its subcontractors and agents, act in the same manner.

**9.3** The Parties shall maintain their books and/or Digital Accounting Records (ECD), accounting records, and documents with sufficient detail and accuracy to clearly and unequivocally reflect the transactions and funds related to this Agreement.

**9.4** The Parties mutually ensure that they adopt anti-corruption policies, processes, and procedures aimed at ensuring due compliance with national and international laws, regulations, and normative provisions to which they are subject, which have the purpose of combating corruption, bribery, and the practice of acts harmful to the Government.

**9.5** Should either Party become involved in investigations or administrative or judicial proceedings for corruption, bribery, and/or acts detrimental to the Government during or in relation to the performance of this Partnership, the Party causing the situation undertakes to assume the respective burden, including presenting documents that may assist the other Party in its defense.

**9.6** For purposes of this clause, there will be no contractual default when the involvement of either Party in a situation related to the practice of corruption, bribery and/or acts harmful to the Government is notorious and publicly known at the time of execution of this Partnership.

**9.7** Each Party warrants to the other Party that: (a) it is vested with all the powers and authority to assume and fulfill the obligations set forth herein and to consummate the transactions contemplated herein; and (b) the formalization and fulfillment of this Partnership do not imply violation of any third-party rights, applicable law or regulation, nor violation, breach, or default of any instrument or document to which it is a party or to which any of its properties is linked and/or affected, nor does it depend on obtaining any authorization under any agreement, instrument, or document to which it is a party or to which any or all of its properties are linked and/or affected.

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| ![](ex10-9_001.jpg) | ![](ex10-9_002.jpg) |

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**9.8** The Parties mutually represent and warrant that: a) they conduct their activities in accordance with the applicable legislation in force, and that they hold the necessary approvals for execution of this Agreement and compliance with the obligations set forth herein; b) they do not use illegal labor and will not use forced labor or child labor, either directly or indirectly, through their respective suppliers of products and services; c) they do not employ minors under eighteen (18) years of age, including apprentices, in places detrimental to their education, physical, mental, moral, and social development, as well as in dangerous or unhealthy places and services, at times that do not allow them to attend school, and also at night, which shall be understood as the period between 10 p.m. and 5 a.m.; d) they do not adopt practices related to activities that involve criminal profit from prostitution or sexual exploitation of vulnerable individuals; e) they do not use discriminatory practices that negatively restrict access to or maintenance of employment, such as, for example, those motivated by: sex, origin, race, color, physical condition, religion, marital status, age, family situation, or pregnancy status; and f) they commit to protecting and preserving the environment, as well as preventing and eradicating practices harmful to the environment, carrying out their activities in compliance with the applicable legislation regarding the National Environmental Policy and Environmental Crimes, as well as legal, normative, and administrative acts related to the environmental and related areas issued by Federal, State, and Municipal authorities.

**10. Notices**

**10.1** If either Party wishes or is required to notify the other Party, such notice shall be sent to the addresses informed in the preamble or by email to the attention of: (i) if to Original, Mr. Ricardo Mitsuo Anzai, email: ricardo.anzai@original.com.br; (ii) of to PicPay, Mr. Kaio Ribeiro, email: kaio.freitas@picpay.com.

**10.2** The notices referred to in item 10.1 may be served in person, with proof of receipt, or transmitted by email. The notices shall be deemed duly served when delivered to the addresses indicated.

**10.3** The Parties acknowledge the validity of the information and data transmitted electronically.

**11. General Provisions**

**11.1** Neither Party may delegate, assign, or transfer, in whole or in part, the rights and obligations arising from this instrument without the prior express consent of the other Party.

**11.2** Any tolerance by the Parties regarding the non-fulfillment of any obligations shall be considered a mere act of liberality, not constituting novation or waiver.

**11.3** This Partnership does not bind either Party to the other with respect to the present or future economic results of their respective businesses, and therefore neither Party is liable to the other for such results, whether during the term of this Agreement or even after termination hereof, for any reason.

**11.4** Any amendment to the terms of this Agreement shall only be valid if formalized through a an amendment, signed by the legal representatives of the Parties.

**11.5** The Parties expressly agree and consent to the possibility of electronic signature of this Partnership, under the terms of article 10, paragraph 2 of Provisional Measure (MP) 2.200-2/01 and in accordance with the security, authenticity, and certification rules established by Comprova.com Informática Ltda. – DocuSign and/or another market company admitted by the Parties, and expressly acknowledge, for all legal purposes, that such signatures are valid, effective, and sufficient to prove the authorship, authenticity, integrity, soundness, and legal validity of these documents, with no doubt regarding the conditions and other obligations established.

**11.6** The Parties elect the courts of the city of São Paulo/SP to resolve any doubts or disputes arising from this Agreement, to the exclusion of any other, however privileged it may be or become.

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| ![](ex10-9_001.jpg) | ![](ex10-9_002.jpg) |

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This partnership is formalized in 2 counterparts of same contents and form, in the presence of the witnesses below.

São Paulo, May 8, 2023

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| | |
|:---|:---|
| /s/ Luiz Antonio Fernandes Caldas Morone | /s/ Luiz Meneguetti |
| Luiz Antonio Fernandes Caldas Morone | Luiz Meneguetti |
| **BANCO ORIGINAL S.A.** | **BANCO ORIGINAL S.A.** |
| /s/ Eduardo Chedid Simões | /s/ Augusto Ribeiro Junior |
| Eduardo Chedid Simões | Augusto Ribeiro Junior |
| **PICPAY INSTITUIÇÃO DE PAGAMENTO S.A.** | **PICPAY INSTITUIÇÃO DE PAGAMENTO S.A.** |
| Witnesses: |  |
| /s/ Kaio Ribeiro de Freitas | /s/ Fernando de Castro Poletti |
| Name: Kaio Ribeiro de Freitas | Name: Fernando de Castro Poletti |
| ID (RG): | ID (RG): |

---

## Exhibit 10.10

**Exhibit 10.10**

**Free English Translation**

**AMENDMENT TO AND RESTATEMENT OF** 

**THE INSTRUMENT OF COOPERATION**

**PICPAY SERVIÇOS S.A. ("PicPay")**, with its principal place of business at Avenida Manuel Bandeira, 291, Atlas Office Park condominium, block A, 1st floor (offices 22 and 23), 2nd and 3rd floors, block B, 3rd floor (offices 43 and 44), Vila Leopoldina, São Paulo, SP, Postal Code 05.317-020, enrolled with the National Corporate Taxpayers' Register (CNPJ) under No. 22.896.431/0001-10; and

**BANCO ORIGINAL S.A. ("Original")**, with its principal place of business in the city of São Paulo, SP, at Rua Porto União, No. 295, enrolled with the CNPJ under No. 92.894.922/0001-08.

**Whereas**:

**a)** Original is a financial institution that is part of the same Economic Group as PicPay, consolidating its balance sheet, and therefore they belong to the same economic group;

**b)** PicPay is a payment institution that issues electronic currency, and it operates in the prepaid payment arrangement instituted by it. It also performs the duties as correspondent in Original's country, engaging in the following activities: (1) receipts and payments of any kind; (2) receipt and forwarding of proposed credit card supply; and (3) receipt and forwarding of proposed credit transactions, being remunerated by Original in accordance with the Bank Correspondent in Brazil Services Agreement.

**c)** PicPay is the owner of an application ("Application"), which has a digital wallet ("wallet"), where its users ("Users") may open a prepaid payment account and accredit physical and virtual cards to make payment transactions.

**d)** Original and PicPay executed commercial agreements to offer financial products, such as credit card and personal credit, to the Users by means of the Application, and both institutions are mutually interested in increasing the range of products and efficiency in the delivery of appropriate proposals to the Users;

**e)** PicPay represents that its Payment Services Agreement and its Privacy Policy set forth that the record and financial information, mobile device identification code, among other data, may be stored and shared for the purpose of offering new products and providing services to the Users.

**f)** Since PicPay and Original are institutions regulated by the Brazilian Monetary Council ("CMN") and by the Central Bank of Brazil ("Bacen"), they are subject to several statutory and regulatory obligations, such as the validation of the records of the Users, analysis and monitoring of internal and external frauds, money-laundering and terrorism financing prevention and repression, credit analysis etc.

**g)** Bacen, which is the regulatory body of the National Financial System (SFN) and of the Brazilian Payment System (SPB), is encouraging technological, innovative and disruptive corporate actions and initiatives, including by proposing a regulatory sandbox and upon definition, initially, of the "BC+" working schedule (the pillars of which are a more efficient financial system and the offer of cheaper credit); and, subsequently, the "BC#" working schedule, which aims at a deeper exploitation of the benefits of the data revolution and at granting more access to microcredit, including by intensifying the role as non-banking institution.

**h)** Original has expertise in the analysis and preparation of credit risk and, based on accurate information, such as behavioral data, volume of transactions carried out with cards, types of cards according to the usual market classification (high, medium and low income), accompanied by the record data, will be able to carry out assessments with an effective degree of certainty to define the credit score of the Users, permitting an offer of products that is more appropriate for the profiles of clients, as provided by the suitability rules defined in CMN Resolution No. 3.694/2009.

**i)** Furthermore, Original and PicPay, as well as the economic group to which the institutions belong, wish to increase the level of efficiency of their policies, procedures and mechanisms to monitor the money laundering and terrorism financing prevention, it being understood that the cooperative use of client data is a relevant subsidy to achieve this purpose.

**j)** Through a more assertive analysis and safer risk-prevention mechanisms, Original may, in case it wishes to do so, directly offer other financial products in which it is interested directly to Users, which is an objective of both institutions, which act in a unitary communion of interests to consolidate themselves and their economic group as a reference in the offer of financial and payment products and services.

**k)** In short, Original and PicPay, in the capacity as institutions that belong to the same economic group, are legitimately interested in expanding their data intelligence, by means of the cooperative use of data of their clients, allowing them to fulfill their statutory and regulatory obligations in a more efficient manner and enabling the offer of new products and services to the Users.

**l)** On June 10, 2020, the Parties entered into the Data Intelligence Partnership and Cooperation Instrument ("Instrument").

**m)** The Parties wish to amend the provisions of the Instrument, as well as to restate them into a single instrument.

NOW, THEREFORE, PicPay and Original, hereinafter jointly referred to as "Parties" and individually and indistinctly as "Parties", resolve, by mutual and common agreement, to sign this Amendment to and Restatement of the Instrument ("Restated Instrument"), which shall be governed by the following clauses and conditions.

**1. SUBJECT MATTER**

**1.1.** The subject matter of this Instrument is the sharing and cooperative use of data of the Users by PicPay and Original, for the purpose of increasing the data intelligence efficiency of the institutions, permitting that they:

**a)** Prepare, improve or offer more appropriate financial and/or payment products that are compliant with the suitability rules to the Users, through the Application or directly, by means of their communication channels:

**b)** Comply with their respective statutory and regulatory obligations in a more efficient manner, whether they relate to the record validation of the clients, analysis and monitoring of internal and external fraud, money laundering and terrorism financing prevention and repression, credit analysis, among others.

**1.2.** To enable performance of this Instrument, the Parties shall share, from time to time, a base containing Users' data, subject to the technical specifications and conditions.

**1.3.** The capitalized terms or expressions, including their gender and/or number variations, shall have the meaning attributed to them throughout the text hereof.

**1.4.** During performance of this Instrument, and even after termination hereof, the Parties shall observe the principles of honesty and good faith and the accessory duties of loyalty, information, cooperation and confidentiality.

**2. OBLIGATIONS OF THE PARTIES**

**2.1.** PicPay and Original agree to:

**a)** Share, at their discretion, all data and information that may be necessary for performance of this Instrument, at the request of the other Party in this regard;

**b)** Designate an authorized representative to monitor performance of this Instrument, inspect and resolve any existing doubt;

**c)** Maintain and, whenever applicable, renew, throughout the term of effectiveness of this Instrument, the records, licenses and other legal and technical requirements for performance of their activities;

**d)** Immediately notify, in writing, the other Party of any nonconformity, event, impediment, error or omission that may in any way affect their activities, including events relating to deviation of function, suspension, revocation or expiry of the registrations and licenses mentioned in the preceding item;

**e)** Timely or, within the term granted to them, regularize activities or procedures that are inadequate or incompatible with the specifications defined in this Instrument, under penalty of, in case it fails to do so, authorizing the other Party to provide, on its account or by a third party, the necessary redress, with the transfer of the corresponding costs;

**f)** Keep the other Party informed of the progress of their activities, results and objectives reached, explaining any doubts that may arise and attending meetings that may be scheduled;

**g)** Analyze the outcome of the use of data that is the subject matter of this Instrument, which data shall be delivered in accordance with the evaluation criteria defined by the Parties;

**h)** Cooperate with quality verification process and verification of responsibilities;

**i)** Care for the safekeeping and conservation of assets, data, files and documents provided under this Instrument;

**j)** Comply with the Information Security policies and procedures they come to agree and the applicable law, especially the rules governing intellectual property, consumer, security and confidentiality, data protection environmental preservation rights, social responsibility of the companies and anticorruption rules, being fully liable for the violations it may cause.

**3. SPECIFICATIONS AND TECHNICAL CONDITIONS**

**3.1.** The specifications and technical conditions required for performance of this Instrument shall be defined by Original and PicPay, and they shall be formalized by means of a written amendment hereto.

**4. EXPENSES**

**4.1.** Each Party shall incur half the total expenses required for performance of this Instrument, including the amounts relating to infrastructure, audits, contracting with third-party companies, among other expenses.

**5. TERM AND TERMINATION**

**5.1.** This Instrument shall be effective for an indefinite term, as from June 9, 2020.

**5.2.** Either Party may, at any time, upon a thirty- (30)-day prior written notice, terminate this Instrument, regardless of the reason and without the payment of a fine or any type of penalty.

**5.3.** The Instrument may be terminated, at the non-defaulting Party's discretion:

**(a)** upon written notice, in the event of breach of contractual or statutory provision by one of the Parties that is not cured within ten (10) days as from receipt of written notice sent by the non-defaulting Party;

**(b)** irrespective of notice, in the events of filing for judicial or extrajudicial reorganization of any of the Parties or for judicial or extrajudicial liquidation, dissolution or bankruptcy of any of the Parties;

**(c)** noncompliance with any obligations related to anticorruption rules.

**5.4.** In any event of regular or early termination of this Instrument, the Parties shall comply with the following specific obligations:

**a)** The Parties shall cease the sharing of data on the agreed date; and

**b)** The Parties shall pay all outstanding expenses to the other Party.

**6. RESPONSIBILITIES OF THE PARTIES**

**6.1.** The Parties assume responsibility for all acts and/or omissions of their employees and/or agents, as well as for all damages of any kind caused to the other Party and/or to third parties as a result of the performance hereof.

**6.2.** The Parties shall be liable for the civil, labor, social-security, tax, insurance, administrative and socioenvironmental obligations, to ensure the resolution of facts for which the other Party may be held liable, until the respective rights are barred by the statute of limitations or peremption.<u> </u>

**6.3.** The Parties shall fully incur, for their exclusive account, irrespective of other liabilities provided by law and/or provided herein, the redress for proved losses and damages, of any kind, caused to the other Party or to third parties as a result of the legal relationship established by means of this Instrument, including the losses resulting from frauds and failures in the performance of their activities or violation of rights of personality, intellectual property rights and confidentiality.

**6.4.** The liability of the Parties, for any reason, with respect to the performance or nonperformance of this Instrument, resulting from any kind of complaint or demand, shall be unlimited.

**6.5.** In the event of noncompliance with the provisions of this Instrument, wholly or in part, and except if there is a specific penalty, the breaching Party shall pay to the innocent Party a non-compensatory fine of ten percent (10%) of the financial loss proved to have been incurred by the innocent Party, to be paid within five (5) days as from the communication made by the other Party, without prejudice to other penalties provided for in this Instrument and any indemnification.

**7. INTELLECTUAL PROPERTY**

**7.1.** The trademarks, patents, industrial designs, applications, databases, preexisting materials of each Party shall remain fully and exclusively owned by it.

**7.2.** PicPay may not use the trade name of Original, its trademarks, logos and other distinctive signs, even if as mere reference, in any means and on any account, without the prior, express and written authorization of Original. The same applies to Original.

**7.3**. The Parties warrant that the Services and preexisting materials owned by them neither breach nor will breach any intellectual property or personality rights, patents or trade secrets of third parties, taking full responsibility for the losses resulting from any judicial or administrative proceedings based on violation of rights of the kind.

**7.4.** The parties represent that they have no copyright on any software, application, or technological tool developed by the other Party to achieve the subject matter hereof.

**8. CONFIDENTIALITY**

**8.1.** Throughout the entire term of effectiveness of this Instrument and for three (3) years after termination hereof, except for the events provided for in section 8.1.2, the Parties shall grant confidential treatment to this Instrument, the negotiations that preceded it, the execution hereof and all information it comes to obtain or to which it may be granted access as a result of this Instrument, refraining from using it for any purpose other than for normal performance of this Instrument.

**8.1.1.** "Confidential Information" means any information or document that belongs to the Parties, obtained or accessed by any of them, covering the personal data and operations of Original's customers and Users, data of employees, corporate data, economic and financial information, reports and strategic, technical, legal, accounting, operational, administrative, commercial, financial and economic analyses, as well as intellectual works and software owned by it, obtained by any means (whether orally or in writing, expressly or tacitly), which may be included in any documents, spreadsheets, programs, systems, photographs, reports, physical support, electronic means etc.

**8.1.2.** The term referred to in sub-item 8.1 is not applicable to information protected by bank or tax secrecy, and the confidentiality of such information must be observed by the Parties on a permanent basis.

**8.2.** All Confidential Information shall be kept in a safe place and with access restricted to the professionals/service providers of the Parties who need to access such information for performance of their activities.

**8.2.1.** The Parties are prohibited from disclosing Confidential Information to third parties, unless there is prior and express consent from their legal representatives.

**8.2.2.** The Parties agree that they may share the data that are the subject matter of this Instrument with **Original Corporate Corretora de Seguros Ltda.** (enrolled with the CNPJ/MF under No. 19.541.753/0001-32), a company of the same economic group as Original and PicPay, for the specific purpose of attaining the purposes set forth in section 1.

**8.3.** The Parties agree to immediately inform any breach of the confidentiality rules by any person, whether related or not to each of the Parties, including unintentional or faulty breach of Confidential Information.

**8.4.** In case one of the Parties is required to disclose any Confidential Information due to an administrative or court order, it shall inform the other within twenty-four (24) hours, so that it can take the legal measures it may deem necessary.

**8.4.1.** In the event provided for in sub-item 8.4, if one of the Parties discloses Confidential Information without informing the other, it shall be subject to the provisions of sub-item 8.5.

**8.5.** Without prejudice to immediate termination hereof, noncompliance, by one of the Parties or by their representatives or agents, with any provision of this Instrument related to the security, use and disclosure of Confidential Information shall give rise to the collection of a compensatory fine in the amount of one hundred thousand *Reais* (R$100,000.00), irrespective of the possibility of collecting supplementary indemnification, upon proof of direct and indirect losses and damage suffered by the innocent Party.

**8.5.1.** The Party that discloses any Confidential Information without prior and express authorization may be subject, without prejudice to the liability set forth in sub-item 8.5 and to criminal liability, to administrative sanctions imposed by the regulatory bodies (National Monetary Council, Central Bank of Brazil, Securities Commission etc.).

**9. ASPECT RELATING TO THE ANTICORRUPTION LAW**

**9.1.** The Parties mutually, irrevocably and irreversibly represent that their directors, managers, employees, service providers, including their subcontractors and agents, fully understand and comply with the provisions of the Brazilian and international laws, regulations and normative provisions to which they are subject, the purpose of which is the fight against corruption, bribery and the practice of acts harmful to the Government.

**9.2.** For performance of this Instrument, neither Party may offer, give or undertake to give to anyone, or accept or commit to accept from anyone, either on their own account or by means of others, any payment, donation, compensation, financial or non-financial advantages or benefits of any kind that constitute illegal practice and/or corruption, whether directly or indirectly as to the subject matter of this Instrument, they and shall also ensure that their directors, managers, employees, service providers, including their subcontractors and agents, act in the same way.

**9.3.** The Parties shall maintain their books and/or Digital Accounting Bookkeeping (ECD), records and accounting documents with details and precision sufficiently adequate to reflect the transactions clearly and unambiguously and funds related to this Instrument.

**9.4.** The Parties mutually ensure each other that they adopt anticorruption policies, processes and procedures in order to guarantee due compliance with the Brazilian and international laws, regulations and normative provisions to which they are subject, with the purpose of combating corruption, bribery and the practice of acts harmful to the Government.

**9.5.** In the event that on the Parties becomes involved in inquiries or administrative or judicial proceedings due to the practice of corruption, bribery and/or the practice of acts detrimental to the Government during or in relation to performance of this Instrument, the Party that causes said situation shall assume the respective burden, and shall also present the documents that may assist the other Party in its defense.

**9.6.** For purposes of this section, there will be not contractual breach when the involvement of any of the Parties in a situation related to the practice of corruption, bribery and/or the practice of acts harmful to the Government is notorious and of public knowledge at the time of execution of this Instrument.

**10. SOCIAL AND ENVIRONMENTAL ASPECT**

**10.1.** Each Party represents to the other Party that:

**a)** it is vested with all powers and authority to assume and fulfill the obligations set forth herein and to consummate the transactions contemplated herein; and

**b)** the formalization and performance of this Instrument does not imply a breach of any applicable third-party right, law or regulation, or also a violation, breach or default of any contract, instrument or document to which it is a party or by which it any of its assets is linked and/or affected, nor does it depend on obtaining any authorization under any instrument, instrument or document to which it is a party or by which any or any of its assets is linked and/or affected.

**10.2.** The Parties represent and warrant to each other that they:

**a)** exercise their activities in accordance with the legislation in force applicable to them, and that they hold the necessary approvals for execution of this Instrument and compliance with the obligations provided for therein;

**b)** do not use illegal labor and will not use forced or child labor, either directly or indirectly, through their respective suppliers of products and services;

**c)** do not employ children under eighteen (18) years of age, including minor apprentices, in places that are harmful to their education, to their physical, psychological, moral and social development, as well as in dangerous or unhealthy places and services, at times that do not allow them to attend school, and, also, in night shifts, understood as the period between 10 p.m. and 5 a.m.;

**d)** do not adopt practices related to activities that imply criminal profit from prostitution or sexual exploitation of vulnerable people;

**e)** do not engage in negative discrimination practices and limit access to the employment relationship or maintenance thereof, such as, for example, those motivated by: gender, origin, race, skin color, physical condition, religion, marital status, age, family situation or pregnancy; and

**f)** agree to protect and preserve the environment, as well as to prevent and eradicate practices that are harmful to the environment, carrying out their activities in compliance with the applicable law with respect to the National Policy on the Environment and Environmental Crimes, as well as with the legal, normative and administrative acts related to the environmental and related areas issued on the Federal, State and Municipal levels.

**11. REPRESENTATIONS AND WARRANTIES**

**11.1.** The Parties represent and warrant that the activities shall be provided by qualified technicians and in a professional manner, and they agree to perform them in strict compliance with the ethical and professional precepts applicable to the matter, agreeing to provide full satisfaction of their interests.

**11.2.** The Parties represent and warrant, under the penalties of law, that:

**a)** they have professionals hired in accordance with the provisions of the Consolidated Labor Laws, who are honest, qualified and capable of performing their activities and using and implementing all technical requirements described in the documents mentioned in the preceding letter;

**b)** he professionals who shall be designated to perform this Instrument have training that qualifies them to comply with the statutory and regulatory requirements in effect applicable to the matter; and

**c)** their computer technology environments are equipped with logical protection resources, and are able to ensure full and efficient protection of data and of the communications made by electronic means.

**12. GENERAL DATA PROTECTION LAW.**

**12.1.** <u>Construal.</u> For purposes of construal of the rules on the personal data processing between the Parties, the definitions of Law No. 13.709/2018 shall be taken into consideration.

**12.2.** <u>Scope.</u> Considering that both Parties are common controllers for Personal Data Processing, which is carried out by the Parties and their possible operators, their employees, representatives, contractors or others in the name of the Parties or their affiliates, the Parties shall guarantee that any person involved in the Personal Data Processing in their name, under this Agreement, shall comply with this section.

**12.3.** <u>Sensitive Personal Data:</u> The Parties acknowledge that the Sensitive Personal Data are subject to stricter legal provisions and, therefore, require more technical and organizational protection. Therefore, whenever any of the Parties engages in Sensitive Personal Data Processing operations, it shall ensure that the appropriate technical protections able to maintain the integrity, confidentiality and safety of such be implemented. The Parties agree to carry out the Sensitive Personal Data Processing only when strictly required to perform this Instrument.

**12.4.** <u>Data protection program:</u> The Parties agree to institute and maintain a broad personal data security and governance program. This program shall establish appropriate technical and administrative control to guarantee the confidentiality, integrity and availability of the Personal Data subject to Processing, and also guarantee compliance with the General Data Protection Law and other rules relating to personal data privacy and protection. This includes the implementation of "Internal Policies" that establish, among other rules:

**a)** How are the data Subjects informed upon the processing of personal data;

**b)** What are the (technical and procedural) security measures applied to guarantee the confidentiality, integrity and availability of the information;

**c)** How is the crisis management carried out, in the event of occurrence of incidents involving personal data;

**d)** What is the procedure in place that guarantees constant updating of these measures;

**e)** The limitation and control of access to the Personal Data;

**f)** Periodical review of the implemented measures;

**g)** The conduction of constant training with the company's employees.

**12.5.** <u>Record of information:</u> The Parties shall keep the records of the Personal Data Processing operations duly updated, which records shall contain the category of data processed, the subjects involved in the activity, the purpose of the various processing activities carried out and the time during which the personal data will be processed and stored after compliance with their original purpose.

**12.6.** <u>Security measures and controls:</u> The Parties represent and warrant that they have measures implemented to protect the personal information processed.

**12.7.** <u>Update of the data:</u> The Parties shall ensure that the personal information processed in view of the purpose hereof remains correct and duly updated, it being understood that the outdated information shall be immediately corrected or deleted, as instructed by the other Party.

**12.8.** <u>Rights of the subjects:</u> Whenever necessary, a Party shall assist the other Party to answer the requests made by data subjects, providing immediately, or within twenty-four (24) hours:

**a)** A confirmation of the existence of the processing;

**b)** Access to the personal data processed;

**c)** Correction of incomplete, inaccurate or outdated personal data;

**d)** Anonymization, blocking or deletion of the personal data;

**e)** Portability of the personal data;

**f)** Information on the public or private entities with which the data have been shared;

**g)** Information on the consequences of the revocation of consent; and

**h)** Information on the factors that led to an automated decision.

**12.9.** <u>Incidents (e.g. Leakage of data):</u> The Parties shall prepare a written and structured plan for events of occurrence of incidents involving Personal Data. Incidents shall be understood as any loss, deletion or undue or accidental exposure of the personal information. The response plan shall contain at least the delivery of notice to the other Party, which shall occur immediately, within 24 hours as from knowledge of the incident, by means of a specific channel.

**13. GENERAL PROVISIONS**

**13.1.** <u>Irrevocability; irreversibility.</u> This instrument is irrevocably and irreversibly executed, and it shall be binding upon the Parties, their successors and assignees.

**13.2.** <u>Survival of clauses.</u> All provisions of this Agreement that provide on the compliance with obligations or liabilities after termination or lapse of the term of effectiveness thereof shall survive termination or lapse of the term of effectiveness thereof and shall remain in full force and effect.

**13.3.** <u>Assignment.</u> None of the Parties may delegate, assign or transfer, wholly or in part, the rights and obligations hereunder without the prior and express consent of the other Party.

**13.4.** <u>No waiver; no novation.</u> Any tolerance by the Parties in the event of noncompliance with any obligation by the other Party shall be deemed a mere liberality, and it shall not be a novation or waiver.

**13.5.** <u>Economic results.</u> This instrument shall not bind any of the Parties in relation to the other with respect to the present or future economic results of their respective business, and therefore none of them shall be liable to the other for these results, either during effectiveness of this Agreement or even after termination hereof, on any account.

**13.6.** <u>Amendments.</u> Any amendment to the conditions hereof shall only be valid if formalized by means of a contractual amendment, duly signed by the legal representatives of the Parties.

**13.7.** <u>Entire Agreement.</u> The Parties expressly acknowledge that this instrument is the sole instrument that governs the relationship between both of them with respect to its subject matter, for which reason they declare the determination, by operation of law, of any and all other instruments, commitments and other tacit or express agreements they may have previously existed in relation to the subject matter hereof.

**13.8.** <u>No depreciation.</u> The Parties, on their account, their employees, contractors, representatives and agents agree not to make, publish, communicate and/or suggest, at any time, on any account and/or in any media, any negative or depreciative comment on the other Party.

**13.9.** <u>Good faith; autonomy of the Parties.</u> The Parties acknowledge that this instrument has been prepared in accordance with the strictest principles of good faith and honesty, and it results from the mutual express consent in provisions that fully meet their respective commercial interests. They further represent that they have read and understood in full the contents agreed hereunder, and that the autonomy of will of the Parties has been fully exercised, acknowledging that this covenant is equanimous and free from ambiguities and inconsistencies.

**13.10.** <u>Partial invalidity.</u> In the event that any provision set forth herein is declared illegal, invalid or unenforceable, the remaining provisions shall not be affected and remain fully effective and applicable.

**14. JURISDICTION**

**14.1.** The Parties elect the Venue of the Judicial District of the Capital City of the State of São Paulo to resolve any doubts originating from this Instrument.

IN WITNESS WHEREOF, the Parties execute this instrument in two (2) counterparts of equal content and form, in the presence of the undersigned witnesses identified below.

São Paulo, March 2, 2021.

---

| | |
|:---|:---|
| /s/ Erico De Arruda Holanda | /s/ Edilson Pereira Jardim |
| Erico De Arruda Holanda | Edilson Pereira Jardim |
| **BANCO ORIGINAL S.A.** | **BANCO ORIGINAL S.A.** |
| /s/ Anderson Andrade Chamon do Carmo | /s/ José Antonio Batista Costa |
| Anderson Andrade Chamon do Carmo | José Antonio Batista Costa |
| **PICPAY SERVIÇOS S.A.** | **PICPAY SERVIÇOS S.A.** |
| **1<sup>st</sup> WITNESS** | **2<sup>nd</sup> WITNESS** |
| /s/ Maira Mendes Morais | /s/ Hyde de Melo Gomes Silva |
| Name: Maira Mendes Morais | Name: Hyde de Melo Gomes Silva |
| Taxpayer Card (CPF) No. 36845545880 | Taxpayer Card (CPF) No. 05309240489 |

---

## Exhibit 10.11

**Exhibit 10.11**

**Free English Translation**

**AMENDMENT TO AND RESTATEMENT OF<br> THE PAYMENT ARRANGEMENT PARTICIPATION AGREEMENT**

**BANCO ORIGINAL S.A.**, with its principal place of business in São Paulo, SP, at R. Porto União, 295 – Brooklin, São Paulo - SP, 04568-020, enrolled with the National Corporate Taxpayers' Register (CNPJ) under No. 92.894.922/0001-08, herein represented in accordance with its By-Laws, by its undersigned officers ("Original"); and

**PICPAY SERVIÇOS S.A.**, with its principal place of business at Avenida Manuel Bandeira, 291, Atlas Office Park Condominium, Block A, 1<sup>st</sup> floor – offices 22 and 23, 2<sup>nd</sup> floor and 3<sup>rd</sup> floor, and Block B, 3<sup>rd</sup> floor – offices 43 and 44, Vila Leopoldina, in the City of São Paulo, State of São Paulo, Postal Code 05317-020, enrolled with the CNPJ/MF under No. 22.896.431/0001-10, herein represented pursuant to its By-Laws, by its undersigned officers, hereinafter referred to as "Picpay" and, jointly with Original, "Parties";

WHEREAS:

i. On November 27, 2018, the Parties entered into the Payment
Arrangement Participation Agreement (" <u>Agreement</u> ");

ii. On August 13, 2020, the Parties executed the 1<sup>st</sup>
Amendment to the Agreement, amending contractual provisions; and

iii. The Parties wish to restate the amendments into a single
instrument.

NOW, THEREFORE, the Parties, by mutual and common agreement, sign this Amendment to and Restatement of the Agreement ("Restated Agreement"), which shall be governed by the following clauses and conditions.

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Subject Matter.** The subject matter of this agreement
is the establishment of general conditions for Original's participation in the payment arrangement instituted by PicPay.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Characteristics of the Arrangement.** The purpose of
the Arrangement is to permit that its end users make payments or transfers. The Users may only be holders of Virtual Credit Cards to
be issued by Original for use exclusively in the Brazilian territory.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Original's Role.** Original shall participate
in the Arrangement in the capacity as issuer of the post-paid payment instrument (Virtual Credit Card), permitting payment transactions
and transfers by means of the Application.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **PicPay's Role.** PicPay shall act in the capacity
as institution and accreditor of the Arrangement, to qualify receivers for acceptance of the payment instrument issued by Original and
participate in the process of settlement of the payment transactions as Original's creditor.

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Application.** The Application for mobile devices developed
and maintained by PicPay is the only means for use of the Virtual Card. The Application may offer other functionalities not related to
Original, other functionalities of interest to PicPay and/or serve as Payment Institution for other arrangements instituted by PicPay.

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **PicPay Mastercard Credit Card.** The Credit Card is
designed exclusively for individuals registered in the PicPay Application ("Application)", for use in Brazil and abroad,
issued in the hybrid modality (linked to PicPay Payment Arrangements and to the Mastercard Brand) and multiple modality (with debit and
credit functions), being a payment instrument for the acquisition of goods and services, withdrawals in cash, payment of bills, and other
payment services, including between individuals.

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Brand.** The Credit Card shall be issued with the PicPay
and Mastercard Brands, it being understood that the latter is the company that owns the trademark licensed to Original and defines the
rules of operation of its Payment Arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Types of payment transaction provided.** In addition
to the payment transaction set forth in item 10 of the Agreement, the User may also use the PicPay Mastercard card to purchase goods
and services in the debit and credit functions, in Brazil and abroad, in establishments accredited to the Mastercard brand, withdrawals
in cash, payment of bills and other payment services available in the product.

&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Payment of the operational costs.** Original shall pay
the standard costs inherent in the card issuance business, as described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Costs to process the debit and credit transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Costs to process and use the trademark of the Mastercard brand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Costs incurred with fraud prevention and transactional Backoffice
of credit transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1** **Supplementary outsourced services.** Since these costs
are not contemplated in the services agreement between Original and the outsourced service provider, the costs for the issue of SMS,
Web Services and Login Deductible, if consumed by PicPay and charged by the processor, shall be assumed and paid by PicPay.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2** **Manufacturing, customization and preparation for delivery of the plastics.** The Parties shall equally incur the standard costs of manufacturing and customization of the plastics, which consider
the following characteristics:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Plastic (White PVC and Embossing) - Not contemplating instrument-print

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Standard chip (dual interface)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Handling of Customization of Logos.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Handling of the kit + envelope + card holder (z folding model)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Envelope Void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Data Preparation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2.1** **Customization of the Manufacture.** In case the cost of
the material and/or of the process exceeds the standard cost of plastic assumed by Original in view of the accessory aspects, PicPay
shall assume the additional cost in full. The supplier shall be directly paid by Original, which, in turn, shall be reimbursed by PicPay.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2.2** **Manufacture of PicPay Debit Card**. In those cases in which
PicPay institutes an action to issue and deliver PicPay Mastercard cards only for operation of the PicPay prepaid payment account ("PicPay
Debit Card"), without the corresponding accession to the credit card, the costs of plastics shall be fully assumed by PicPay and
reimbursed to Original.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2.2.1** If, after issue of the PicPay Debit Card, the user activates
the credit function in the same plastic, Original shall reimburse PicPay for the cost of issue of the Card pursuant to the provisions
of item 10.2. Original shall not reimburse any costs spent by way of customization, pursuant to the provisions of section 10.2.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3** **Delivery of the cards to the users.** Original shall fully
assume the costs to deliver the cards at the value of Original's standard modality of delivery, i.e.: Simple FAC modality of the
Brazilian Mail – without trackability of delivery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3.1.** **Customization of the Delivery.** In case the delivery modality
defined by PicPay differs from Original's standard modality and the cost thereof is higher than the standard cost, PicPay shall
fully assume the additional cost. The supplier shall be directly paid by Original, which, in turn, shall be reimbursed by PicPay.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3.2** **Delivery of PicPay Debit Card.** In those cases in which
PicPay institutes an action to issue and deliver PicPay Mastercard cards for operation of the PicPay prepaid payment account ("PicPay
Debit Card"), without the corresponding accession to the credit card, the costs to delivery the cards shall be fully assumed by
PicPay and reimbursed to Original.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3.2.1** If, after delivery of the PicPay Debit Card, the user activates
the credit function in the same plastic, Original shall reimburse PicPay for the cost of delivery of the Card pursuant to the provisions
of item 10.3. Original shall not reimburse any costs spent by way of customization, pursuant to the provisions of section 10.3.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.4.** **Leaflets.** PicPay shall create and reproduce advertising
material for publicity of the Credit Card, incurring the payment and assuming all necessary costs for this operation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.5.** **Customization of the processing system.** The costs resulting
from the customization of systems of the company contracted for the processing and authorization activities shall be incurred by the
Party that requests such customization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.6.** **Additional services.** Any other service that is specifically
provided to PicPay, at its request, and the cost of which exceeds the standard cost of standard service contracted by Original, o PicPay
shall reimburse Original for the additional cost.

&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Challenge of transactions.** Without prejudice to item
32, which shall be valid for payment transactions within PicPay Payment Arrangement, Original is responsible for managing the process
of challenge of payment transactions within the Mastercard Payment Arrangement and the resulting debit of accepted challenges (chargeback)
is a burden of Original.

&nbsp;&nbsp;&nbsp;&nbsp;**12.** **Frauds**. PicPay shall be liable for frauds committed with
the PicPay card in the debit function, it being understood that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. PicPay shall not be held liable for frauds committed in credit payment transactions in the Mastercard Payment Arrangement, except in those situations where the fraud has occurred due to failures in the card sale/original process or failures in the PicPay system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. PicPay shall be liable for frauds committed in credit payment transactions in the PicPay Payment Arrangement, except in those situations where the fraud has occurred due to failures in the systems of Original.

&nbsp;&nbsp;&nbsp;&nbsp;**13.** **User Assistance and Backoffice.** Without prejudice to
the provisions of item 35, PicPay shall provide the initial assistance to all Users of the PicPay Card.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.1** In cases involving issues on the debit function of the Card
and on the payment transactions in the PicPay Payment Arrangement, the assistance shall follow a flow defined and operated exclusively
by PicPay.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.2**. In cases involving the payment transactions of the Mastercard
Payment Arrangement, first there will be attempts at resolving the doubts of the User by means of the online assistance provided by PicPay.
If the resolution and closing of the assistance is not possible, PicPay shall reinforce Original's contact telephone numbers, directing
the user to human assistance. In this case, the assistance shall follow a flow defined and operationalized by Original and/or its service
providers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.3** Each Party shall be liable for the respective costs resulting
from maintenance of the assistance with the users.

&nbsp;&nbsp;&nbsp;&nbsp;**14.** **Collection and Recovery of Credits.** In the event of default
or existence of evidence of aggravation of risks in the Credit Card Holder, PicPay shall assist Banco Original in the process of item
14. Collection and Recovery of Credits, providing information and contacting the Holder for the purpose of making the due collection.
These contacts may be made by e-mail, SMS, push or other means understood as the most effective, upon adjustment of the messages to the
communication standards agreed between the Parties. In addition, PicPay may develop functionalities to enter into settlements and generate
payment slips and other means of collection of funds subject to collection through its APP, upon alignment with the area in charge at
Banco Original.

&nbsp;&nbsp;&nbsp;&nbsp;**15.** **Information to regulators.** Whenever necessary and provided
it is not directly requested to PicPay, Original shall provide all information relating to the card issue business that may be requested
by regulatory bodies, with the collaboration of PicPay.

&nbsp;&nbsp;&nbsp;&nbsp;**16.** **Virtual Credit Card.** It shall be identified by a Virtual
Card number defined by Original and linked to the paying User, and it is designed for payment transactions and transfers that are not
conditional upon the prior contribution of funds.

&nbsp;&nbsp;&nbsp;&nbsp;**17.** **Contracting of Virtual Credit Card.** The contracting of
Virtual Credit Card with Original is conditional upon the grant of credit and upon the validation of the User's data. The grant
of credit is an exclusive prerogative of Original. The identity and other data of the Users shall be validated by PicPay in accordance
with a procedure approved by Original. PicPay shall strictly comply with the validation procedure and inform to Original the Users whose
record has been approved in accordance with such procedure.

&nbsp;&nbsp;&nbsp;&nbsp;**18.** **Criteria and conditions to provide limits.** It is exclusively
incumbent upon original to determine and be liable for the maximum credit limit to be granted to the User. Any default of the Users is
an exclusive burden of Original.

&nbsp;&nbsp;&nbsp;&nbsp;**19.** **Virtual Card Cancellation/Blocking.** PicPay may unilaterally block the use of the Virtual Card in
the events set forth in the Terms of Use of the Application, but it shall, however, immediately inform Original, and Original may unilaterally
cancel or block the Virtual Card in the events set forth in the Virtual Credit Card Accession Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**20.** **Types of payment transaction provided.** The Users may use their Virtual Card to make transfers or
payments to individuals or legal entities holding Prepaid Payment Accounts managed by PicPay itself, including, but not limited to, companies,
stores and professionals, purchase of goods or services, payment of accounts and other payment services provided in the Application. The
transactions may be carried out in cash or in installments, both on account of the Receiver and of the Paying User. No prior contribution
of funds to the Virtual Card is permitted.

&nbsp;&nbsp;&nbsp;&nbsp;**21.** **Procedures of the payment transaction**. The payment transactions requested by the Users shall be
transmitted by PicPay to Original electronically, with security requirements and requirements of authentication of the parties. Original,
in turn, will inform if it authorizes or rejects the transaction. Even if it is authorized by Original, PicPay may reject the transaction
based on its security criteria. If the transaction is rejected by Original, PicPay shall respect the decision.

&nbsp;&nbsp;&nbsp;&nbsp;**22.** **Challenge of transactions.** PicPay is responsible for managing the procedure of challenge of payment
transactions and the debit resulting from accepted challenges (chargeback) shall be incurred by PicPay.

&nbsp;&nbsp;&nbsp;&nbsp;**23.** **Settlement.** Original shall settle the authorized payment
transaction and provide the respective funds for free operation in a checking account held by PicPay with Original itself. The settlement
term shall be defined in accordance with the term negotiated with the Receiver and previously informed to Original. In the event of late
settlement by Original to PicPay, the amount shall be increased by thirty-three thousandths (0.033%) per day, not capitalized, calculated
on a *pro rata temporis* basis and by way of interest for late payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.1** **Transfer of amounts.** Original shall provide PicPay
with the amount of each transaction, withholding, however, a specific percentage, which relates to the term negotiated between PicPay
and the Receiver, in accordance with Exhibit I to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.2.** The amounts may be renegotiated at any time, by mutual agreement
between the Parties, taking into account, especially, the conditions and the dynamics of the contractual relationship, upon execution
of an amendment to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**24.** **Invoice to the User.** PicPay is responsible for invoicing the User. Original shall send, every cut-off
date, the file of invoices to PicPay, which shall generate the layout and transmit them to the Users by means of the Application and/or
by other means.

&nbsp;&nbsp;&nbsp;&nbsp;**25.** **Assistance to the User.** PicPay is responsible for providing assistance to the Users. PicPay shall
provide the direct communication with the Users by means of its service channels to resolve doubts and receive complaints relating to
the use of the Virtual Card, transactions, interest, charges, credit limits (contracting, renewal and cancellation) and invoices (explanations
of the information presented in the invoice). Original shall maintain a team to assist PicPay in relation to the matters that depend on
information or decisions of Original.

&nbsp;&nbsp;&nbsp;&nbsp;**26.** **Responsibilities of PicPay.** PicPay shall:

&nbsp;&nbsp;&nbsp;&nbsp;a) offer the Virtual Card to the users of its platform as strictly
defined by Original;

&nbsp;&nbsp;&nbsp;&nbsp;b) after the credit request made by the User, send the record
information to Original, pursuant to the applicable legislation and whenever required by Original, and capture the images of the Identification
documents and Taxpayer Card (CPF) of the users;

&nbsp;&nbsp;&nbsp;&nbsp;c) provide the User with the Virtual Card Accession Agreement
with its conditions of use;

&nbsp;&nbsp;&nbsp;&nbsp;d) monthly present to the User the virtual card invoice, which
shall contain at least, but not limited to, the following information: payment slip with barcode, credit limits, invoice coming due,
invoiced closed; rate of conventional interest of the period, default charges, taxes, Total Effective Cost (CET) of the period and the
annual cost of the credit transactions;

&nbsp;&nbsp;&nbsp;&nbsp;e) present to the User the settlement documents and annual statement;

&nbsp;&nbsp;&nbsp;&nbsp;f) settle the payments made by means of use of the Virtual Card
with the Receiving Users, in accordance with the agreed terms and conditions;

&nbsp;&nbsp;&nbsp;&nbsp;g) analyze the transactions or transaction amounts challenged;

&nbsp;&nbsp;&nbsp;&nbsp;h) provide the Users with a communication channel for the receipt
of renegotiation;

&nbsp;&nbsp;&nbsp;&nbsp;i) mediate disputes between Paying Users and Receivers;

&nbsp;&nbsp;&nbsp;&nbsp;j) define its rules on the prevention of fraud and comply with
those required by Original;

&nbsp;&nbsp;&nbsp;&nbsp;k) validate the Address provided by the user;

&nbsp;&nbsp;&nbsp;&nbsp;l) monitor performance of the system that authorizes the Virtual
Card, always monitoring it and taking the measures required to maintain its stability; and

&nbsp;&nbsp;&nbsp;&nbsp;m) monitor the quality of transactions and the volume of cash
subject to the Arrangement and to PicPay, in the capacity as accreditors, for purposes of compliance with the regulations of the Brazilian
Monetary Council and of the Central Bank of Brazil, and be liable for obtaining the necessary approvals to continue the Arrangement instituted.

&nbsp;&nbsp;&nbsp;&nbsp;**27.** **Responsibilities of Original.** Original agrees to:

&nbsp;&nbsp;&nbsp;&nbsp;a) inform PicPay of any changes in the credit limit granted
to the Users;

&nbsp;&nbsp;&nbsp;&nbsp;b) receive the record information of PicPay and feed the Record
with them, in compliance with the applicable rules;

&nbsp;&nbsp;&nbsp;&nbsp;c) inform PicPay of the Users whose record data have been rejected
and approved;

&nbsp;&nbsp;&nbsp;&nbsp;d) prepare the Virtual Card Accession Agreement with its conditions
of use;

&nbsp;&nbsp;&nbsp;&nbsp;e) define rules on the authorization of transactions;

&nbsp;&nbsp;&nbsp;&nbsp;f) record the payment slips issued in the CIP invoices, dealing
with any rejections and payments not processed and/or rejected;

&nbsp;&nbsp;&nbsp;&nbsp;g) make the transfer of funds to PicPay in accordance with the
settlement rules;

&nbsp;&nbsp;&nbsp;&nbsp;h) to the extent that it is required to do so pursuant to the
regulation, keep the regulatory bodies informed of the provisions and progress of the transactions, especially with respect to accounting,
regulatory and tax matters;

&nbsp;&nbsp;&nbsp;&nbsp;i) be liable for the policy and process of the renegotiation
of debts originating from use of the Virtual Card; and

&nbsp;&nbsp;&nbsp;&nbsp;j) be liable for the inclusion and exclusion of the data of
the clients in the credit protection bodies.

&nbsp;&nbsp;&nbsp;&nbsp;**28.** **Mutual obligations.** The parties agree to:

&nbsp;&nbsp;&nbsp;&nbsp;a) perform its activities by using the best existing technique,
for the purpose of achieving the best possible result;

&nbsp;&nbsp;&nbsp;&nbsp;b) be solely and fully liable for performance of its activities,
providing all resources required for such purpose and managing the designated professionals;

&nbsp;&nbsp;&nbsp;&nbsp;c) request the other Party to provide all operational information
it may deem necessary, based on its technical knowledge and experience;

&nbsp;&nbsp;&nbsp;&nbsp;d) maintain and, whenever applicable, renew the records, licenses
and other legal and technical requirements for performance of its activities and of this agreement, promptly showing to the other Party
the corresponding proofs, whenever requested, throughout the term of effectiveness of this agreement;

&nbsp;&nbsp;&nbsp;&nbsp;e) immediately notify, in writing, any nonconformity, event,
impediment, error or omission that may in any way affect the performance of its activities or its time of performance, including events
relating to deviation of function, suspension, revocation or expiry of the registrations and licenses or, also, interference by its agents
in relation to the professionals designated by the other Party;

&nbsp;&nbsp;&nbsp;&nbsp;f) timely regularize the activities or procedures that are inadequate
or incompatible with the specifications defined in this agreement and in the Supplementary Procedures;

&nbsp;&nbsp;&nbsp;&nbsp;g) keep the other Party informed of the progress of the activities
and results reached, explaining any doubts that may arise and also attending meetings;

&nbsp;&nbsp;&nbsp;&nbsp;h) allow the other Party to permanently monitor the evolution
of the activities, even conducting, at its sole discretion, on its account or on account of third parties, audits in its premises and
requesting documents and information, which shall be promptly provided;

&nbsp;&nbsp;&nbsp;&nbsp;i) cooperate with quality verification process and verification
of responsibilities;

&nbsp;&nbsp;&nbsp;&nbsp;j) care for the safekeeping and conservation of assets, data,
files and documents provided, providing the return or destruction thereof, at the request of the other Party and without additional lien;

&nbsp;&nbsp;&nbsp;&nbsp;k) comply with the applicable law, especially the rules governing
intellectual property, consumer, security and confidentiality, environmental preservation rights, social responsibility of the companies
and anticorruption rules, being fully liable for the violations it may cause;

&nbsp;&nbsp;&nbsp;&nbsp;l) designate an authorized representative to monitor the progress
of the activities, inspect and resolve possible existing doubts;

&nbsp;&nbsp;&nbsp;&nbsp;m) allocate professionals from among their advisors, agents
and employees, who shall be able and professionally qualified to perform and carry out the subject matter of this agreement, in a sufficient
number to comply with their respective obligations;

&nbsp;&nbsp;&nbsp;&nbsp;n) assume full administrative, financial and legal liability
relating to any type of installation of software or technologies required for compliance with their obligations, which liability shall
not be in any way a joint liability;

&nbsp;&nbsp;&nbsp;&nbsp;o) provide the necessary support to achieve the subject matter
of this agreement in its full extent;

&nbsp;&nbsp;&nbsp;&nbsp;p) perform the portion hereof it is required to perform, caring
for the good quality of the actions, seeking to improve the efficiency, efficacy, effectiveness and economy in the performance of the
subject matter hereof;

&nbsp;&nbsp;&nbsp;&nbsp;q) grant the other Party access to any information that relates
to the subject matter of this agreement;

&nbsp;&nbsp;&nbsp;&nbsp;r) neither to assign nor to transfer the rights and obligations
hereunder without the prior and express authorization of the other Party;

&nbsp;&nbsp;&nbsp;&nbsp;s) assume responsibility for all acts and/or omissions of their
employees and/or agents, as well as for all damages of any kind caused to the other Party and/or to third parties as a result of the
performance of the activities carried out hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;t) be liable for the civil, labor, social-security, tax, insurance,
administrative and socioenvironmental obligations, to ensure the resolution of facts for which the other Party may be held liable, until
the respective rights are barred by the statute of limitations or peremption;

&nbsp;&nbsp;&nbsp;&nbsp;u) fully incur the redress for proved losses and damages, of
any kind, caused to the other Party or to third parties as a result of the legal relationship established by means of this Agreement,
including the losses resulting from frauds and failures in the quality of the activities performed or violation of rights of personality,
intellectual property rights and confidentiality.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.1.** The amount of the award of damages, which shall include costs and attorneys' fees, shall be adjusted
based on the variation of the IGPM (General Market Price Index) disclosed by the FGV (Getúlio Vargas Foundation) or, in the lack
thereof, on another index that may substitute or represent it, from the date of the harmful event to the date of the reimbursement, plus,
in the event of default, a ten percent- (10%)-fine and late payment interest at the rate of one percent (1%) per month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.2.** The liability of the Parties, for any reason,
with respect to the performance or nonperformance of their activities, resulting from any
kind of complaint or demand, shall be unlimited.

&nbsp;&nbsp;&nbsp;&nbsp;**29.** **Intellectual property.** The trademarks, patents, industrial designs, applications, databases, preexisting materials of Original are fully and exclusively
owned by Original or licensed thereto, it being understood that this item includes, without limitation, the methodology for grant of
the credit. Similarly, the trademarks, patents , industrial designs, applications,
databases, preexisting materials of PicPay are fully and exclusively owned by PicPay or are licensed thereto.

&nbsp;&nbsp;&nbsp;&nbsp;**30.** **Use of the trademarks.** The Parties shall not use the
trade names, trademarks, logos and other distinctive signs of each other, even if as mere reference, in any means and on any account,
without the prior, express and written authorization of the other Party.

&nbsp;&nbsp;&nbsp;&nbsp;**31.** **No violation**. The Parties warrant that the preexisting
materials owned by them neither breach nor will breach any intellectual property or personality rights, patents or trade secrets of third
parties, taking full responsibility for the losses resulting from any judicial or administrative proceedings based on violation of rights
of the kind.

&nbsp;&nbsp;&nbsp;&nbsp;**32.** **Exclusivity.** Original represents that it has no copyright
on any software, application, or technological tool developed by PicPay. PicPay is the exclusive owner of everything that it develops
and idealizes in relation to this agreement, and which it may register and exploit at its discretion, without any participation or interference
of Original, except for the methodology for the grant of credit, the intellectual property of which is owned by Original.

&nbsp;&nbsp;&nbsp;&nbsp;**33.** **Joint ownership.** In case any specific material is
developed solely and exclusively of a product of this agreement, the Parties shall define all matters relating to intellectual property.

&nbsp;&nbsp;&nbsp;&nbsp;**34.** **Confidentiality.** Throughout the effectiveness of this
agreement and for three (3) years after termination hereof, the Parties shall grant confidential treatment to the negotiations that preceded
this agreement and all information it comes to obtain or to which it may be granted access as a result of the activities performed under
this agreement, refraining from using it for any purpose other than for normal performance of this agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**34.1.** The confidentiality of the information protected by bank
or tax confidentiality is not subject to a term and must be permanently observed by the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**34.2.** Confidential Information is any information or document of
the Parties, obtained or accessed by the other Party, and covers the personal data and operations of the clients, employees, corporate
data, economic and financial information, reports and strategic, technical, legal, accounting, operational, administrative, commercial,
financial and economic analyses, as well as intellectual works and software owned by it, obtained by any means (whether orally or in
writing, expressly or tacitly), which may be included in any documents, spreadsheets, programs, systems, photographs, reports, physical
support, electronic means etc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**34.3.** All Confidential Information shall be kept in a safe place
and with access restricted to the professionals of the Parties who need to access such information for performance of their duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**34.4.** The disclosure of Confidential Information to third parties
is conditional upon prior and express consent from the legal representatives of the other Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**34.5.** The Parties shall immediately inform the other Party of any
breach of the confidentiality rules by any person, including unintentional or faulty breach of Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**34.6.** In case any of the Parties is required to disclose any Confidential
Information due to an administrative or court order, it shall inform the other Party within twenty-four (24) hours, so that it can take
the legal measures it may deem necessary. The disclosure without prior information implies the duty to indemnify the other Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**34.7.** At any time and without prior notice, either Party may request
the return of Confidential Information that is in the possession of the other Party, which must immediately return it or destroy it,
and it is prohibited from keeping copies of any Confidential information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**34.8.** The return or destruction of the information shall be documented in a statement signed by the Party, under
the penalties of law, which shall contain all Confidential Information actually returned/destroyed and the statement that it does not
have any copy of that information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**34.9.** The return or destruction of any Confidential Information does not exempt the Party from its duty of confidentiality
and other conditions set out in this Agreement, under penalty of indemnifying the other Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**34.10.** Noncompliance, by any of the Parties or by their representatives or agents, with any rule related to the
security, use and disclosure of Confidential Information shall give rise to indemnification in an amount to be defined in the form scheduled
for the resolution of disputes.

&nbsp;&nbsp;&nbsp;&nbsp;**35.** **Labor liability.** This Agreement does not establish
a labor relationship between the employees of the Parties and the other party. Each Party is exclusively liable for all obligations resulting
from the labor law and all amounts due to its employees, including taxes and social-security contributions, even in the event of acknowledgment
of the employment relationship of any of its professionals with the other Party, for any reason.

&nbsp;&nbsp;&nbsp;&nbsp;**36.** **Submission of proofs of payment.** The Parties shall
present to the other Party, upon request, proofs of payment of salaries, bonuses, payment of social-security contributions and deposits
to the Unemployment Compensation Fund (FGTS), or other documents required by law, in relation to employees involved in the activities
of this Agreement, in addition to data and information that clearly identify these professionals, the place and period of activity, as
well as any other documents that demonstrate their legal qualification, financial health and tax compliance, within a reasonable term
compatible with the volume of information requested.

&nbsp;&nbsp;&nbsp;&nbsp;**37.** **Reimbursement.** In the event of acknowledgment of employment
relationship between an employee or a third party linked to a Party (employer) vis-à-vis the other Party (not employer) by the
Labor Court, the employing Party shall fully reimburse the expenses, costs, attorneys' fees, fines and court expenses incurred
by the non-employing Party as a result of the lawsuits. The employing Party shall acknowledge the debt as its own, crediting the respective
amounts to the checking account indicated by the non-employing Party within five (5) business days as from the request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**37.1.** The Parties may not, now or in the future, claim in court, to exempt themselves from their responsibilities,
that the defense promoted by the other Party was imperfect or that the case has been unsatisfactorily monitored.

&nbsp;&nbsp;&nbsp;&nbsp;**38.** **Tax liability.** Each Party shall be responsible for
paying the respective taxes of which they are taxpayers. If, due to any statutory provision, one of the Parties is responsible for the
payment of any tax the taxpayer of which is the other Party, the amount shall be reimbursed by the debtor Party to the creditor Party
within five (5) business days.

&nbsp;&nbsp;&nbsp;&nbsp;**39.** **Anticorruption compliance.** The Parties mutually, irrevocably
and irreversibly represent that their directors, managers, employees, service providers, including their subcontractors and agents, fully
understand and comply with the provisions of the Brazilian and international laws, regulations and normative provisions to which they
are subject, the purpose of which is the fight against corruption, bribery and the practice of acts harmful to the Government.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**39.1.** For performance of this Agreement, neither Party may offer, give or undertake to give to anyone, or accept
or commit to accept from anyone, either on their own account or by means of others, any payment, donation, compensation, financial or
non-financial advantages or benefits of any kind that constitute illegal practice and/or corruption, whether directly or indirectly as
to the subject matter of this agreement, they and shall also ensure that their directors, managers, employees, service providers, including
their subcontractors and agents, act in the same way.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**39.2.** The Parties shall maintain their books and/or Digital Accounting Bookkeeping (ECD), records and accounting
documents with details and precision sufficiently adequate to reflect the transactions clearly and unambiguously and funds related to
this agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**39.3.** The Parties mutually ensure each other that they adopt anticorruption policies, processes and procedures
in order to guarantee due compliance with the Brazilian and international laws, regulations and normative provisions to which they are
subject, with the purpose of combating corruption, bribery and the practice of acts harmful to the Government.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**39.4.** In the event that on the Parties becomes involved in inquiries or administrative or judicial proceedings
due to the practice of corruption, bribery and/or the practice of acts detrimental to the Government during or in relation to performance
of this Agreement, the Party that causes said situation shall assume the respective burden, and shall also present the documents that
may assist the other Party in its defense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**39.5.** For purposes of this section, there will be not contractual breach when the involvement of any of the
Parties in a situation related to the practice of corruption, bribery and/or the practice of acts harmful to the Government is notorious
and of public knowledge at the time of execution of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**40.** **Supplementary Procedures.** The procedures required
for performance of all activities shall be defined in technical documents approved by both parties and shall become an integral part
of this agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**41.** **Data security.** The parties agree to adopt strict safety
mechanisms for the data and electronic communications required for performance of their activities.

&nbsp;&nbsp;&nbsp;&nbsp;**42.** **Duration of the agreement.** This agreement shall be
effective for an indefinite term, as from November 27, 2018.

&nbsp;&nbsp;&nbsp;&nbsp;**43.** **Good faith.** During performance of this Agreement,
and even after termination hereof, the Parties shall observe the principles of honesty and good faith and the accessory duties of loyalty,
information, cooperation and confidentiality.

&nbsp;&nbsp;&nbsp;&nbsp;**44.** **Place of the activities.** The activities of each Party
shall be performed at their respective facilities or, according to specific needs, on sites agreed between the Parties, which fact shall
not determine any differentiation in the obligations and liabilities attributed to the Parties;

&nbsp;&nbsp;&nbsp;&nbsp;**45.** **Additional services.** Any and all services that do
not fall under this agreement and the provision of which results in additional lien to any of the Parties shall be the subject matter
of a specific agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**46.** **COAF.** The Parties represent that they
have full knowledge of the Law of the Controlling Council of Financial Activities (COAF) of the Ministry of Finance, and they shall comply
with and make all decisions within the strict limits of the law and of
their internal policies.

&nbsp;&nbsp;&nbsp;&nbsp;**47.** **Termination of the agreement.** This agreement may be terminated:

&nbsp;&nbsp;&nbsp;&nbsp;a) at the initiative of one of the parties, in which case the
party that wishes to terminate the agreement without just cause shall inform the other party at least six (6) months in advance. After
the first year of the term of effectiveness of the agreement, the term of the prior notice of termination shall be increased by one (1)
month every year or fraction of a year, up to the limit of nine (9) months;

&nbsp;&nbsp;&nbsp;&nbsp;b) for noncompliance with contractual or statutory obligations;
in this case, the innocent Party shall notify the breaching Party in writing and with acknowledgment of receipt, and shall grant a reasonable
term, compatible with the complexity of the defaulted obligation, not shorter than thirty (30) days.

&nbsp;&nbsp;&nbsp;&nbsp;c) by government intervention, in case a liquidator, intervenor
or temporary special administrator is appointed for one Party or if a Party suffers intervention, is placed in extrajudicial liquidation
or special temporary administration system by any competent government, regulatory or judicial authority, or also if one of the Parties
receives notification from the Central Bank or competent authority with the intention of suspending or revoking its authorization to
operate;

&nbsp;&nbsp;&nbsp;&nbsp;d) if one of the parties involves in or facilities any unlawful
measure or activity, or associates to a person or entity that adversely affects or threatens to adversely affect the reputation of the
other party, except if this involvement is notorious and of public knowledge at the time of execution of this agreement.

&nbsp;&nbsp;&nbsp;&nbsp;e) due to omission of information, in case one of the parties
provides incorrect information to the other or fails to disclose adequate information relating to the transactions, or fails to timely
provide the other party with information requested and which the party shall provide under this agreement;

&nbsp;&nbsp;&nbsp;&nbsp;f) if there is circumstantial evidence that one of the parties
is directly or is a means for or assists in the concealment of a person or entity that is involved, tries or threatens to get involved
in, or facilitates terrorist activities, narcotraffic, traffic of persons, activities relating to the dissemination of weapons of mass
destruction, activities that violate or threaten to violate human rights or principles of national sovereignty, or money laundering to
cover any of these activities; or

&nbsp;&nbsp;&nbsp;&nbsp;g) if there is proof that the acts of one party adversely affect
the good image or reputation of the other party; and

&nbsp;&nbsp;&nbsp;&nbsp;h) if one of the Parties files for court-supervised or out-of-court
reorganization or judicial or extrajudicial liquidation, dissolution or bankruptcy, or if any of the above is claimed against it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**47.1.** **Procedure for termination.** Except in relation to the
termination due to the parties' will, the termination shall be declared in accordance with the procedure for resolution of disputes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**47.2.** **Gradual dissolution.** In any event of regular or early
termination of this agreement, the Parties shall use efforts for the activities to cease gradually, so as to avoid losses to the Users.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**47.3.** **Force majeure.** None of the Parties shall be deemed
in default or liable to the other Party for failure in the performance of its obligations if the failure is proven to exclusively result
from an event beyond its control, act of God or force majeure or, furthermore, from an act or omission solely attributable to the other
Party. This does not prevent termination of the agreement due to involuntary default.

&nbsp;&nbsp;&nbsp;&nbsp;**48.** **Change in control.** In the event of significant change
in the control of one of the Parties, the other Party may: i) terminate this agreement as provided in item 37 a); and/or ii) request
the return or destruction of all its information, files, and databases exclusively related to such Party, which shall be complied with
within sixty (60) days.

&nbsp;&nbsp;&nbsp;&nbsp;**49.** **Socioenvironmental compliance.** The Parties represent
and warrant to each other that they:

&nbsp;&nbsp;&nbsp;&nbsp;a) exercise their activities in accordance with the legislation
in force applicable to them, and that they hold the necessary approvals for execution of this Agreement and compliance with the obligations
provided for therein;

&nbsp;&nbsp;&nbsp;&nbsp;b) do not use illegal labor and will not use forced or child
labor, either directly or indirectly, through their respective suppliers of products and services;

&nbsp;&nbsp;&nbsp;&nbsp;c) do not employ children under eighteen (18) years of age,
including minor apprentices, in places that are harmful to their education, to their physical, psychological, moral and social development,
as well as in dangerous or unhealthy places and services, at times that do not allow them to attend school, and, also, in night shifts,
understood as the period between 10 p.m. and 5 a.m.;

&nbsp;&nbsp;&nbsp;&nbsp;d) do not adopt practices related to activities that imply criminal
profit from prostitution or sexual exploitation of vulnerable people;

&nbsp;&nbsp;&nbsp;&nbsp;e) do not engage in negative discrimination practices and limit
access to the employment relationship or maintenance thereof, such as, for example, those motivated by: gender, origin, race, skin color,
physical condition, religion, marital status, age, family situation or pregnancy; and

&nbsp;&nbsp;&nbsp;&nbsp;f) agree to protect and preserve the environment, as well as
to prevent and eradicate practices that are harmful to the environment, carrying out their activities in compliance with the applicable
law with respect to the National Policy on the Environment and Environmental Crimes, as well as with the legal, normative and administrative
acts related to the environmental and related areas issued on the Federal, State and Municipal levels.

&nbsp;&nbsp;&nbsp;&nbsp;**50.** **Representations and warranties.** The Parties warrant that:

&nbsp;&nbsp;&nbsp;&nbsp;a) they have all powers and authority to assume and fulfill
the obligations and to consummate the transactions contemplated herein; and

&nbsp;&nbsp;&nbsp;&nbsp;b) the formalization and performance of this agreement do not
imply a breach of any applicable third-party right, law or regulation, or also a violation, breach or default of any contract, instrument
or document to which it is a party or by which it any of its assets is linked and/or affected, nor does it depend on obtaining any authorization
under any agreement, instrument or document to which it is a party or by which any or any of its assets is linked and/or affected.

&nbsp;&nbsp;&nbsp;&nbsp;c) the Services shall be provided by qualified technicians and
in a professional manner, and they agree to provide the Services in strict compliance with the ethical and professional precepts applicable
to the matter, agreeing to provide full satisfaction of the interests of the other party.

&nbsp;&nbsp;&nbsp;&nbsp;d) they do not have a conflict of interest between them or with
any company of their economic groups that could affect the performance of the Services;

&nbsp;&nbsp;&nbsp;&nbsp;e) they have honest, qualified professionals hired, who are
capable of performing the Services and using and implementing all technical requirements described in the documents mentioned in the
preceding letter;

&nbsp;&nbsp;&nbsp;&nbsp;f) the professionals who shall be designated to engage in the
activities have training that qualifies them to comply with the statutory and regulatory requirements in effect;

&nbsp;&nbsp;&nbsp;&nbsp;g) their computer technology environments are equipped with
logical protection resources, and are able to ensure full and efficient protection of data and of the communications made by electronic
means;

&nbsp;&nbsp;&nbsp;&nbsp;h) they are fully compliant with the applicable laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;**51.** **Notices between the parties.** The notices from one Party to the other shall
be sent to the following addressees and addresses:

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| | |
|:---|:---|
| &nbsp;&nbsp;To PicPay: | &nbsp;&nbsp;To Original: |
| &nbsp;&nbsp;PICPAY SERVIÇOS S.A. Avenida Manuel Bandeira, 291, Condomínio Atlas Office Park, Bloco A, 1° andar - escritórios 22 e 23, 2° andar e 3° andar, e Bloco B, 3° andar - escritórios 43 e 44, Vila Leopoldina, São Paulo, CEP 05317-020. Attn. Legal Department <br> E-mail: juridico@picpay.com.br | &nbsp;&nbsp;BANCO ORIGINAL S.A. R. Porto União, 295 - Brooklin, São Paulo - SP, 04568-020 mailto: Attn. Legal Department E-mail: juridico@original.com.br |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**51.1.** The notices may be delivered personally, with proof of receipt by the other Party, or transmitted by telegram/mail,
with registration of receipt, posted by mail with acknowledgment of receipt or delivered via the Registry of Deeds and Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**51.2.** Considering that, in order to comply with this Agreement, information may be exchanged electronically,
the Parties represent to acknowledge the validity of the information and data transmitted electronically and that, according to article
225 of the Civil Code, the mechanical or electronic reproductions of facts or of things make full proof thereof, if the party against
whom they are shown does not challenge their accuracy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**51.3.** The Parties may, as necessary, change their representatives and/or addresses for the receipt of notices
related to this agreement, giving the other Party notice of such change, in writing, ten (10) days in advance.

&nbsp;&nbsp;&nbsp;&nbsp;**52.** **Liability for lawsuits.** Administrative proceedings
or lawsuits against one of the Parties the subject matter of which relates to the activities carried out hereunder shall be informed
to the other Party within three (3) days as from receipt of initial communication (service of process) and agrees to provide all necessary
information about the case to the Party that is sued within forty-eight (48) hours, even if the lawsuit in question is filed after termination
of this agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**52.1.** Judgment against one of the parties in the event of failure of the other Parties implies the right of
recourse against the breaching Party, as well as the right to full reimbursement for the expenses incurred with the claim, and authorizes
the impleader of the breaching Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**52.2.** In
the event of lawsuits the allegation of which is the commission of fraud due to the use of data of clients, the party responsible for
incurring the amounts spent with the defense shall always be PicPay, considering that it is liable for the prospection of clients and
validation of their record data. In this case, PicPay agrees to reimburse all
amounts incurred by Original in its defense and possible adverse award, in case only the latter is a defendant in the lawsuit.

&nbsp;&nbsp;&nbsp;&nbsp;**53.** **Liability for regulatory and other claims.** In the
event that any client/user initiates an administrative complaint relating to Virtual Card, in any assistance channel (Bacen, Ombudsman's
Office, Media, Procon, and others), Original shall prepare the answer in accordance with the flow already adopted internally. Thus, PicPay
agrees to send to Original, within one (1) business day, any type of claim that is send to it and which relates to the Virtual Card.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**53.1.** In case Original needs more data, information and/or documents
that are in the possession of PicPay, the Parties hereby agree that they shall mutually assist each other, by sending everything that
is necessary for the answer to the client to be prepared, within up to two (2) business days as from the request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**53.2.** If the administrative claim is sent by the client/user to
Original, but the grounds thereof are some type of failure in the provision of services for which PicPay is liable, it shall be responsible
for the answer to the client/user, as well as, in the event of claim initiated in the Bacen, assist Original for it to have access to
all subsidies to prepare the answer to said body.

&nbsp;&nbsp;&nbsp;&nbsp;**54.** **Entire agreement.** This Agreement represents the full and total agreement between the Parties, and
it may neither be amended nor changed without the prior and express written consent of the legal representatives of the Parties or of
their respective successors, it being understood that the transfer, subcontracting, wholly or in part, of the Services, as well as the
assignment of the rights and obligations hereunder without the written consent of the Party shall be prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;**55.** **Essential elements.** The Parties expressly acknowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) full compliance of the obligations agreed hereunder is of
fundamental importance for the balance of this agreement, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) the terms and conditions provided for herein are fair and
reasonable and have been agreed in accordance with the principles of probity and good faith.

&nbsp;&nbsp;&nbsp;&nbsp;**56.** **No relationship.** This agreement does not create any
labor, corporate, tax or any other relationship between the Parties, and each Party shall remain solely responsible for its obligations,
pursuant to the provisions of the applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;**57.** **Invalidity.** The declaration of ineffectiveness , nullity or illegality of a provision
of this agreement does not imply the ineffectiveness, nullity or illegality of other provisions.

&nbsp;&nbsp;&nbsp;&nbsp;**58.** **Inexistence of novation.** Any tolerance by one of the
Parties with respect to the noncompliance or nonperformance of any clause or condition by the other party shall be a mere liberality,
and it does not imply novation or waiver of the right to require full compliance with the future obligations.

&nbsp;&nbsp;&nbsp;&nbsp;**59.** This Agreement shall prevail over any other documents that
may be signed between the Parties that contain the same or a similar subject matter. If there is a conflict between the provisions of
this Agreement and those set forth in any of its Supplements, Exhibits or Supplementary Procedures, the first shall prevail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**59.1.1.** The modification of any clause or condition defined in this Agreement, including the definition of limits
and/or exceptions of any nature not expressly mentioned herein shall only be valid if stipulated in a Contractual Amendment signed by
the legal representatives of both Parties.

**<u>RESOLUTION OF DISPUTES</u>**

&nbsp;&nbsp;&nbsp;&nbsp;**60.** **Mediation.** In the event of existence of any dispute resulting from the construal or performance of this Agreement, the Parties shall use their
best efforts to amicably resolve said dispute. In case the dispute is not resolved, the Parties agree to
resolve it by confidential mediation, in accordance with the provisions of the Mediation Regulations of the FGV Mediation and Arbitration
Chamber of the Getúlio Vargas Foundation. The Chamber shall present to the Parties a list of its mediators for the parties to
designate the mediator who will assist them. The mediation procedure cannot exceed thirty (30) days as from execution of the Instrument
of Mediation, it being understood that any of the parties may interrupt it at any time.

&nbsp;&nbsp;&nbsp;&nbsp;**61.** **Jurisdiction.** The Parties elect the Venue of the Judicial District of the Capital City
of the State of São Paulo to resolve any doubts originating from this Agreement.

IN WITNESS WHEREOF, the Parties execute this instrument in two (2) counterparts of equal content and form, in the presence of the undersigned witnesses identified below.

São Paulo, February 26, 2020.

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| | |
|:---|:---|
| <u>/s/ Carlos Andre H. da Silva</u> | <u>/s/ Luis Menegueti</u> |
| Carlos Andre H. da Silva | Luis Menegueti |
| **BANCO ORIGINAL** | **BANCO ORIGINAL** |
| /s/ | /s/ |
| **PICPAY SERVIÇOS S.A.** | **PICPAY SERVIÇOS S.A.** |

---

Witnesses:

Name: Name: <br> Identity Card (RG): Identity Card (RG):

**Exhibit I – Percentage amount withheld upon settlement**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Term of the settlement – in days | &nbsp;&nbsp;&nbsp;Withheld percentage of the transaction amount |
| &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;1.820% |
| &nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;1.792% |
| &nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;1.763% |
| &nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;1.735% |
| &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;1.707% |
| &nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;1.679% |
| &nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;1.650% |
| &nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;1.622% |
| &nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;1.594% |
| &nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;1.566% |
| &nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;1.537% |
| &nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;1.509% |
| &nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;1.481% |
| &nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;1.452% |
| &nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;1.424% |
| &nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;1.396% |
| &nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;1.368% |
| &nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;1.339% |
| &nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;1.311% |
| &nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;1.283% |
| &nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;1.254% |
| &nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;1.226% |
| &nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;1.198% |
| &nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;1.170% |
| &nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;1.141% |
| &nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;1.113% |
| &nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;1.085% |
| &nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;1.057% |
| &nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;1.028% |
| &nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;1.000% |
| &nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp;&nbsp;0.983% |
| &nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;0.965% |
| &nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;0.948% |
| &nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;0.931% |
| &nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;0.913% |
| &nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;0.896% |
| &nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;0.879% |
| &nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;0.861% |
| &nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;0.844% |
| &nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;0.827% |
| &nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;0.809% |
| &nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;0.792% |
| &nbsp;&nbsp;&nbsp;43 | &nbsp;&nbsp;&nbsp;0.775% |
| &nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;0.757% |
| &nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;0.740% |
| &nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;0.723% |
| &nbsp;&nbsp;&nbsp;47 | &nbsp;&nbsp;&nbsp;0.705% |
| &nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;0.688% |
| &nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;0.671% |
| &nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;0.653% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;0.636% |
| &nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;0.619% |
| &nbsp;&nbsp;&nbsp;53 | &nbsp;&nbsp;&nbsp;0.601% |
| &nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;0.584% |
| &nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;0.567% |
| &nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;0.549% |
| &nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;&nbsp;0.532% |
| &nbsp;&nbsp;&nbsp;58 | &nbsp;&nbsp;&nbsp;0.515% |
| &nbsp;&nbsp;&nbsp;59 | &nbsp;&nbsp;&nbsp;0.497% |
| &nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;0.480% |
| &nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;&nbsp;0.463% |
| &nbsp;&nbsp;&nbsp;62 | &nbsp;&nbsp;&nbsp;0.445% |
| &nbsp;&nbsp;&nbsp;63 | &nbsp;&nbsp;&nbsp;0.428% |
| &nbsp;&nbsp;&nbsp;64 | &nbsp;&nbsp;&nbsp;0.411% |
| &nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;0.393% |
| &nbsp;&nbsp;&nbsp;66 | &nbsp;&nbsp;&nbsp;0.376% |
| &nbsp;&nbsp;&nbsp;67 | &nbsp;&nbsp;&nbsp;0.359% |
| &nbsp;&nbsp;&nbsp;68 | &nbsp;&nbsp;&nbsp;0.341% |
| &nbsp;&nbsp;&nbsp;69 | &nbsp;&nbsp;&nbsp;0.324% |
| &nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;0.307% |
| &nbsp;&nbsp;&nbsp;71 | &nbsp;&nbsp;&nbsp;0.289% |
| &nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;0.272% |
| &nbsp;&nbsp;&nbsp;73 | &nbsp;&nbsp;&nbsp;0.255% |
| &nbsp;&nbsp;&nbsp;74 | &nbsp;&nbsp;&nbsp;0.237% |
| &nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;0.220% |
| &nbsp;&nbsp;&nbsp;76 | &nbsp;&nbsp;&nbsp;0.203% |
| &nbsp;&nbsp;&nbsp;77 | &nbsp;&nbsp;&nbsp;0.185% |
| &nbsp;&nbsp;&nbsp;78 | &nbsp;&nbsp;&nbsp;0.168% |
| &nbsp;&nbsp;&nbsp;79 | &nbsp;&nbsp;&nbsp;0.151% |
| &nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;0.133% |

---

## Exhibit 10.12

**Exhibit 10.12**

**Free English Translation**

**<u>AMENDMENT TO AND RESTATEMENT OF</u>**

**<u>BANK CORRESPONDENT IN BRAZIL SERVICES AGREEMENT</u>**

**Principal: BANCO ORIGINAL S.A.**, National Corporate Taxpayers' Register (CNPJ) 92.894.922/0001-08, with its principal place of business at Rua Porto União, No. 295, Brooklin Paulista, São Paulo/SP, referred to as **ORIGINAL**; and

**Contractor: PICPAY SERVIÇOS S.A.**, a joint-stock company, with its principal place of business at Avenida Manuel Bandeira, 291, Atlas Office Park Condominium, Block A, 1st floor - offices 22 and 23, 2nd floor and 3rd floor, and Block B, 3rd floor - offices 43 and 44, Vila Leopoldina, in the City of São Paulo, State of São Paulo, Postal Code 05317-020, enrolled with the CNPJ under No. 22.896.431/0001-10, referred to as **CORRESPONDENT**; stipulate the following conditions for the provision of services of ***Bank Correspondent in Brazil*** ("Services").

**WHEREAS**:

i. On September 11, 2018, the Parties formalized the Bank Correspondent in Brazil Services Agreement ("<u>Agreement</u>");

ii. On March 1<sup>st</sup>, 2020, on October 1<sup>st</sup>, 2020 and on December 24, 2020, the Parties executed the 1<sup>st</sup>, 2<sup>nd</sup> and 3<sup>rd</sup> Amendments to the Agreement, respectively.

NOW, THEREFORE, the Parties, by mutual and common agreement, sign this Amendment to and Restatement of the Agreement ("Restated Agreement"), which shall be governed by the following clauses and conditions.

**1. SUBJECT MATTER.** Provision of services, by the **CORRESPONDENT**, involving activities of service to the interested parties, aiming at the supply of products and services of **ORIGINAL** relating to:

**1.1.** receipts and payments of any kind and other activities resulting from the performance of agreements and covenants for the provision of services entered into between **ORIGINAL** and third parties;

**1.2.** receipt and forwarding of proposals for the supply of credit cards for which **ORIGINAL** is responsible;

**1.3.** receipt and forwarding of proposals relating to credit transactions extended by **ORIGINAL**, subject to the rules set forth in Exhibit II hereof.

**1.4.** receipt and forwarding of proposals relating to credit transactions to Legal Entity (PJ) clients of the **CORRESPONDENT** extended by **ORIGINAL**, subject to the rules set forth in Exhibit III hereto.

2. OBLIGATIONS OF THE CORRESPONDENT. To carry out the services, the CORRESPONDENT shall:

2.1 Provide the contents of all rules and conditions of the products and services contemplated in the purpose of **ORIGINAL** to the interested parties;

2.2 Serve the clients with respect to the requests involving clarifications, obtainment of documents, releases, complaints and others, relating to the products and services supplied, and immediately forward them to **ORIGINAL** whenever the issues cannot be resolved by its team;

2.3 Comply with the specifications, service quality standards and operational rules established by **ORIGINAL**, for provision of the services;

2.4 Disclose to the interested parties its capacity as service provider and provide the telephones of the customer assistance and ombudsman's services of **ORIGINAL**;

2.5 For compliance with the purposes established in this Agreement, in the event that individuals are hired to provide services to the **CORRESPONDENT**, **ORIGINAL** shall be previously informed and the **CORRESPONDENT** shall maintain an employment or contractual relationship with these persons;

2.6. Duly perform its duties and adjust to the requests made by **ORIGINAL** with respect to provision of the services;

2.7. Observe the directives of the service quality control plan established by **ORIGINAL**;

Page **1** of **14**

2.8. Incur the necessary costs for performance of the services, including with respect to any investments it must make;

2.9. Comply with the security measures required for the bank secrecy duty set forth in item 8 of this Agreement and with the rules relating to the prevention of money-laundering crimes;

2.10. Maintain, throughout the term of effectiveness of the Agreement, good tax, corporate and financial standards, providing the supporting documents whenever they are pertinent and at the written request of **ORIGINAL**;

2.11. Grant, provided it is previously notified for such purpose, the representatives of **ORIGINAL** and of the **Central Bank of Brazil** access to the documents and information relating to provision of the agreed services, for inspection purposes, to the process of technical certification of the members, for the activities containing such requirement, and to its premises designed for the service in the capacity as **CORRESPONDENT**, as well as to the documentation relating to its incorporation, records, registrations and licenses;

2.12. Observe the provisions of the regulation on the activity as bank correspondent in Brazil, especially Resolution No. 3.954 of the National Monetary Council (CMN), as amended, not performing services that are not expressly provided in the applicable legislation;

2.13. Declare, in or out of court, the inexistence of employment relationship between persons of its team and **ORIGINAL**, being solely liable for all expenses, charges or statutory obligations, including labor, social-security, tax, civil obligations, even if they are not of a pecuniary nature, of its personnel, and reimbursing **ORIGINAL** for all costs and expenses (including adverse award, fees, court and administrative costs and expenses) relating to labor claims involving its members, agents, employees or contractors and **ORIGINAL** and/or companies that belong to the same economic group as **ORIGINAL**, in view of this provision of services;

2.14. Disclose to the public, on its institutional Website, its capacity as service provider of **ORIGINAL**, mentioning the services offered and the telephones of the assistance and ombudsman's services of **ORIGINAL**;

2.15. Receive and read daily communications and observe the instructions on the provision of the services, and provide all required training; and

2.16. Maintain the service to the clients, under penalty of verification of abandonment of provision of the services, in case the service is interrupted for more than ten (10) consecutive days.

**3. PROHIBITIONS APPLICABLE TO THE CORRESPONDENTS.** The **CORRESPONDENT** may not:

3.1. Make an advance to a client as a result of any funds to be released by **ORIGINAL**;

3.2. Issue, in its favor, payment slips or instruments relating to transactions or charge, on its own account and on any account, any amounts;

3.3. Offer the clients, in the name of **ORIGINAL,** any products or services that are alien to the subject matter of this Agreement;

3.4. Be a guarantor in transactions sent to **ORIGINAL**;

3.5. Transfer its contractual position or any obligation under this Agreement or delegate it without the prior and express consent of **ORIGINAL**;

**4. OBLIGATIONS OF ORIGINAL. ORIGINAL** shall:

4.1. Provide adequate technical documentation and maintain a permanent communication channel to provide the clarifications on its products and services;

4.2. Acknowledge the inexistence of employment relationship between its employees or outsourced personnel and the **CORRESPONDENT**;

4.3. Immediately notify the **CORRESPONDENT** about possible actions brought by the **CORRESPONDENT's** personnel only against **ORIGINAL**;

4.3.1. The amounts disbursed or deposited by **ORIGINAL** as a result of said actions brought by members, agents, employees or contractors of the **CORRESPONDENT**, for the filing of defense, appeal and/or compliance with any adverse award are hereby acknowledged by the **CORRESPONDENT** as a debt for which it is liable.

4.4. Disclose on its Website the address, CNPJ, trade name and assumed name of the **CORRESPONDENT**, as well as all its customer assistance points and the services it is qualified to provide to **ORIGINAL**. The **CORRESPONDENT** hereby authorizes **ORIGINAL** to disclose such information.

Page **2** of **14**

4.5. Pay the remuneration of the **CORRESPONDENT** on the dates and in the forms described in the communications and tables on REMUNERATION that will be provided by **ORIGINAL**, which are an integral part of this Agreement.

5. **PRICE**. For the services provided by the **CORRESPONDENT**, **ORIGINAL** shall pay the price defined in accordance with EXHIBIT I, by means of credit to a checking account held by the **CORRESPONDENT** and informed to **ORIGINAL**. **ORIGINAL** shall send to the **CORRESPONDENT**, by the fifteenth (15<sup>th</sup>) business day of the month following the month of provision of the services, the amount to be invoiced by the **CORRESPONDENT** and informed to **ORIGINAL**. The payment shall be made by ORIGINAL within up to three (3) business days after receipt of the Invoice issued by the CORRESPONDENT. The price includes all costs relating to provision of the services, such as the salaries and respective social charges for which the **CORRESPONDENT** is solely liable, the expenses with inspection and supervision, insurance, reimbursements for expenses, transportation, meals and taxes due by the **CORRESPONDENT** pursuant to the law.

5.1. The overdue amounts shall be subject to interest at the rate of one percent (1%) per month (*pro rata temporis*) and adjustment for inflation by the General Market Price Index disclosed by the Getúlio Vargas Foundation (IGP-M/FGV), plus a fine of two percent (2%) of the overdue amount.

5.2. In case the late payment of any installment due to the **CORRESPONDENT** lasts longer than thirty (30) days, it may immediately suspend provision of the services, at its sole discretion, until the payment is duly made or, alternatively, deem the agreement terminated, by operation of law, without prejudice to collection of the amounts due, subject to the aforementioned penalties and increases and to assessment of the losses and damages resulting from the event.

5.3. The **CORRESPONDENT** hereby authorizes **ORIGINAL** to grant discounts in its remuneration for debts of any kind that are due by the **CORRESPONDENT** to **ORIGINAL**.

**6. TERM.** This Agreement comes into force on the date of execution hereof and it shall be effective for an indefinite term, as from September 11, 2018, it being understood that it may be terminated by means of a thirty- (30)-day prior notice, in which case there will be no lien, and the Parties waive, under these conditions, indemnification for any investments that may have been made for performance of the Agreement.

6.1. In any event of termination of this agreement, all documents, information, applications, systems, software, models and others, relating to the provision of service set forth in this agreement and which belong to **ORIGINAL**, including those that relate to the record of the clients and to the transactions carried out, shall be returned within five (5) business days, and the use thereof shall be prohibited, it being understood that the **CORRESPONDENT** shall be held liable under the civil law for any damage it causes to said assets of **ORIGINAL**.

6.2. If the Agreement is terminated with cause by any of the Parties, the breaching Party shall be liable for the losses that may be caused by its action or omission, as assessed and determined in arbitration proceedings or amicably between the Parties.

6.3. The performance by the **CORRESPONDENT** of any of the acts listed by **ORIGINAL** as serious acts in the control plan to be informed to the **CORRESPONDENT** may, at the sole discretion of **ORIGINAL,** deem the Agreement terminated with cause (sic).

6.4. Failure by the **CORRESPONDENT** to comply with any of the obligations set forth in this agreement or in the regulation of the National Monetary Council or, furthermore, the performance, by itself or its agents, or any act that is excessive or incompatible with the provision of the services for which it has been contracted shall be just cause for termination of this agreement.

**7. TAXES.** The taxes resulting from the obligations assumed under this Agreement shall be paid by the respective taxpayers, each of which shall be liable in the capacity as taxpayer or withholding source of the tax obligation, especially the Tax on Services and the Income Tax.

Page **3** of **14**

**8. CONFIDENTIALITY AND BANK SECRECY.** Throughout the entire term of effectiveness of this Agreement and for three (3) years after termination hereof, the **CORRESPONDENT** shall grant confidential treatment and secrecy to all confidential information it comes to obtain or to which it may be granted access as a result of the services provided to **ORIGINAL**.

8.1. "Confidential Information" means any information or document of **ORIGINAL**, obtained or accessed by the **CORRESPONDENT**, covering the personal data and operations of **ORIGINAL's** customers, data of their employees, corporate data, economic and financial information, reports and strategic, technical, legal, accounting, operational, administrative, commercial, financial and economic analyses, as well as intellectual works and software owned by it, obtained by any means (whether orally or in writing, expressly or tacitly), which may be included in any documents, spreadsheets, programs, systems, photographs, reports, physical support, electronic means etc.

8.1.1. The term referred to in sub-item 8 is not applicable to information protected by bank or tax secrecy, and the confidentiality of such information must be observed by the **CORRESPONDENT** on a permanent basis.

8.2. The confidentiality duty set forth in this Section shall not apply to any Confidential Information that:

(a) has entered or enters the public domain without this having resulted from any act or omission of the **CORRESPONDENT**;

(b) has been made available to it or has been received by the **CORRESPONDENT**, by an independent third party not subject to the confidentiality obligation to **ORIGINAL**, with respect to the Confidential Information disclosed;

(c) has been or is proved to be independently developed by the **CORRESPONDENT**, without the use of any other Confidential Information of **ORIGINAL**; and

(d) must be disclosed by the **CORRESPONDENT** in accordance with any applicable law or court, administrative or governmental order, within the limits that the disclosure is strictly necessary for compliance with the law, court, administrative or governmental order.

8.3. All Confidential Information to which the **CORRESPONDENT** is granted access shall be kept in a safe place and with access restricted to those who need to access such information.

8.3.1. The safekeeping and confidentiality procedures set forth in the head provision of this Section shall be carried out by the **CORRESPONDENT**, under penalty of incurring the sanctions provided in Section 8.7 below.

8.3.2. The **CORRESPONDENT** is prohibited from disclosing Confidential Information to third parties, unless there is prior and express consent from the legal representatives of **ORIGINAL**.

8.3.3. The **CORRESPONDENT** represents that it has read and agreed to all terms of the Information Security Policy of **ORIGINAL**, acceding to the provisions thereof by means of the signature of an Instrument of Liability.

8.4. The **CORRESPONDENT** agrees to immediately inform **ORIGINAL** of any breach of the confidentiality rules by anybody who has been aware of it, including in the events of unintentional or faulty breach of Confidential Information.

8.5. In case the **CORRESPONDENT** is required to disclose any Confidential Information due to an administrative or court order, it shall inform **ORIGINAL** within twenty-four (24) hours, so that it can take the legal measures it may deem necessary.

8.5.1. In the event set forth in the head provision of this Section, if the **CORRESPONDENT** discloses Confidential Information without informing **ORIGINAL**, due to its exclusive fault, it shall also incur the sanctions provided in Section 8.7 below.

8.6. At any time, provided with prior notice, except in those events in which there is proof of urgency, **ORIGINAL** may request the return of Confidential Information that is in the possession of the **CORRESPONDENT**, it being understood that it must return within the term reasonable stipulated, and it may not keep copies of any Confidential information.

8.6.1. The return referred to in the head provision of this Section shall be documented in a statement signed by the **CORRESPONDENT**, which shall contain all Confidential Information actually returned and the statement that it does not have any copy of that information.

8.6.2. Even upon the return of any Confidential Information, the **CORRESPONDENT** shall remain bound by the duty of confidentiality and other conditions set out in this Agreement, under penalty of incurring the sanctions set forth in Section 8.7. below, in addition to other legal penalties.

Page **4** of **14**

8.7. Proved noncompliance with any provision of this Agreement by the **CORRESPONDENT**, in relation to the disclosure and use of Confidential Information, shall result in criminal liability thereof, in addition to the obligation to pay damages, if any, which shall be assessed in an arbitration proceeding, observing the opportunity to be heard of the **CORRESPONDENT**.

8.7.1. In addition to the penalties set forth in the head provision of this Section, the **CORRESPONDENT** may be subject to administrative sanctions by the regulatory bodies (Central Bank of Brazil, Securities Commission etc.), in case it is proved that it has disclosed, in noncompliance with the provisions hereof, any Confidential Information without the prior and express authorization of **ORIGINAL**.

8.8. Upon provision of a computerized system, the **CORRESPONDENT** agrees to observe the Information Security Policy of **ORIGINAL**, including with respect to the non-disclosure of password and access login;

8.8.1. The **CORRESPONDENT** shall send to **ORIGINAL**, from time to time, by means of a person previously accredited by **ORIGINAL**, the list of persons: (i) hired, for purposes of granting the password and access login, jointly with copies of identification document with picture of the newly hired person, CPF, office/duty he/she will exercise and copies of the technical certification; and (ii) dismissed, for purposes of blocking the password and access login.

8.8.2. The password is for personal and non-transferable use, and it shall be kept safe and used only by its owner. The **CORRESPONDENT** is solely liable for the undue use by third parties.

**9. LABOR ASPECTS.** In no event will this Agreement establish a labor relationship between the **CORRESPONDENT's** and **ORIGINAL's** employees, or vice-versa, each of whom shall be responsible for any labor claims filed by their employees, representatives and other collaborators.

9.1. It is incumbent upon the **CORRESPONDENT** to assume exclusive and full responsibility for the recruitment, admission, management and inspection of the professionals designated by it for performance of the Services, as well as for compliance with the corresponding labor, tax and social-security obligations.

9.2. The **CORRESPONDENT** shall formally appoint a duly qualified manager to coordinate the performance of this Agreement, who shall be responsible for the Services provided and for all involved professionals, as well as for providing the **ORIGINAL** with all necessary information about the works and the team under his or her management. Communications regarding the demands and Services between the Parties shall be solely and exclusively made between the manager appointed by the **CORRESPONDENT** and the manager appointed by **ORIGINAL**.

9.3. The **CORRESPONDENT** represents that it is solely responsible for any kind of payment or indemnification claimed by their employees/agents, mainly with respect to labor claims and occupational accidents.

9.4. The responsibility of the **CORRESPONDENT** mentioned in the previous sub-items shall remain even in the event of acknowledgment of the employment relationship of any of its professionals with **ORIGINAL**, for any reason.

9.5. The **CORRESPONDENT** agrees to present **ORIGINAL**, at any time, within twenty-four (24) hours as from the respective request, proofs of payment of salaries, bonuses, payment of social-security contributions and deposits to the Unemployment Compensation Fund (FGTS), or other documents required by law, in relation to the employees of the **CORRESPONDENT** who have been designated to provide the Services, in addition to data and information that clearly identify these professionals, the place and period of activity, as well as any other documents that, at the discretion of **ORIGINAL**, demonstrate the legal qualification, financial health and tax compliance of the **CORRESPONDENT**.

9.6. If **ORIGINAL** is sued, on any account, in the Labor Courts, in the Common Courts or administratively by personnel designated by the **CORRESPONDENT** to provide the Services, the **CORRESPONDENT** agrees, in case it is not a party to the litigation for any reason, to appear in the case for the purpose of claiming its inclusion as a defendant in the procedural relationship, so as to exempt **ORIGINAL** from any liability.

Page **5** of **14**

9.6.1. In the actions and proceedings set forth in sub-item 9.6., the **CORRESPONDENT** agrees to provide information and subsidies and all authentic documentation necessary for preparation of **ORIGINAL's** defense within three (3) business days as from the date of the request.

9.7. **ORIGINAL** may, with the express authorization hereby granted by the **CORRESPONDENT**, require from the **CORRESPONDENT** the early payment of the amount of any possible adverse award, in case there is a labor claim in progress to which **ORIGINAL** is a party, filed due to an agreement entered into with the **CORRESPONDENT**. The amount of a possible award shall be estimated by an expert accountant individually chosen by **ORIGINAL**, up to the limit of the amounts claimed.

9.8. In the event that the lawsuit is found against **ORIGINAL** in relation to the activity that is the subject matter of this Agreement, even if partially or on the first level of jurisdiction and even if an appeal is pending trial, the **CORRESPONDENT** agrees, in case the power granted in the sub-item set forth above has not been exercised or if the amount previously paid is exceeded, to reimburse **ORIGINAL** for the global amount it may spend, within seventy-two (72) hours as from receipt of a written notice indicating the amount due, including the principal amount, all accessory or resulting installments, fees, fines, court costs and expenses.

9.9. In case the payment and/or reimbursement set forth in the sub-items above are not made within the agreed term, the **CORRESPONDENT** expressly authorizes **ORIGINAL** to deduct the amount of the possible or actual adverse award from the payments due to it as a result of the Services. The global amount required for compliance with the settlement or judgment or, furthermore, for the appeal bond may be deducted from the monthly invoicing, irrespective of new authorization of the **CORRESPONDENT** or any other formality, it being sufficient that it is informed of this fact by **ORIGINAL**.

9.10. In case the amounts paid or reimbursed do not reach the amount of the adverse award or if there are no more payments to be made to the **CORRESPONDENT** under this Agreement, it shall provide immediate payment of the amount due, under penalty of, if it fails to do, granting **ORIGINAL** the power to bring execution proceedings, based on article 784, item III *et seq.*, of the Brazilian Code of Civil Procedure, in which case the proof of the amounts due shall be made by means of the proofs of payments of expenses made.

9.10.1. The amounts that may be disbursed by **ORIGINAL** in the form provided in sub-item 9.10. are hereby acknowledged by the **CORRESPONDENT** as liquidated, certain and enforceable for all purposes and effects of law.

9.11**.** The **CORRESPONDENT** further agrees to reimburse the **ORIGINAL** for any costs, fees, fines and procedural expenses it may have to incur as a result of the claims brought against it by personnel designated by the **CORRESPONDENT** to provide the Services.

9.12. The Parties may not, now or in the future, claim in court, to exempt themselves from their responsibilities, that the defense promoted by the other Party was imperfect or that the case has been unsatisfactorily monitored.

**10. SOCIOENVIRONMENTAL LIABILITY AND ANTICORRUPTION.** The Parties irrevocably and irreversibly represent to each other that their shareholders/members, directors, managers, employees, service providers, including their subcontractors and agents, fully understand and comply with the provisions of the Brazilian and foreign laws, regulations and normative provisions relating to the fight against corruption and bribery.

10.1. The Parties mutually warrant that they will refrain from engaging in any undue, irregular o illegal conduct, and that they will neither take any action in the name of each other nor engage in any act that could directly or indirectly favor each other or any of the companies of their respective economic conglomerates, against the applicable laws in Brazil or abroad.

10.2. The Parties shall maintain their books and/or Digital Accounting Bookkeeping (ECD), records and accounting documents with details and precision sufficiently adequate to clearly reflect the transactions and funds that are the subject matter of this Agreement.

10.3. The Parties ensure each other that they have anticorruption policies, processes and procedures, in accordance with the Brazilian or foreign laws, regulations and normative provisions on the fight against corruption and bribery, and which are complied with by their shareholders/members, directors, managers, employees and service providers, including of its subcontractors and agents.

Page **6** of **14**

10.4. In the event that on the Parties becomes involved in any situation relating to corruption or bribery, as a result of an action performed by the other Party or its shareholders/members, directors, managers, employees and service providers, including its subcontractors and agents, the Party that causes said situation shall assume the respective burden, including with respect to submission of the documents that may assist the other Party in its defense.

10.5. Each Party represents to the other Party: (a) that it is vested with all powers and authority to enter into and fulfill the obligations set forth herein and to consummate the transactions contemplated herein; and (b) that the signature and performance of this Agreement do not result in a breach of any applicable third-party right, law or regulation, or also a violation, breach or default of any contract, instrument or document to which it is a party or by which it any of its assets is linked and/or affected, nor in the need to obtain any authorization under any agreement, instrument or document to which it is a party or by which any or any of its assets is linked and/or affected.

10.6. The Parties represent and warrant to each other, including to their suppliers of goods or services, that they:

10.6.1. Exercise their activities in accordance with the legislation in force applicable to them, and that they hold the necessary approvals for execution of this Agreement and compliance with the obligations provided for therein;

10.6.2. Do not use illegal labor, and agree not to practices analogous to forced or child labor, except, in the latter case, in the capacity as apprentice, subject to the provisions of the Consolidated Labor Laws, either directly or indirectly, through their respective suppliers of products and services;

10.6.3. Do not employ children under eighteen (18) years of age, including minor apprentices, in places that are harmful to their education, to their physical, psychological, moral and social development, as well as in dangerous or unhealthy places and services, at times that do not allow them to attend school, and, also, in night shifts, understood as the period between 10 p.m. and 5 a.m.;

10.6.4. Do not engage in negative discrimination practices that limit access to the employment relationship or maintenance thereof, such as, but not limited to, for reasons of: gender, origin, race, skin color, physical condition, religion, marital status, age, family situation or pregnancy;

10.6.5. Agree to protect and preserve the environment, as well as to prevent and eradicate practices that are harmful to the environment, performing their services in compliance with the applicable law with respect to the National Policy on the Environment and Environmental Crimes, as well as with the legal, normative and administrative acts related to the environmental and related areas issued on the Federal, State and Municipal levels; and

10.6.6. Do not adopt practices related to activities that imply criminal profit from prostitution or sexual exploitation of vulnerable people.

10.7. For purposes of this section, there will be not contractual breach when the involvement of any of the Parties in a situation related to the practice of corruption, bribery and/or the practice of acts harmful to the Government is notorious and of public knowledge at the time of execution of this Agreement.

**11. USE OF THE ORIGINAL TRADEMARK.** The **CORRESPONDENT** may not use the trade name or trademark of **ORIGINAL**, and it may also not make advertisement or marketing associating the provision of its services to **ORIGINAL**, except with the express authorization thereof or upon use of material in the exact format provided by **ORIGINAL** for such purpose.

11.1. The **CORRESPONDENT** shall refrain from using facilities with architectonic standard, websites, e-mail addresses, logomark and signs similar to those of **ORIGINAL**, and it shall also refrain from changing the material provided by **ORIGINAL** for purposes of communicating with clients and interested parties.

11.2. The **CORRESPONDENT** may not assign, change, reproduce or provide, to any third parties, **ORIGINAL's** advertising materials, systems, software, trademarks, technologies, names, drawings, programs, any record or other data of the interested clients referred by **ORIGINAL**, and also any other information to which it has been granted access due to provision of the Services.

Page **7** of **14**

12. GENERAL PROVISIONS.

12.1. Failure, by any of the Parties, to exercise any right or tolerance for compliance with any other obligations shall not be deemed novation.

12.2. The **CORRESPONDENT** represents that it has full knowledge that conduction, on its own account, of **ORIGINAL's** exclusive transactions or of other transactions prohibited by the applicable legislation shall subject the **CORRESPONDENT** to the penalties set forth in Laws No. 4.595/64 and No. 7.492/86;

12.3. Proven failure to comply with the obligations set forth in this Agreement due to the exclusive fault of the **CORRESPONDENT** may result in the application of preventive and corrective measures by **ORIGINAL** and by the Central Bank of Brazil, including suspension of the provision of services and termination of the Agreement.

12.3.1 In the event of noncompliance, wholly or in part, with the provisions of this Agreement, except if there is a specific penalty, the Parties are subject to a non-compensatory fine of ten percent (10%) of the price of this Agreement, to be paid within five (5) days as from the communication made by the other Party, without prejudice to other penalties set forth in this Agreement and any award of damages.

12.4. **ORIGINAL** may offset any amounts proved to be due by the **CORRESPONDENT** against any credits to which it is entitled, observing the due process of law and the opportunity to be heard for assessment of any existing debt;

12.5. **ORIGINAL** may withhold the payment set forth in this item upon proof of occurrence of one of the following events resulting from the exclusive fault of the **CORRESPONDENT**: a) the **CORRESPONDENT** fails to present the documents required under this agreement or, furthermore, upon verification of any nonconformities in these documents; b) **ORIGINAL** does not accept the services provided due to the fact that they are proved not to be in accordance with the provisions of this agreement; c) the bill of sale/invoice contains an error or inconsistency in the amount, in which case the amount shall be withheld only until the submission of an invoice corrected by the **CORRESPONDENT**, which shall be duly and immediately notified to make the appropriate corrections and d) for the payment of fines due to violation of the provisions hereof**.**

12.6. The payment shall remain withheld until regularization of the event, without any lien to **ORIGINAL**, and the maturity date shall be extended for the same number of days used by the **CORRESPONDENT** to provide the aforementioned regularization.

12.7. The amounts of the fines, indemnifications and amounts other than the remuneration, without prejudice to the stipulated interest and award of damages, shall be adjusted by means of the variation of the IGPM (General Market Price Index) disclosed by the Getúlio Vargas Foundation - FGV, assessed with one month's difference and calculated on a *"pro-rata-die"* basis, from the date of the event to the date of actual payment, or by another index that may replace or represent it.

12.8. All communications between the Parties shall be deemed valid whenever made by means of letters sent to the addresses set forth in the preamble, by e-mails of the persons as previously indicated, as well as by the other means of communication that are normally used by the parties.

12.9. The **CORRESPONDENT** may neither assign nor transfer the rights and obligations set forth in this agreement, wholly or in part, to third parties, without the prior and express consent of **ORIGINAL**, it being understood that the fiduciary assignment of the receivables resulting from this agreement is prohibited.

12.10. Upon occurrence of any future and uncertain event that is not foreseen by the parties and which falls under the definition of events of act of God and/or force majeure, pursuant to the provisions of the Brazilian Civil Code, which prevents compliance, either by **ORIGINAL** or by the **CORRESPONDENT**, with the obligations assumed hereunder, the parties shall be exempt from their obligations for the duration of the event of force majeure, it being understood that the parties agree, on the other hand, to use all efforts to reestablish the commercial relationships set forth in this Agreement. If the event of act of God or force majeure lasts longer than thirty (30) days, the affected party shall have the right, in case it deems it necessary or convenient, to terminate this Agreement.

Page **8** of **14**

12.11. The Parties represent that they have all records, licenses and public authorizations required to provide the services agreed hereunder, and they agree to remain holding them throughout the term of effectiveness of this agreement, as well as in any extension thereof.

12.12. This Agreement is binding upon the Parties on their account and on account of their successors and, in the event of succession of companies, by any form (spin-off, consolidation or merger), the succeeding entity subrogates to all rights and obligations assumed under this Agreement.

12.13. Any and all amendments to this Agreement, except as provided in section 5 on remuneration, shall be formalized by means of an amendment to the agreement, signed by the legal representatives of the parties.

12.14 Any payment arrangements between **ORIGINAL** and the **CORRESPONDENT** shall be made at least every two business days.

13. RESOLUTION OF DISPUTES.

13.1. Mediation. In the event of existence of any dispute resulting from the construal or performance of this Agreement, the Parties shall use their best efforts to amicably resolve said dispute. In case the dispute is not resolved, the Parties agree to resolve it by confidential mediation, in accordance with the provisions of the Mediation Regulations of the FGV Mediation and Arbitration Chamber of the Getúlio Vargas Foundation. The Chamber shall present to the Parties a list of its mediators for the parties to designate the mediator who will assist them. The mediation procedure cannot exceed thirty (30) days as from execution of the Instrument of Mediation, it being understood that any of the parties may interrupt it at any time.

13.2. Arbitration. If the Parties fail to reach an agreement within the term or if the mediation procedure is interrupted, all disputes relating to or resulting from this Agreement, directly or indirectly, including, but not limited to, the formation, validity, effectiveness, construal and performance hereof, and all disputes resulting from wrongful acts that result in extracontractual liability and which relate to this agreement, directly or indirectly, as well as the determination of liabilities, obligations or responsibilities of any kind and the settlement of indemnifications shall be resolved by confidential arbitration, to be administered by the FGV Mediation and Arbitration Chamber of the Getúlio Vargas Foundation, in the form of its Regulations and under the rules of Law 9.307/96. The procedure shall be conducted by three arbitrators, designated in accordance with the procedure set forth in said Regulations.

**14. NOTICES BETWEEN THE PARTIES**

14.1. If either Party wishes or is required to notify the other Party, such notice shall be sent to the following addressees/addresses:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**BY THE CORRESPONDENT** | &nbsp;&nbsp;**BY ORIGINAL** |
| &nbsp;&nbsp; **PicPay Serviços S.A.**<br> Avenida Manuel Bandeira, 291, Condomínio Atlas Office Park, Bloco A, 1° andar - escritórios 22 e 23, 2° andar e 3° andar, e Bloco B, 3° andar - escritórios 43 e 44, Vila Leopoldina, Município de São Paulo, Estado de São Paulo, CEP 05317-020<br> Attn. Legal Department<br> E-mail: juridico@picpay.com | &nbsp;&nbsp; **BANCO ORIGINAL S.A.**<br> Rua Porto União, nº 295, Brooklin Paulista, São Paulo/SP, CEP 04568-020<br> Attn. Legal Department<br> E-mail: juridico@original.com.br |

---

14.2. The notices may be delivered personally, with proof of receipt by the other Party, or transmitted by telegram, email with registration of receipt, posted by mail with acknowledgment of receipt or delivered via the Registry of Deeds and Documents. The notices shall be deemed duly complied with when delivered to the representatives and at the addresses mentioned above.

14.3. Considering that, in order to comply with this Agreement, information may be exchanged electronically, the Parties represent to acknowledge the validity of the information and data transmitted electronically and that, according to article 225 of the Civil Code, the mechanical or electronic reproductions of facts or of things make full proof thereof, if the party against whom they are shown does not challenge their accuracy.

Page **9** of **14**

14.4. The Parties may, as necessary, change their representatives and/or addresses for the purpose of receiving notices related to this Agreement, giving the other Party notice of such change, in writing, ten (10) days in advance.

This instrument is executed in two (2) counterparts signed by two (2) witnesses.

São Paulo, February 24, 2021.

---

| | |
|:---|:---|
| /s/ Marcos Renato Coltri | /s/ Edilson Pereira Jardim |
| Marcos Renato Coltri | Edilson Pereira Jardim |

---

**BANCO ORIGINAL S.A.**

---

| | |
|:---|:---|
| /s/ Anderson Andrade Chamon do Carmo | /s/ José Antonio Batista Costa |
| Anderson Andrade Chamon do Carmo | José Antonio Batista Costa |

---

**PICPAY SERVIÇOS S.A.**

Witnesses:

---

| | | | |
|:---|:---|:---|:---|
| /s/ Maira Mendes Morais | /s/ Maira Mendes Morais | /s/ Hyde de Melo Gomes Silva | /s/ Hyde de Melo Gomes Silva |
| Name: | Maira Mendes Morais | Name: | Hyde de Melo Gomes Silva |
| Taxpayer Card (CPF): | Taxpayer Card (CPF): | Taxpayer Card (CPF): | Taxpayer Card (CPF): |

---

Page **10** of **14**

**EXHIBIT I – PRICE**

<u>1. Remuneration per receipt and payments of any kind and other activities resulting from the performance of agreements and covenants for the provision of services entered into between **ORIGINAL** and third parties:</u> 

1.1. This remuneration was agreed between the Parties in a Payment API Use Agreement formalized on October 1<sup>st</sup>, 2018 and subsequently amended on August 27, 2020.

1.2. In the event of conflict between the provisions of this Agreement and Exhibit I to the Payment API Use Agreement, the provisions of the Payment API Use Agreement shall prevail.

<u>2. Remuneration for receipt and forwarding of proposals for the supply of virtual credit cards for which **ORIGINAL** is responsible:</u>

2.1. This remuneration shall be due based on the number of proposals forwarded by the **CORRESPONDENT** to **ORIGINAL**, relating to the grant and actual contracting of the virtual credit card issued by **ORIGINAL**.

2.2. **ORIGINAL** shall monthly remunerate the **CORRESPONDENT** in the amount of one *Real* (R$1.00) per active MasterCard PicPay credit card (physical or virtual), in the form described in section 5 of the Agreement.

2.2.1. Active credit card shall be understood as the MasterCard PicPay card-account used for purchases in business establishments accredited by MasterCard in the function credit. Purchases in installments shall be considered a single time upon entry of the first installment.

<u>3. Remuneration for receipt and forwarding of proposals relating to credit transactions granted by **ORIGINAL** – **NON-ACCOUNTHOLDER PERSONAL CREDIT:**</u>

3.1 This remuneration shall be due based on the number of proposals forwarded by the **CORRESPONDENT** to **ORIGINAL,** relating to the actual contracting of the personal loan offered by the **CORRESPONDENT** to the users of its application.

3.1.1 The contracting of the product Non-Accountholder Personal Credit shall involve the use of **ORIGINAL's** Loan API, agreed between the Parties by means of the 1<sup>st</sup> Amendment to the API Use Agreement, on October 1<sup>st</sup>, 2020.

3.2 **ORIGINAL** shall monthly remunerate the **CORRESPONDENT** in a fixed amount of four percent (4%), paid in the origination of each contracting, plus four percent (4%) for performance, totaling a commissioning of eight percent (8%). The fixed remuneration of 4% shall not be due by the **CORRESPONDENT** in case any agreement is cancelled for reasons of fraud, operational failure and/or at the request of the client/ desistence (within 7 days as from the date on which the transaction is contracted). In this event, the report mentioned in section 3.3. below shall contain the information on any amounts reversed, relating to the fixed commissioning already paid by **ORIGINAL** to the **CORRESPONDENT** as a result of transactions cancelled in the month previous to its issue.

3.2.1 Payment of the remuneration of four percent (4%) for performance shall observe the rules set forth in item 3.2.1.1. below and shall be due to the **CORRESPONDENT** as a result of the provision of the following services: (i) issue of the 1<sup>st</sup> and of the 2<sup>nd</sup> counterpart of the agreement relating to each transaction, by means of the PicPay application, SAC (Customer Service Channel) or PicPay CHAT; (ii) availability for the clients, via PicPay application, of the monitoring of the installments of the transaction; (iii) issue of payment slips with respect to the (compliant and overdue) installments; and (iv) delivery of preventive communication, communication on collection and reminder of the due date of the installments, via PUSH and e-mail, to the clients.

Page **11** of **14**

3.2.1.1. The variable commission (percentage per installment) (i) shall be calculated over the total financed volume of each transaction, without interest, without Tax on Financial Transactions (IOF) and without TAC; (ii) shall be divided by the total term of each transaction; (iii) the percentage relating to each installment shall be paid in accordance with the settled installments of each transaction; and (iv) shall observe the following rules for payment, according to the status of each transaction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. **Compliant transactions:** The variable commission shall be paid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. **Overdue transactions:** No variable commission shall be paid if the installment is overdue. The variable commission shall be paid when the overdue installment is settled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. **Early settled transactions (wholly or in part):** The variable commission shall be paid in full when the installment is settled within one hundred and fifty (150) days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. **Cancelled Transactions:** No variable commission shall be paid when the transaction is canceled due to fraud, operational failure and/or at the request of the client/ desistance (within 7 days as from the date on which the transaction is contracted).

3.2.2 The Parties agree to negotiate the terms and conditions of the remuneration every six (6) months as from execution hereof. If necessary, the review shall relate to the issues described in items 3.1 and 3.2.

3.3 **ORIGINAL** shall send to the **CORRESPONDENT**, by the last business day of the then current month, a report containing analysis of all transactions and loans implemented by the 25<sup>th</sup> day of the then current month, by e-mail, informing the commissioning amount due to be paid to the **CORRESPONDENT**. The **CORRESPONDENT**, in turn, shall analyze the amounts and, if they are in accordance with the report, it shall issue an Invoice by the second (2<sup>nd</sup>) business day of the subsequent month, in the amount already informed by **ORIGINAL** for it to be paid to the **CORRESPONDENT** within ten (10) business days by means of credit to the account.

3.3.1 In the event of conflict between the form of assessment set forth herein and the provisions of the Agreement, the provisions of this item 3.3 shall prevail.

**1.** <u>Remuneration for receipt and forwarding of proposals relating to credit transactions to the Legal Entity (PJ) clients of the **CORRESPONDENT** granted by **ORIGINAL** – **PicPay Working Capital**:</u> 

4.1 This remuneration shall be due based on the number of proposals forwarded by the **CORRESPONDENT** to **ORIGINAL,** relating to the actual contracting of the "PicPay Working Capital" offered by the **CORRESPONDENT** to the PJ users of its application.

4.1.1 The contracting of the product PicPay Working Capital by the PJ clients of the **CORRESPONDENT** will involve **ORIGINAL's** CREDIT TRANSACTION AGREEMENT CONSULTATION API.

4.2 **ORIGINAL** shall monthly remunerate the **CORRESPONDENT** in the fixed amount of one percent (1%), paid in the origination of each contracting and on the amount released to the PJ clients, plus one percent (1%) for performance, at each installment paid by the user as from the date of the respective maturities, totaling a two percent- (2%)-commissioning.

4.2.1 Payment of the remuneration of one percent (1%) for performance shall be due to the **CORRESPONDENT** as a result of the provision of the following services: (i) availability to the clients, via PicPay application, of the monitoring of the installments of the transaction; (ii) issue of payment slips with respect to the (compliant and overdue) installments; and (iii) forwarding of preventive communication, communication on the collection and reminder of the due date of the installments, via PUSH, to the clients.

4.3 **ORIGINAL** shall send to the **CORRESPONDENT**, by the last business day of the then current month, a report containing analysis of all transactions and loans implemented by the **25<sup>th</sup>** day of the then current month, by means of **ORIGINAL'S** Loan API or by e-mail, informing the commissioning amount due to be paid to the **CORRESPONDENT**. The **CORRESPONDENT**, in turn, shall analyze the amounts and, if they are in accordance with the report, it shall issue an Invoice by the second (2<sup>nd</sup>) business day of the subsequent month, in the amount already informed by **ORIGINAL** for it to be paid to the **CORRESPONDENT** within ten (10) business days by means of credit to the account.

4.3.1 In the event of conflict between the form of assessment set forth herein and the provisions of the Agreement, the provisions of this item 4.3 shall prevail.

**<u>General Provisions:</u>**

The pricing may be renegotiated at any time, by mutual agreement between the Parties, taking into account, especially, the conditions and the dynamics of the contractual relationship, upon execution of an amendment to this Agreement.

Page **12** of **14**

**EXHIBIT II – OPERATIONAL APPLICABLE TO THE PRODUCT NON-ACCOUNTHOLDERS <br> PERSONAL CREDIT**

1. **Non-Accountholder Personal Credit –** product that permits the taking out of personal loan
by individuals through the **CORRESPONDENT's** application.

2. **Operational Flow**: The users of the application of the **CORRESPONDENT** shall make a loan simulation,
informing their record data (name, mobile, e-mail and CPF). These data shall be submitted to **ORIGINAL** by the **CORRESPONDENT**,
which shall evaluate the creditworthiness of each user, confirm the credit limit that is available or not and validate the data sent by
the users. **ORIGINAL** shall inform to the **CORRESPONDENT** the proposed personal loan to be offered to each user. If the user
accepts the proposal, a contracting phase shall be carried out, by means of which the user shall complete his/her record information,
informing the supplementary data set forth below, and sign the bank credit note relating to the personal loan. **ORIGINAL** shall implement
the record information and provide the credit to the account in the custody of the **CORRESPONDENT**, via Wire Transfer of Immediately
available Funds (TED). The **CORRESPONDENT**, in turn, shall transfer it to the user, by means of credit to its digital wallet.

2.1. Supplementary record data:

● Full name

● CPF (already filled in)

● Date of Birth

● Name of the mother

● Telephone (Area Code)

● Gender

● Bank Data

● E-mail

● Address

● Driver's License/Identity Card (CNH/RG)

● Marital status

● Income

3. **Premises:** The Parties agree that, every six (6) months,
the model proposed for the product Non-Accountholder Personal Credit shall be reviewed, with performance bonus.

4. **Obligations of the CORRESPONDENT**: The following are specific
obligations of the **CORRESPONDENT**:

4.1. Analysis of fraud by users. As a result of this obligation,
the **CORRESPONDENT** agrees to reimburse **ORIGINAL** for any damage and losses it may incur as a result of fraudulent actions
of the users of the **CORRESPONDENT's** application, including as a result of damage to the reputation of **ORIGINAL**.

4.2. Validation and safekeeping of the identification documents captured
in the process described in item 1 above.

Page **13** of **14**

**EXHIBIT III – OPERATIONAL APPLICABLE TO THE PRODUCT PICPAY WORKING CAPITAL**,

**1.** **PicPay Working Capital**: product that permits the taking
out of loan in **ORIGINAL's** Internet Banking by legal entities by means of indication by the **CORRESPONDENT** through
its application.

**2.** **Operational Flow**: The PJ users of the **CORRESPONDENT's** application that already hold a checking account opened with **ORIGINAL** and approved credit limit for the product PicPay Working
Capital may access **ORIGINAL's** Internet Banking and confirm the availability for contracting. In addition, in this same channel,
they shall make a simulation and take out the loan by means of electronic signature of the bank credit note. **ORIGINAL** shall provide
the credit in the checking account of the user held with **ORIGINAL**. At the time each transaction is contracted, the **CORRESPONDENT** shall be informed by means of a specific API and shall provide the "locking" of the bank domicile for receipt of the users
relating to transactions inside the **CORRESPONDENT's** application in the respective accounts held by them with **ORIGINAL.** 

Also, in case the checking account of the user registered in the application is held with other Financial Institution, the **CORRESPONDENT** agrees to change and lock the bank domicile for the account informed via API by **ORIGINAL**, which condition shall be informed to the user in the bank credit note itself. The **CORRESPONDENT** may only accept from the users the request for change in bank domiciled "locked" at **ORIGINAL** in case it has settled the loan transaction and upon express confirmation of **ORIGINAL**. For that purpose, we will provide the **CORRESPONDENT** with consultation via a specific API.

**3.** **Premises:** The Parties agree that, every six (6) months,
the model proposed for the product PicPay Working Capital shall be reviewed, with performance bonus.

Page **14** of **14**

## Exhibit 10.13

**Exhibit 10.13**

**Free English Translation**

**GLOBAL DERIVATIVES AGREEMENT**

**(Version October 2003)**

Dated July 4, 2024

between

**BANCO ORIGINAL S.A.**

and

**PICPAY BANK BANCO MULTIPLO SA**

FL. 1/19

**Contents**

---

| | | |
|:---|:---|:---|
| I. - | SUBJECT MATTER | 4.0 |
| II. - | INTERPRETATION | 4.0 |
| Ill. - | DEFINlTIONS | 5.0 |
| IV. - | REPRESENTATIONS | 9.0 |
| V. - | PROCEDURE FOR CONTRACTING DERIVATIVE TRANSACTIONS | 10.0 |
| VI. - | REGISTRATION OF DERIVATIVE TRANSACTIONS | 11.0 |
| VII. - | CONFIRMATION AND ITS TERMS | 12.0 |
| VIII. - | PAYMENT OR DELIVERY | 13.0 |
| IX. - | TAXES, PENALTIES, AND LATE-PAYMENT INTEREST. | 13.0 |
| X. - | DEFAULT EVENTS AND TERMINATION EVENTS | 14.0 |
| XI. - | CONSEQUENCES OF THE EARLY MATURITY AND TERMINATION OF DERIVATIVE TRANSACTIONS | 15.0 |
| XII. - | OFFSETTING OF OBLIGATIONS | 17.0 |
| XIII. - | TERM | 17.0 |
| XIV. - | RELATIONSHIP BETWEEN THE PARTIES | 17.0 |
| XV. - | GENERAL PROVISIONS | 18.0 |
| XVI. - | GOVERNING LAW AND JURISDICTION | 18.0 |

---

---

| |
|:---|
| FL. 2/19 |
| <br>wi,w,otlginalcooi.br • SAC 0800 744 0744.,De-ficl fll{'S A.ucllti'lof. d Fala O&i)O 766 07£6, **Ouvid011a** 0800 75S 0155. of segumla B sixth•({'1rn. from 9 a.m.;6 p.m., eru:,to ferlados. |

---

By this instrument and in the best form of law, the Parties,

(A) **BANCO ORIGINAL S/A,** a financial institution registered with the CNPJ/MF under number 92.894.922/0001-08, with address at Rua Porto União, No. 295, Brooklin, Postal Code (CEP) 04568-020, São Paulo, SP, ("Party A"); and

(B) **PICPAY BANK BANCO MULTIPLO SA,** a company incorporated under the laws of the Federative Republic of Brazil, with its registered office in the city of SÃO PAULO, state of SÃO PAULO, at AVENIDA MANUEL BANDEIRA, 291, BLOCK B, 3RD FLOOR, registered with the CNPJ/MF under number 09.516.419/0001-75 ("Party B") and, together with Party A, the "<u>Parties</u>".

**WHEREAS**

(A) the Parties wish to periodically enter into swap transactions, forward and with non-standard options, referenced to various assets and/or indices, such as gold, exchange rates, currency indices, interest rates, commodities, price indices, interest rate indices, federal government bonds, shares issued by publicly-held companies, share indices, simple or convertible debentures, and promissory notes issued by publicly traded companies intended for public offering, as well as transactions with credit derivatives and their derivatives as permitted by the applicable regulations;

(B) the Parties wish to regulate the general terms and conditions applicable to these Derivative Transactions, and each Party represents to the other that it is familiar with the transactions that are the subject matter of this agreement and has broad and specific knowledge of the rules in force in the market; and

(C) the Parties agree that any and all Derivative Transactions entered into between the Parties shall constitute a single and unique covenant between the Parties.

---

| |
|:---|
| FL. 3/19 |
| <br>wi,w,otlginalcooi.br • SAC 0800 744 0744.,De-ficl fll{'S A.ucllti'lof. d Fala O&i)O 766 07£6, **Ouvid011a** 0800 75S 0155. of segumla B sixth•({'1rn. from 9 a.m.;6 p.m., eru:,to ferlados. |

---

NOW, THEREFORE, THE PARTIES RESOLVE to enter into this Global Derivatives Agreement ("Agreement"), which shall be governed by the following clauses and conditions, which the Parties mutually accept and agree:

**I. - SUBJECT MATTER**

1.1. - The subject matter of this Agreement is the execution, under the terms of the applicable regulations published by the Central Bank of Brazil ("Central Bank") and the Securities Commission ("CVM"), of swap transactions, forward transactions, and transactions with non-standardized options, referenced to various assets and/or indices, such as gold, exchange rates, currency indices, interest rates, commodities, price indices, interest rate indices, shares issued by publicly-held companies, share indices, simple or convertible debentures, and promissory notes issued by publicly-held companies intended for public offering, as well as transactions with credit derivatives and their derivatives as permitted by the applicable regulations, and any transaction similar to any transaction mentioned above that is currently carried out, or which may be carried out in the future in the financial markets, and which is a forward transaction, swap, futures, option, or other Derivative Transaction on one or more rates, currencies, commodities, shares, or other securities, debt securities, or other debt instruments, or economic indices or measures of risk or economic value, or any combination of these transactions or any other transaction specified by the Parties, as permitted by the laws, rules, and regulations in Brazil (each of them, a "Derivative Transaction").

**II.** - **INTERPRETATION**

2.1. - **Definitions.** The terms defined in Clause III below and in the Exhibits to this Agreement shall have the meaning specified in each document. All terms defined in the singular shall have the same meaning when used in the plural and vice versa.

2.2. - **Inconsistency**. In the event of inconsistency between the provisions of the Appendix and the provisions of this Agreement, the provisions of the Appendix shall prevail. In the event of inconsistency between the provisions of any Confirmation and the provisions of this Agreement and the Appendix, the provisions of the Confirmation relating to the Derivative Transaction in question shall prevail.

2.3. - **Sole Agreement.** In accordance with the Brazilian Civil Code, the Parties hereby irrevocably, irreversibly, and unconditionally agree that any and all Derivative Transactions contracted between them shall constitute a single and sole covenant between the Parties.

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| |
|:---|
| FL. 4/19 |
| <br>wi,w,otlginalcooi.br • SAC 0800 744 0744.,De-ficl fll{'S A.ucllti'lof. d Fala O&i)O 766 07£6, **Ouvid011a** 0800 75S 0155. of segumla B sixth•({'1rn. from 9 a.m.;6 p.m., eru:,to ferlados. |

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**III.** - **DEFINITIONS**

**Calculation Agent** means the Party to a Derivative Transaction (or a third party) designated as such for that Transaction in the Appendix or Confirmation, which shall be responsible for: (a) calculating the floating or fixed rate applicable during the Term; (b) calculating the monetary value of a currency in relation to another currency during the Term; (c) calculating the price of a commodity during the Term; (d) sending the Parties to the Derivative Transaction the notices provided for in this Agreement; (e) selecting the bodies or agents responsible for disclosing the rate, index, or price; (e) and (f) performing any other function that has been specified in a Confirmation as being the responsibility of the Calculation Agent. Whenever the Calculation Agent is required to act or exercise judgment in any other way, it shall do so in good faith and in a commercially sound manner.

**Amendment to the Law** means (a) any amendment to existing laws or regulations, (b) the enactment of any relevant law or regulation, or (c) a change in the interpretation, by any court, appellate court, or regulatory authority with competent jurisdiction, of any relevant law or regulation that occurs after the execution of a Derivative Transaction or this Agreement and makes it unlawful for the Affected Party to perform an obligation, make or receive a payment relating to a Derivative Transaction, or to observe any relevant provision of this Agreement.

**Exhibits** shall be understood as Exhibits to this Agreement, the Appendix, and any and all Confirmations signed between the Parties.

**Appendix** is the document attached to this Agreement that will address the specific characteristics of the contractual relationship between the Parties in order to adapt the provisions of this Agreement to such specific relationship, which, once signed by the Parties, will form an integral and inseparable part of this Agreement.

**Central Bank** means the Central Bank of Brazil, established by Law No. 4595 of December 31, 1964.

**BM&F** means the Commodities & Futures Exchange.

**Confirmation Booklet** is the attached booklet, which contains Confirmation templates with the minimum terms and conditions to be used by the Parties in contracting Derivative Transactions within the scope of the Global Derivatives Agreement.

**CETIP** means the Center of Custody and Financial Settlement of Securities.

**Confirmation** means the document that establishes and confirms the terms of the Derivative Transaction, as agreed between the parties

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| |
|:---|
| FL. 5/19 |
| <br>wi,w,otlginalcooi.br • SAC 0800 744 0744.,De-ficl fll{'S A.ucllti'lof. d Fala O&i)O 766 07£6, **Ouvid011a** 0800 75S 0155. of segumla B sixth•({'1rn. from 9 a.m.;6 p.m., eru:,to ferlados. |

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**Agreement** means this Global Derivatives Agreement, the Appendix, and all Confirmations entered into by the Parties from time to time.

**Cross Default** has the meaning set forth in Clause 10.1(f).

**CVM** means the Securities Commission established by Law No. 6385 of December 7, 1976.

**Termination Date** means the date on which the Termination Event occurred.

**Maturity Date** means the date specified by the Parties as such in the relevant Confirmation.

**Early Maturity Date** means the date (i) on which an Event of Default occurs, in the case of Automatic Early Maturity, or (ii) provided for as such in the notice declaring an Event of Default under Clause 10.1 of this Agreement.

**Negotiation Date** means the date on which a Derivative Transaction will be orally agreed upon in accordance with Clause 5.1(a) of this Agreement.

**Settlement Date** means the date established for the financial settlement of the Derivative Transaction, indicated in the Confirmation, when early maturity or termination of said Derivative Transaction does not occur.

**Payment Date of Early Maturity Amount or Termination Amount** has the meaning established in Clause 11.

**Effective Date** means the date, indicated in the Confirmation, on which a Derivative Transaction will be considered effective and initiated for purposes of calculating the Term.

**Business Day** means, for settlement purposes, any day except Saturday, Sunday, or another day on which commercial banks are closed in the city defined in the Appendix, or as may be determined in the Confirmation.

**Event of Default** has the meaning set forth in Clause 10.1 of this Agreement.

**Additional Event of Default** has the meaning set forth in Clause 10.1 (I) of this Agreement.

**Termination Event** has the meaning set forth in Clause 10.2 of this Agreement.

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| |
|:---|
| FL. 6/19 |
| <br>wi,w,otlginalcooi.br • SAC 0800 744 0744.,De-ficl fll{'S A.ucllti'lof. d Fala O&i)O 766 07£6, **Ouvid011a** 0800 75S 0155. of segumla B sixth•({'1rn. from 9 a.m.;6 p.m., eru:,to ferlados. |

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**Additional Termination Event** has the meaning set forth in Clause 10.2(c) of this Agreement.

**Settlement Form** means the correspondence to be sent by the Party designated in the Appendix stipulating the amount to be paid or received by or from one Party to or from the other on the Settlement Date or on the Payment Date of the Early Maturity Amount or Termination Amount.

**Guarantor** is the individual or legal entity specified in the Appendix or Confirmation that will guarantee or provide some type of guarantee for the fulfillment of any and all obligations of the Party specified in the Guarantee Instrument.

**Guarantee Instrument** means any agreement or contract entered into and signed by the Guarantor or the Party that establishes a guarantee of any nature for the obligations assumed in this Agreement by either Party, as specified in said document.

**Minimum Amount** means the minimum amount, specified by the Parties in the Appendix, which puts a Party or a Guarantor in default under Clause 10.1 (f) (Cross Default) or Clause 10.1 (u) (Protest).

**Derivative Transaction** has the meaning set forth in Clause 1.1 of this Agreement.

**Rescinded Transaction** or **Rescinded Transactions** means one or more Derivative Transactions subject to a Termination Event.

**Terminated Transaction** means that Derivative Transaction or group of Derivative Transactions the early maturity of which has been declared which has been terminated due to the occurrence of an Event of Default or a Termination Event, respectively. The Parties hereby establish that the occurrence of an Event of Default will result in the early maturity of all Derivative Transactions, while the occurrence of a Termination Event will result in the termination of the Rescinded Transaction(s) only.

**Affected Party** means the Party that is subject to a Termination Event.

**Innocent Party** is the Party to this Agreement to which the occurrence of an Event of Default or Termination Event is not attributed.

**Defaulting Party** is the Party to this Agreement to which the occurrence of an Event of Default or Termination Event is attributed.

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| |
|:---|
| FL. 7/19 |
| <br>wi,w,otlginalcooi.br • SAC 0800 744 0744.,De-ficl fll{'S A.ucllti'lof. d Fala O&i)O 766 07£6, **Ouvid011a** 0800 75S 0155. of segumla B sixth•({'1rn. from 9 a.m.;6 p.m., eru:,to ferlados. |

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**"Term"** means the period that begins on the Effective Date and ends on the Maturity Date, Early Maturity Date, or Termination Date, and this period shall be used as the basis for calculating the rates, indices, or prices agreed upon by the Parties in the Derivative Transaction, provided, however, that any Term that ends on a day that is not a Business Day shall be extended to the next Business Day.

**"Premium"** means the amount paid by one Party to the other, as indicated in the Confirmation, relating to a Derivative Transaction the subject matter of which is the trading in options.

**"Agreed Rates"** means the rates, indices, and/or prices agreed upon by the Parties in the Derivative Transaction and indicated in the Confirmation.

**Protection Fee** means the amount paid by a Party to the other, as indicated in the Confirmation, relating to a Derivative Transaction the subject matter of which is the trading in credit derivatives.

**Replacement Valu**e means, with respect to each Terminated Transaction, the value determined by the Calculation Agent, in good faith, through commercially accepted methods, as losses or expenses incurred (the result of which is expressed as a positive number), or potential gains (expressed as a negative number), which the Innocent Party would have to pay or would have received, respectively, to secure the same effect as the payments due, physical settlements, or option rights that would accrue to them in the event of continuation of the Terminated Transaction, in accordance with the terms originally agreed. The Calculation Agent will determine the specific Replacement Value for each of the Terminated Transactions and for the entire group of Terminated Transactions, using the methods described below. Each Replacement Value will be determined as being applicable on the Early Maturity Date or the Termination Date or, if that is not possible, on the date or dates closest to those dates.

The determination of the Replacement Value by the Calculation Agent may reflect one or more of the following methods:

(a) assessment of any expenses or revenues, as the case may be, of the Innocent Party, resulting from the execution of one or more transactions that would have an equivalent economic effect for the Innocent Party, in terms of payments, physical settlements, or rights of option, to those that would have been obtained from the Terminated Transaction or group of Terminated Transactions, if such payments, physical settlements, or option rights had been demanded or exercised on the Maturity Date, whether such obligations or rights were certain or contingent;

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| |
|:---|
| FL. 8/19 |
| <br>wi,w,otlginalcooi.br • SAC 0800 744 0744.,De-ficl fll{'S A.ucllti'lof. d Fala O&i)O 766 07£6, **Ouvid011a** 0800 75S 0155. of segumla B sixth•({'1rn. from 9 a.m.;6 p.m., eru:,to ferlados. |

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(b) assessment of any financing expenses; or

(c) assessment of any losses or expenses incurred as a result of termination, settlement, renegotiation, or enforcement of any hedge or related position (or any income resulting therefrom), whether in the case of a Derivative Transaction or a group of Derivative Transactions.

In calculating the Replacement Value, the Calculation Agent will not consider Unpaid Amounts, as well as attorneys' fees or other expenses.

**Early Maturity Amount** has the meaning set forth in Clause 11.6.

**Termination Amount** has the meaning set forth in Clause 11.6.

**Unpaid Amount** means, with respect to all Terminated Transactions, the amounts that became due by one of the Parties under Clause VIII up to the Early Maturity Date or Termination Date and that remain due and unpaid on those dates.

**Automatic Early Maturity** has the meaning set forth in Clause 11.1.

**IV. - REPRESENTATIONS**

4.1. - Each of the Parties hereby represents and warrants to the other Party, which representations and warranties shall remain valid until termination of this Agreement and all Derivative Transactions entered into by the Parties within the scope hereof:

(a) **Authority.** Each Party is authorized to sign and formalize this Agreement, as well as to formalize, fulfill, and assume the obligations agreed upon herein, having obtained all necessary corporate, legal, and regulatory approvals to authorize the signing, formalization, and fulfillment of this Agreement;

(b) **No Violation or Conflict.** The signing, formalization, and fulfillment of this Agreement do not infringe or diverge from any law or regulation applicable to the Party making these representations, nor do they infringe or diverge from any provision of its organization documents, nor from any order or judgment rendered by any court or other government body applicable thereto or to any of its assets, nor from any contractual restrictions to which it is bound and which affect such Party or any of its assets;

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| |
|:---|
| FL. 9/19 |
| <br>wi,w,otlginalcooi.br • SAC 0800 744 0744.,De-ficl fll{'S A.ucllti'lof. d Fala O&i)O 766 07£6, **Ouvid011a** 0800 75S 0155. of segumla B sixth•({'1rn. from 9 a.m.;6 p.m., eru:,to ferlados. |

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(c) **Brazilian Regulations.** Each Party acknowledges and undertakes to comply with the regulations and/or instructions and operational procedures issued periodically by the Central Bank, the CVM, CETIP, BM&F and/or any other system or clearinghouse for the custody and settlement of securities authorized by the Central Bank or the CVM, or any body or entity competent to regulate such operations, relating to this Agreement, undertaking to take all necessary actions to ensure compliance with such laws, regulations and/or procedures;

(d) **Absence of Certain Events**. No Event of Default concerning either Party or Termination Events has occurred or persist;

(e) **No Litigation.** There are no ongoing actions or proceedings before any court, appellate court, government entity, body, or arbitrator that may, with respect to either Party, affect the legality, validity, enforceability of this Agreement or the ability of a Party to fulfill the obligations assumed under this Agreement; and

(f) **Binding Obligations.** The obligations of each Party under this Agreement constitute valid and binding legal obligations, enforceable in accordance with their respective terms.

**V. - PROCEDURE FOR CONTRACTING DERIVATIVE TRANSACTIONS**

5.1. - The procedures to be observed by the Parties for the contracting of a Derivative Transaction are as follows:

(a) the Parties shall expressly or orally agree, by means of an electronically recorded telephone call or by means of magnetic tape, on the modality and the terms and conditions of a Derivative Transaction, and these records shall serve as proof of the contracts entered into;

(b) the Party responsible for sending the Confirmation shall send to the other Party, in the form and within the term indicated in the Appendix, a Confirmation via fax or other means agreed between the Parties, duly completed and signed by their authorized representatives, confirming the contracting and also the terms and conditions of the Derivative Transaction.

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| |
|:---|
| FL. 10/19 |
| <br>wi,w,otlginalcooi.br • SAC 0800 744 0744.,De-ficl fll{'S A.ucllti'lof. d Fala O&i)O 766 07£6, **Ouvid011a** 0800 75S 0155. of segumla B sixth•({'1rn. from 9 a.m.;6 p.m., eru:,to ferlados. |

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5.2. The Parties agree that the Derivative Transaction may also be contracted between them through electronic systems available in the securities custody and settlement system or clearinghouse authorized by the Central Bank or the CVM. In these cases, the provisions of clause 5.1 shall apply only to the extent permitted by the rules and regulations of such system or clearinghouse.

**VI. - REGISTRATION OF DERIVATIVE TRANSACTIONS**

6.1. - **Place of Registration**. The Parties hereby represent to be aware of and agree that one of the Parties will register any and all Derivative Transactions that may be contracted based on this Agreement or on CETIP, or on BM&F, or on any other system or clearinghouse for the custody and settlement of securities authorized by the Central Bank or the CVM, as established in the applicable regulations.

6.2. - **Regulations of the Place of Registration**. Without prejudice to the other terms, conditions, and clauses of this Agreement and the Confirmations, it is hereby agreed between the Parties that, by means of the registration provided for herein, the Parties will automatically and expressly adhere to the respective terms, conditions, clauses, calculation methodologies, and settlement methods that will be identified in the aforementioned Confirmation, and which are established by the system or clearinghouse for the custody and financial settlement of securities authorized by the Central Bank or the CVM, and that such rules and regulations are applicable to the Derivative Transaction registered therein.

6.3. - **Adherence to the Regulations of the Place of Registration**. The Parties represent to have full knowledge of the terms, conditions, and clauses mentioned in Clause 6.2 above, including the Regulations of the Financial Risk Protection System - SPR, to which the Parties agree and mutually undertake to accept, without prejudice to the terms contained in this Agreement.

6.4. **- Financial Risk Protection System - SPR**. The Parties authorize the Calculation Agent to be the settlement agent for their operations with the system or clearinghouse for the custody and financial settlement of securities authorized by the Central Bank or the CVM, such as the Financial Risk Protection System - SPR, for operations registered with CETIP.

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|:---|
| FL. 11/19 |
| <br>wi,w,otlginalcooi.br • SAC 0800 744 0744.,De-ficl fll{'S A.ucllti'lof. d Fala O&i)O 766 07£6, **Ouvid011a** 0800 75S 0155. of segumla B sixth•({'1rn. from 9 a.m.;6 p.m., eru:,to ferlados. |

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**VII. - CONFIRMATION AND ITS TERMS**

7.1. - **Terms**. In addition to the provisions of Clause V above, each Confirmation shall establish at least the parameters defined and established in the Confirmation Booklet.

7.2. **- Protection Fee or Premium**. If a Derivative Transaction involves the payment of a Protection Fee or Premium, such Protection Fee or Premium and its respective payment date shall be established in the Confirmation. The Parties acknowledge and agree that the Protection Fee or Premium will not be refunded or reimbursed and that the non-payment, when due, of the Protection Fee or Premium shall be considered an Event of Default.

7.3. - **Calculation of Amounts Due**. It is agreed by the Parties that the rates, indices and/or prices disclosed by CETIP, BM&F, or another publicly available source, as indicated in the Confirmation, will be used by the Calculation Agent for the purpose of determining the financial results of each Confirmation, except in the case contemplated in Clause 7.4 below.

7.4 - **No disclosure of rates or indices**. If the rate, index and/or price to be used in calculating the final net amount due by one Party to the other under each Confirmation is not available from the official bodies or the body responsible for issuance or determination thereof, the Parties hereby irrevocably agree that: the Calculation Agent will adopt the rate, index, and/or price that replaces the previous rate, index and/or price and, in the event of non-disclosure, will perform all the necessary calculations to determine them for the purpose of calculating the final amount due by one Party to the other, always acting in good faith and in accordance with the most ethical market standards, using the criteria mutually agreed upon by the Parties and indicated in the Appendix or Confirmation.

7.5. - **Enforceability of Obligations**. The Parties hereby acknowledge as liquidated and certain, including for the purposes of collection through execution, their obligations determined in accordance with this Clause VII.

7.6. - **Settlement Form**. On the Maturity Date of each Derivative Transaction, or on the Early Maturity Date, the Termination Date, or any other date established between the Parties in the Appendix or Confirmation, a Settlement Form with payment instructions will be sent by fax or email by the Party responsible for sending the Settlement Form as indicated in the Appendix, and such Settlement Form must contain, at a minimum, the following information:

(a) identification of the Derivative Transaction(s);

(b) amount(s) to be settled or product(s) to be delivered;

(c) bank account to be credited/debited or place of delivery of the product; and

(d) payment date.

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| |
|:---|
| FL. 12/19 |
| <br>wi,w,otlginalcooi.br • SAC 0800 744 0744.,De-ficl fll{'S A.ucllti'lof. d Fala O&i)O 766 07£6, **Ouvid011a** 0800 75S 0155. of segumla B sixth•({'1rn. from 9 a.m.;6 p.m., eru:,to ferlados. |

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**VIII. - PAYMENT OR DELIVERY**

8.1. - The Parties hereby undertake to make the payments and/or deliveries specified in the Confirmation of each of the Derivative Transactions and detailed in the Settlement Sheets, noting further that:

(a) if, on the Maturity Date, Early Maturity Date, Termination Date or any other date on which any amounts are due in relation to the Derivative Transactions, the amount to be paid by one Party is greater than the amount to be paid by the other Party, the obligations of the Parties shall be automatically offset, with the obligation to pay the remaining balance remaining with the Party that is still in debt, subject to the provisions of Clause 9.1;

(b) if the Confirmation and the respective Settlement Form establish that payments will be made in kind (i.e., in a manner other than monetary), the above provisions, when applicable, will be observed, and delivery will be made at the location designated in the Confirmation and the Settlement Form.

8.2. - **Payment into Account**. Payments due by the Parties, when of a monetary nature, will be made by means of deposits into the bank accounts established in the Confirmation and the respective Settlement Form in available funds. The Parties may modify such bank accounts provided that they notify the other Party at least five (5) Business Days before the making of any payment provided for in the Confirmation, and that it is held by the same party, and provided that the other Party does not object, for a relevant reason, within a reasonable period.

8.3. - **Suspension of the Enforceability of Obligations**. In the event of an Event of Default, neither Party may demand payments from the other Party until the early termination of all Derivative Transactions is declared and the amounts due by each Party are duly calculated, offset, and determined by the Calculation Agent. Upon occurrence of a Termination Event, the enforceability of payments by the Parties will be suspended until the Calculation Agent calculates and determines the amounts due to each of the Parties as a result of the Rescinded Transactions.

**IX. - TAXES, PENALTIES, AND LATE PAYMENT INTEREST**

9.1. - **Taxes.** Notwithstanding the offsetting of amounts as provided for in Clause 8.1, each Party shall be liable for the payment of any taxes applicable to it upon the contracting, execution, and performance of the Derivative Transaction. When permitted or required by law, either Party may pay the taxes due by the other Party, deducting the amount relating to the tax paid from any payment due to the other Party. Although the Parties agree that any and all Derivative Transactions agreed between the Parties shall constitute a single and only agreement between the Parties, each Derivative Transaction shall maintain its uniqueness for tax purposes.

9.2. - **Penalties and Late Payment Interest.** The Defaulting Party shall be subject to the payment of interest and other charges as indicated in the Appendix.

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| |
|:---|
| FL. 13/19 |
| <br>wi,w,otlginalcooi.br • SAC 0800 744 0744.,De-ficl fll{'S A.ucllti'lof. d Fala O&i)O 766 07£6, **Ouvid011a** 0800 75S 0155. of segumla B sixth•({'1rn. from 9 a.m.;6 p.m., eru:,to ferlados. |

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**X.** - **EVENTS OF DEFAULT AND TERMINATION EVENTS**

10.1. - Events of Default shall mean, in relation to the Party indicated in the Appendix, the occurrence, at any time, of any of the events described below:

(a) **Non-Payment or Non-Delivery**. Failure to make, on the due date, any payment under this Agreement, or non-delivery, provided that such failure is not remedied within twenty-four (24) hours from a notice by the Defaulting Party sent by email, fax, or any other valid means;

(b) **Breach of Contract**. Breach or non-compliance with any term, covenant, agreement, or obligation stipulated in this Agreement and in the Confirmations or in any other contract, agreement, or instrument that the Party has entered into with the other Party and which must be fulfilled or observed, provided that such breach is not remedied within twenty-four (24) hours from a notice by the Innocent Party sent by email, fax, or any other valid means;

(c) **Rejection of the Agreement**. A Party denies, waives, or rejects, in whole or in part, or challenges the validity of this Agreement or the agreed terms of any Derivative Transaction;

(d) **Breach of the Guarantee Instrument**: (1) failure by the Party or any Guarantee to observe or comply with any agreement or obligation to be observed or complied with under any Guarantee Instrument; (2) the expiration or termination of such Guarantee Instrument or the fact that such Guarantee Instrument, or any property right granted by such Party or Guarantor to the other Party under any Guarantee Instrument, is not in full force and effect for purposes of this Agreement (in each case, not under its terms) before the fulfillment of all obligations of such Party under each Derivative Transaction to which such Guarantee Instrument relates, without the written consent of the other Party; or (3) the Party or such Guarantor denies, waives, or rejects, in whole or in part, or challenges the validity of such Guarantee Instrument;

(e) **False Representation.** A representation made, or deemed to have been made by a Party or any Guarantor of such Party in this Agreement or in any Guarantee Instrument is found to be incorrect or misleading in any material respect;

(f) **Cross Default.** The occurrence or existence of one (1) default, event of default, or other similar condition or event (however described) in relation to such Party or any Guarantor of such Party, under one or more agreements or instruments entered into between (1) any of them (individually or collectively) or (2) a default by a Party or Guarantor in relation to one or more payments due to another Party, in an aggregate amount not less than the Minimum Amount under such agreements or instruments (after the entry into force of any notice requirement or grace period);

(g**) Insolvency**. If the Party or the respective Guarantor: (1) (a) files for composition with creditors or bankruptcy or (b) is subject to the filing or commencement of proceedings seeking composition with creditors, bankruptcy, judicial or extrajudicial liquidation, dissolution, or any other renegotiation that may affect the credit rights of the other party, and such proceedings or petition is not dismissed or suspended within a period of up to fifteen (15) calendar days from its filing; (2) is subject to intervention proceedings, or carries out any type of assignment, reorganization, or settlement with or for the benefit of its creditors;

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| |
|:---|
| FL. 14/19 |
| <br>wi,w,otlginalcooi.br • SAC 0800 744 0744.,De-ficl fll{'S A.ucllti'lof. d Fala O&i)O 766 07£6, **Ouvid011a** 0800 75S 0155. of segumla B sixth•({'1rn. from 9 a.m.;6 p.m., eru:,to ferlados. |

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(h) **Corporate Restructuring without the Assumption of Obligations**. If a Party or any Guarantor of such Party is merged into or consolidates with, or transfers all or a substantial portion of its assets to another entity, and at the time of such merger, consolidation spin-off, transfer, or restructuring: (1) the resulting, surviving, or assignee entity does not assume all of the obligations of such Party or Guarantor as stipulated in this Agreement or in any Guarantee Instrument to which it is a Party, or to which its predecessor was a party by operation of law or under an agreement reasonably satisfactory to the other party to this Agreement; or (2) the benefits of any Guarantee Instrument do not extend (without the consent of the other Party) to the performance, by such resulting, surviving, or assignee entity, of its obligations stipulated in this Agreement;

(i) **Dissolution**. If either Party or any Guarantor ceases to exist validly and legally in accordance with the laws of the place of its organization (for reasons other than consolidation, merger, or spin-off);

j) **Protest**. If any Party is subject to execution proceedings or has instruments issued or accepted by it in a total amount in excess of the Minimum Amount, provided that, within seventy-two (72) hours, (1) it does not suspend the protest or (2) it proves that the protest was requested due to error or bad faith on the part of the presenter;

(k) **Change of Controlling Interest**. If the controlling interest of a Party is changed or transferred, as well as if a Party undergoes merger, consolidation, or spin-off, except for events occurring within its own economic group, provided that the institution resulting from the merger, consolidation, or spin-off is significantly weaker, financially and economically, at the exclusive and reasonable criteria of the other Party, than the original institution at the time immediately preceding the merger, consolidation, or spin-off; and/or

(l) **Additional Event of Default**. Any other additional default event described in the Appendix.

10.2. - The occurrence, at any time, of any of the following events in relation to an Affected Party shall be considered a Termination Event:

(a) **Amendment to the Law**. If a Amendment to the Law occurs;

(b) **Force Majeure**. If any necessary event occurs, the effects of which the Affected Party cannot avoid or prevent and which makes it impossible for the Affected Party to fulfill the obligation assumed in this Agreement or in any Derivative Transaction; or

(c) **Additional Termination Event**. Any other additional termination event described in the Appendix.

**XI. - CONSEQUENCES OF EARLY MATURITY AND TERMINATION OF DERIVATIVE TRANSACTIONS**

11.1. - **Events of Default.** If, at any time, an Event of Default has occurred and persists in relation to the Defaulting Party, the Innocent Party may declare the early maturity of all obligations arising from this Agreement, by means of a notice from the Innocent Party, sent by fax or any other valid means to the Innocent Party, which shall specify the Event of Default that has occurred. The Innocent Party shall also determine, in the notice, the Early Maturity Date of the obligations, which shall be at least five (5) calendar days after receipt of the notice.

However, if the Appendix specifies that an Automatic Early Maturity will apply to the event of default by a Party, then the automatic and immediate early maturity of all obligations under this Agreement or each Confirmation will apply, regardless of any judicial or extrajudicial notice or warning.

11.2. - **Termination Events**. If, at any time, a Termination Event has occurred, the automatic and immediate early maturity of all Rescinded Obligations will apply, regardless of any judicial or extrajudicial notice or warning. Without prejudice to the automatic early maturity provided for in Clause 11.2 and the other conditions set forth in this Agreement, the Affected Party shall notify the other Party, specifying the relevant Termination Event as well as the Rescinded Transactions.

11.3. **- Effects of Early Maturity**. Without prejudice to other rights and guarantees established, it is hereby agreed between the Parties that in the event of early maturity of any of the obligations arising from the Derivative Transactions, both Parties may foreclose upon the assets given as collateral for the obligations of the other Party, using the proceeds from the foreclosure of the collateral to amortize or settle any obligations owed to it by the other Party.

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| |
|:---|
| FL. 15/19 |
| <br>wi,w,otlginalcooi.br • SAC 0800 744 0744.,De-ficl fll{'S A.ucllti'lof. d Fala O&i)O 766 07£6, **Ouvid011a** 0800 75S 0155. of segumla B sixth•({'1rn. from 9 a.m.;6 p.m., eru:,to ferlados. |

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11.4. - **Deregistration**. It is hereby agreed between the Parties that after the termination of any Derivative Transaction, whether due to an Event of Default or a Termination Event, either Party is authorized and instructed by the other Party to immediately deregister the respective Derivative Transaction from the competent registration, custody, and settlement system, in accordance with Clause VI above.

11.5. - **Payments in case of Early Maturity** - If an Early Maturity Date occurs or is determined, none of the payments provided for in Clause VIII in relation to Terminated Transactions will be required until the amounts due in relation to an Early Maturity Date are calculated by the Calculation Agent. The Calculation Agent will perform the calculations specified in this Agreement as soon as feasible, also preparing reports demonstrating the preparation of these calculations and including the references and sources used, the Replacement Value, and the amount due by one Party to the other in relation to each of the Terminated Transactions.

11.6. - **Early Maturity Amount and Termination Amount**. The Parties agree that the Early Maturity Amount or Termination Amount due in respect of Terminated Transactions ("Early Maturity Amount" or "Termination Amount," as applicable) shall be equal to:

(1) In the event of an Event of Default or a Termination Event in respect of which there is only one Innocent Party or Affected Party:

(a) the sum of (i) the Replacement Value (calculated, pursuant to this Agreement, by the Calculation Agent) of each of the Terminated Transactions (the result of which is a positive number when that Replacement Value is to be received by the Innocent Party, and the result of which is a negative number when the Innocent Party is to pay that amount to the Defaulting Party or Affected Party) and (ii) the Unpaid Amounts due to the Innocent Party, less

(b) the Amounts Unpaid and due to the Defaulting Party.

If the resulting amount due is positive, the Defaulting Party or Affected Party will pay the Innocent Party; if the resulting amount due is negative, the Innocent Party will pay the full amount to the Defaulting or Affected Party.

(2) Upon occurrence of a Termination Event in respect of which there are two Affected Parties:

(a) Amounts Unpaid and due to Party A, less

(b) Amounts Unpaid and due to Party B.

If the resulting amount due is positive, Party B will pay that amount to Party A; if the resulting amount due is negative, Party A will pay the full amount to Party B.

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| |
|:---|
| FL. 16/19 |
| <br>wi,w,otlginalcooi.br • SAC 0800 744 0744.,De-ficl fll{'S A.ucllti'lof. d Fala O&i)O 766 07£6, **Ouvid011a** 0800 75S 0155. of segumla B sixth•({'1rn. from 9 a.m.;6 p.m., eru:,to ferlados. |

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11.7. - **Payment of late payment interest and penalties**. In addition to the Early Maturity amount, the defaulting Party shall pay late payment interest and penalties as set forth in Clause 9.2.

11.8. - **Payment Date**. The Calculation Agent shall notify, by fax or any other valid means, the Party required to make a payment due to the early maturity of its obligations or termination of that Derivative Transaction, informing it of the amount to be paid. The date on which this amount must be paid will be the next business day after receipt of such notice by the Party in question ("Payment Date of the Early Maturity Amount") or "Termination Amount").

11.9. - **Expenses**. The Defaulting Party shall indemnify the innocent Party, at the request of the latter, for all reasonable disbursements, including attorneys' fees and collection costs, incurred by the other party in enforcing and protecting its rights under this Agreement.

**XII. - OFFSETTING OF OBLIGATIONS**

12.1. - Upon maturity of the Parties' obligations, whether due to normal or early maturity of this Agreement, such obligations shall be offset up to the limit to which they were assumed, in accordance with the Brazilian Civil Code and other applicable legal provisions, notably Law No. 10.214 of March 27, 2001, article 30 of Provisional Measure No. 2.192 of August 26, 2001, and Resolution No. 3039 of the Central Bank of Brazil of October 30, 2002.

**XIII. - TERM**

13.1. - This Agreement is entered into for an indefinite term and it may be terminated at any time by either Party, upon written notice served thirty (30) days in advance, without prejudice, however, to Confirmations not yet settled, to which all the conditions established in this Agreement shall apply.

**XIV. - RELATIONSHIP BETWEEN THE PARTIES**

14.1. - On the date on which a Derivative Transaction is entered into, each Party shall be considered as if it were representing to the other party the following:

(a) **Independence of initiative**. That it is acting on its own account, having made its own decisions independently as to whether to carry out the Derivative Transaction and as to its suitability and appropriateness, based on its own criteria and, to the extent deemed necessary, on the opinion of its advisors. That it is not relying on any communication (written or oral) from the other party as if it were investment advice or a recommendation to participate in the Derivative Transaction, it being understood that the information and explanations relating to the terms and conditions of the Derivative Transaction should not be considered as investment advice or as a recommendation for participation therein. No communication (written or verbal) received from the other Party shall be considered as insurance or guarantee as to the expectation of the expected results of the transaction;

(b) **Assessment and Understanding**. Each Party is entitled to assess the merits and understand (by itself or through independent professional advice), as it does in fact understand and accept, the terms, conditions, and risks of the Derivative Transaction. It is equally entitled to assume - as it does in fact assume - the risks of the Derivative Transaction;

(c) **Situation of the Parties**. Neither party is acting, with respect to the other party, as a fiduciary or advisor in the Derivative Transaction.

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|:---|
| FL. 17/19 |
| <br>wi,w,otlginalcooi.br • SAC 0800 744 0744.,De-ficl fll{'S A.ucllti'lof. d Fala O&i)O 766 07£6, **Ouvid011a** 0800 75S 0155. of segumla B sixth•({'1rn. from 9 a.m.;6 p.m., eru:,to ferlados. |

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**XV. - GENERAL PROVISIONS**

15.1. - **Assignment.** Neither this Agreement nor any obligations hereunder may be transferred (by way of security or otherwise) by either Party without the prior written consent of the other Party.

15.2. - **Partial Nullity.** If any term, provision, or covenant contained in this Agreement is deemed unenforceable, invalid, or illegal for any reason, the remaining terms, provisions, and covenants shall remain in full force and effect, as if this Agreement had been signed with the elimination of the unenforceable, invalid, or illegal segment, and such unenforceability, invalidity, or illegality shall not otherwise affect the enforceability, validity, or legality of the remaining terms, provisions, and covenants, provided that this Agreement, as modified, continues to express, without material alterations, the original intentions of the parties with respect to the subject matter hereof and provided that the elimination of the aforementioned segment of this Agreement does not substantially prejudice the respective benefits and expectations of the parties.

15.3. - **Amendments**. Any amendments, modifications, or waivers relating to this Agreement shall have no effect unless they are formalized in writing and signed by both parties.

15.4. - **Absence of Waiver of Rights**. The omission or delay in exercising any right, authority, or privilege under this Agreement shall not be considered a waiver of such right, authority, or privilege.

15.5. - **Recording**. The parties, each individually, (i) consent to the recording of telephone conversations of their personnel responsible for negotiation, marketing, and other relevant activities related to this Agreement or any possible Derivative Transaction; and (ii) agree that such recordings may be presented as evidence in any court or during any proceedings arising from this Agreement or proceedings arising from any Derivative Transaction resulting from this Agreement. In case of inconsistency between the recording and the Confirmation, the terms agreed upon in the Confirmation shall prevail.

15.6. - **Early Termination of Derivative Transaction**. With the prior consent of the other Party, either Party may terminate a Derivative Transaction, in whole or in part, before its respective Maturity Date. The date of said agreement shall be considered the Termination Date of the Derivative Transaction or a portion thereof. The terms of this Agreement shall remain applicable until all obligations relating to the terminated Derivative Transaction are fulfilled. In the event of termination of a portion of any Derivative Transaction, the remaining portion of said transaction shall remain in full force and effect under the terms of this Agreement.

**XVI.** - **GOVERNING LAW AND JURISDICTION**

16.1. - **Governing Law**. This Agreement shall be governed by the laws of the Federative Republic of Brazil.

16.2. - **Jurisdiction**. The venue and the manner for resolving any and all issues arising from or related to this Agreement are specified by the Parties in the Appendix.

IN WITNESS WHEREOF, the Parties sign this Agreement in two (2) counterparts, together with two (2) witnesses identified below.

**SÃO PAULO, July 4, 2024.**

(Signatures on the next page)

(Remainder of page intentionally left blank)

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|:---|
| FL. 18/19 |
| <br>wi,w,otlginalcooi.br • SAC 0800 744 0744.,De-ficl fll{'S A.ucllti'lof. d Fala O&i)O 766 07£6, **Ouvid011a** 0800 75S 0155. of segumla B sixth•({'1rn. from 9 a.m.;6 p.m., eru:,to ferlados. |

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*Signature page of the Global Derivatives Agreement entered into* on July 4, 2024 *between, on the one hand, Banco Original S/A, CNPJ/MF No. 92.894.922/0001-08, and, on the other hand,* PICPAY BANK BANCO MULTIPLO SA, *CNPJ/MF* No. 09.516.419/0001-75.

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| | |
|:---|:---|
| **BANCO ORIGINAL S.A.** | **BANCO ORIGINAL S.A.** |
| Party A | Party A |
| By: | /s/ Alex Koji Imahata |
| Name: | Alex Koji Imahata |
| Position: | Coordinator |

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| | |
|:---|:---|
| By: | /s/ Marco Antonio Lage |
| Name: | Marco Antonio Lage |
| Position: | Specialist |

---

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| | |
|:---|:---|
| **PICPAY BANK BANCO MULTIPLO SA** | **PICPAY BANK BANCO MULTIPLO SA** |
| Part B | Part B |
| By: | /s/ Francisco José Pereira Terra |
| Name: | Francisco José Pereira Terra |
| Position: | Finance Director |
| By | /s/ Fernando Abe Ohara |
| Name: | Fernando Abe Ohara |
| Position: | Risk Director |

---

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| | |
|:---|:---|
| Witnesses: | Witnesses: |
| 1. | /s/ Luiz Fernando Machado Labate |
|  | Name: Luiz Fernando Machado Labate |
|  | CPF/MF: |
| 2. | /s/ Renato Vieira Rocha |
|  | Name: Renato Vieira Rocha |
|  | CPF/MF: |

---

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| |
|:---|
| FL. 19/19 |
| <br>wi,w,otlginalcooi.br • SAC 0800 744 0744.,De-ficl fll{'S A.ucllti'lof. d Fala O&i)O 766 07£6, **Ouvid011a** 0800 75S 0155. of segumla B sixth•({'1rn. from 9 a.m.;6 p.m., eru:,to ferlados. |

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## Exhibit 10.14

**Exhibit 10.14**

**Free English Translation**

**AGREEMENT FOR THE ENDORSEMENT OF BANK CREDIT NOTES WITHOUT CO-OBLIGATION ("CCBs")**

**BANCO ORIGINAL S.A.,** a financial institution registered with the CNPJ under No. 92.894.922/0001-08, headquartered at Rua Porto União, No. 295, Brooklin, São Paulo/SP, Postal Code (CEP) 04568-020 ("Original"); and

**PICPAY BANK - BANCO MÚLTIPLO S.A.,** a financial institution registered with the CNPJ under No. 09.516.419/0001-75, headquartered at Avenida Manuel Bandeira, No. 291, Condomínio Atlas Office Park, Block B, 3rd floor, Vila Leopoldina, São Paulo/SP, Postal Code (CEP) 05317-020 ("PicPay Bank");

Original and PicPay Bank are jointly referred to as "<u>Parties</u>" or each of them, indistinctly, as a "<u>Party</u>"

**WHEREAS:**

(i) Original
 and PicPay Bank are financial institutions duly authorized to operate by the Central Bank,
 and may carry out credit, financing, and investment transactions, operating in the Brazilian
 financial market and in the consumer credit segment, including payment processing activities;

(ii) Original
 wishes to endorse to PicPay Bank the bank credit notes issued in its Personal Loan transactions
 with Guarantee of Fiduciary Assignment of FGTS Birthday Withdrawal, including all rights
 and obligations related thereto ("CCBs");

(iii) PicPay
 Bank wishes to acquire these CCBs for consideration, without co- obligation, along with all
 rights and obligations related to the CCBs; and

(iv) the
 Parties wish to establish the terms and conditions that will govern the endorsements of the
 CCBs by Original to PicPay Bank.

**NOW, THEREFORE,** the Parties resolve to enter into this Agreement for the Endorsement of CCBs Without Co-Obligation ("Agreement"), which shall be governed by the following clauses and conditions:

**1. Subject Matter.** Original promises to especially endorse and transfer to PicPay Bank, and PicPay Bank promises to acquire and receive, under the terms of Brazilian exchange legislation (in particular Federal Law No. 10.931/2004 and Exhibit I of Federal Decree No. 57.663/1966), the CCBs determined at the discretion of the Parties and listed in each Endorsement Instrument (as defined below) to be entered into between Original and PicPay Bank, on a definitive, irrevocable, and irreversible basis, without right of recourse and without co-obligation.

**1**/11**

**2. Endorsement.** The special endorsement of the CCBs by Original to PicPay Bank will be carried out by means of the signing of the respective formalized endorsement agreement, at the periodicity agreed upon between the Parties, in accordance with the form contained in Exhibit I to this Agreement ("Endorsement Instrument").

2.1. PicPay Bank is responsible for verifying whether the CCBs can be acquired under the terms of their organization documents, regulations, and acquisition policies. PicPay Bank will not have any joint liability or right of recourse against Original, except in cases of proven fault or fraud on the part of Original.

2.2. The transfer of the CCBs will be considered formalized on the date of payment of the Endorsement Price (as defined below), regardless of any additional measure or notices ("Acquisition and Payment Date").

2.3. After the Acquisition and Payment Date, Original will make the following information available to PicPay Bank, upon request and always observing the legislation on banking secrecy and protection of personal data:

(i) each CCB issued from characters created on a computer or equivalent electronic means, which includes the debtor's signature/formal acceptance; and

(ii) information and copies of debtor documents supporting the CCBs, including debtor identity documents (identity card (RG) or driver's license (CNH) for individuals; organization documents and proof of powers for legal entities), income and/or revenue information and address and other reasonably necessary documents and/or information that are in the debtor's registration with Original, exclusively for the purpose of collecting the debts represented by the CCBs or to allow the regular exercise of rights by PicPay Bank in judicial, administrative, or arbitration proceedings.

**3. Price.** For acquisition of the CCBs, PicPay Bank will pay Original within the term and in the manner duly agreed upon between the Parties, as defined in each Endorsement Instrument ("Endorsement Price"), whereby:

(i) "Net Amount" corresponds to the total outstanding balance of the portfolio on the endorsement date;

(ii) "Original Compensation" refers to the compensation agreed between the Parties, as defined in each Endorsement Instrument.

3.1. Upon confirmation of payment of the Endorsement Price, PicPay Bank will become the sole and legitimate holder of the endorsed CCBs ("Endorsed CCBs").

**2**/11**

**4. Settlement.** Payments of installments and amortizations of the Endorsed CCBs will be directed directly to Original by the FGTS operating agent ("Operating Agent").

4.1. Original is responsible for carrying out, on the same day of receipt of the amounts paid by the Operating Agent, the reconciliation and transfer to PicPay Bank ("Transfer Date"), including amounts received from the Operating Agent related to early settlements by debtors or releases of guarantees due to retirement, death, illness, or legal determination, according to the Guidance Manual for Financial Institutions for the Use of FGTS Birthday Withdrawal as Collateral in the Assignment or Fiduciary Sale Modality in Credit Transactions.

4.2. The amounts related to the Endorsed CCBs received from the Operating Agent by Original and not transferred to PicPay Bank on the Transfer Date will be subject to late payment interest at the rate of one percent (1%) per month from the Transfer Date until the date of actual transfer by Original to PicPay Bank.

4.3. If, for any reason, the Operating Agent fails to settle the installment amounts directly with Original, PicPay Bank may, at its discretion and by means of authorization or communication to the debtors, enable the payment of installments by means of (i) debiting an account held by the debtor; (ii) depositing into an account; (iii) bank slip; (iv) instant bank transfer (Pix); or (v) any other form of payment authorized by the Central Bank of Brazil provided for in the respective Endorsed CCBs.

4.4. The Parties represent and acknowledge that Original does not retain and will not retain any credit risk directly or indirectly related to the Endorsed CCBs.

**5. Representations.** Each Party represents and warrants, on this date and on its account, that:

(i) it is a company validly organized and in operation, in accordance with the applicable law and regulations;

(ii) its legal representatives who sign this Agreement have powers of representation and can validly assume the obligations set forth herein;

(iii) this Agreement constitutes a lawful, valid, and enforceable obligation in accordance with its terms, subject to applicable bankruptcy, judicial and extrajudicial reorganization, insolvency, and similar laws that affect creditors' rights in general;

(iv) there is no administrative or judicial action, demand, or proceedings, nor any disputes, doubts and/or challenges of any kind that in any way implies or may imply an impediment to the endorsement of the CCBs;

(v) the execution of this Agreement and the fulfillment of the obligations assumed herein: (a) do not violate any provision contained in its corporate documents or in any agreements of any nature to which it is a party or to which it is bound; (b) do not violate any law, regulation, judicial, administrative or arbitral decision to which it is bound; and (c) do not require consent, action, or authorization of any kind; and

5.1. The Parties shall be liable for any and all losses and damage caused to the other Party arising from the untruthfulness or inaccuracy of the statements made above by them.

**6. Termination.** This Agreement may be terminated upon the occurrence of any of the following events:

(i) by any of the other Parties, in the event of adjudication of bankruptcy, filing for self-bankruptcy, filing for judicial or extrajudicial reorganization, intervention, extrajudicial liquidation, a special supervisory regime or equivalent event involving any of the Parties and/or their affiliates;

**3**/11**

(ii) by either Party in the event of (a) amendments to existing laws or regulations; (b) the enactment of any relevant law or regulation; or (c) a change in the interpretation, by any court, appellate court, or regulatory authority with competent jurisdiction, of any relevant law or regulation, which renders the performance of the subject matter of this Agreement illegal or excessively burdensome for the affected Party;

(iii) without cause, by either Party, by giving notice of termination to the other Party at least thirty (30) days in advance;

(iv) by any innocent Party, in the event of a breach of obligation by the breaching Party of the Agreement that is not cured within fifteen (15) days from receipt of notice from the innocent Party regarding the breach; or

(v) by any innocent Party, if a statement made in this Agreement or in an Endorsement Instrument by the other Party is found to be materially incomplete and/or incorrect.

6.1. The occurrence of any of the termination events described above will entitle the aggrieved Party to terminate this Agreement without any charge or penalty.

6.2. Upon termination of the Agreement, the Parties shall remain responsible for fulfilling all obligations assumed under this Agreement until full settlement of the Endorsed CCBs, including Original's obligation to transfer any amounts related to the CCBs that it may receive after termination, to sign the respective Endorsement Instruments, and to provide a copy of all CCBs issued, or whenever requested by PicPay Bank.

**7. Indemnification.** Original will be solely and exclusively liable, including for reimbursing PicPay Bank for any losses and damage, in the event of any of the indemnification events listed below:

(i) the CCBs are nonexistent, invalid, ineffective, voidable and/or unenforceable or contain any defect in their content, accuracy, truthfulness, legitimacy, and correct formalization that invalidates them or makes their judicial or extrajudicial collection impossible;

(ii) if Original fails to transfer to PicPay Bank amounts received in relation to the Endorsed CCBs; and

(iii) if the Endorsed CCBs have been the subject of any prior endorsements, transfers, or assignments.

**8. Term.** This Agreement shall be effective for an indefinite term from this date.

**9. Confidentiality and Protection of Personal Data.** The Parties agree to grant confidential treatment to the information contained in this Agreement, which is not in the public domain, and other information that may be disclosed as a result of this Agreement, so that such information is not disclosed and/or revealed to third parties, except when required by applicable law or regulation or judicial or administrative decision.

9.1. The duty of confidentiality referred to in this clause shall not apply to the use, by PicPay Bank, of information considered confidential for performance of this Agreement.

9.2. The duty of confidentiality stipulated in this clause shall remain in effect after termination of this Agreement for a term of two (2) years.

**4**/11**

9.3. The Parties agree and acknowledge that the processing of Personal Data in the performance of this agreement will be carried out in accordance with applicable Brazilian legislation, including Law No. 12.965/14 ("Civil Framework for the Internet"), Decree No. 8.771/16 (Regulatory Decree of the Civil Framework for the Internet), Law No. 8.078/90 (Consumer Code), and Law No. 13.709/18 (General Personal Data Protection Law), and each Party is responsible for any misuse of such Personal Data that it makes in violation of the Legislation.

9.4. The performance of the Agreement presupposes the independent processing and consequent sharing of Personal Data between the Parties. The Parties undertake, in relation to the Personal Data Processing activities carried out in the context of the Agreement, to:

9.4.1. Process Personal Data in accordance with all applicable Data Protection Laws and Regulations, including those that come into force after execution hereof, ensuring, in particular, that all Processing is duly justified under one of the legal bases established by the LGPD (Brazilian General Data Protection Law).

9.4.2. Process only the Personal Data necessary for performance of the Agreement, except in cases where the Processing is necessary for compliance with legal or regulatory obligations to which the Parties are subject.

9.4.3. If either Party has access, in the context of the Agreement, to Personal Data that it considers excessive or unnecessary for performance of the Agreement, it must immediately notify the other Party and destroy such Personal Data.

9.4.4. If either Party carries out any Processing activity that is not related to the performance of the Agreement, this Processing activity will occur outside the context of this Agreement. The Party carrying out this Processing will be considered the sole Controller in relation to the activity, and the other Party will be free from any obligation or liability arising therefrom.

9.4.5. Cooperate mutually to ensure the proper fulfillment of obligations related to the exercise of the rights of Data Subjects as provided for in the LGPD and also to respond to any requests from Supervisory Authorities, within the limits of their activities.

9.5. The Parties shall cooperate with each other, within the limits of their respective activities, in fulfilling obligations related to the exercise of the rights of Personal Data Subjects, in accordance with Data Protection Laws and Regulations.

**5**/11**

9.5.1. The Parties shall:

a) Notify
 the other Party immediately upon receiving a request from a Data Subject related to any Processing
 activity carried out in the context of the Agreement;

b) Refrain
 from responding to any Data Subject request related to Personal Data shared by the other
 Party, unless that other Party has expressed, in writing, agreement with the content of the
 response to be provided to the Data Subject, except in cases where the response time is less
 than 48 hours, in accordance with Data Protection Laws and Regulations.

9.6. When the Parties identify the occurrence of a Security Incident that may cause significant harm to the Data Subject, in accordance with the LGPD and any regulations that may be issued by the National Data Protection Authority, they must notify the other Party in writing immediately. The notice, to be sent within twenty-four (24) hours of becoming aware of the incident, considering the ANPD's recommended reporting period of two (2) business days, must contain sufficient information (at least a description of what happened, date, cause, possible impacts on Personal Data Subjects, mitigation actions taken, and next steps) so that the other Party can comply with any requirements imposed by Data Protection Laws and Regulations.

9.7. The Parties represent to be aware of and agree that all Personal Data processed as a result of the performance of this Agreement will remain the property of the individuals to whom they refer. Nothing in this Agreement, including the sharing of Personal Data by one Party to the other, will be considered an assignment or transfer of the respective database, the ownership of which will remain exclusively with the Party that originally transferred it to the other Party.

**10. Combating Corruption and Ethical and Moral Conduct.** The Parties mutually, irrevocably and irreversibly represent and warrant that their directors, managers, employees, service providers, including their subcontractors and agents:

(i) fully comply with the national or international regulations, laws, and normative provisions to which they are subject, which aim to combat corruption, bribery, and practices that harm the Government, especially Law No. 12.846 of August 1<sup>st</sup>, 2013 and Decree No. 11.129 of July 11, 2022;

(ii) do not engage in any irregular or illegal conduct or any act that may directly or indirectly benefit each other or any of the companies within their respective economic conglomerates, contrary to applicable laws in Brazil or abroad;

(iii) will not, during the term of this Agreement or in the performance of any activity related thereto, make any payment, offer, promise, directly or indirectly, to any (municipal, state or federal) public official that seeks to induce such official to use their influence with the government and/or any agency, company, political party, autonomous government entity or public department for the purpose of obtaining improper business advantages for itself or the other Party;

(iv) shall immediately report to each other any information that may indicate that there has been any action, payment, offer, promise, directly or indirectly, to any public official with the objective described above, so that the Party that becomes aware that any of its respective agents or employees has failed to comply with the premises and obligations agreed above shall spontaneously report the fact to the other Party, so that, together, they may develop and execute an action plan to (a) remove the employee or agent immediately; (b) prevent such acts from recurring; and (c) ensure that the Agreement can remain in force, safeguarding the right of the notified Party to terminate the Agreement immediately regardless of the other Party's consent;

**6**/11**

(v) they, their members, officers, agents, attorneys-in-fact, managers, partners, employees, advisors, or representatives have not been convicted, found guilty, or indicted for any wrongdoing involving fraud, corruption, or moral/ethical turpitude, and none of these persons have been listed by government agencies as excluded, suspended, or otherwise disqualified from government procurement programs, or in any way mentioned in publicly reported acts involving them in the promotion or facilitation of illicit or obscure business dealings, or in the practice of acts that cause commercial and/or reputational discredit to the other Party; and

(vi) will maintain their books and/or Digital Accounting Records (ECD), accounting records, and documents with sufficient detail and accuracy to clearly and unequivocally reflect the transactions and funds related to the subject matter of this Agreement.

10.1. Should either Party become involved in investigations or administrative or judicial proceedings for the practice of corruption, bribery and/or acts detrimental to the Government during the performance of this Agreement or related thereto, the Party causing the situation undertakes to assume the respective burden, including presenting documents and information that may assist the other Party in its defense.

10.2. For purposes of this clause, there will be no breach of contract when the involvement of either Party in a situation related to the practice of corruption, bribery and/or acts harmful to the Government is notorious and publicly known at the time of the execution of this Agreement.

10.3. The Parties further warrant that:

(i) they do not use illegal labor, and undertake not to use practices of forced labor, or child labor, except for legal exceptions, whether directly or indirectly, through their respective suppliers of products and services;

(ii) do not employ minors under eighteen (18) years of age, including minor apprentices, in places that are detrimental to their education, physical, mental, moral, and social development, as well as in dangerous or unhealthy places and services, at times that do not allow school attendance and also at night;

(iv) do not use practices of negative discrimination, and restrictive to access to or maintenance of employment, such as, but not limited to, grounds of: gender, origin, race, skin color, physical condition, religion, marital status, age, family situation, or pregnancy status;

(v) undertake to protect and preserve the environment, as well as to prevent and eradicate practices harmful to the environment, performing their services in accordance with the applicable law regarding the National Environmental Policy and Environmental Crimes, as well as legal, regulatory, and administrative acts relating to the environmental and related areas, emanating from the federal, state, and municipal spheres; and

(vi) do not engage in practices related to activities that involve criminal profiting from prostitution or sexual exploitation of vulnerable individuals.

**7**/11**

10.4. The parties represent that they have their own Codes of Ethics, and undertake to observe and ensure that their respective employees respect such documents.

10.5. The duties set forth in this clause extend to the shareholders, members, directors, managers, employees, and service providers, including subcontractors and agents of each Party.

**11. General Provisions.** Without prejudice to the other provisions, the following conditions also apply to this Agreement:

(i) <u>Entire Agreement.</u> This Agreement constitutes the sole and entire agreement between the Parties, superseding all other documents, letters, memoranda, or proposals exchanged between the Parties, as well as any oral understandings between them, prior to this date.

(ii) <u>Assignment.</u> The rights and obligations arising from this Agreement may neither be assigned nor transferred to third parties by either Party, in whole or in part, without the prior authorization of the other Party, except in the case of assignment and/or transfer by one Party to companies within its conglomerate.

(iii) <u>Succession.</u> This Agreement is entered into on an irrevocable and irreversible basis, binding the Parties and their successors, in any capacity.

(iv) <u>Amendment.</u> Any modification, alteration, or amendment to this Agreement shall only be valid if made in writing and signed by both Parties.

(v) <u>Exhibits.</u> All Endorsement Instruments entered into under this Agreement and all exhibits to this Agreement shall form an integral and inseparable part of this Agreement for all purposes.

(vi) <u>Tolerance.</u> Any tolerance by either Party of any breach or procedure other than the stipulations contained in this Agreement by the other Party shall not constitute novation and/or waiver of any of its rights, under the terms of the law or this Agreement.

(vii) <u>Invalidity of Clause.</u> If any clause, condition, or provision of this Agreement is declared null or unenforceable, which nullity or unenforceability shall not affect the other clauses, conditions, or provisions contained herein, which shall remain in full force and effect.

(viii) <u>Enforceable Instrument.</u> This Agreement shall have the force of an enforceable under the law, including for the collection of obligations to perform and penalties set forth in this Agreement.

**8**/11**

**12. Notices.** All notices, authorizations, consents, and any other communications relating to this Agreement: (a) must be in writing; (b) must be delivered personally, with confirmation of receipt, or must be sent by any means that provides proof of its content and date of sending, including, without limitation, via email with confirmation of receipt; and (c) must be sent to the recipients at the addresses indicated in this clause, or, if the recipient indicates another address, it must be sent to that address. Notices will be deemed served on the day they are received. Notices must be delivered to the persons and addresses indicated in the identifications of the preamble of this Agreement and, for electronic notices, to the email addresses below.

If to Original: <u>If to PicPay Bank:</u> <br> <u>To the attention of: Simão Luiz Kovalsk Email: simao.kovalski@original.com.br</u> <u>To the attention of: Thiago Colletti Email: thiago.colletti@picpay.com</u>

**13. Applicable Law and Jurisdiction.** This Agreement shall be governed by and construed in accordance with the laws of the Federative Republic of Brazil. The Parties elect the central court of the city of São Paulo/SP, waiving any other, however privileged it may be, to settle any disputes arising from this Agreement.

**14. Electronic Signature.** The Parties sign this Agreement electronically and expressly acknowledge this means as valid, legitimate, and effective, pursuant to article 219 of the Civil Code and paragraph 2 of article 10 of Provisional Measure 2.200-2/2001, regardless of the use of certificates issued under the ICP-Brasil standard.

IN WITNESS WHEREOF, the Parties sign this Agreement, together with the undersigned witnesses.

São Paulo, April 10, 2024.

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| | | | |
|:---|:---|:---|:---|
| /s/ Luiz Antonio Fernandes Caldas Morone | /s/ Simão Luiz Kovalski | /s/ Fernando Abe Ohara | /s/ Francisco José Pereira Terra |
| Luiz Antonio Fernandes Caldas Morone | Simão Luiz Kovalski | Fernando Abe Ohara | Francisco José Pereira Terra |

---

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| | |
|:---|:---|
| &nbsp;&nbsp;**ORIGINAL BANK S.A.** | &nbsp;&nbsp;**PICPAY BANK - BANCO MÚLTIPLO S.A.** |

---

*Witnesses*:

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| | |
|:---|:---|
| /s/ Caroline Esposito Alves Schiavolin | /s/ Thiago Altafin Colletti |
| Name: Caroline Esposito Alves Schiavolin<br> Taxpayer Card (CPF): 330.371.978-03 | Name: Thiago Altafin Colletti<br> Taxpayer Card (CPF): 278.587.188-00 |

---

**9**/11**

**EXHIBIT I**

**FORM OF ENDORSEMENT INSTRUMENT**

**ENDORSEMENT INSTRUMENT WITHOUT CO-OBLIGATION**

**ENDORSER: BANCO ORIGINAL S.A.,** a financial institution registered with the CNPJ under No. 92.894.922/0001-08, headquartered at Rua Porto União, No. 295, Brooklin, São Paulo/SP, Postal Code (CEP) 04568-020, hereby endorses, by this endorsement instrument ("Endorsement Instrument"), by means of a special endorsement without co-obligation, in favor of:

**ENDORSEE: PICPAY BANK - BANCO MÚLTIPLO S.A.,** a financial institution, registered with the CNPJ under No. 09.516.419/0001-75, headquartered at Avenida Manuel Bandeira, No. 291, Condomínio Atlas Office Park, Bloco B, 3rd floor, Vila Leopoldina, São Paulo/SP, Postal Code (CEP) 05317-020;

the Bank Credit Notes described in Exhibit I to this Endorsement Instrument ("CCBs"), including their respective rights, guarantees. and obligations, under the conditions described below:

**Total Endorsement Price = Net Amount + Original Compensation**

Total Endorsement Price: [●]

Net Amount: [●]

Original Compensation: [●]

This Endorsement Instrument covers all rights and obligations arising from the CCBs, including (i) all ancillary rights, such as interest, fees and late payment charges, adjustment for inflation, (ii) all claims, actions, and prerogatives relating to the CCBs, and (iii) any and all security interests or personal guarantees, linked to the CCBs, and the Endorsee shall become the creditor of the CCBs for all purposes of art. 29, paragraph 1 of Law 10.931/04.

Upon receiving the CCB hereby endorsed, the Endorsee expressly represents and acknowledges that: (i) it is fully aware of all the terms and conditions of the CCBs; (ii) the Endorser is not responsible for payment of the debt arising from the CCBs if the issuers and/or their possible guarantors fail to do so, and the Endorsee may seek reimbursement only from the issuer and, as the case may be, from the guarantor, as well as through the possible foreclosure on other guarantees provided for in the CCB; (iii) it is its sole responsibility to collect, in and out of court, any credits relating to the CCBs that are paid on their respective due dates, should this be the case, unless otherwise expressly agreed in writing between the Parties; (iv) it has carried out the necessary credit and risk analysis for the credit transaction that resulted in the issuance and acquisition of the CCBs; and (v) whenever requested by the Endorser at any time until the final settlement of each CCB, it will inform the Endorser of the status of installments paid, overdue and coming due, the updated outstanding balance of the debt arising from the CCBs and will provide the documents that demonstrate the ownership of any third-party creditor of the CCB, if applicable.

The Endorser represents that (i) there was no event of default within the scope of the CCB; (ii) it is not responsible for the solvency of the CCB issuers, their joint and several debtors and guarantors; (iii) it is not jointly liable and there is nothing in the CCB and in this Endorsement Instrument that implies co-obligation of the Endorser; and (iv) it will transfer the amounts received from the FGTS Operating Agent, under the terms of the CCB Endorsement Instrument Without Co-Obligation entered into between the Parties on April 10, 2024.

The Parties elect the jurisdiction of the Judicial District of São Paulo/SP to resolve any dispute arising from this Endorsement Instrument.

IN WITNESS WHEREOF, the Parties execute this Endorsement Instrument by means of electronic signature in as many copies as there are Parties involved, each Party receiving an electronic copy and having a printed copy available upon their electronic signature, if requested, for collection at the headquarters of Original or another location agreed upon by the Parties. The Parties further represent to be aware of and agree to the electronic signature method used in the formalization of this instrument, recognizing them as valid for all legal purposes and effects, pursuant to article 10, paragraph 2 of Provisional Measure 2.200/2001 or any rule that may replace it.

São Paulo, [date].

---

| | |
|:---|:---|
| **BANCO ORIGINAL S.A.** | **PICPAY BANK - BANCO MÚLTIPLO S.A.** |

---

**10**/11**

**<u>DETAILED BREAKDOWN OF ENDORSED AGREEMENTS</u>**

**1. List of Endorsed Agreements.** The Parties agree that **PicPay Bank** will maintain in its internal network file storage system the file containing the details of the agreements endorsed by Original to PicPay Bank, including the name and CPF of the debtors, CCB numbers and contracting date, as specified in each CCB ("List of Assigned Agreements").

**2. File description.** The file containing the List of Endorsed Agreements includes:

(i) file title: [●]

(ii) total number of CCBs endorsed to **PicPay Bank**: [●]

(iii) total number of CPFs: [●]

(iv) file storage location: [●]

(v) file format: [●]

(vi) file creation date: [●]

**3. Responsibility for file storage. PicPay Bank** will be responsible for retaining and maintaining all necessary documents in accordance with applicable laws and regulations for the term required by law.

3.1. **PicPay Bank** ensures that the information contained in the file is protected against unauthorized access and against any alterations, edits, or new recordings.

**4. File storage period.** The List of Endorsed Agreements will be stored for a minimum term of ten (10) years from the date of signature of each Endorsement Instrument or as required by applicable laws and regulations.

**5. Access to information.** The Parties agree to provide access to the relevant regulatory authorities, as needed, during the storage period of the List of Endorsed Agreements.

**6. Disposal procedures.** After the retention period expires and there are no additional legal requirements for maintaining the documents, **PicPay Bank** may properly dispose of the documents.

**7. Confidentiality and security.** The Parties agree to maintain the confidentiality and security of the stored List of Endorsed Agreements, adopting necessary measures to protect against unauthorized access or disclosure.

**8. Amendments to the Law.** In the event of amendments to the law that affect document storage requirements, the Parties agree to renegotiate the terms of the Agreement and its exhibits to ensure continued compliance.

**11**/11**

## Exhibit 10.15

**Exhibit 10.15**

**Free English Translation**

**AGREEMENT FOR THE PROVISION OF BANKING CORRESPONDENT SERVICES IN THE <br> COUNTRY BETWEEN BANCO ORIGINAL S.A. AND GUIABOLSO FINANÇAS <br> CORRESPONDENTE BANCÁRIO E SERVIÇOS LTDA.**

<u>Principal:</u> **BANCO ORIGINAL S.A.,** a financial institution registered with the CNPJ under No. 92.894.922/0001-08, headquartered at Rua Porto União, No. 295, Brooklin Paulista, São Paulo/SP, Postal Code 04568-020 **("Original")** and

<u>Contractor:</u> **GUIABOLSO FINANÇAS CORRESPONDENTE BANCÁRIO E SERVIÇOS LTDA.,** a limited-liability company registered with the CNPJ under No. 15.674.094/0001-51, headquartered at Av. Manuel Bandeira, No. 291, Condomínio Atlas Office Park, Block B, 3rd floor, Vila Leopoldina, in the City of São Paulo, State of São Paulo. São Paulo, Postal Code (CEP): 05.317-020, ("**Correspondent**");

Collectively referred to as the "Parties" and individually as a "Party".

NOW, THEREFORE, the Parties resolve, by mutual agreement, to enter into this Banking Correspondent Agreement ("Agreement"), which shall be governed by the following clauses and conditions.

1. **Subject Matter**. The subject matter of this Agreement is the provision of services by the **Correspondent**, consisting of customer service activities for interested parties, through an electronic platform, in accordance with the rules set forth in the Exhibits to this Agreement, aimed at providing products and services of **Original** related to the receipt and forwarding of proposals for credit transactions granted by **Original** to individuals.

1.1. The **Correspondent** shall act on behalf of and under the guidelines of **Original** when providing the services that are the subject matter of this Agreement.

2. **Obligations of the Correspondent**. For the performance of the services, the **Correspondent** shall:

(i) maintain a formalized relationship through an employment or other type of contractual relationship with the people on their team involved in customer service;

(ii) disclose to the public their status as a service provider for **Original**, mentioning the products and services offered and the telephone numbers of **Original**'s customer service and ombudsman's office channels, prominently and in a legible format, accessible on the homepage of their website or on a panel maintained in the locations where in-person customer service is provided, in the case of having physical premises;

(iii) make available the content of all the rules and conditions of the products and services of **Original** that they offer, including the presentation to clients, during the service, of the costs and conditions of contracting the products and services offered and presented by **Original** to the **Correspondent**;

(iv) exclusively use the standards, operational norms and tables defined by **Original**, including in the proposal or application of tariffs, interest rates, exchange rates, calculation of Total Effective Cost ("CET") or Total Effective Value ("VET"), as the case may be, and any amounts earned or owed by the client, inherent to the products and services provided by **Original**;

(v) assist clients with requests involving clarifications, obtaining documents, releases, complaints, and others, relating to the products and services provided, and to immediately forward them to **Original** when the issues cannot be resolved by its team;

(vi) allow the Central Bank of Brazil to access the agreements entered into with clients under this Agreement, documentation and information relating to the products and services provided by **Original** and its branches and respective documentation relating to its organization documents, registrations, records, and licenses required by law;

(vii) observe the directives of the operating and contracting policy established by **Original**, when made available to the **Correspondent**, non-compliance with which may result in the adoption by **Original**, on its own initiative or as determined by the Central Bank of Brazil, of the administrative measures provided for therein, as stipulated in clause 14 of this Agreement;

(viii) declare, in or out of court, the non-existence of an employment relationship between the people on its team and **Original**, being exclusively responsible for all expenses, charges, or legal obligations, including those of a labor, social-security, tax, civil nature, even if not pecuniary, of its personnel, reimbursing **Original** for all costs and expenses (including adverse judgments, fees, court and administrative costs and expenses) relating to labor claims involving its members, agents, employees, or contractors and **Original**, by virtue of this provision of services;

(ix) to receive and read periodic communications from **Original** and observe the guidelines on the provision of services, and to carry out all required training;

(x) instruct its team, which provides customer service, to participate in the training required by the applicable regulations, made available by the **Correspondent** itself, which necessarily address topics related to the prevention of money laundering and terrorist financing, as well as those related to the protection and rights of potentially vulnerable clients and the appropriate approach to this public;

(xi) maintain customer service, under penalty of being considered to have abandoned the provision of services, if service is interrupted for more than 10 consecutive days without just cause on the part of the **Correspondent**; and

(xii) in accordance with SARB Regulations No. 023/20, in relation to elderly clients (as defined in the Statute of the Elderly, Federal Law No. 10.741/2003) who register their landline or mobile phone numbers, implement controls to, if applicable: (i) block telemarketing calls; as well as (ii) refrain from making any offer of products or services granted by **Original**, by telephone, within 30 days from the date of said opt-out request made by the client, under penalty of **Original** adopting the administrative measures provided for in clause 14 of this Agreement.

2.1. For purposes of this Agreement, clients who, due to their personal condition, demonstrate less capacity for understanding and discernment to analyze and make decisions or to represent their own interests are considered potentially vulnerable.

2.2. Without prejudice to the other obligations set forth in this Agreement, the **Correspondent** shall also:

(i) in the case of providing services in person, require the use of a visible badge, identifying the name and registration number in the Individual Taxpayer's Register ("CPF"), by the members of its team who provide the service;

(ii) send to **Original**, along with the documentation/information for decision on approval of the requested credit transaction, the identification, containing the name and CPF number, of the member of the **Correspondent**'s team, certified under the terms of clause 4 of this Agreement, responsible for the service provided;

(iii) provide service with technical quality compatible with the nature and risk of the credit transactions granted by **Original**, under the terms set forth in clause 4 of this Agreement.

2.3. In addition to the provisions of item "vii" of clause 2 above, the Parties are obliged to define the service levels applicable to **Original**'s operating policy, by formalizing an amendment to this Agreement.

3. **Prohibitions for the Correspondent**. The **Correspondent** is prohibited from:

(i) issuing, in its favor, payment instruments or securities relating to the transactions carried out or collecting, for its own benefit, on any account, amounts related to the products and services provided by **Original**;

(ii) making advances to clients on account of any funds to be released by **Original**;

(iii) provide guarantees, including co-obligations, in the transactions referred to in this Agreement, except for any transactions involving the financing or leasing of goods and services provided by the **Correspondent** in the exercise of commercial activity that is part of its corporate purpose;

(iv) offer clients, on behalf of Original, any products or services that are not part of the subject matter of this Agreement;

(v) to delegate its contractual position without the prior and express consent of **Original**;

(vi) provide the services covered by this Agreement on the premises of **Original.**

4. **Technical quality in credit transaction services**. The technical quality in credit transaction services arising from this Agreement shall be attested by a certification exam, applicable to the **Correspondent**'s team.

4.1. The certification, applicable to the **Correspondent**'s team that provides services in credit transactions arising from this agreement, shall be based on a training process that addresses at least the technical aspects of the transactions, the applicable regulations, Law No. 13.709 of August 14, 2018 - General Data Protection Law ("LGPD", Law No. 8.078 of September 11, 1990 (Consumer Protection Code), ethics and ombudsman's office.

4.1.1. The **Correspondent** shall keep the registration of its team that provides services in credit transactions arising from this Agreement permanently updated, containing data on the respective certification process, with consultation by Original at any time.

4.2. In service provided through an electronic platform, technical quality shall ensure that communication and client experience meet the following requirements:

(i) offering products and services that are appropriate to the needs, interests, and objectives of clients;

(ii) providing information necessary for clients to freely choose and make decisions; and

(iii) using clear language appropriate to the nature and complexity of the transactions.

4.2.1 The **Correspondent** shall indicate to **Original** the individual, considered qualified in the certification examination referred to in this clause 4, who is responsible for the **Correspondent**'s electronic platform, if applicable

**5. Representation and warranties**. The **Correspondent** further represents and warrants that:

(i) it shall perform its duties adequately and comply with **Original**'s requests regarding the provision of services;

(ii) it shall comply with the specifications, quality standards in service, and operational norms established by **Original** for the provision of services;

(iii) it shall bear the costs necessary for performance of the services, including any investments it may be required to make;

(iv) it shall comply with the security measures necessary for the duty of bank secrecy referred to in clause 10 of this Agreement, the protection of personal data and the rules relating to the prevention of money laundering crimes;

(v) it shall maintain, throughout the term of this Agreement, tax, corporate, and financial regularity, providing the supporting documents whenever pertinent and requested, in writing, by **Original**;

(vi) it is fully aware that carrying out, on its own account, transactions considered exclusive to financial institutions or other transactions prohibited by the applicable law shall subject the **Correspondent** to the penalties provided for in Laws No. 7.492/86 and 13.506/17;

(vii) it shall observe the terms of the regulations governing the activity of banking **Correspondent**s in Brazil, especially CMN Resolution No. 4.935/21 and subsequent amendments, not performing services that are not expressly provided for in the applicable law; and

(vii) it shall observe the terms of banking self-regulation and other legislation applicable to relationships with elderly clients and potentially vulnerable clients, especially the Consumer Protection Code, Law No. 10.741/03 (Elderly Statute) and SARB Standards No. 023/20 and No. 024/21.

6. **Obligations of Original**. **Original** shall:

(i) provide adequate technical documentation and maintain a permanent communication channel to provide clarifications about its products and services;

(ii) meet the demands presented by clients, forwarded to **Original** by the **Correspondent** when the issues could not be resolved by the **Correspondent**'s team;

(ii) acknowledge the non-existence of an employment relationship between its employees or outsourced workers and the **Correspondent**;

(iii) notify the **Correspondent** immediately about possible actions brought by the **Correspondent**'s personnel and filed only against **Original**. The amounts disbursed or deposited by **Original** as a result of said legal actions, filed by members, agents, employees, or contractors of the **Correspondent**, for the presentation of a defense, appeal and/or compliance with any adverse judgment, are, from now on, recognized by the **Correspondent** as debt for which it is liable;

(iv) be responsible for issuing and making available to the **Correspondent**'s users the Income Statement for those who contract banking products, even if they are direct clients of Guiabolso;

(v) declare, in or out of court, the non-existence of an employment relationship between the people on its team and the **Correspondent**, being exclusively liable for all expenses, charges, or legal obligations, including those of a labor, social-security, tax, civil nature, even if not pecuniary, of its personnel, reimbursing the **Correspondent** for all costs and expenses (including adverse judgments, fees, court and administrative costs and expenses) related to labor claims involving its members, agents, employees, or contractors and the **Correspondent**, by virtue of this provision of services;

(vi) disclose, in the form of open data, in a legible format, accessible on the homepage of its website, the address, CNPJ, company name and trade name of the **Correspondent**, the services it is authorized to provide to **Original**, as well as all its service points, in the event of in-person service provision. The **Correspondent** hereby authorizes **Original** to disclose this information; and

(vii) pay the **Correspondent**'s compensation in the forms described in this Agreement and its Exhibits.

7. **Compensation**. For the services provided by the **Correspondent**, **Original** shall pay the price defined in accordance with Exhibit I, by means of credit to a checking account held by the **Correspondent** and informed to **Original**. **Original** shall forward to the **Correspondent**, by the 15th business day of the month following the month of provision of services, the amount to be invoiced by the **Correspondent**.

7.1. Payment shall be made by **Original** within 2 business days after receiving the invoice issued by the **Correspondent**. All costs related to the provision of services are included in the price, such as salaries and respective social charges that are the sole responsibility of the **Correspondent**, expenses for inspection and supervision, insurance, allowances, transportation, food, and taxes due, pursuant to the law, by the **Correspondent**.

7.2. Overdue amounts shall be subject to interest at the rate of 1% per month (*pro rata temporis*) and adjustment for inflation by the Broad Consumer Price Index disclosed by the Brazilian Geography and Statistics Institute (IPCA/IBGE), plus a penalty of 2% on the overdue amount.

7.3 If the delay in payment of any installment due to the **Correspondent** lasts for more than 30 days, the **Correspondent** shall, at its sole discretion, immediately suspend the provision of services until payment is regularized, or, alternatively, consider the agreement terminated, by operation of law, without prejudice to the collection of amounts due, subject to the aforementioned penalties and surcharges and the assessment of losses and damages arising from the event.

7.4. The **Correspondent** hereby authorizes **Original** to deduct from its compensation any debts of any nature that are owed by the **Correspondent** to **Original**. Any financial settlements between **Original** and the **Correspondent** shall be made, at most, every 2 business days.

7.5. **Original** may offset any amounts demonstrably owed by the **Correspondent** with any credits to which it may be entitled, respecting due process and the right to an opportunity to be heard for the determination of any existing debt.

7.6. **Original** may withhold the payment referred to in this clause if it is demonstrably verified that one of the following events has occurred due to the exclusive fault of the **Correspondent**:

(i) the **Correspondent** fails to present the documents required in this Agreement or, also, if any irregularity is found in these documents;

(ii) **Original** does not accept the services provided because they are demonstrably not in accordance with the terms of this Agreement;

(iii) the invoice/bill of sale contains an error or discrepancy in value, in which case the amount shall be withheld only until a corrected invoice is presented by the **Correspondent**, which shall be duly notified immediately for the necessary corrections; and

(iv) for payment of fines for contractual breaches set forth in this Agreement.

7.6.1. Payment shall remain withheld until the event is rectified, without any charge to **Original**, and the due date shall be extended by the same number of days used by the **Correspondent** to proceed with said rectification.

**8. Term**. This Agreement enters into force on the date of its signature (July 26, 2022) and shall remain in force for an indefinite term, and it may be terminated by 30 days' prior notice, without any penalty, and Parties waive, exclusively under these conditions, any compensation for investments possible made for performance of the Agreement.

8.1. In any event of termination of this Agreement, all documents, information, applications, systems, software, models and others, related to the provision of services established in this Agreement and belonging to Original, including those relating to client registration and operations performed, shall be returned within a maximum of 5 business days, and use thereof is prohibited, with the **Correspondent** being liable under the civil law for any damage caused to said assets of **Original**.

8.2. If this Agreement is terminated for cause by either Party, the breaching Party shall be liable for any damage caused by its conduct or omission, as determined and established in arbitration proceedings or amicably between the Parties.

8.3. The occurrence by the **Correspondent** of any of the acts listed by **Original** as serious acts, and upon proof of fault on the part of the **Correspondent**, as per the operating and contracting policy to be made available to the **Correspondent**, may, at the sole discretion of **Original**, result in this Agreement being considered terminated for cause.

8.4. The **Correspondent**'s failure to comply with any of the obligations stipulated in this Agreement or in the regulations of the National Monetary Council, or the practice, by itself or its agents, of any act that is excessive or incompatible with the provision of the services for which it was contracted is just cause for termination of this Agreement.

9. **Taxes**. The taxes arising from the obligations assumed in this Agreement are the responsibility of the respective taxpayers, each of which shall be responsible for itself, as the taxpayer or withholding source of the tax obligation, especially the Tax on Services (ISS) and the Income Tax (IR).

10. **Confidentiality and Bank Secrecy**. Throughout the term of this Agreement and for up to 3 years after termination hereof, the **Correspondent** shall grant confidential treatment to all Confidential Information that it obtains or has access to as a result of the services provided to **Original**.

10.1. "Confidential Information" means all information or documents of **Original**, obtained or accessed by the **Correspondent**, including personal and operational data of **Original**'s clients, data of its employees, business data, economic and financial information, reports and strategic, technical, legal, accounting, operational, administrative, commercial, financial, and economic analyses, as well as intellectual works and software owned by it, obtained by any means (oral or written, express or tacit), which may be contained in any documents, spreadsheets, programs, systems, photographs, reports, physical media, electronic media, etc.

10.1.1. The term referred to in this clause 10 does not apply to information protected by banking or tax secrecy, and the confidentiality of such information shall be observed by the **Correspondent** on a permanent basis.

10.2. The duty of confidentiality provided for in this clause shall not apply to any Confidential Information that:

(i) has become or becomes public knowledge without this resulting from any act or omission of the **Correspondent**;

(ii) has been made available to, or has been received by, the **Correspondent** by an independent third party not subject to any obligation of confidentiality to **Original** with regard to the Confidential Information disclosed;

(iii) has been or is demonstrably, independently developed by the **Correspondent**, without any other Confidential Information of **Original** having been used; and

(iv) shall be disclosed by the **Correspondent** in accordance with any applicable law or judicial, administrative or governmental order, to the extent that disclosure is strictly necessary for compliance with the law, judicial, administrative, or governmental order.

10.3. Any Confidential Information to which the **Correspondent** has access shall be kept in a secure location with access restricted to those who need such information.

10.3.1. The procedures for safeguarding and maintaining confidentiality referred to in the head paragraph of this clause shall be followed by the **Correspondent**, under penalty of incurring the sanctions set forth in item 10.7 below.

10.3.2. The **Correspondent** is prohibited from disclosing Confidential Information to third parties, unless there is prior and express consent from the legal representatives of **Original**.

10.3.3. The **Correspondent** represents that it has read and agreed to the integrity of the terms of **Original**'s Information Security Policy, adhering to its provisions by signing an Instrument of Responsibility.

10.4. The **Correspondent** is obliged to immediately inform **Original** of any violation of the confidentiality rules of which it has become aware, including in cases of unintentional or negligent violation of Confidential Information.

10.5. If the **Correspondent** is obliged to disclose any Confidential Information due to an administrative or judicial order, it shall notify **Original** within 24 hours so that **Original** can take the legal measures it deems necessary.

10.5.1. In the case of the head paragraph of this clause, if the **Correspondent** discloses the Confidential Information without notifying **Original**, through its exclusive fault, it shall incur the same sanctions set forth in item 10.7 below.

10.6. At any time, provided that prior notice is given, except in cases where urgency is proven, **Original** may request the return of Confidential Information held by the **Correspondent**, it being understood that the **Correspondent** shall return it within a reasonably stipulated period, and the **Correspondent** is prohibited from retaining copies of any Confidential Information.

10.6.1. The return referred to in the heading of this clause shall be documented in a declaration signed by the **Correspondent**, which shall include all Confidential Information actually returned and the statement that it does not possess any copies of that information.

10.6.2. Even with the return of any Confidential Information, the **Correspondent** shall remain bound by the duty of confidentiality and other conditions set forth in this Agreement, under penalty of incurring the sanctions provided for in item 10.7 below, in addition to other legal penalties.

10.7. Proven non-compliance with any provision of this Agreement by the **Correspondent**, related to the disclosure and use of Confidential Information, shall result in criminal liability, in addition to compensation for any losses and damage, which shall be determined in arbitration proceedings, respecting the **Correspondent**'s right to defense.

10.7.1. In addition to the penalties indicated in this clause, the **Correspondent** may be subject to administrative sanctions by regulatory bodies (Central Bank of Brazil, Securities Commission, etc.) if it is proven that it discloses, in disregard of the provisions of this Agreement, any piece of Confidential Information without the prior and express authorization of **Original**.

10.8. Once the computerized system is available, the **Correspondent** undertakes to observe **Original**'s Information Security Policy, including not disclosing passwords and login credentials;

10.8.1. The **Correspondent**, through a person previously registered with **Original**, shall send to Original, from time to time, a list of people:

(i) admitted, for the purpose of granting password and login access, accompanied by a copy of the new member's photo identification document, CPF, position/function to be performed and a copy of the technical certification; and

(ii) dismissed, for the purpose of blocking password and login access.

10.8.2. The password is for personal and non-transferable use, and shall be kept secure and used only by its holder. Misuse by third parties is the sole responsibility of the **Correspondent**.

11. **Labor Liability**. Under no circumstances shall this Agreement establish an employment relationship between the employees of the **Correspondent** and **Original**, or vice versa, each being responsible for any labor lawsuits filed by its employees, agents, and other collaborators.

11.1. The **Correspondent** shall have exclusive and full responsibility for the recruitment, admission, management, and supervision of the professionals designated by it for execution of the Services, as well as for compliance with the corresponding labor, tax, and social-security obligations.

11.2. The **Correspondent** shall formally appoint a duly qualified manager to coordinate the performance of this Agreement, who shall be responsible for the services provided and for all professionals involved, as well as for providing **Original** with all necessary information about the work and the team under their management. Communication regarding demands and services between the Parties shall be made sole and exclusively between the manager appointed by the **Correspondent** and the manager appointed by **Original**.

11.3. The **Correspondent** represents that it is solely liable for any type of payment or compensation claimed by its employees/agents, especially regarding labor claims and occupational accidents.

11.4. The **Correspondent**'s responsibility mentioned in the previous sub-items shall remain even in the event of recognition of an employment relationship between any of its professionals and **Original**, for any reason.

11.5. The **Correspondent** agrees to present to **Original**, at any time, within 24 hours of the respective request, proof of payment of salaries, bonuses, social-security contributions, and deposits to the Guarantee Fund for Length of Service - FGTS, or other documents required by law, relating to the **Correspondent**'s employees who have been designated to provide the Services, in addition to data and information that clearly identify these professionals, the location and period of activity, as well as any other documents that, at **Original**'s discretion, demonstrate the legal qualification, financial health, and tax compliance of the **Correspondent**.

11.6. If **Original** is sued, for any reason, in the Labor Courts, the Common Courts, or in the administrative sphere, by personnel designated by the **Correspondent** to provide the Services, the **Correspondent**, if not a party to the litigation for any reason, undertakes to appear in the proceedings in order to request its inclusion as a defendant in the proceedings, so as to release **Original** from any liability.

11.6.1. In the actions and procedures provided for in item 11.6., the **Correspondent** undertakes to provide information and supply supporting documents and all authentic documentation necessary for the preparation of **Original**'s defense within a maximum term of 3 business days as from the date of the request.

11.7. **Original** is entitled, with express authorization hereby granted by the **Correspondent**, to demand from the **Correspondent** the advance payment of the amount of any possible adverse judgment, should there be a labor lawsuit in progress, in which **Original** is a party, filed due to a contract maintained with the **Correspondent**. The estimate of the amount of any possible adverse judgment shall be made by an expert accountant chosen independently by **Original**, up to the limit of the amounts claimed.

11.8. In the event of a court judgment against **Original**, regarding the activity that is the subject matter of this Agreement, even if partial or in the first instance and even if a decision is pending on appeal, the **Correspondent** is obliged, if the option provided for in the previous sub-item has not been exercised or if the amount previously paid has been exceeded, to reimburse **Original** for the total amount that the latter may spend, within 72 hours from the receipt of written notice indicating the amount due, including the principal, all accessory or consequential installments, fees, fines, costs, and procedural expenses.

11.9. If the payment and/or reimbursement provided for in the previous sub-items is not made within the stipulated period, the **Correspondent** expressly authorizes **Original** to deduct the amount of the possible or actual adverse judgment from the payments due to it as a result of the Services. The total amount required for the fulfillment of the agreement or judgment, or for the appeal bond, may be deducted from the monthly billing, regardless of new authorization from the **Correspondent** or any other formality, provided that the **Correspondent** is notified of this fact by **Original**.

11.10. If the amounts paid or reimbursed do not reach the amount of the adverse judgment or if there are no further payments to be made to the **Correspondent** under this Agreement, the **Correspondent** shall provide for immediate payment of the amount due, under penalty of, if not doing so, granting **Original** the right to initiate judicial enforcement of the debt, based on Article 784, item III et seq. of the Brazilian Code of Civil Procedure, in which case proof of the amounts due shall be made by means of the receipts for expenses incurred.

11.10.1. The amounts disbursed by **Original** in the manner provided for in item 11.10 are hereby recognized by the **Correspondent** as liquid, certain, and due for all legal purposes and effects.

11.11. The **Correspondent** undertakes to reimburse **Original** for any costs, fees, fines, and procedural expenses that the latter may have to bear as a result of lawsuits filed against it, on any account, by personnel designated by the **Correspondent** to provide the services.

11.12. The Parties may not, now or in the future, allege in court, to evade their responsibilities, that the defense promoted by the other Party was imperfect or that the monitoring of the process was unsatisfactory.

**12. Social and Environmental Responsibility and Anti-Corruption**. The Parties irrevocably and irreversibly represent to each other that their shareholders/members, directors, managers, employees, service providers, including their subcontractors and agents, are aware of and fully comply with the provisions of Brazilian or foreign laws, regulations, and normative provisions that provide on the fight against corruption and bribery.

12.1. The Parties mutually warrant that they will refrain from engaging in any improper, irregular, or illegal conduct, and that they will not take any action on behalf of each other and/or that they will not perform any act that may directly or indirectly favor each other or any of the companies in their respective economic conglomerates, contrary to the applicable laws in Brazil or abroad.

12.2. The Parties shall maintain their books and/or Digital Accounting Records (ECD), accounting records, and documents with sufficient detail and accuracy to clearly reflect the transactions and resources that are the subject matter of this Agreement.

12.3. The Parties assure each other that they have anti-corruption policies, processes, and procedures in accordance with the Brazilian and foreign laws, regulations, and normative provisions that provide on the fight against corruption and bribery, and that these are complied with by their shareholders/members, directors, managers, employees, and service providers, including their subcontractors and agents.

12.4. Should either Party become involved in any situation related to corruption or bribery, as a result of actions taken by the other Party or its shareholders/members, directors, managers, employees, and service providers, including its subcontractors and agents, the Party causing the situation undertakes to assume the respective burden, including presenting documents that may assist the other Party in its defense.

12.5. Each Party warrants to the other Party:

(i) that it is vested with all powers and authority to enter into and fulfill the obligations set forth herein and to consummate the transactions contemplated herein; and

(ii) that the signing and performance of this Agreement does not result in the violation of any third-party rights, applicable law or regulation, or the violation, breach, or default of any agreement, instrument, or document to which it is a party or by which it has any or all of its assets linked and/or affected, nor in the need to obtain any authorization under any agreement, instrument, or document to which it is a party or by which it has any or all of its assets linked and/or affected.

12.6. The Parties mutually represent and warrant, including to their suppliers of goods and services, that:

12.6.1. They carry out their activities in accordance with the applicable law, and they hold the necessary approvals for the execution of this Agreement and compliance with the obligations provided for therein;

12.6.2. They do not use illegal labor, and they undertake not to use forced labor or child labor, except for the latter in the capacity as apprentice, observing the provisions of the Consolidation of Labor Laws, whether directly or indirectly, through their respective suppliers of products and services;

12.6.3. They do not employ minors under 18 years of age, including as apprentices, in places that are detrimental to their education, physical, mental, moral, and social development, as well as in dangerous or unhealthy places and services, at times that do not allow school attendance, and also at night, considering this to be the period between 10 p.m. and 5 a.m.;

12.6.4. They do not use negative discrimination practices and limitations to access to or maintenance of employment, such as, but not limited to, for reasons of: sex, origin, race, skin color, physical condition, religion, marital status, age, family situation, or pregnancy status;

12.6.5. They undertake to protect and preserve the environment, as well as to prevent and eradicate practices harmful to the environment, performing their services in accordance with the applicable law regarding the National Environmental Policy and Environmental Crimes, as well as Federal, State, and Municipal legal, normative, and administrative acts relating to the environmental area and related matters; and

12.6.6. They do not adopt practices related to activities that involve criminal profit from prostitution or sexual exploitation of vulnerable individuals.

12.7. For purposes of this clause, there will be no breach of contract when the involvement of either Party in a situation related to the practice of corruption, bribery and/or the practice of acts harmful to the Government is notorious and publicly known at the time of execution of this Agreement.

**13**. **Use of the Original Brand**. The **Correspondent** is prohibited from using the name or brand of **Original**, as well as from carrying out advertising or "marketing" associating the provision of its services with **Original**, except with the express authorization of the latter or through the use of material in the exact format made available by **Original** for this purpose.

13.1. The **Correspondent** shall refrain from using logos or other attributes that are similar to those adopted by **Original** in its branches, service points, website, application, or other network communication platforms, as well as refrain from making changes to the material made available by **Original** for the purpose of communication with clients and interested parties.

13.2. The **Correspondent** may not assign, alter, reproduce, or make available to any third parties the advertising materials, systems, software, trademarks, technologies, names, designs, programs of **Original**, any registration data or otherwise of interested clients referred by **Original**, and also any other information to which it had access by reason of the provision of contracted services.

14. **Administrative Measures**. The proven non-compliance by the **Correspondent** with the obligations set forth in this Agreement or the verification of irregularities or its non-observance of the operating and contracting policy established by **Original** may give rise to the imposition of administrative, preventive, and corrective measures to the **Correspondent** and/or to the delegated agents and/or other legal entities that act as agents and/or service providers of the **Correspondent**.

14.1. The administrative measures addressed in this clause 14 may be adopted by Original on its own initiative and by the Central Bank of Brazil, in accordance with the provisions of the operating and contracting policy established by Original, and include, according to the severity of the violation:

(i) imposition of a fine for serious violations, when they cannot be cured by the **Correspondent**;

(ii) the possibility of suspending the provision of services and customer service; and

(iii) the early termination of the Agreement under clause 8.3 of this Agreement.

14.2. The adoption of these administrative measures does not preclude any applicable measures for the redress of damages.

14.3. Until the service levels referred to in clause 2.3 are defined, the imposition of any administrative measures to the **Correspondent** shall be suspended.

**15. Jurisdiction.** The parties elect the jurisdiction of the Judicial District of São Paulo/SP as competent to resolve any disputes arising from this Agreement, expressly waiving any other jurisdiction, however privileged it may be.

**16. Notices**. Should either Party wish or be required to notify the other Party, such notice shall be served upon the following recipients/at the following addresses:

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| | |
|:---|:---|
| &nbsp;&nbsp;**If to Original:** | &nbsp;&nbsp;**If to Correspondent:** |
| &nbsp;&nbsp;Attn.: Simão Luiz Kovalski / Marcos Roberto Sales Collado Telephone: (61) 9258-1825 / (11) 97144-0211<br> Email: simao.kovalski@original.com.br /  | &nbsp;&nbsp;Attn.: Frederico Botto Trevisan/ Daniele Griesius Moraes Telephone: (11) 98146-9447/ (11) 99212-4445<br> Email:frederico.trevisan@picpay.com */*<br> daniele.moraes@picpay.com |
| &nbsp;&nbsp;marcos.collado@original.com.br | &nbsp;&nbsp;Attn.: Frederico Botto Trevisan/ Daniele Griesius Moraes Telephone: (11) 98146-9447/ (11) 99212-4445<br> Email:frederico.trevisan@picpay.com */*<br> daniele.moraes@picpay.com |

---

16.1. Notices may be served in person, with a receipt issued by the other Party, or transmitted by telegram, email, mailed with return receipt requested, or delivered via Registry of Deeds and Documents. Notices shall be deemed duly served when delivered to the representatives and at the addresses mentioned above.

16.2. Considering that, for performance of this Agreement, information may be exchanged by electronic means, the Parties represent that they recognize the validity of the information and data transmitted electronically and that, according to article 225 of the Civil Code, mechanical or electronic reproductions of facts or things constitute full proof thereof, unless the party against whom they are presented challenges their accuracy.

16.3. The Parties may, as necessary, change their representatives and/or addresses for receiving notices related to this Agreement, notifying the other Party of such change in writing 10 days in advance.

**17. General Data Protection Law**. For purposes of this Agreement, the Parties undertake to fully comply with the requirements of applicable data protection law, including, but not limited to, the LGPD (Law No. 13.709/2018) and the regulations issued by the National Data Protection Authority ("ANPD"), as well as to ensure that their employees, agents, and subcontractors observe its provisions.

17.1. Each Party shall comply with the provisions of the LGPD, as well as the provisions of this clause, regarding the processing of personal data, as defined in the aforementioned legal provision ("Personal Data").

17.2 Each Party shall ensure that all Personal Data provided to the other Parties has been obtained in accordance with the LGPD and shall take the necessary measures, including providing adequate information to data subjects and ensuring the existence of a legal basis for the other parties to have the right to process such Personal Data for purposes of this Agreement.

17.2.1 If either Party carries out any Processing activity that is not related to performance of the Agreement, such Processing activity shall occur outside the context of this Agreement. The Party carrying out such Processing shall be considered the sole Controller in relation to the activity, and the other Party shall be free from any obligations or liabilities arising therefrom.

17.3 Each Party shall use specific efforts to ensure that all Personal Data provided to the other Parties is accurate and up-to-date.

17.3.1 If one of the Parties has access, in the context of the Agreement, to Personal Data that, if it considers the costs excessive or necessary for performance of the Agreement, it shall immediately notify the competent authority. The other party shall render such Personal Data unusable.

17.4 When any Processing activity is carried out through a Processor, the Parties shall, in relation to the Processor:

17.4.1 Preserve the integrity and accuracy of the Personal Data, being able to update, correct, or delete it at the request of the other Party;

17.4.2 Verify, through due diligence or equivalent procedure, whether each Processor has the conditions to guarantee a level of protection of Personal Data, at least, equivalent to this Instrument and provide proof of this verification;

17.4.3 Enter into a written agreement with each Processor, the content of which shall include provisions at least equivalent to this Instrument;

17.4.4 To be responsible for all actions and omissions of the Operator in relation to the processing of Personal Data.

17.5 If either Party receives a complaint, query, or request from or on behalf of a data subject relating to the processing of shared Personal Data (including, without limitation, any request for access, rectification, exemption, portability, or restriction of the processing of personal data) under the LGPD, it shall immediately and in any case, within a maximum period of 2 business days, notify the other Party(ies) in writing of such request, as well as, for example, a request for: a requirement of the existence of processing; access to processed personal data; correction of incomplete, inaccurate, or outdated personal data; anonymization, blocking, or deletion of personal data; portability of personal data; information on the public and private entities with which any data sharing may have occurred; explanation of the factors that led to an automated decision.

17.5.1 Each Party, upon receiving a complaint, consultation, or request from or on behalf of a regulatory authority regarding the processing of shared Personal Data (including, without limitation, any request for access, rectification, erasure, portability, or restriction of data processing), in accordance with the LGPD, shall immediately, and in any case within 2 days, notify the other Party(ies) in writing of such request.

17.6. Each Party shall be individually liable for compliance with its obligations arising from the LGPD and any provisions subsequently issued by the competent regulatory authorities, in particular the ANPD, considering its position as an independent controller of personal data.

17.6.1 In the event that one of the Parties is judicially or administratively involved in incidents related to security measures related to the processing of personal data carried out by another Party and/or by an associated Operator, due to the execution of this contract, the Party is guaranteed the right to privacy and/or communication of the dispute with the other Party, in accordance with the Code of Civil Procedure. In the event of exclusion, the party shall be protected by the right to assist in a recourse action against the other party, claiming compensation for all damages and losses suffered.

17.7. Each Party implements the appropriate technical and organizational measures to ensure that the Personal Data they shall not be registered, disclosed, processed, excluded, lost, damaged, altered, used, or adulterated in an unauthorized, accidental, or illegal manner and to protect Personal Data in accordance with the LGPD.

17.7.1 The Parties may jointly establish, in writing, minimum safety criteria that they deem necessary for performance of the Agreement, which shall be adopted by both Parties.

17.7.2 The Parties shall use their best efforts to regularly conduct tests, assessments, and verifications of effectiveness of the technical, administrative, and organizational measures to ensure the security of processes involving the processing of personal data.

17.8 In case it is necessary, for performance of the Agreement, the performance of an International Data Transfer by any of the Parties, and in case the country of destination doesn't own adequate level of protection of Personal Data as determined by the ANPD, the Party that shares the data shall ensure that the International Transfer is carried out in accordance with one of the mechanisms provided for by the LGPD and other Data Protection Laws and Regulations.

17.9 Each Party shall immediately notify the other Party(ies) in writing of any improper processing of Personal Data or violation of provisions of this clause, or if any notice is served by a regulatory authority related to the processing of Personal Data. In the event of a notice under this section, the Parties shall act in full cooperation and provide mutual assistance.

17.10 When the Parties identify the occurrence of a Security Incident that could cause significant damage to the Data Subject, of in accordance with the LGPD and any regulations that may arise to be issued by the National Data Protection Authority, they shall immediately notify the other Party in writing. The notice shall contain sufficient information (at least, a description of the event, date, cause, possible impacts on Personal Data Subjects, mitigation actions taken, and next steps) so that the other Party can comply with any requirements imposed by the Data Protection Laws and Regulations. For cases of security incidents that do not involve the processing of personal data, notices should be served within 24 hours, containing detailed information, encompassing at least: incident unique sequence number; the impact of the incident; the categorization of incidents; date and time of the evet; date and time of the identification; origin of incident; information on identification of the Equipment (IP addresses, hostname, network, data center, etc.) involved in the incident; information about the physical location of the incident (if applicable); description of the incident; cause of the incident; action required for resolution; teams involved in the resolution; incident status. For purposes of this clause, the following communication channels of the Parties should be considered:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Original:** | &nbsp;&nbsp;**Correspondent:** |
| &nbsp;&nbsp;csirt@original.com.br (Incidents **unrelated** to personal data) | &nbsp;&nbsp;csirt@picpay.com (Incidents **unrelated** to personal data) |
| &nbsp;&nbsp;contatodpo@original.com.br (Incidents **related** to personal data) | &nbsp;&nbsp;encarregado@picpay.com (Incidents **related** to personal data) |

---

17.10.1 The Parties shall, at their own expense, investigate the causes and consequences of the security incident and take all possible measures to remedy its consequences, promptly informing the other party of all occurrences.

17.10.2. The Parties shall maintain a record of Security Incidents, containing at least (a) a description of the nature of the security incident, (b) a description of the consequences of the Security Incident, and (c) a description of the measures taken by the Parties to resolve the Security Incident.

17.10.3 The Parties shall not disclose any information about the Security Incident unless agreed upon by the Parties or required by a determination of the Regulatory Authorities, under Brazilian law.

17.11 The Personal Data collected shall be used and maintained for the term of the Agreement or, if necessary for compliance with a legal or regulatory obligation, for unspecified periods necessary for the exercise of rights in judicial, administrative, and arbitration proceedings, or for compliance with legal/regulatory obligations.

17.12 In the event of termination of this Agreement and in the absence of any legal grounds for maintaining Personal Data as provided for in the LGPD, the Parties undertake to delete from their records and systems all Personal Data to which they have access or of which they may become aware in relation to this Agreement, as well as all existing copies (whether in digital or physical format).

17.12.1 The Parties may, at their sole request, by written notice to the other Party, within 30 calendar days from the Termination Date, require the other Party to: (a) return a complete copy of all Personal Data processed under the Agreement, by means of secure transfer and in an interoperable format or proprietary to the other Party.

17.12.2 The Parties may also provide the other Party with written certification that they have fully complied with this clause within 30 calendar days from the Termination Date.

17.13 If the ANPD imposes assessments on the Parties related to this Agreement, and exclusive fault or intent is found, the Party that caused the sanction shall bear the costs of the decision, financial compensation - when applicable - and/or indemnify the other Party and any third parties directly and demonstrably related to the case in question, including for damage suffered, in addition to any costs and expenses incurred by the injured Party(ies) throughout the administrative proceedings.

17.14 If any Party violates any legal provision relating to the processing of personal data of data subjects related to the subject matter of this agreement, or any applicable legislation, the Innocent Party reserves the right to terminate this agreement without any burden, fine, or charge.

**18. General Provisions.** Without prejudice to other conditions and obligations provided for in this Agreement, the following provisions shall also apply:

18.1 The abstention of either Party from exercising any right or the tolerance for the fulfillment of any obligations does not constitute novation.

18.2. Proven breach of the obligations stipulated in this Agreement due exclusively to the **Correspondent**'s fault. This may allow Original and the Central Bank of Brazil to apply preventive and corrective measures, including the suspension of service provision and termination of the Agreement.

18.2.1 In case of total or partial breach of the provisions of this Agreement, except when there is no specific resolution, the defaulting Party shall be subject to the payment of a non-compensatory fine equivalent to 10% of the average of the last 3 months of payments made by **Original** to the **Correspondent**, with a payment term of 10 days from the communication made by the other Party, without prejudice to the assessment of any additional losses and damages.

18.3 The amounts of fines, indemnities and other amounts than compensation, without prejudice to the fees and damage stipulated, it shall be adjusted based on the variation of the IPCA disclosed by the IBGE, calculated with one month of delay and on a "pro-rata-die" basis, from the date of the occurrence until the date of the effective payment, orby another index that replaces or represents it.

18.4 The **Correspondent** may neither assign nor transfer the rights and obligations provided for in this agreement, in whole or in part, to third parties, without the prior and express consent of **Original**. The fiduciary assignment of credits arising from this agreement is also prohibited.

18.5 In the event of any future and uncertain event that is not foreseen by the parties and which falls under the definition of acts of God and/or force majeure events, under the terms of the Brazilian Civil Code, and which prevents the fulfillment, either by **Original** or the **Correspondent**, of the obligations assumed herein, the parties shall be released from their obligations for the duration of the event. On the other hand, the parties agree to use all efforts to re-establish the commercial relations provided for in this Agreement. If the unforeseen event or force majeure lasts more than 30 days, the affected party shall have the right to terminate this Agreement, if it deems it necessary or convenient.

18.6 The Parties declare that they have all the necessary registrations, licenses, and public authorizations for provision of the services agreed hereunder and undertake to maintain this condition throughout the term of this Agreement, as well as in any amendments or extensions thereof.

18.7 This Agreement binds the Parties individually and their successors and, in the event of succession of companies, in any of its forms (spin-off, consolidation, or merger), the successor entity shall subrogate to all the rights and obligations assumed under this Agreement.

18.8 Any and all amendments to this Agreement shall be formalized through an amendment executed by the legal representatives of the Parties.

18.9 This Agreement may be amended by the will of the parties or in the event of new laws, provisions. or guidelines of the ANPD or any Regulatory Authority that require an amendment to its provisions. The new provisions shall be agreed upon between the Parties and always included in writing as an amendment to this Agreement.

**19. Electronic Signature.** The Parties expressly acknowledge the veracity, control, integrity, validity, and effectiveness of this instrument when signed entirely digitally or electronically, and they agree to use and recognize it as a valid manifestation of consent to the execution hereof electronically and/or by means of electronic/digital certificates, including those using certificates not issued by ICP-Brasil, pursuant to the provisions of article 10, paragraph 2 of Provisional Measure No. 2.200-2 of August 24, 2001.

This Agreement is executed electronically in the presence of 2 witnesses.

São Paulo, July 26, 2022.

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| | | | |
|:---|:---|:---|:---|
| /s/ Simão Luiz Kovalski | /s/ Edilson Pereira Jardim | /s/ Thiago Lobato Alvarez | /s/ Anderson Andrade Chamon do Carmo |
| **Simão Luiz Kovalski** | **Edilson Pereira Jardim** | **Thiago Lobato Alvarez** | **Anderson Andrade Chamon do Carmo** |
| **BANCO ORIGINAL S.A.** | **BANCO ORIGINAL S.A.** | **GUIABOLSO FINANÇAS CORRESPONDENTE BANCÁRIO E SERVIÇOS LTDA.** | **GUIABOLSO FINANÇAS CORRESPONDENTE BANCÁRIO E SERVIÇOS LTDA.** |

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Witnesses:

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| | |
|:---|:---|
| /s/ Ricardo Ribeiro da Costa Barbosa | /s/ Caroline Esposito Alves Schiavolin |
| Name: Ricardo Ribeiro da Costa Barbosa | Name: Caroline Esposito Alves Schiavolin  |
| Taxpayer Card (CPF): 05564835611 | Taxpayer Card (CPF): 33037197803 |
| /s/ Fabiano Gonçalves Pedorosa Da Silva | /s/ Anderson Yudi Tagmaori |
| Fabiano Gonçalves Pedorosa Da Silva | Anderson Yudi Tagmaori |

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**EXHIBIT I** - **PRICE (Commercial Proposal)**

**<u>1. Compensation for receiving and forwarding proposals related to credit transactions granted by Original - NON-ACCOUNT HOLDER PERSONAL CREDIT:</u>**

1.1. This compensation is due based on the number of proposals forwarded by the **Correspondent** to Original, relating to the effective contracting of the personal loan offered by the **Correspondent** to users of its application.

1.2. **Original** shall compensate the **Correspondent** monthly as follows:

(a) Six percent (6%) fixed, paid upon origination of each transaction (fixed compensation), plus six percent (6%) per installment paid (variable compensation), totaling a maximum commission of 12% for transactions that are within Original's credit policy in effect on the date of origination; and

(b) 3% fixed, paid upon origination of each transaction (fixed compensation), plus 9% per installment paid (variable compensation) <u>for transactions that are outside Original's credit policy in effect on the date of their respective origination and that are characterized as challenging</u> ("Challenging").

1.3. In all cases of items (i), (ii), and (iii) above, including Challenging transactions and transactions within **Original**'s credit policy, the fixed compensation shall not be due to the **Correspondent** when the transaction is cancelled due to fraud, operational failures, withdrawal by the client exercising the right of withdrawal within 7 days of the date of contracting the transaction, or whenever, at the client's request, the **Correspondent** requests cancellation of the transaction to **Original**. In these cases, the report mentioned in clause 1.7 below shall contain information on any amounts refunded, already paid by **Original** to the **Correspondent**, as a result of transactions cancelled in the month prior to issuance of the report.

1.4. In all cases of items (i), (ii), and (iii) above, including Challenging transactions and transactions within Original's credit policy, the payment of variable compensation shall observe the rules set forth in item 1.5 below and shall be due to the **Correspondent** as a result of the provision of the following complementary services: (i) issuance, via Application, SAC, or Chat, of the 1st and 2nd copies of the agreement relating to each transaction contracted through the **Correspondent**; (ii) making available to clients, via Application, the monitoring of the installments of the transaction; (iii) issuance of payment slips for installments (on time and overdue); and (iv) sending preventive communication, collection, and reminder about the due date of installments, via PUSH and email, to clients.

1.4.1. From the date of signature of this agreement (June 26, 2022), the **Correspondent** undertakes to provide the complementary services indicated in item 1.4 above for credit transactions that originated from the previous banking correspondent service provider (PICPAY INSTITUIÇÃO DE PAGAMENTO S.A.). For the provision of these complementary services by the **Correspondent**, **Original** shall owe the **Correspondent** the variable compensation described in item 1.2 above.

1.5. The variable commission (percentage per installment) (i) shall be calculated on the total financed volume of each transaction, without interest, without IOF, and without TAC; (ii) shall be divided by the total term of each transaction; (iii) the percentage relating to each installment shall be paid according to the installments settled for each transaction; and (iv) shall observe the following rules for payment, according to status. For each transaction:

I. Transactions on time: the variable commission shall be paid in full.

II. Overdue transactions in arrears: there is no payment of variable commission when the installment is overdue. The variable commission shall be paid when the overdue installment is settled.

III. Transactions settled in advance, wholly or in part: in the event of early settlement of installments, the variable commission shall be paid at once and only for installments that have an original due date within a period of 150 days or less, counted from the date of settlement. Thus, for installments paid in advance for a period in excess of 150 days, no variable commission shall be due.

IV. Cancelled Transactions: No variable commission shall be paid when the transaction is cancelled due to fraud, operational failures, withdrawal by the client exercising the right of withdrawal within 7 days of the transaction's contracting date, or whenever the **Correspondent** requests **Original** to cancel the transaction at the client's request.

1.6. The Parties agree to negotiate the terms and conditions of compensation every 6 months from the signing of this instrument. If necessary, the review shall refer to the points described in items 1.1 and 1.2.

1.7. **Original** shall send to the **Correspondent**, by the last business day of the then current month, a report containing an analysis of all transactions, marking the agreement between the "Original" or Challenging policy and the loans made up to the 25th day of the then current month, via email, informing the corresponding commission amount to be paid to the **Correspondent**. The **Correspondent** shall issue the invoice by the 2nd business day of the following month, with the amount already informed by **Original** so that it can be paid to the **Correspondent** within 10 business days via bank transfer. If the **Correspondent** finds any adjustment or difference in the current commission, it shall inform **Original** by email, and this difference, if valid, shall be deducted or added to the next invoices and reports sent by **Original**. In case of conflict between the method of calculation contemplated herein and the provisions of the Agreement, the provisions set forth in item 1.7 shall prevail.

1.8. The pricing may be renegotiated at any time, by mutual agreement between the Parties, taking into account, in particular, the conditions and dynamics of the contractual relationship, by means of the signing of an amendment to this Agreement.

**EXHIBIT II - OPERATIONAL APPLICABLE TO THE NON-ACCOUNT HOLDER PERSONAL LOAN PRODUCT**

**1. Non-Account Holder Personal Loan** - a product that allows individuals to take out personal loans through the **Correspondent**'s application.

**1.1. Operational Flow**: Users of the **Correspondent**'s application shall simulate the loan, providing their registration data (name, cell phone number, email, and CPF). This data shall be submitted to **Original** by the **Correspondent**, who shall assess each user's creditworthiness, verify the available credit limit, and validate the data submitted by the users. **Original** shall return to the **Correspondent** the personal loan proposal to be offered to each user. If the user accepts the offer, the contracting stage shall begin, where the user shall complete their registration, providing the supplementary information below, and shall sign the bank credit note (CCB) related to the personal loan. **Original** shall finalize the registration and arrange for the credit to be credited to the account held by the **Correspondent** via TED (wire transfer of immediately available funds). The **Correspondent**, in turn, shall transfer the funds to the user via credit to their digital wallet.

2. **Additional registration data:**

● Full name

● CPF (already filled in)

● Date of Birth

● Mother's name

● Phone number (area code)

● Sex

● Bank details

● Email address

● Address

● Driver's license/ID card

● Marital status

● Income

**3. Premises:** The Parties agree that, every 6 months, the proposed form for the Non-Account Holder Personal Loan product shall be reviewed, with a performance bonus.

**4. Correspondent's Obligations**: The **Correspondent**'s specific obligations are as follows:

4.1. Fraud analysis of users. As a result of this obligation, the **Correspondent** undertakes to indemnify **Original** for any losses and damage that the latter may suffer as a result of fraudulent actions by users of the **Correspondent**'s application, including damage to **Original**'s image.

4.2. Validation and safekeeping of identification documents captured in the process described in item 1 above.

## Exhibit 10.16

**Exhibit 10.16**

**Free English Translation**

**PARTNERSHIP AGREEMENT AND OTHERS COVENANTS**

**JBS S.A.,** a publicly-held company with authorized capital, registered with the CNPJ/ME under No. 02.916.265/0001-60, with headquarters in the city of São Paulo, state of São Paulo, at Avenida Marginal Direita do Tietê, 500, Block I, 3rd Floor, Vila Jaguara, CEP 05118-100, duly represented herein in accordance with its Bylaws ("<u>JBS</u>")

**GUIABOLSO PAGAMENTOS LTDA**., a limited liability business company, registered with the CNPJ/ME under No. 23.829.172/0001-78, with headquarters in the city of São Paulo, state of São Paulo, at Avenida Manuel Bandeira, 291, Cond. Atlas Office Park, Block B, 3rd floor - offices 43 and 44, Vila Leopoldina, CEP 05317-020, duly represented herein in accordance with its Articles of Association ("<u>GuiaBolso</u>"); and

**PICPAY INSTITUIÇÃO DE PAGAMENTO S.A.**, a privately-held company, registered with the CNPJ/ME under No. 22.896.431/0001-10, with headquarters in the city of São Paulo, state of São Paulo, at Avenida Manuel Bandeira, 291, Cond. Atlas Office Park, Block A, 1st floor - offices 22 and 23, 2nd and 3rd floors, Vila Leopoldina, CEP 05317-020, duly represented herein in accordance with its Bylaws ("<u>PicPay</u>");

JBS, GuiaBolso, and PicPay, hereinafter collectively referred to as "<u>Parties</u>" and individually as a "<u>Party</u>,"

**WHEREAS**:

(i) the Parties wish to formalize a partnership for the development of a business-to-business digital marketplace platform, to be developed by GuiaBolso to meet the needs of JBS ("<u>Partnership</u>").

(ii) (once implemented, the Platform will be operated by GuiaBolso through the provision of certain services, activities, and obligations to be stipulated in this Agreement and in a software license agreement, services agreement, and other agreements to be entered into between the Parties in the future ("<u>Operating Agreement</u>" and, together with this Agreement, the "<u>Partnership Documents</u>");

(iii) the services to be provided will include the provision of (a) business intermediation services between Platform users and JBS and Affiliates, with the availability of their products on the Platform; (b) sharing of certain data of the Parties for the purpose of providing marketplace services through the Platform, (c) data analysis related to the consumption chain, through a Data Intelligence Module to be developed, (d) sales platform and fulfillment of tasks of the JBS sales force, (e) platform for connecting the shopper/end consumer with JBS to enhance retail sales, and (f) other services described in the Operating Agreement, in any case subject to the Service Level Agreements (SLAs) provided for in this Agreement ("<u>Services</u>");

(iv) in consideration for the Services set forth in the Operating Agreement and other potential services and activities that may be negotiated and agreed upon, JBS shall pay GuiaBolso the Total GuiaBolso Compensation (as defined below).

(v) in order to enable preliminary steps related to the creation of the Platform, GuiaBolso and JBS entered into a Private Instrument of Advance Payment and Other Covenants on October 27, 2022, as amended, through which JBS advanced amounts to be paid to GuiaBolso under the Partnership in the amount of forty-one million, nine hundred and seventy-two thousand, two hundred and sixty-six *Reais* and sixty-eight cents (BRL 41,972,266.68) to date, and undertakes to make additional contributions upon approval by the Committee (as defined below) up to the amount of one hundred and twenty-five million, nine hundred and sixteen thousand, eight hundred *Reais* (BRL 125,916,800.00), by way of advance payment for the Services ("<u>Advance Payment</u>" and "<u>Advance Payment Agreement</u>"), and

(vi) PicPay is a direct shareholder and holder of one hundred percent (100%) of the shares representing the share capital of Guiabolso Finanças Correspondente Bancário e Serviços Ltda, which in turn holds shares representing the entire share capital of Guiabolso, and it hereby assumes certain obligations relating to the Partnership as provided herein;

**NOW, THEREFORE, THE PARTIES RESOLVE** to enter into this Partnership Agreement and Other Covenants ("<u>Agreement</u>"), which shall be governed by the following clauses and provisions:

**1. DEFINITIONS AND INTERPRETATION OF THE AGREEMENT**

1.1. <u>Definitions.</u> Unless defined in other clauses of this Agreement, all capitalized terms used herein shall have the meanings listed below:

"<u>Advance</u>" has the meaning attributed thereto in the preamble to this Agreement.

"<u>Affiliate</u>" means, in relation to a legal entity, any other legal entity or unincorporated entity, as the case may be, that it directly or indirectly controls, by which it is individually controlled, or which is under common control with said entity, wherein "control" and "controlled," together with their variations, have the meaning attributed thereto by Article 116 of Law No. 6.404 of December 15, 1976, as amended.

"<u>API</u>" means application programming interface.

"<u>Governmental Authority</u>" means the government of the Federative Republic of Brazil or any of its Political subdivisions, whether at the federal, state, or municipal level, or any agency, autonomous governmental entity, department, or body of such government or its political subdivisions, or any venue, court, or judicial, administrative, or arbitral body with jurisdiction over the affected Party, including the Central Bank and the Administrative Council for Economic Defense.

"<u>Central Bank</u>" means the Central Bank of Brazil.

"<u>CNPJ</u>" means the National Corporate Taxpayers' Register.

"<u>Civil Code</u>" means Law No. 10.406 of January 10, 2002.

"<u>Code of Civil Procedure</u>" means Law No. 13.105 of March 16, 2015.

"<u>Committee</u>" has the meaning attributed thereto in <u>Section 2.1</u> of this Agreement.

"<u>Potential Buyer</u>" has the meaning attributed thereto in Section 3.4 of this Agreement. Agreement.

"<u>JBS Competitors</u>" has the meaning attributed thereto in Section 3.3 of this Agreement.

"<u>Advance Agreement</u>" has the meaning attributed thereto in the preamble to this Agreement.

"<u>Operating Agreement</u>" has the meaning attributed thereto in the preamble to this Agreement.

 

"<u>Agreement</u>" has the meaning attributed thereto in the Preamble to this Agreement. It includes this Agreement, any exhibits and amendments thereto, as well as any document that may be incorporated into this Agreement as expressly agreed between the Parties.

"<u>Control</u>" (and its variations) means, with respect to one of the Parties, (i) the power held by another person (individual or legal entity) to elect, directly or indirectly, a majority of the managers and to determine and conduct the policies and management of such Party, whether individually or jointly with its Affiliates; or (ii) the direct or indirect ownership, by means of a voting agreement, contract or otherwise, by a person (individual or legal entity) and its Affiliates, of at least fifty percent (50%) plus one (1) share representing the voting stock of the Party in question.

"<u>JBS Data</u>" means the data to be shared by JBS with GuiaBolso, as provided for in the Operating Agreement.

"<u>PicPay Data</u>" means the data to be shared by PicPay with JBS related to the client databases and operations of PicPay and its Affiliates, as provided for in the Operating Agreement.

"<u>Personal Data</u>" means any information relating to an identified or identifiable individual or legal entity that is processed as a result of the Parties' obligations under this Agreement, as well as information that is shared with or made available between the Parties under this Agreement.

"<u>Business Day</u>" means any day that is not a Saturday, Sunday, or national holiday in Brazil, or any day on which, for any reason, there is no banking activity or operation of the financial market nationwide or in the city of São Paulo, State of São Paulo.

"<u>Right of First Refusal</u>" has the meaning attributed thereto in <u>Section 3.4</u> of this Agreement.

"<u>Intellectual Property Rights</u>" means any and all patents, industrial designs, utility models, inventions, copyrights or related rights, trademarks and service marks, trade names and domain names, software, programs, applications, source codes, object codes, firmware, operating systems, technical specifications, descriptive reports, internal functional specifications, diagrams, flowcharts, APIs, technical data necessary for the absorption or integration of technology, copyright, image rights, goodwill, know-how, trade secrets, and all other Intellectual Property Rights, whether registrable or not, and including all applications and rights to apply for and grant, renewals or extensions of, and rights to claim priority, such rights and all similar or equivalent rights or forms of protection that subsist or will subsist, in Brazil or abroad.

"<u>Partnership Documents</u>" has the meaning attributed thereto in the preamble to this Agreement.

"<u>Triggering Events</u>" has the meaning attributed thereto in <u>Section 3.5.1</u> of this Agreement.

"<u>Guiabolso</u>" has the meaning attributed thereto in the preamble to this Agreement.

"<u>Confidential Information</u>" has the meaning attributed thereto in <u>Section 8.1</u> of this Agreement.

"<u>JBS</u>" has the meaning attributed thereto in the preamble to this Agreement.

"<u>Banking Secrecy Law</u>" means Supplementary Law No. 105 of January 10, 2001.

"<u>General Data Protection Law</u>" or "<u>LGPD</u>" means Law No. 13.709 of August 14, 2018.

"<u>Applicable Laws and Regulations</u>" means the Federal Constitution, laws, rules, regulations, and any legal and self-regulatory norms issued by competent Brazilian authorities and self-regulatory entities that are applicable to either Party individually or to both Parties jointly.

"<u>Data Intelligence Module</u>" means the Platform module in which (i) (a) consumption data obtained from PicPay users and (b) consumption and supply data obtained from Platform users are aggregated and processed; and (ii) relevant outputs are generated and directed to Platform users, as detailed in the Operating Agreement. The Parties shall only share Personal Data for which they have adequate legal grounds, under applicable law, and shall use such Personal Data exclusively for the purposes of developing the subject matter of the Partnership and executing the services provided through the Platform.

"<u>Exercise Notice</u>" has the meaning attributed thereto in <u>Section 3.4.1</u> of this Agreement.

"<u>Option Exercise Notice</u>" has the meaning attributed thereto in <u>Section 3.5.4</u> of this Agreement.

"<u>Sale Notice</u>" has the meaning attributed thereto in <u>Section 3.4</u> of this Agreement.

"<u>Offering</u>" has the meaning attributed thereto in <u>Section 3.4</u> of this Agreement.

"<u>Call Option</u>" has the meaning attributed thereto in <u>Section 3.5</u> of this Agreement.

"<u>Perpetual Licensing Option</u>" has the meaning attributed thereto in <u>Section 3.6</u> of this Agreement.

"<u>Project Budget</u>" has the meaning attributed thereto in <u>Section 3.1.1.</u>

"<u>Partnership</u>" has the meaning attributed thereto in the Preamble to this Agreement.

"<u>Receiving Party</u>" has the meaning attributed thereto in <u>Section 8.1</u> of this Agreement.

"<u>Disclosing Party</u>" has the meaning attributed thereto in <u>Section 8.1</u> of this Agreement.

"<u>Party</u>" or "<u>Parties</u>" have the meaning attributed thereto in the Preamble to this Agreement.

"<u>Equity Interest</u>" means (i) shares issued by GuiaBolso or its Subsidiaries; (ii) any rights related to shares issued by GuiaBolso; or (iii) any security convertible into or exchangeable for shares or stock issued by GuiaBolso.

"<u>POS</u>" means any commercial establishment in the small retail channel (or point of sale) that sells JBS products and those of its Affiliates.

"<u>Person</u>" means any individual, legal entity, or unincorporated entity, including, but not limited to, companies of any type, *de facto* or *de jure*, consortia, partnerships, associations, joint ventures, investment funds, and universality of rights.

"<u>PicPay</u>" has the meaning attributed thereto in the preamble to this Agreement.

"<u>Initial Plan</u>" has the meaning attributed thereto in <u>Section 3.2.</u>

"<u>Platform</u>" means the new business-to-business digital marketplace platform with a Data Intelligence Module developed and operated by GuiaBolso, capable of providing the Services.

"<u>Term</u>" has the meaning attributed thereto in <u>Section 7.1</u> of this Agreement.

"<u>Exercise Price</u>" has the meaning attributed thereto in <u>Section 3.5.2</u> of this Agreement.

"<u>GuiaBolso Total Compensation</u>" has the meaning attributed thereto in <u>Section 4.1</u> of this Agreement.

"<u>Representatives</u>" has the meaning attributed thereto in <u>Section 8.1</u> of this Agreement.

"<u>Committee Meeting</u>" has the meaning attributed thereto in <u>Section 3.1.4</u> of this Agreement.

"<u>Services</u>" has the meaning attributed thereto in the preamble to this Agreement.

"<u>Third Party</u>" means, in relation to a Party, any Person that is not an Affiliate.

"<u>Transfer</u>" (and its variations) means the disposition, sale, assignment, exchange, donation, transfer, contribution to capital, disposal, cancellation, or replacement of shares, of any form, whether free of charge or for consideration, wholly or in part, voluntarily or involuntarily, or any other legal act or transaction that results in the transfer of ownership and/or rights relating to shares, including those carried out through merger, spin-off, or consolidation, as well as through the exchange of shares, as well as the granting of an option to acquire shares.

1.2. <u>Interpretation</u>. In interpreting this Agreement:

(i) headings and titles shall not limit or affect, in any way, the interpretation of the text, being used only for convenience and reference purposes;

(ii) references to any documents or instruments, including this Agreement, shall include all their respective exhibits, amendments, replacements, restatements, and supplements, unless otherwise expressly stated;

(iii) references to legal or regulatory provisions shall be interpreted as references to such provisions as in effect at the time of the fact to which they apply (as amended or revoked by other legal and regulatory provisions, including legal or regulatory provisions that replaced them) and shall include provisions from which they originate (with or without modifications), as well as any subordinate decisions, regulations, instruments, or other legal norms subordinate to such provisions;

(iv) unless otherwise expressly indicated, references to clauses, paragraphs, and exhibits refer to clauses, paragraphs, and exhibits to this Agreement;

(v) all references to persons include their successors, beneficiaries, and permitted assigns;

(vi) all definitions used in this Agreement shall apply in both the singular and plural forms, regardless of gender;

(vii) Except as expressly provided in this Agreement, (a) references to any period shall be considered references to the number of consecutive days; (b) all periods and terms provided for in this Agreement shall be counted excluding the date of the event that gave rise to the commencement of that period or term, and shall include the last day of said period or term, as provided for in article 224 of the Code of Civil Procedure; (c) all terms established herein that end on a day that is not a Business Day shall be automatically extended to the first subsequent Business Day.

(viii) all references to "including" shall be understood as "including, but not limited to" and are merely illustrative and not exhaustive; and

(ix) the Parties represent that, in case of ambiguity or doubt in the interpretation of this Agreement, this Agreement (and each of its provisions) shall be construed as having been drafted jointly by the Parties, without any presumption or burden of proof in favor of or against any Party arising from the authorship of any of the provisions of this Agreement, and expressly waive the provisions of article 113, paragraph 1, item IV of the Civil Code.

2. **SUBJECT MATTER**

2.1. <u>Subject Matter of the Agreement</u>. The subject matter of this Agreement is to regulate, among other matters, the general terms and conditions of the Partnership, the characteristics of the Platform to be developed, the Platform development process, the operation of the Development and Finance Committee to be established by the Parties ("<u>Committee</u>"), the Advance Payment, certain rights and obligations of JBS, PicPay, and GuiaBolso with respect to the Platform and certain rights and obligations of JBS and PicPay with respect to GuiaBolso, the responsibilities of each Party and the list of the instruments entered into, or to be entered into, within the scope of the Partnership.

2.2. <u>Contractual Relationship</u>. The Agreement, Advance Agreement, and the Operating Agreement (including their addenda and renewals) are part of a single operation to develop the Partnership. As an essential condition for the establishment of the Partnership and the objects and terms set forth in the other documents mentioned above (including the Advance Payment), PicPay and GuiaBolso irrevocably and unalterably granted the rights set forth in <u>Sections 3.4</u> (Right of First Refusal), <u>3.5</u> (Option to Purchase and Perpetual Licensing), <u>3.6</u> (Third-Party Adhesion to the Partnership Documents), <u>3.7</u> (Right of Parity), and <u>4.1</u> (JBS Compensation and Take Rate) in favor of JBS and all its Affiliates, current and future.

3. **PARTNERSHIP STRUCTURE**

3.1. <u>Development and Finance Committee</u>. The Committee will be composed of five (5) members from JBS, five (5) members from PicPay and one (1) member from Flora Produtos de Higiene e Limpeza S.A.

3.1.1. The Committee is a body for monitoring and advising this Partnership.

3.1.2. The Committee has technical and strategic functions aimed at establishing amicable solutions for any conflicts or controversies arising from the rights and obligations contemplated in this Agreement or its execution, including those related to the restoration of the economic-financial balance, as well as monitoring the Partner's progress, recommending directions and improvements directly related to the provision of services to JBS.

3.1.3. The Parties hereby expressly acknowledge and agree that the members of the Committee may not make any decision or adopt any measure that alters, modifies, replaces, revokes, or in any other way implies a waiver and/or compromise of any rights of the Parties arising from this Agreement, and any act to that effect shall be ineffective.

3.2. <u>Platform Development</u>. The Platform shall be developed in accordance with the initial development and operation plan of the platform ("<u>Initial Plan</u>").

3.2.1. GuiaBolso undertakes to apply and engage the necessary resources, including human resources and knowledge, for the development of the Platform, in accordance with the Project Budget, as approved by the Committee at a Committee Meeting.

3.2.2. The Parties agree to share certain JBS Data and PicPay Data for the purpose of implementing the Platform's Data Intelligence Module, subject to the rules of the Operating Agreement. Furthermore, the Platform's terms of use, the Platform's Privacy Policy, and contracts entered into with other users must provide for the possibility of sharing data with JBS and PicPay Affiliates (including GuiaBolso) in order to enable the continuous operation and development of the Data Intelligence Module, respecting applicable relevant legislation (especially, but without limitation, in the case of sharing Personal Data).

3.2.3. <u>Platform Continuity</u>. During the term of this Agreement, GuiaBolso shall continuously develop, update, and improve the Platform, as well as provide ongoing technical assistance for the maintenance and proper functioning of the Platform.

3.2.4. <u>Platform Ownership</u>. GuiaBolso undertakes to maintain in its own name all ownership and property rights, including Intellectual Property Rights, of the Platform, the software used on the Platform and its respective components (including source code and other structural elements, current and future, including derivatives), refraining from transferring them, in whole or in part, in any form and under any title (including, without limitation, by alienation, sale, assignment, licensing, lease, rental, pledge or any other transaction with a similar effect), except for the exceptions and conditions provided for in the Partnership Documents.

3.2.4.1. If the Parties decide by mutual agreement and when applicable, the software used on the Platform (and its relevant periodic updates) must be properly and promptly submitted for registration with the National Institute of Industrial Property - INPI by GuiaBolso.

3.2.4.2. The Platform will be developed by GuiaBolso using its own personnel or contracted third parties. GuiaBolso must ensure that all employees and third parties involved in the development of the Platform and its updates sign a specific agreement irrevocably and unconditionally assigning all Intellectual Property Rights to the Platform and the software used on the Platform to GuiaBolso, in line with best practices in the sector, as well as committing to maintain the confidentiality of information related to the Platform and the software used on the Platform.

3.2.4.2.1. The obligation to assign Intellectual Property Rights, as stipulated in the heading of <u>Section 3.2.4.2</u> above, shall not apply to third parties involved in the provision of services that are not transferable in terms of ownership of the technology used to execute the Platform, such as support and maintenance of the software used on the Platform and/or the intellectual property of pre-existing materials of these third parties, used as tools for the provision of services.

3.3. The Intellectual Property of the Data Intelligence Module created and developed by PicPay, GuiaBolso and JBS shall be the exclusive property of GuiaBolso. The algorithms created between the Parties shall be exclusively dedicated to JBS and hosted in a separate and exclusive environment for JBS. If JBS wishes to structure its own environment to host these algorithms, PicPay and Guia Bolso will be obligated to provide the source code and architecture of all these exclusive JBS algorithms. JBS also commits to sharing any algorithms that may be developed for it and created to serve the PicMarket platform.

3.4. <u>Restricted List</u>. GuiaBolso undertakes, for the term of this Agreement, (i) not to accept as users of the Platform the competitors of JBS and its economic group listed below ("<u>JBS Competitors</u>") and (ii) PicPay undertakes not to Transfer Equity Interest issued by GuiaBolso directly or indirectly owned by PicPay to (or allow the subscription of Equity Interest issued by GuiaBolso by) JBS Competitors.

3.5. <u>Right of First Refusal</u>. Except as provided in <u>Section 3.6</u> below and subject to the provisions of Section 3.4 above, if PicPay wishes to Transfer Equity Interest in GuiaBolso to a Third Party that implies a change of Control of GuiaBolso ("<u>Potential Buyer</u>"), PicPay must obtain from that Potential Buyer a good-faith, written, binding and irrevocable offer ("<u>Offering</u>"), by which the Potential Buyer will confirm that it is eligible and intends to acquire the shares offered by PicPay in accordance with the terms and conditions indicated in the Offering. JBS is assured the right of first refusal to acquire the Equity Interest subject to the Offering under the same terms and conditions established in the Offering ("<u>Right of First Refusal</u>"). For the purposes of exercising the Right of First Refusal, PicPay must notify JBS in writing of the receipt of the Offering, attaching a copy of the Offering and any related documents/instruments, the name and address of the Potential Buyer, identification of its economic group and direct and indirect controlling shareholders up to its ultimate beneficiaries, the number of shares or quotas for sale, the price to be paid per share or quota and the payment terms of the Equity Interest, as well as a request for JBS to express its opinion on whether or not to exercise the Right of First Refusal ("<u>Notification of Sale</u>").

3.5.1. Within thirty (30) days of receiving the Sale Notice, JBS must send a written notification to PicPay ("<u>Exercise Notice</u>"), stating whether or not it wishes to acquire the entirety of the Equity Interest offered by PicPay to the Potential Buyer under the same conditions specified in the Offering.

3.5.2. If it chooses to exercise the Right of First Refusal, JBS must acquire the Equity Interest offered by PicPay to the Potential Buyer, in accordance with the terms of the Offering.

3.5.3. If JBS (a) waives the exercise of the Right of First Refusal or (b) the Notice of Exercise is not delivered in accordance with the terms set forth above, PicPay will have one hundred and twenty (120) days from any of the dates relating to the facts described above, as the case may be, to carry out the necessary actions to implement the transfer of the shares to the Potential Buyer, under the same terms of the Offering. If the completion of the actions to Transfer the Equity Interest to a Potential Buyer does not occur within one hundred and twenty (120) days, if it is still in PicPay's interest to dispose of or transfer Control of GuiaBolso, the procedure set forth in this <u>Section 3.5</u> must be restarted.

3.5.4. The Right of First Refusal provided for herein shall also apply to the Transfer of subscription rights for the issuance of new shares or quotas of GuiaBolso.

3.6. <u>Call Option and Perpetual License.</u> (i) PicPay, hereby, for itself and its successors and assigns under Section 3.7, irrevocably and unalterably grants. JBS, which hereby accepts and receives, an option to acquire and require that PicPay (or its successors and assigns) transfer one hundred percent (100%) of the Shareholding in GuiaBolso, upon payment of the Exercise Price (defined below) ("<u>Call Option</u>") and (ii) GuiaBolso hereby grants, irrevocably and irreversibly, to JBS, which hereby accepts and receives, an option to acquire a perpetual license to use the Platform, global, non-exclusive, licensable, unrestricted, irrevocable and unretractable, including the respective Intellectual Property Rights of the Platform, upon payment of the Exercise Price (defined below) ("<u>Perpetual Licensing Option</u>").

3.6.1. The exercise of the Call Option and the Perpetual Licensing Option will be conditional upon the occurrence of any of the following events ("<u>Triggering Events</u>"):

(i) change of control of PicPay and/or GuiaBolso;

(ii) termination, by PicPay or GuiaBolso, of any Partnership Document, except for any grounds for termination caused by the respective PicPay or GuiaBolso Party that may be provided for in the Partnership Documents; or

(iii) termination caused by JBS of any Partnership Document; or

(iv) discontinuation of GuiaBolso or withdrawal by PicPay and GuiaBolso and their Affiliates from continuing to actively operate and develop the Platform.

3.6.2. The price to be paid by JBS for exercising the Call Option or acquiring the Equity Interest in GuiaBolso or the Perpetual Licensing Option will correspond to: (i) in the case of the Triggering Events listed in items (ii), (iii) and (iv) of Section 3.6.1 above, the amount of one *Real* (BRL 1.00) and (ii) in the case of the Trigger Event listed in item (i) of <u>Section 3.6.1</u> above, the fair market value of one hundred percent (100%) of the GuiaBolso issuance quotas, in accordance with best accounting and market practices.

3.6.3. In the event of any Trigger Event, the company will have the right (but not the obligation) to exercise the Call Option or the Perpetual License Option by sending written notification to PicPay or GuiaBolso within sixty (60) days from and after the Trigger Event ("<u>Option Exercise Notification</u>").

3.6.4. If the Call Option or the Perpetual License Option is exercised as a result of the Trigger Event listed in item (i) of <u>Section 3.6.1</u> above, JBS must submit, together with the Option Exercise Notification, the calculation of the Exercise Price.

3.6.4.1. In the event that PicPay presents a discrepancy in relation to the Exercise Price informed by JBS, the Parties shall attempt to resolve it in good faith through PicPay. If the Parties are successful in resolving the matter, they shall execute a written document confirming the terms of the agreement, and the agreed Exercise Price shall be considered final and binding between the Parties. If the Parties do not reach a consensus regarding the disagreement within the Discussion Period, the Parties shall submit such disagreement to an Independent Committee, formed in accordance with <u>Section 3.6.4.2 below</u>.

3.6.4.2. The Independent Committee will be formed by four (4) people, two (2) appointed by JBS and two (2) appointed by PicPay, and who must be independent of both Parties as defined in the New Market Regulations of B3.

3.6.4.3. The Parties agree that the fees of the Independent Committee will be borne by the Parties in the proportion of fifty percent (50%) for PicPay and fifty percent (50%) for JBS.

3.6.4.4. The Parties undertake to cooperate with the Independent Committee, promptly providing any and all information required.

3.6.4.5. Through the exercise of the Perpetual Licensing Option, GuiaBolso shall deliver the software used on the Platform and its respective components, including (i) a copy of the Platform's source code and the software used on the Platform (updated) with comments (and other current and future structural elements, including derivations); (ii) descriptive report; (iii) internal functional specifications; (iv) diagrams; (v) flowchart; and (d) other technical data necessary for the absorption of the Platform's technology.

3.7. <u>Third-Party Adherence to the Partnership Documents</u>. Before any operation (or series of operations) that may alter the control of GuiaBolso, Third Parties who subscribe to or acquire Equity Interest in GuiaBolso, for whatever reason, will have the obligation, as a condition for the acquisition or subscription of the Equity Interest, to commit to observing the rights of JBS provided herein and in the Operating Agreement, including continuing to operate the Platform for a minimum of three (3) years maintaining the contractual, commercial, and operational conditions (SLAs) in effect prior to the change of control, without prejudice to the specific provisions applicable in relation to each contract.

3.8. <u>Right of Parity</u>. If GuiaBolso offers any more favorable commercial conditions to any other users of the Platform, it must notify JBS (and its Affiliates) of this fact within ten (10) business days from the signing of the agreement with the other user, including information about the commercial condition offered ("<u>Commercial Condition Notice</u>"). JBS has the right to demand that the same commercial conditions offered to the other user be extended to it in whole or in part ("<u>Right of Parity</u>"), for which purpose it shall inform GuiaBolso if it wishes to exercise its Right of Parity. If JBS exercises its Right of Parity, the Parties shall amend the Operating Agreement to incorporate the commercial condition into the Operating Agreement.

**4. AGREEMENT COMPENSATION**

4.1. Compensation. Due to and as an essential condition of establishing the Partnership under the terms agreed upon in this Agreement, the Advance Payment Agreement, and the Operating Agreement, JBS and its Affiliates shall be entitled to receive the provision of Services in exchange for total compensation ("<u>JBS Take Rate</u>") (including commission, intermediation, service provision, and any other amounts) equivalent, for each accounting period (as defined in the Operating Agreement), to the amount resulting from multiplying (A) the volume in reais of sales made by JBS (and/or its Affiliates) on the Platform by (B) the applicable JBS Take Rate ("<u>GuiaBolso Total Compensation</u>").

4.1.1. "<u>JBS Take Rate</u>" means:

(i) by December 31, 2025, five tenths of a percent (0.5%);

(ii) from January 1<sup>st</sup>, 2026, (i) five tenths of a percent (0.5%) if JBS' (and its Affiliates') share of GuiaBolso's gross revenue is less than eighty percent (80%), or (ii) forty-five hundredths of a percent (0.45%) if such share is equal to or greater than eighty percent (80%); and

(iii) from January 1<sup>st</sup>, 2027, (i) five tenths of a percent (0.5%) if JBS' (and its Affiliates') share of GuiaBolso's gross revenue is less than eighty percent (80%), or (ii) four tenths of a percent (0.4%) if such share is equal to or greater than eighty percent (80%).

4.1.2 The JBS Take Rate value already considers all taxes that are or may be applicable to this Agreement, and no claims for price revision or reimbursement will be accepted, including in the case of amendments to the law.

4.1.3 At any time, if GuiaBolso offers other users commission, brokerage and/or service fees related to the Platform under more advantageous conditions than the Differentiated Take Rate, the Differentiated Take Rate and the GuiaBolso Total Compensation shall be adjusted to reflect such advantages for the duration thereof.

4.1.4. The Parties represent that they will use their best efforts to review and renegotiate the JBS Take Rate compensation due to changes in scope, strategy, or business model that alter the essence of the Services.

4.1.5 The rights of JBS and its Affiliates provided for in this <u>Section 4.1</u> shall remain valid and be reflected in the Operating Agreement, including its amendments and renewals, until the decision to continue operating GuiaBolso or the decision of PicPay and GuiaBolso and its Affiliates to cease actively operating and developing the Platform.

4.2. <u>Deduction of the Advance</u>. The Advance, as adjusted for inflation by the variation of the National Consumer Price Index - IPCA/IBGE (or another index that may replace it in case of its extinction) from the date of the actual disbursements until the date of its effective offsetting or payment, shall be offset against the Total GuiaBolso Compensation due by JBS from July 2026, in 24 successive monthly installments, as follows: (i) on the date of payment of the Total GuiaBolso Compensation to be invoiced by GuiaBolso against JBS, JBS will adjust the total value of the Advance payment and will offset 1/24 of this value ("<u>Installment 1</u>") of the Total GuiaBolso Compensation charged by GuiaBolso in the month of July 2026 ("<u>Compensation 1</u>"); (ii) if the value of Installment 1 is greater than the value of Compensation 1, GuiaBolso shall pay JBS the respective difference; (iii) if the value of Installment 1 is equal to or less than the value of Compensation 1, Installment 1 shall be fully offset against Compensation 1 and JBS shall pay GuiaBolso any difference, should this be the case; and (iv) the offsetting process described in this section shall be repeated for all subsequent 23 months so that, by June 30, 2028, the entirety of the Advance has been offset and/or refunded by GuiaBolso to JBS.

5. **REPRESENTATIONS AND WARRANTIES OF THE PARTIES**

5.1. <u>Representations of the Parties</u>. The Parties hereby represent and warrant to each other, for all legal purposes, assuming full liability for these representations, with respect to themselves, that:

(i) they are duly organized and validly existing business entities under the laws of the Federative Republic of Brazil;

(ii) they have the capacity and power to (a) enter into this Agreement; (b) fulfill all obligations assumed under this Agreement; and (c) consummate the legal transaction in the manner contemplated in this Agreement, having taken all necessary measures to authorize its execution;

(iii) they possess the adequate, necessary and sufficient means to fulfill their obligations under this Agreement and the Partnership;

(iv) they possess all licenses and credentials necessary for the fulfillment of their obligations under this Agreement and the Partnership;

(v) they possess the knowledge and technical capacity to offer and/or maintain in regular operation all the technology channels and services necessary for the development and operation of the Platform;

(vi) this Agreement constitutes a valid and binding legal obligation of the Parties, enforceable in accordance with its terms; and

(vii) the Parties have not been and are not subject to any bankruptcy, judicial or extrajudicial reorganization proceedings or other similar applicable regimes, nor are they insolvent.

**6. INDEMNIFICATION**

6.1. <u>Indemnification</u>. Each Party irrevocably and unalterably undertakes to indemnify, defend, and hold harmless the other Party, its shareholders, Affiliates, employees, managers, successors, and assigns from any loss, direct damage (including direct damage to image), indemnification, claim, action, lawsuit or judicial, arbitral and/or administrative proceeding, penalty, fine, loss, cost and/or expenses, interest and fees (including preparation and investigation costs, reasonable attorneys' fees, consultants' or other experts' fees and costs of litigation) that may be suffered by them as a result of breach of obligations and violation of the representations provided for in this Agreement.

6.1.1. Any amount due by way of indemnification under this Section 6 shall be paid within ten (10) business days from (i) receipt by the Party of written notice from the Party to be indemnified demonstrating proven loss as determined by a final and unappealable judicial, arbitration, or administrative decision or (ii) the Party responsible for indemnifying the other Party acknowledges, in writing, that the indemnification is due.

6.1.2. In the event of any disbursements and/or losses suffered by JBS, JBS may only withhold the Total GuiaBolso Compensation due to GuiaBolso under this Agreement by sending prior notice to GuiaBolso at least thirty (30) days in advance regarding the withholding and the reason for it, guaranteeing GuiaBolso's right to defense.

6.1.3. The Parties agree that the value of any indemnifiable amount shall be adjusted by the IPCA/IBGE variation on a pro rata die basis and increased by late payment interest at the rate of one percent (1%) per month, also calculated on a pro rata die basis, both from the date on which the indemnification became due under Section 6.1.1 until effective payment of the indemnification.

6.1.4. The indemnification will cover all taxes, costs, and expenses incurred as a result of receiving such indemnification, applying a gross-up, so that the Party in question is fully indemnified for the loss suffered, as if there were no taxation or costs associated with such payments. The indemnification amount will be reduced, where applicable, by an amount equal to the tax benefit actually obtained by the Indemnifiable Party in question due to tax-deductible losses for tax purposes.

6.1.5. Neither Party shall be liable – under any theory of law and regardless of the legal grounds – for any indirect damages (including loss of business opportunities, indirect or ricochet damages, and/or incidental or consequential damages) arising out of or relating to this Agreement or the Partnership.

7. **TERM AND TERMINATION**

7.1. <u>Term</u>. This Agreement shall be in effect for a term of twenty (20) years, starting from the date of execution hereof ("<u>Term</u>"), and shall be automatically extended for equal and successive periods, unless either Party expresses otherwise with a minimum notice of six (6) months.

7.2. <u>Termination for Cause</u>. This Agreement may be terminated by the innocent Party immediately, upon delivery of written notice, without penalty, upon the occurrence of any of the following events, as applicable: (i) if either Party enters into bankruptcy, (judicial or extrajudicial) reorganization, or liquidation proceedings; or (ii) enactment of laws or regulations, or issuance of a governmental order prohibiting one or more of the Parties from fulfilling their obligations that prevent the fulfillment of the subject matter of this Agreement or the Operating Agreement; or (iii) if GuiaBolso fails to deliver the Platform within the term established in the Initial Plan.

7.3. <u>Termination Without Cause</u>. Except as provided in Section 7.2, if the Agreement is unilaterally and voluntarily terminated by JBS before December 31, 2027, JBS will be subject to a non-compensatory fine of ten percent (10%) of the difference between the effective revenue obtained by GuiaBolso with the JBS Take Rate under the Operating Agreement for its entire term and the amount of one billion, three hundred and sixty thousand, four hundred and eighty-nine, nine hundred and forty reais and forty cents (BRL 1,360,484,942.40), which amount shall be adjusted for inflation by the variation of the IPCA/IBGE (or any other index that may replace it in the event of its extinction) until the date of effective payment of this fine, without prejudice to any applicable indemnification obligations, as provided for in <u>Section 6</u> above, as well as the obligation to pay any direct losses and damage suffered by PicPay or Guiabolso as a result of termination of this Agreement.

7.3.1. <u>Non-Duplication</u>. The fine stipulated in <u>Section 7.3</u> above shall not, under any circumstances, be charged in duplicate with the fine stipulated in <u>Section 12.3</u> of the Operating Agreement.

7.4. <u>Effects of Termination</u>. Even if this Agreement is terminated, (i) <u>Sections 3.4</u> (Right of First Refusal), <u>3.5</u> (Call Option and Perpetual Licensing), <u>3.6</u> (Third-Party Adhesion to Partnership Documents), <u>3.7</u> (Right of Parity), (JBS Compensation and Take Rate), <u>6</u> (Indemnification), <u>8</u> (Additional obligations), and <u>10</u> (General Provisions), as well as all conditions relating to privacy and data protection, shall survive termination of this Agreement until the discontinuation by GuiaBolso or the withdrawal of PicPay and GuiaBolso and its Affiliates from continuing to actively operate and develop the Platform (or operation on similar bases); and (ii) no provision contained in this Agreement shall exempt a Party from any obligation to indemnify due to the breach of any obligation or undertaking under this Agreement.

7.5 Should the termination or rescission of the Agreement occur during the development of the Platform, the costs and expenses borne so far by the Parties will be shared on an equal basis, this being duly agreed upon in a proper instrument to be executed between the Parties.

8. **ADDITIONAL OBLIGATIONS**

8.1. <u>Confidentiality</u>. The Parties acknowledge that each Party and its respective managers, employees, subcontractors, successors, agents, and representatives ("<u>Receiving Party</u>") may have access to proprietary or confidential information of the other Party for reason of fulfilling the obligations set forth in this Agreement ("<u>Disclosing Party</u>"), of their respective clients and of any other third parties relating to the operations and business of the Disclosing Party, including, but not limited to, all information relating to the Parties' clients, the products offered by the Parties, sales strategy, characteristics and conditions of the financial products offered by the Parties, secrets or financial, operational, economic, technical, or legal information of agreements, opinions, or other documents of the Disclosing Party contained in any physical or digital medium ("<u>Confidential Information</u>"), it being hereby established that (i) the Confidential Information may be disclosed to managers, employees, subcontractors, successors, agents, representatives, and consultants, current or future, of the Receiving Party who need access to the Confidential Information by virtue of fulfilling the obligations established in this Agreement ("<u>Representatives</u>"); (ii) the disclosure to third parties, directly or indirectly, in whole or in part, individually or collectively, in Brazil or abroad, by any means, of any piece of Confidential Information will depend on prior and express written authorization from the Disclosing Party; and (iii) the Confidential Information may not be used for purposes other than those expressly defined in this Agreement.

8.1.1. If either Party or any of its Representatives is required, by law, court order, or by determination of any Governmental Authority, to disclose any piece of Confidential Information, such Party shall, without prejudice to the timely compliance with the legal or administrative determination and except if prevented by a specific court order or regulation, notify the other Party of this obligation as soon as possible, so that the Parties may, by mutual agreement, take appropriate measures, including legal action, to preserve the Confidential Information. If the measures taken to preserve the Confidential Information are unsuccessful, only the Confidential Information strictly necessary to satisfy the legal duty and/or compliance with a court order or the order of any competent authority shall be disclosed.

8.1.2. The confidentiality commitment herein excludes information: (i) available to the public in any way other than by disclosure thereof by either Party or any of its Representatives, including information disclosed by either Party to the market due to regulatory or normative requirements; (ii) that was already known to the other Party or any of its Representatives before the disclosure of said information pursuant to this Agreement; and (iii) that was independently developed without the use of or reference to the Confidential Information or in violation of the provisions of this Agreement.

8.2. <u>Term of the Confidentiality Obligation</u>. The confidentiality obligations set forth in this Agreement shall remain in effect for the term of this Agreement, as well as for an additional term of five (5) years from termination hereof, regardless of the reason and manner of its termination.

8.3. <u>Migration of JBS operations</u>. JBS undertakes to make its best efforts to migrate, maintain and transact all of its POS-related operations on the Platform, provided that the Platform is 100% developed and delivered for use by GuiaBolso as per the Initial Plan.

9. **RELATIONSHIP BETWEEN THE PARTIES**

9.1. <u>Relationship between the Parties</u>. The Parties represent that they are acting independently. The contractual relationship agreed upon herein shall not be interpreted as a joint venture, association, partnership, agency, or commercial representation, and each Party shall maintain total independence and autonomy in the administration and management of its respective business. Neither Party nor its respective representatives and employees shall, under any circumstances, be considered agents or representatives of the other Party, and none of them may enter into contracts or agreements on behalf of the other Party, or bind the other Party to third parties.

9.1.1. Each of the Parties shall retain absolute control over all commercial strategies and policies relating to its own activities, including, without limitation, pricing (including terms, payment conditions, and rates) and management of its businesses and product portfolios, without prejudice to the commercial conditions set forth in this Agreement.

9.2. <u>No Relationship</u>. In accordance with Laws 13.429/2017 and 13.467/2017, it is expressly established that this Agreement does not create any employment and/or social security relationship between the Parties or between one Party and the employees, agents, consultants, and any subcontractors of the other Party, and each Party shall be exclusively responsible for payment of the respective labor, social-security, tax, insurance, and social-security charges of the persons they hire for their service.

9.2.1. In the event that one of the Parties is ordered to pay any amounts based on a labor claim arising from an employee of the other Party, or from a person providing services on its behalf, the Parties shall observe the provisions of <u>Section 6.</u>

**10. GENERAL PROVISIONS** 

10.1. <u>Entire Agreement</u>. This Agreement and the Partnership Documents contain the entire agreement and understanding regarding the subject matter of this Agreement between the Parties and specifically supersede any prior understandings of the Parties regarding the subject matter of this Agreement. In case of conflict between this Agreement and the other Partnership Documents, this Agreement shall prevail.

10.2. <u>Assignment.</u> Neither Party may assign or transfer, in whole or in part, the rights and obligations arising from this instrument, except (i) with the prior written consent of the other Party or (ii) by JBS to any of its Affiliates, by simple notice to PicPay and Guiabolso; or (iii) by PicPay and/or Guiabolso to any of its Affiliates, by simple notice to JBS. In any case of assignment authorized under this section, the assignment will only become effective if the assignee demonstrates to the other Party, to its reasonable satisfaction, that all provisions of the Partnership Documents will remain valid, binding, and effective.

10.3. <u>Amendments</u>. The clauses and conditions established herein may only be amended by means of a contractual amendment signed between the Parties.

10.4. <u>Binding Nature and Succession.</u> This Agreement shall bind and remain in force for the benefit of the Parties and their respective authorized assignees and successors.

10.5. <u>Severance.</u> In the event that one or more provisions of this Agreement are deemed null, voidable, invalid, unenforceable, or ineffective, the legality, validity, enforceability, and effectiveness of the remaining provisions contained in this Agreement shall not, in any way, be affected and/or prejudiced by such event, remaining in full force and effect as if such null, voidable, invalid, unenforceable, or ineffective provision were not contained in this Agreement.

10.6. <u>Waiver</u>. Failure to exercise any options, powers, or rights or the agreement to the consent to non-compliance with any terms or conditions under this Agreement shall not constitute a waiver of any provisions under this Agreement, nor shall it prevent said Party from executing or exercising any of these options, powers, or rights at any time.

10.7. <u>Tolerance</u>. No tolerance or delay by either Party in enforcing or demanding compliance with the rights and obligations agreed upon in this Agreement shall constitute novation or precedent of any kind. Such tolerance shall not prejudice or restrict the exercise of the same rights and obligations in similar future situations, nor shall it exempt, in any case, either Party from the full performance of its obligations, in accordance with what is agreed and contemplated herein.

10.8. <u>Notices</u>. Any notice relating to this Agreement shall be made in writing and may be delivered personally, sent by mail or electronic means (including email), in any case with proof of receipt, and shall be addressed to the representatives and addresses below:

(i) if to **JBS**:

Attn.: João Pilla

email: joao.pilla@jbs.com.br

Av. Marginal Direita do Tietê, 500

Vila Jaguara – CEP 05118-100

São Paulo, SP

(ii) if to **Guiabolso** or **PicPay**:

Attn.: Bruno Guarnieri

email: bruno.guarnieri@picpay.com \| juridico@picpay.com \| finserv.legal@picpay.com

Av. Manuel Bandeira, 291 – Condomínio Atlas Office Park

Bloco A – 1º andar – escritórios 22 e 23

Vila Leopoldina – CEP 05.317-020

São Paulo - SP

10.8.1. All notices, demands, requests, consents, approvals, declarations, deliveries, or other communications shall be deemed duly delivered and/or received: (a) at the time they are delivered, if delivered personally; (b) at the time they are received, if sent by mail, express courier service, or the like; or (c) at the time they are received, if sent by electronic means (including email) with due confirmation of receipt.

10.8.2. Any Party may change the address or email to which the notice should be sent by previously sending written notice to the other Parties.

10.9. <u>Nature of Obligations</u>. The obligations contained in this Agreement are assumed by the Parties in an irrevocable and unretractable manner.

10.10. <u>Specific Performance</u>. The commitments and obligations assumed under this Agreement by each of the Parties are subject to specific performance, in accordance with the Code of Civil Procedure, it being agreed that the establishment of indemnification will not constitute adequate and sufficient redress. To this end, the Parties acknowledge that this Agreement, duly signed by two witnesses, constitutes an instrument enforceable out of court for all purposes of the Code of Civil Procedure.

10.11. <u>Expenses and Taxes</u>. As applicable, each Party shall bear its own costs and expenses incurred in the analysis, negotiation, preparation, execution, and implementation of this Agreement, and shall be responsible for the payment of its respective taxes, without any right to reimbursement or redress.

10.12. <u>Electronic Signature</u>. This Agreement may be executed electronically through the DocuSign platform, dispensing with the need for a digital signature using certificates issued in accordance with the parameters of the Brazilian Public Key Infrastructure (ICP-Brasil).

(a) is valid and effective between the Parties, faithfully representing the rights and obligations agreed upon between the Parties; (b) is valid as evidence, as it is capable of preserving the integrity of its content and is suitable to prove the authorship of the signatures of the signatory parties, hereby waiving any right to allege otherwise and assuming the burden of proof to the contrary; and (c) is considered, for all purposes, valid, effective, and enforceable.

10.12.1. Should either Party electronically sign this instrument in a different location, the place of execution shall remain, for all purposes, the City of São Paulo, State of São Paulo, as indicated below.

10.12.2. The Parties acknowledge and agree that, regardless of the date of completion of the electronic signatures, this Agreement shall be considered executed on the date described below, and its effects shall be retroactive to said date.

10.12.3. The Parties also agree that the electronic or digital signature of this Agreement does not prevent or prejudice its enforceability, and shall be considered, for all legal purposes, an instrument enforceable out of court.

10.13. <u>Applicable Law</u>. This Agreement shall be governed and construed by and subject to the laws of the Federative Republic of Brazil.

10.14. <u>Jurisdiction</u>. The Courts of the Judicial District of São Paulo (SP) are hereby elected as the sole courts of competent jurisdiction to resolve any doubts, controversies, and disputes arising from this Agreement, waiving all other jurisdictions, however special or privileged they may be.

IN WITNESS WHEREOF, the Parties sign this Agreement in three (3) identical counterparts, together with two (2) witnesses.

São Paulo, October 28, 2022

*[Remaining space intentionally left blank]* 

*[Signature page follows]*

 

*[Signature page of the "Partnership Agreement and Other Covenants" entered into by and between JBS S.A., GuiaBolso Pagamentos Ltda., and PicPay Instituição de Pagamento S.A. on October 28, 2022]*

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| | | | |
|:---|:---|:---|:---|
| **JBS S.A.** | **JBS S.A.** | **JBS S.A.** | **JBS S.A.** |
| /s/ Eliseo Santiago Perez Fernandez | /s/ Eliseo Santiago Perez Fernandez | /s/ Jeremiah O'Callaghan | /s/ Jeremiah O'Callaghan |
| Name: | Eliseo Santiago Perez Fernandez | Name: | Jeremiah O'Callaghan |
| Title: | Management & Control JBS S/A | Title: | Officer |

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| | | |
|:---|:---|:---|
| **GUIABOLSO PAGAMENTOS LTDA.** | **GUIABOLSO PAGAMENTOS LTDA.** | **GUIABOLSO PAGAMENTOS LTDA.** |
| /s/ Anderson Chamon | /s/ Anderson Chamon | |
| Name: | Anderson Chamon | Name: |
| Title: | Vice President | Title: |

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| | | | |
|:---|:---|:---|:---|
| **PICPAY INSTITUIÇÃO DE PAGAMENTO S.A.** | **PICPAY INSTITUIÇÃO DE PAGAMENTO S.A.** | **PICPAY INSTITUIÇÃO DE PAGAMENTO S.A.** | **PICPAY INSTITUIÇÃO DE PAGAMENTO S.A.** |
| /s/ Eduardo Chedid | /s/ Eduardo Chedid | /s/ Anderson Chamon | /s/ Anderson Chamon |
| Name: | Eduardo Chedid | Name: | Anderson Chamon |
| Title: | Officer | Title: | Vice President |

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| | | | |
|:---|:---|:---|:---|
| <br> **<u>Witnesses</u>:** | <br> **<u>Witnesses</u>:** | <br> **<u>Witnesses</u>:** | <br> **<u>Witnesses</u>:** |
| /s/ Ana Paula Marques | /s/ Ana Paula Marques | /s/ Thiago David | /s/ Thiago David |
| Name: | Ana Paula Marques | Name: | Thiago David |
| CPF: |  | CPF: |  |

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**1st AMENDMENT TO THE PRIVATE INSTRUMENT OF MUTUAL RESCISSION OF PARTNERSHIP**

**AGREEMENT AND OTHER COVENANTS**

By this private instrument, the Parties:

**JBS S.A.,** a publicly-held company with authorized capital, registered with the National Corporate Taxpayers' Register of the Ministry of Finance (CNPJ/MF) under No. 02.916.265/0001-60, headquartered in the city of São Paulo, state of São Paulo, at Avenida Marginal Direita do Tietê, 500, Block I, 3rd Floor, Vila Jaguara, Postal Code (CEP) 05118-100, herein duly represented in accordance with its Bylaws ("JBS");

**GUIABOLSO PAGAMENTOS LTDA.,** a limited liability business company, registered with the CNPJ/MF under No. 23.829.172/0001-78, with headquarters in the city of São Paulo, state of São Paulo, at Avenida Manuel Bandeira, 291, Cond. Atlas Office Park, Block B, 3rd floor – suites 43 and 44, Vila Leopoldina, Postal Code (CEP) 05317-020, herein duly represented in accordance with its Articles of Association ("GuiaBolso"); and

**PICPAY INSTITUIÇÃO DE PAGAMENTO S.A.,** a privately-held company, registered with the CNPJ/MF under No. 22.896.431/0001-10, with headquarters in the city of São Paulo, state of São Paulo, at Avenida Manuel Bandeira, 291, Cond. Atlas Office Park, Block A, 1st floor – suites 22 and 23, 2nd floor and 3rd floor, Village Leopoldina, Postal Code (CEP) 05317-020, herein duly represented in accordance with its Bylaws ("PicPay");

JBS, GuiaBolso, and PicPay are hereinafter collectively referred to as "Parties" and individually as a "Party".

**WHEREAS:**

(i) the Parties formalized a Partnership for the development of a digital business-to-business Marketplace platform*,* to be developed by GuiaBolso in accordance with JBS' needs;

(ii) on October 28, 2022, the Parties entered into a Partnership Agreement and Other Covenants, with the scope of providing on the general terms and conditions of the Partnership ("Agreement");

(iii) on March 20, 2024, the Parties, in mutual agreement, signed the Private Instrument of Mutual Rescission of Partnership and Others Covenants to terminate all commitments assumed by the Parties in the Agreement and other documents related to the Partnership ("Mutual Rescission");

(iv) following a review of the costs incurred by GuiaBolso to develop the Platform, the Parties identified the need to rectify the amounts indicated in the Mutual Rescission;

(v) the Parties acknowledge the need to establish a transition period, whereby GuiaBolso shall remain responsible, for a certain period, for technical development of the Platform, customer service, and support to the salesforce system, including the application, support to sellers, and data intelligence, until operation of the Partnership is fully migrated to JBS; and

(vi) The Parties agree to establish the operational procedures necessary to support the aforementioned transition period.

NOW, THEREFORE, the Parties mutually resolve to execute this 1st Amendment to the Mutual Rescission ("1st Amendment"), which shall be governed by the following clauses and conditions.

**1. Rectification of Costs.** The Parties mutually resolve and ratify the amendment to clause 3 of the Mutual Rescission, which shall now read as follows:

**"3. COSTS AND FINANCIAL LIABILITY**

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3.1. The Parties acknowledge that pursuant to the provisions of the Private Instrument of Advancement of Amounts and Other Covenants entered into on October 27, 2022, as amended on December 29, 2022, JBS advanced GuiaBolso, by the date of the Mutual Rescission, the adjusted amount of forty-four million, four hundred and fifty-eight thousand and thirty- eight Reais and forty-eight cents (BRL 44,458,038.48).*

 

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3.2. The Parties acknowledge that JBS made an additional transfer in the amount of fifteen million, five hundred and forty-one thousand, nine hundred and sixty-one Reais and fifty-two cents (BRL 15,541,961.52) as agreed in the Mutual Rescission signed on March 20, 2024.*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3.3 The Parties acknowledge that the costs incurred by GuiaBolso, arising from the Partnership established for development of the Platform ("<u>Costs</u>"), total one hundred and twenty million, five hundred and thirty-nine thousand, three hundred and seventy-nine Reais (BRL 120,539,379.00), as documented by GuiaBolso and approved by JBS.*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3.4. According to Clause 7.5 of the Agreement, JBS will incur fifty percent (50%) of the Costs, which is equivalent to sixty million, two hundred and sixty-nine thousand, six hundred and eighty-nine Reais and fifty cents (BRL 60,269,689.50), which amount will be settled in favor of GuiaBolso, considering all the contributions made by JBS to GuiaBolso.*

**2. Obligations and liabilities during the Transition Period.** The Parties agree to amend clause 4 of the Mutual Rescission, which shall now read as follows:

**"4. TRANSITION PERIOD AND INTELLECTUAL PROPERTY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. *Upon signing this Mutual Rescission, GuiaBolso and Picpay agree to adopt all measures necessary to transfer the Intellectual Property Rights arising from the Partnership with JBS, including, but not limited to, the source code of the software used on the Platform, Data Intelligence Module, as well as any other materials or Additional information that enable JBS to continue the development thereof*. *This transfer excludes trademarks belonging to GuiaBolso, which shall remain the ownership of GuiaBolso.*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. *GuiaBolso shall remain responsible for technical development of the Platform, customer service, and support to the salesforce system, including the application, support to sellers, and data intelligence, until full migration of the Partnership's operation to JBS. This migration is scheduled to be completed by November 30, 2024 (" Transition Period").*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*4.2.1. Either Party may terminate the Transition Period early, provided that it notifies the other Parties in writing at least thirty (30) days in advance, without incurring any fines or penalties.*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*4.3. JBS undertakes to monthly reimburse GuiaBolso for all costs incurred during the Transition Period, in the amount of one million, four hundred and thirty-five thousand, six hundred and forty-two Reais and eighteen cents (BRL 1,435,642.18), based on the details set out in EXHIBIT A hereto.*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*4.3.1. The Parties agree that the above-mentioned amount will be subject to adjustment, either upwards or downwards, in the case of change in personnel and in the costs broken down in EXHIBIT A, always with prior consent from JBS, and no amendment to said exhibit will require an amendment and will automatically reflect the price to be paid to GuiaBolso during the Transition Period.*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*4.4 Upon lapse of the Transition Period, the Parties shall mutually determine any remaining amount with respect to the total amount monthly paid by JBS to GuiaBolso.*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*4.4.1. Upon verification of remaining balance in favor of GuiaBolso, JBS shall transfer the total amount assessed in favor of GuiaBolso within forty-five (45) days of the Parties' agreement regarding the accuracy of such amount."*

**3. General Provisions.** Without prejudice to the other provisions, the following conditions also apply to this 1st Amendment:

(i) <u>Definitions</u>. All capitalized words that have not been specifically defined in this 1st Amendment shall have the definition assigned thereto in the Agreement.

(ii) <u>Retroactive effects</u>. The effects of this 1st Amendment retroact to April 1<sup>st</sup>, 2024.

(iii) <u>Applicable Law and Venue</u>. This 1st Amendment shall be governed and construed in accordance with the laws of the Federative Republic of Brazil. The Parties elect the Courts of the judicial District of São Paulo/SP, expressly waiving any other, however privileged it may be, as the courts of competent jurisdiction to resolve any doubts and/or disputes arising from the provisions of this 1st Amendment.

(iv) <u>Electronic Signature</u>. This 1st Amendment will be digitally signed by the Parties and by 2 witnesses, without certification issued by ICP-Brasil, being valid under the terms of Provisional Measure No. 2.200-2, granting a presumption of legal veracity in relation to the signatories in the declarations contained in the 1st Amendment in electronic form.

IN WITNESS WHEREOF, the Parties sign this 1st Amendment electronically, jointly with the witnesses below.

São Paulo/SP, May 27, 2024.

---

| | |
|:---|:---|
| /s/ João Pilla | /s/ |
| João Pilla |  |
| <br>**JBS S.A.** | <br>**JBS S.A.** |

---

---

| | |
|:---|:---|
| /s/ Anderson Andrade Chamon do Carmo | /s/ Francisco José Pereira Terra |
| Anderson Andrade Chamon do Carmo | Francisco José Pereira Terra |
| <br>**GUIABOLSO PAGAMENTOS LTDA.** | <br>**GUIABOLSO PAGAMENTOS LTDA.** |

---

---

| | |
|:---|:---|
| /s/ Anderson Andrade Chamon do Carmo | /s/ Francisco José Pereira Terra |
| Anderson Andrade Chamon do Carmo | Francisco José Pereira Terra |
| <br>**PICPAY INSTITUIÇÃO DE PAGAMENTO S.A.** | <br>**PICPAY INSTITUIÇÃO DE PAGAMENTO S.A.** |

---

---

| | |
|:---|:---|
| Witnesses: |  |
| /s/ Ronaldo de M. Trindade | /s/ Anderson Yudi Tagamor |
| Name: Ronaldo de M. Trindade | Name: Anderson Yudi Tagamor |
| CPF: | CPF: |

---

**EXHIBIT A**

---

| | | | |
|:---|:---|:---|:---|
| **TECH SUPPORT TEAM and N2 Service** | **TECH SUPPORT TEAM and N2 Service** | **TECH SUPPORT TEAM and N2 Service** | **TECH SUPPORT TEAM and N2 Service** |
| **Area** | **Position** | **Operation** | **Monthly Cost** |
| Seller Center | SR SYSTEM DEVELOPMENT MANAGER | Picpay General | BRL 96,309.00 |
| Cross | Principal Architect | CI&T General | BRL 90,427.54 |
| Ingestion | Data Developer - Sr | Data Support 24/7 Ingestion | BRL 53,869.53 |
| Ingestion | Data Developer - Mid | Data Support 24/7 Ingestion | BRL 37,310.89 |
| Seller Center | Scrum Master | Pricing/Discount | BRL 50,243.38 |
| Seller Center | Software Architect - Sr | Pricing/Discount | BRL 58,777.18 |
| Seller Center | Software Architect - Sr | Logistics/Catalog/Inventory | BRL 58,777.18 |
| Seller Center | Developer - Sr | Order | BRL 53,869.53 |
| FDV | Developer - Mid | Seller and base Generation | BRL 33,887.78 |
| FDV | Software Architect - Sr | Application | BRL 58,777.18 |
| FDV | Scrum Master | Application | BRL 50,243.38 |
| FDV | Software Architect - Sr | Application | BRL 58,777.18 |
| FDV | Developer - Sr | Application | BRL 53,869.53 |
| FDV | Developer - Mid | Application | BRL 33,887.78 |
| FDV | Developer - Sr | Application | BRL 53,869.53 |
| FDV | Developer - Sr | Application | BRL 53,869.53 |
| Salesforce | PRODUCT SPECIALIST | N2 Service | BRL 37,563.00 |
| Salesforce | JR PRODUCT ANALYST | N2 Service | BRL 10,732.00 |
| Infrastructure | DEVOPS SPECIALIST | Infrastructure | BRL 41,751.00 |
| Infrastructure | SR DEVOPS | Infrastructure | BRL 18,838.00 |
|  |  |  | **BRL 1,005,650.12** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **N2 Service** | **N2 Service** | **N2 Service** | **N2 Service** | **N2 Service** |
| Four Service Positions (Minimum pursuant to the Law) in the current BPO, includes BPO internal management and telephony | Four Service Positions (Minimum pursuant to the Law) in the current BPO, includes BPO internal management and telephony | Four Service Positions (Minimum pursuant to the Law) in the current BPO, includes BPO internal management and telephony | Four Service Positions (Minimum pursuant to the Law) in the current BPO, includes BPO internal management and telephony | BRL 65,000.00 |
| Service | Picpay | Support Coordinator | N1 Service | BRL 19,385.00 |
|  |  |  |  | **BRL 84,385.00** |

---

---

| | |
|:---|:---|
| **Amazon Infrastructure** | **Amazon Infrastructure** |
| Estimated Monthly Cost | BRL 150,000.00 |
|  | **BRL 150,000.00** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **DATA TEAM** | **DATA TEAM** | **DATA TEAM** | **DATA TEAM** | **DATA TEAM** |
| **Picmarket Operation** | **Company** | **Position** | **Picpay Monthly Salary** | **Monthly Cost<br> (Picpay includes<br> Bonuses and<br> Taxes), CI&T<br> contract cost** |
| Data | Picpay | SR DATA ENGINEER | BRL 14,078.00 | BRL 25,394.00 |
| Data | Picpay | MID DATA ENGINEER | BRL 11,289.00 | BRL 20,614.00 |
| Data | Picpay | DATA SCIENCE SPECIALIST | BRL 20,632.00 | BRL 41,860.00 |
| Data | CI&T | Data Developer - Sr |  | BRL 53,869.53 |
| Data | CI&T | Data Developer - Sr |  | BRL 53,869.53 |
|  |  |  |  | **BRL 195,607.06** |
|  |  |  | **Total monthly amount:** | **BRL 1,435,642.18** |

---

(…)

## Exhibit 10.17

**Exhibit 10.17**

**Free English Translation**

**AMENDMENT TO AND RESTATEMENT OF THE PARTNERSHIP AGREEMENT FOR ISSUING PAYMENT CARDS**

**BANCO ORIGINAL S.A.**, with principal place of business in São Paulo, SP, at R. Porto União, 295 - Brooklin, São Paulo - SP, 04568-020, registered with the National Corporate Taxpayers Register - CNPJ under number 92.894.922/0001-08, hereby represented in accordance with its Bylaws, by its undersigned officers ("Original"); and

**PICPAY SERVIÇOS S.A.**, with principal place of business at Avenida Manuel Bandeira, 291, Condomínio Atlas Office Park, Building A, 1st floor - offices 22 and 23, 2nd floor and 3rd floor, and Building B, 3rd floor - offices 43 and 44, Vila Leopoldina, City of São Paulo, State of São Paulo, Postal Code 05317-020, registered with CNPJ/MF under number 22.896.431/0001-10, hereby represented in accordance with its Bylaws, by its undersigned officers, hereinafter referred to as "PicPay" and, together with Original, "Parties";

WHEREAS:

i. PicPay is an electronic currency-issuing payment institution that manages prepaid payment accounts for users of the PicPay app, which aims to transfer funds between people among other payment services within the scope of their prepaid, domestic, transfer and purchase payment arrangements;

ii. PicPay is the settlor of post-paid, domestic, transfer and purchase payment arrangements;

iii. Original is a financial institution properly authorized to operate by the Central Bank and may conduct credit, finance and investment transactions, working in the domestic financial market and in the consumer credit segment, including the activities of electronic payment (being authorized to operate with the Brands);

iv. Original participates in PicPay's post-paid payment arrangements, as a post-paid instrument issuer;

v. The Parties decided to enter into this instrument in order to foster the sale and promotion of a co-branded payment card through the potential of PicPay's user base;

vi. The Parties entered into, on September 9, 2020, the Card Issue Partnership Agreement ("Agreement"); and

vii. The Parties wish to amend contractual provisions and restate them in a single instrument.

**NOW, THEREFORE**, the Parties, by mutual agreement, enter into this Amendment to and Restatement of the Agreement ("Restated Agreement"), which shall be governed by the following terms and conditions.

**I. DEFINITIONS**

<u>1.1. Rules of Interpretation</u>. In the interpretation of this Agreement, unless otherwise expressly established:

(a) headings and titles shall not limit or affect, in any way, the interpretation of the text, being used only for convenience and reference purposes;

(b) the terms "including", "inclusive", "includes", "included" and their derivatives and similar terms shall be interpreted as if they were accompanied by the phrase "among others" and, therefore, in an illustrative way, never restrictive;

(c) the term "or" must be interpreted in a non-exclusive way (that is, when two items are separated by the word "or", the existence of one item should not be considered as excluding the existence of the other, so that the word "or" shall be considered to include the word "and");

(d) references to any documents or instruments shall include all their respective amendments, substitutions, restatements and additions;

(e) references to legal and regulatory provisions shall be interpreted as references to those provisions in force at the time of the fact to which they apply and shall include the provisions from which they originate (with or without modifications), as well as any decisions, regulations, instruments or other legal rules subject to such provisions;

(f) references to sections, paragraphs and exhibits shall be considered references to sections, paragraphs and exhibits to this Agreement;

(g) references to any period shall be considered references to the number of calendar days, and all terms or periods provided for in this Agreement shall be counted excluding the date of the event that caused the beginning of that term or period and including the last day of the term or period in question, as provided for in Article 132 of the Civil Code. All periods consisting of a number of months (or years) must be calculated from the day in the month (or year) in which the triggering event occurred to the same day in the following month(s) (or year(s)). All terms established in this Agreement that end on days other than Business Days shall be automatically extended to the next Business Day;

(h) whenever in this Agreement a provision is made for payment by one Party to the other, that payment shall be made in *Reais* (R$), by electronic transfer and funds immediately available and freely transferable until the payment due date;

(i) the preamble (including the recitals) and the exhibits to this Agreement are considered an integral part and incorporated into this Agreement; and

(j) the definitions provided for in Section 1.2 are applicable in singular and plural forms, regardless of gender.

1.2. Without prejudice to the other definitions included in the text of this Agreement, the terms and expressions below, in the plural or singular, shall have the definitions set out below:

"<u>Commercial Action</u>" means that action by the Parties aimed at promoting the sale and increasing the use of the PicPay Card.

"<u>Affiliate</u>" means, in relation to a Party, any company that, directly or indirectly, through one or more intermediaries, controls (even if in a shared way) or is controlled by such Party.

"<u>Third-Party Affiliate</u>" means, in relation to a person, any company that, directly or indirectly, through one or more intermediaries, controls, is controlled by or is under common control with that person.

"<u>Brand</u>" means the payment arrangement settlor that licensed the Bank to issue payment instruments under its arrangements, currently Mastercard Brasil Soluções de Pagamento Ltda.

"<u>Database</u>" means the information regarding PicPay Customers and Cards, which originate in the processes resulting from the attainment and/or use of these products, obtained by each of the Parties within the scope of their respective performance under this Agreement, that is, Customer's name, CPF, date of birth, gender, PicPay Card variant, card account creation date, Customer's email, Customer's phone, date on which the PicPay Card is canceled.

"<u>PicPay Base</u>" has the meaning assigned to it by Section 5.1.

"<u>Distribution Channel</u>" means the current and future electronic channels of trade or any other current or future sales channel of the Parties.

"<u>PicPay Card</u>" means payment instruments issued by Original belonging to a Product Line in the best interests of the Partnership, and using the brand "PicPay" on a "co-branded" card. Such cards have all the features of a conventional credit card, in accordance with market practices, and other specific features defined in this Agreement, such as their use for handling the PicPay Payment Account and other financial products at the discretion of the Parties.

"<u>Customers</u>" means any individuals who happen to obtain the PicPay Card, under the terms of this Agreement.

"<u>PicPay Checking Account</u>" means a checking account held by PicPay with Original.

"<u>Product Line</u>" means the set of credit card variants issued by an issuer. For the purposes of this Agreement, a Product Line may include the following variants (the names of which may vary between the Brands): (a) international; (b) gold; (c) platinum; and (d) black.

"<u>Applicants</u>" means any individuals who, by any means, may express an interest in the PicPay Card.

"<u>Exchange Rate</u>" means the selling exchange rate in *Reais* for each Dollar, one (1) business day immediately prior to the day on which the calculation is necessary, as published in the Central Bank's electronic system (PTAX).

**II. PURPOSE AND OPERATION OF THE PARTNERSHIP**

2.1. The purpose of this Agreement is to govern the terms and conditions of the commercial partnership between the Parties to develop, promote, offer, explore and publicize the PicPay Card (the "Partnership").

**III. PARTNERSHIP PLANNING AND STRATEGY**

3.1 It shall be up to Original, in relation to PicPay Cards, the preparation, pricing, maintenance and management of said products, including, but not limited to, the following:

(a) Preparation and use of credit and collection policies;

(b) Credit portfolio management (cash, assets, liabilities and equity);

(c) Capital allocation and funding for the credit portfolio;

(d) Regulatory management in relation to the entities defined by Law; and

(e) Customer service referring exclusively to the PicPay credit card.

3.2 PicPay shall be responsible for planning and developing a commercial strategy for the distribution of PicPay Cards, as well as meeting and creating Customer relationship policies.

3.3 PicPay shall also be responsible for promoting the PicPay Card offer in its Distribution Channels, at the discretion of PicPay, such as its inbound and outbound call centers and/or digital platforms made available on the world wide web (internet).

3.4 The processing of operations performed with the PicPay Card, credit analysis, preparation of registration, collection, among other control services, including data processing, shall be performed by Original (or by third parties indicated by it), as applicable and within the scope of PicPay Cards.

**IV. PICPAY CARD FEATURES**

4.1 PicPay Cards must contain the following characteristics:

(a) As to issuance and operation, they shall be subject to the policies and regulations of Original, of the respective Brands, as well as of the Central Bank;

(b) Full acceptance of PicPay Cards at all accredited merchants under the payment arrangements under which the cards are issued;

(c) Expiration date to be determined by the Bank; and

(d) The PicPay brand, the Customer's name, the date of issue, expiration date, and also the security and identification features of the issuer.

4.2 PicPay Cards may enable Customers to take advantage of promotions provided by the Bank and/or by PicPay, provided that said cards are included among the products included in these promotions.

4.2.1. Original is committed to ensuring PicPay Cards will have competitive commercial conditions in relation to other co-branded cards issued in the market that compete directly with PicPay, subject to Original's credit and risk policies.

4.3 For the purposes of this Agreement, the Parties agree that strategies related to the use and/or choice of Brands in relation to PicPay Cards shall be the sole responsibility of Original.

**V. CUSTOMERS AND DATABASE**

5.1. PicPay undertakes to provide the Bank with and to keep updated the CPF, name, date of birth, address and other basic details of its users, which are necessary for the sole and exclusive purpose of credit pre-approval and/or marketing and/or delivering the card to PicPay Cards Applicants ("PicPay Base").

5.2. It shall be the Bank's responsibility, within the scope of its respective activity, to manage the registration of its respective Customers.

5.3. With extensive experience in granting retail credit, the Bank shall be responsible for risk management, including credit analysis and granting, increase and reduction of limits, purchase authorization policies and fraud prevention and acceptance of new Customers, as well as for the cancellation of PicPay Cards in use, and PicPay shall be responsible for assisting the Bank in providing the necessary data related to the names of its respective customers indicated for prospecting new users of PicPay Cards.

5.3.1 Original is committed to periodically updating its risk and credit models, constantly pursuing models more suited to the target audiences, seeking to make use of the PicPay Base.

5.4. Original and/or PicPay may, by mutual agreement, sell financial products or services to be added to PicPay Cards or any other financial products that may be operated by Original and/or PicPay.

5.5. The Parties are aware that the Database is the exclusive property of each of the Parties in relation to the respective data obtained by each of the Parties within the scope of its performance under this Agreement and that, in the event of expiration of the duration of this Agreement, or even by termination and/or rescission, each of the Parties may use its respective Database in the best way that suits them, observing the duty of confidentiality and use of the information provided for therein and provided for in this Agreement, as well as other terms provided herein, each Party being solely and exclusively responsible for this use. The Parties shall guarantee the exercise of the rights of data subjects contained in their databases.

**VI. DISTRIBUTION OF PARTNERSHIP REVENUE**

6.1. Revenues from PicPay Cards shall be shared between Original and PicPay in accordance with the Exhibits.

**VII. PENALTIES**

7.1. In the event of total or partial non-compliance with the provisions of this Agreement, except when there is a specific penalty, the Parties are subject to a non-compensatory fine of ten percent (10%) of the last 3 amounts transferred by the Bank to PicPay, pursuant to this Agreement, to be paid within five (5) days from the communication made by the other Party, without prejudice to other penalties provided for in this Agreement and possible loss and damage.

**VIII. CORRESPONDENT ACTIVITIES IN BRAZIL**

8.1. PicPay was engaged by Original to perform the duties of correspondent in Brazil, under the terms of Resolution No. 3.954/11, necessary for the performance of its obligations provided for in this Agreement aiming at the provision of the following services:

(a) Receive and forward applications for joining PicPay Cards through the respective Distribution Channels; and

(b) Carry out the commercial offer of the Partnership Products in accordance with the applicable laws, rules and regulations.

**IX. OBLIGATIONS OF THE PARTIES**

9.1. In addition to the other obligations provided for in this Agreement, the Bank shall be responsible for:

(a) provide PicPay with information about PicPay Cards that may be necessary for the promotion, development and offer of PicPay Cards, in compliance with the legislation in force, especially with regard to bank secrecy;

(b) obtain and maintain in force any and all government and/or regulatory authorizations, approvals and licenses required by federal, state and municipal authorities and perform any and all necessary filling and registration to fulfill its obligations, as provided in this Agreement;

(c) comply with the requirements of the law, including, but not limited to, the Civil Code, the Consumer Code, the Bank Secrecy and Personal Data Protection Laws and any other applicable legislation in carrying out the obligations provided for herein, as well as providing all information and carrying out all the records required by the Central Bank;

(d) develop and maintain its information technology systems up to date and adequate for the provision of PicPay Cards;

(e) notify PicPay of any legal action or administrative proceeding initiated by any third party against the Bank as long as it is directly related to the Partnership;

(f) be responsible for the analysis and approval of Customers' credit;

(g) define the price, term, charges, fees and any other attributes that impact the revenue, costs and expenses of PicPay Cards, and consequently its Net Equity; and

(h) take any and all actions reasonably necessary for the faithful fulfillment of its obligations under this Agreement.

9.2. In addition to other obligations under this Agreement, PicPay shall:

(a) obtain and maintain in force any and all government authorizations, approvals and licenses required by federal, state and municipal authorities and perform any and all necessary registration to fulfill its obligations, as provided in this Agreement;

(b) comply with the requirements of the law, including, but not limited to, the Civil Code, the Consumer Code, the Bank Secrecy and Personal Data Protection Laws and any other applicable legislation in carrying out the obligations provided for herein, as well as providing all information and carrying out all the records required by the Central Bank;

(c) support the sustainable development of the Partnership's business and ensure the promotion, dissemination and offer of PicPay Cards in its Distribution Channels;

(d) ensure that the database, provided for in Section 5.1, is updated and transferred periodically to the Bank, mainly regarding the entry of new Applicants;

(e) notify the Bank of any legal action or administrative proceeding filed by any third party against PicPay as long as it is directly related to the Partnership or PicPay Card;

(f) take any and all actions necessary for the faithful fulfillment of its obligations under this Agreement.

**X. REPRESENTATIONS AND WARRANTIES OF THE PARTIES**

10.1. PicPay hereby represents and warrants to the Bank that:

(a) It is an existing company duly incorporated in accordance with Brazilian law and is duly qualified and able to operate at the place of its headquarters and in the other places where it has activities;

(b) It has full legal capacity and has obtained all corporate authorizations to enter into this Agreement and to carry out the transactions contemplated herein. This Agreement was duly and validly executed and is a valid, mandatory and enforceable agreement in relation to PicPay according to its terms, having been approved;

(c) The execution of this Agreement (i) does not violate any provision of PicPay's bylaws or any other corporate document; (ii) does not violate, infringe in any way, result or cause the breach of any contractual provisions, commitments or other relevant obligations to which PicPay is a party or by which it is bound; (iii) does not violate any provision of law, decree, rule or regulation, administrative or judicial order to which PicPay is subject; and (iv) does not require any consent, approval or authorization of, notice to, or filing or registration with any individual or legal entity, or court, except for the authorizations and other formalities already provided for in this Agreement and those that have already been obtained and are in force on this date;

(d) There is no pending litigation or threat of litigation to which PicPay is a party that could have a negative impact on its ability to comply with its obligations under this Agreement;

(e) It does not employ and/or use, and undertakes not to employ and/or use, during the term of the Agreement, child labor in the provision of its services, nor does it hire and/or maintain relations with any companies that provide services to it (partners, suppliers and/or subcontractors) that use, exploit and/or by any means or form employ child labor, under the terms provided for in Law No. 8.069/1990 and other legal norms and/or regulations in force, except as an apprentice, from the age of fourteen (14), under the terms of article 7, XXXIII of the Federal Constitution;

(f) It does not use slave or slave-like labor;

(g) It is aware that the Partnership is an extension of services provided by a financial institution, which is why it is committed to observing all the rules and laws that govern banking activity, in particular the rules and laws that deal with banking secrecy and preventing and combating activities related to crimes provided for in Law No. 9.613 of March 3, 1998, which provides for crimes of "laundering" or concealment of assets, rights and valuables; and

(h) It is aware of the terms of Law No. 12.846, of August 1, 2013, and that it does not engage in and shall not engage in, as well as warrants that its employees and representatives do not engage in and shall not engage in the behaviors set forth therein; it adopts the internal mechanisms and procedures for integrity, auditing and encouraging the reporting of irregularities in the behaviors described in said statute.

10.2. Original represents and warrants to PicPay that:

(a) It is an existing company duly incorporated in accordance with Brazilian law and is duly qualified and able to do business at the place of its headquarters and in the other places where it has activities;

(b) It has full legal capacity and has obtained all corporate authorizations to enter into this Agreement and to carry out the transactions contemplated herein. This Agreement was duly and validly executed and is a valid and mandatory agreement, enforceable in relation to the Bank in accordance with its terms;

(c) The execution of this Agreement (i) does not violate any provision of the Bank's bylaws or any other corporate document; (ii) does not violate, infringe in any way, result or cause the breach of any contractual provisions, commitments or other relevant obligations to which the Bank is a party or by which it is bound; (iii) does not violate any provision of law, decree, rule or regulation, administrative or judicial order to which the Bank is subject; and (iv) does not require any consent, approval or authorization of, notice to, or filing or registration with any individual or legal entity, or court, except for the authorizations and other formalities already provided for in this Agreement and those that have already been obtained and are in force on this date;

(d) There is no pending litigation or threat of litigation to which the Bank is a party that could have a negative impact on its ability to comply with its obligations under this Agreement;

(e) It does not employ and/or use, and undertakes not to employ and/or use, during the term of the Agreement, child labor in the provision of its services, nor does it hire and/or maintain relations with any companies that provide services to it (partners, suppliers and/or subcontractors) that use, exploit and/or by any means or form employ child labor, under the terms provided for in Law No. 8.069/1990 and other legal norms and/or regulations in force, except as an apprentice, from the age of fourteen (14), under the terms of article 7, XXXIII of the Federal Constitution;

(f) It does not use slave or slave-like labor;

(g) It is aware of the terms of Law No. 12.846, of August 1, 2013, and that it does not engage in and shall not engage in, as well as it guarantees that its employees and representatives do not engage in and shall not engage in the behaviors set forth therein; it adopts the internal mechanisms and procedures for integrity, auditing and encouraging the reporting of irregularities in the behaviors described in said statute.

**XI. INTELLECTUAL PROPERTY - PICPAY**

11.1. PicPay hereby grants the Bank a license to use, free of charge, during the term of this Agreement, "PicPay" product and service brands in their word and composite forms ("PicPay Brands") in Brazil, for the specific purpose of sale, marketing, branding, printing and advertising of PicPay Cards. Any advertising and promotional activities involving the PicPay Brands, including materials, must be previously and expressly approved by PicPay.

11.2. The right to use PicPay Brands is exclusively authorized to make the Bank's activities related to the issue and management of PicPay Cards viable and is subject to the duration and conditions of this Agreement and the duration of the registration of each PicPay brand, except for the provisions below, and under no circumstances does it entail transfer of ownership of the PicPay Brands before the Patent and Trademark Office (INPI).

11.3. Unless previous, express and written authorization is given by PicPay, the use of the PicPay Brands by the Bank is prohibited for purposes other than those provided for in this Agreement.

11.4. The Bank shall use the PicPay Brands as contained in the respective registration certificates issued by the INPI and in the registration applications filed with the INPI, observing their respective classifications as to the classes of products and services protected by them.

11.5. The application of the PicPay Brands, their word and device elements and the visual identity related to them shall be used by the Bank upon prior approval and in accordance with technical specifications provided by PicPay, which shall include the size, orientation, appearance, placement, spacing between PicPay Brands and visual elements, such as colors, fonts, backgrounds, textures and image quality.

11.6. The Bank undertakes to provide PicPay, as the case may be, with all reasonable assistance in relation to any matter regarding protection, the requirement to comply with the rights and obligations relating to PicPay Brands, or their violation, when said issue is related to the Bank's use of PicPay Brands.

11.7. PicPay undertakes to promptly inform the Bank of any and all violations, imitations, counterfeits or other illegal or improper use of PicPay Brands that come to its knowledge and which may affect the sale of PicPay Cards.

11.8. The Bank undertakes to promptly inform PicPay of any and all violations, imitations, forgery or other illegal or improper use of PicPay Brands that come to its knowledge, at which time it shall assist PicPay, to the extent applicable, in proposing appropriate measures to prevent the violation, imitation, forgery or other illegal or improper use of PicPay Brands.

11.9. Notwithstanding the provisions of this Section, the Parties agree that the protection of PicPay Brands shall be exclusively the responsibility of PicPay.

11.10. If PicPay is required to interrupt or suspend the use of any of PicPay Brands, PicPay undertakes to immediately notify the Bank so that it will no longer issue PicPay Cards with that brand. In no event shall the Bank be liable for breach of a third party's right over PicPay Brands.

11.11. The Bank undertakes not to engage in any act that discredits PicPay Brands before Customers, suppliers, authorities and the public at large, taking all measures to safeguard its good and perfect reputation in the use of PicPay Brands.

**XII. DAMAGES**

12.1. Each Party ("Indemnifying Party") undertakes, in an irrevocable and irreversible manner, to defend, indemnify and hold the other Party ("Indemnified Party") harmless from any damage and/or loss that may be caused by the Indemnifying Party, its employees, staff, service providers and/or subcontracted third parties, as a result of the respective activities performed under this Agreement, including, but not limited to, as a result of any operational failures as well as the services provided pursuant to this Agreement.

12.2. The Indemnifying Party's obligation to defend, indemnify and hold the Indemnified Party harmless from any and all events mentioned above shall apply to any action, suit or claim, of any nature, filed by any third party, including, but not limited to, by the appropriate authorities, by the Brands and/or by the consumer protection bodies against the Indemnified Party, provided that the terms and conditions of this Section XII are observed.

12.3. The obligation provided for in this Section XII shall survive even after the termination of this Agreement, whether due to lapse of time, acceleration and/or any other reason.

12.4. The Parties agree that the duty to indemnify referred to in this Section XII shall only be due after the action that determined the payment of damages by the Indemnified Party becomes final and unappealable. Until the decision becomes final and unappealable, no amount shall be due by the Indemnifying Party to the Indemnified Party.

12.4.1. Subject to the foregoing, reimbursement by the Indemnifying Party to the Indemnified Party shall take place within thirty (30) days after notice for such purpose sent by the Indemnified Party is received, unless there is a written statement by the Indemnifying Party.

12.5. If any of the Parties is served with process or notified in the context of administrative or judicial actions and proceedings ("Notified Party") as a result of facts or acts, by commission or omission, attributable to the other Party ("Responsible Party"), in accordance with the responsibilities undertaken by each of the Parties to this Agreement, the Notified Party, in an irrevocable and irreversible manner, undertakes to conduct the claim, and the Responsible Party shall provide support for the defense, when so requested by the Notified Party in a timely manner.

12.5.1 The Notified Party shall be responsible for conducting and defending each claim, including, but not limited to: (a) respecting judicial deadlines; (b) preparing and implementing effective and timely defense strategies and mechanisms; and (c) selecting, at their own expense, lawyers to be appointed attorneys-in-fact of the Notified Party, with such lawyers, among other responsibilities specific to their duties as lawyers, presenting and conducting the processing of defenses, answers, challenges, appeals, filing, claims, in addition to recommending and supporting any other judicial measures that may be necessary to preserve the interests of the Responsible Party, within the scope of any such actions or proceedings.

**XIII. DURATION, TERMINATION AND TERMINATION EFFECTS**

13.1. This Agreement shall enter into force on January 1, 2020 and shall remain in full force and effect for ten (10) years. The duration of the agreement shall be automatically renewed for another five (5) years, unless either Party expresses otherwise, with a minimum advance of six (6) months from the end of the original term.

13.2. Any Party to this Agreement may terminate this Agreement without cause, at any time, with prior written notice to the other Parties, at least one hundred eighty (180) days in advance, without the Party incurring, in this case, any expenses, whether by way of indemnity, fine or any other, being due only the fulfillment by the Parties of all obligations originated up to the last day of validity of the prior notice, in particular the continuity obligations provided for in the Section below.

13.3. Subject to the business continuity rules set out in the Section below, any innocent Party may terminate this Agreement, by means of a simple notice to the other Party, in case any of the following events takes place with one of the other Parties:

(a) Adjudication of bankruptcy or court-supervised or out-of-court reorganization petition from either Party;

(b) Declared insolvency of either Party;

(c) Revocation of any license issued by an official body, which is mandatory for the provision or continuity of the purpose of this Agreement;

(d) Assignment or transfer of this Agreement by one of the Parties without the prior consent of the other Party;

(e) In the event of non-compliance, by any of the Parties, with any of the sections of this instrument, not remedied in accordance with the procedure provided for in Section 13.3.1 below, without prejudice to the award of damages arising from the breach of contract, ascertained by means of appropriate judicial order;

(f) Should any of the Parties, by itself or by any of its agents, perform acts capable of materially compromising the public image of PicPay or the Bank or even the image of the PicPay Card; or

(g) If there is a change, either directly or indirectly, in the control of any of the Parties, to a Person who is not a member of the corporate group of the respective Party.

13.3.1. In the event of breach of contract provided for in item 13.3(e) above, by any of the Parties, the innocent party shall notify the defaulting Party, alerting to the breach of the Agreement and urging the defaulting Party to comply with its obligation within thirty (30) business days, under penalty of unilateral termination.

13.3.2. If, within the period provided for in the previous item, the defaulting Party has not remedied its contractual default, failing to fully comply with the breached obligation, this fact shall lead to the termination of the Agreement by the innocent Party.

13.4. Whenever the cause for the termination or rescission of this Agreement allows, the Parties henceforth agree to follow the continuity plan below, which should have the guarantee of maintaining all conditions and services active in the Partnership, in order to minimize negative effects on the transaction that is the subject matter of this Agreement:

(a) the Bank shall cease the use of PicPay Brands within sixty (60) days from the date of termination or rescission, except for the use of PicPay Brands on active PicPay Cards, in operational communications related to such cards and in communications with Customers about the end of the Partnership;

(b) the Parties shall reciprocally return all Confidential Information owned by the other Parties that are in their power under this Agreement;

(c) the Parties agree that PicPay's relationship with Customers shall continue without interruption, and can only be interrupted by their decision;

(d) PicPay shall be entitled to offer a new proposal for a co-branded PicPay card with any other issuer and brand;

(e) the Bank shall cease issuing new PicPay Cards within sixty (60) days from the date of termination or rescission;

(f) the Bank shall cancel active PicPay Cards within three hundred sixty (360) days from the date of termination or rescission, subject to the specific terms of the Customers' adhesion contracts;

(g) in any case of termination or rescission of this Agreement, the Parties shall have the right to unrestrictedly maintain and use, for commercial purposes, the database relating to PicPay Card holders acquired during the term of this Agreement;

(h) the Parties shall be exempted from all obligations undertaken under this Agreement, with the exception of the consequences of the termination or rescission of this Agreement provided for in this Section and other cases where there is an express provision to the contrary in this Agreement.

**XIV. CONFIDENTIALITY**

14.1. All information related to the purpose of this Agreement acquired in its course, or which, although not related to said purpose, is disclosed as a result of discussions or negotiations between the Parties regarding it and that comes from each of the Parties and is not known to the general public, whether of technical, business or any other nature, manifested in a tangible or intangible manner, shall be considered confidential ("Confidential Information") and owned by the disclosing Party ("Disclosing Party"), and must be protected by it, as provided for in this Section.

14.1.1. Confidential Information shall mean, without limitation, any information of a technical, operational, commercial or legal nature, know-how, inventions, processes and formulas, accounting methods, accumulated techniques and experiences, data and Customer information transmitted to the receiving Party ("Receiving Party"): (i) by any means (*e.g.*, printed documents, manuscripts, facsimile, electronic messages (email), photographs, etc.); (ii) by any means recorded in electronic media, such as tapes, laser-discs, floppy disks (or any other magnetic means), encrypted or not; (iii) orally; (iv) summaries, notes and any comments, oral or written; or (v) those whose content makes their confidential nature obvious.

14.2. During the term of this Agreement and for an additional period of two (2) years after the termination of this Agreement, the Receiving Party shall:

(a) use such information only for the purpose of performing this Agreement;

(b) maintain the Confidential Information and disclose it only to its Representatives who need to know about it for the purposes of the performance of this Agreement, and be responsible for the fulfillment of the confidentiality obligation on the part of its representatives; and

(c) protect the Confidential Information by using the same degree of care used to protect its own confidential information.

14.3. The Receiving Party shall request written authorization from the Disclosing Party to disclose Confidential Information to third parties, agents or consultants, and this third party shall enter into a confidentiality agreement in writing with the Parties, in terms compatible with the scope of this Section.

14.4. All Confidential Information disclosed under this Agreement shall remain in the possession and exclusive ownership of the Disclosing Party, and, after termination, shall be returned to the Disclosing Party or destroyed with due proof of destruction, at its discretion, upon written request to the Receiving Party.

14.5. Confidential Information shall not be considered to be information that:

(a) is already in the possession of the Receiving Party, free of restrictions, prior to its disclosure by the Disclosing Party;

(b) is or becomes in the public domain during the term of this Agreement; and

(c) has been provenly developed by the Receiving Party prior to the disclosure of this Confidential Information by the Disclosing Party.

14.6. If the Receiving Party is required by law, regulation, court order or governmental authority with powers to do so to disclose any Confidential Information, the Receiving Party, if such a fact does not conflict with the judicial or administrative order, shall report such fact immediately to the Disclosing Party, in writing and prior to said disclosure, so that the Disclosing Party may seek a court order or other remedy from the appropriate authority that would prevent disclosure. The Receiving Party undertakes to cooperate with the Disclosing Party in obtaining the aforementioned court order or other remedy that prevents disclosure. The Receiving Party also agrees that if the Disclosing Party is unsuccessful in trying to remove the obligation to disclose Confidential Information, it shall only disclose the part of the Confidential Information that is being legally required and, furthermore, that it shall make its best efforts to obtain reliable assurance that Confidential Information disclosed in this condition shall be treated confidentially.

**XV. ANTI-CORRUPTION AND ETHICAL AND MORAL CONDUCT**

15.1 The Parties undertake to:

(a) not engage in any irregular or illegal conduct;

(b) not take any action or perform any act that may, directly or indirectly, favor one another or any of the companies of their respective economic conglomerates, contrary to the laws applicable in Brazil or abroad;

(c) keep their business books, records and accounting and financial documents in sufficient detail and accuracy to clearly reflect the operations and the resources covered by this Agreement.

15.2 The Parties undertake to provide documents and information that may assist the other Party in its defense, should any of the Parties be involved in any situation related to corruption or bribery, as a result of action taken by the other Party.

15.3 The Parties warrant, including by their suppliers, that:

(a) they do not use illegal work, and undertake not to use labor practices similar to slavery, or child labor, except for legal exceptions, either directly or indirectly, through their respective suppliers of products and services;

(b) they do not employ minors up to eighteen (18) years old, including apprentice minors, in places that are harmful to their education, physical, psychological, moral and social development, as well as in dangerous or unhealthy places and services, at times that do not allow school attendance and at night;

(c) they do not use practices of negative discrimination, restricting access to or maintenance of employment, such as, but not limited to, for reasons of sex, origin, race, color, physical condition, religion, marital status, age, family situation or pregnancy status;

(d) they undertake to protect and preserve the environment, as well as to prevent and eradicate harmful practices to the environment, performing their services in compliance with the legislation in force with regard to the National Policy on Environment and Environmental Crimes, as well as legal, normative and administrative acts related to the environmental and related area, emanating from Federal, State and Municipal spheres; and

(e) they do not adopt practices related to activities that entail criminal profit from prostitution or sexual exploitation of vulnerable people.

15.4 The duties provided for in this section extend to shareholders, quotaholders, members, directors, officers, employees and service providers, including subcontractors and representatives of each Party.

15.5 Contractual non-compliance shall be characterized as the involvement of any of the Parties in a situation related to engagement in corruption, bribery and/or performance of acts harmful to the government.

**XVI. LABOR, TAX AND CIVIL RESPONSIBILITIES**

16.1. Each Party is responsible for all labor, social security and tax responsibilities arising from the respective employment relationships.

16.2. No employment relationship shall be established between the Parties and the employees, agents and/or subcontractors used in the performance of this Agreement, and each Party shall answer exclusively for any labor lawsuits filed and for notices of violation issued, exempting and holding the other Party harmless, in the event that it is administratively or judicially sued, and reimbursing it for any amounts eventually spent, including legal costs and fees, with legal interest and adjustment for inflation since the disbursement by the Party.

16.3. In the event of a labor action filed by an employee, agent or subcontractor of one of the Parties, the other Party may intervene in the case by requesting the exclusion of the responding Party in the dispute and, in the event of failure, it may assist it, under the terms of articles 119 et seq. of the Brazilian Code of Civil Procedure, in order to claim full labor, social security and tax liability arising from the respective employment relationship.

16.4. Each Party shall bear the taxes and contributions resulting from its activities.

16.5. The Parties shall inform the other Party of the occurrence of notices, notifications or sanctions imposed by supervisory bodies, as well as of any services of process, notices, written requests of performance or summons, all arising from this Agreement.

16.6. The Parties shall reimburse each other for any expenses, adverse judgments and fees that the Party may suffer as a result of legal or extrajudicial actions brought by the Applicants or Customers, due to the breach of this Agreement, as well as in relation to cases of duly proven defects in their products or services.

16.7. The Parties shall also be responsible for their products and services to consumers, consumer protection agencies, the judiciary and anyone else involved in the consumer relation.

**XVII. AUDIT**

17.1. Without prejudice to the specific provisions provided for in this Agreement, the Parties are allowed to carry out audits, during the performance of this Agreement, directly or by whomever they may appoint, to prove faithful observance of the provisions of this instrument, without prejudice to the inspection already carried out by the other Party.

17.2. The Party that wishes to carry out the audit shall notify the other Party about it at least fifteen (15) days in advance, regardless of whether it is carried out on the premises or not.

17.3. The Party that will be audited is responsible for cooperating with the audit, making the pertinent information, which is requested for the performance of the audit, available within an appropriate timeframe, as well as assisting the employees and/or independent auditors appointed to do so.

17.4. The Party requesting the Audit shall bear all costs and expenses arising therefrom.

**XVIII. APPLICABLE LAW AND JURISDICTION**

18.1. This Agreement shall be governed by and construed in accordance with the laws of the Federative Republic of Brazil.

18.2. The Parties hereby elect the Jurisdiction of the Judicial District Court of São Paulo, State of São Paulo, with express waiver of any other, however privileged it may be, to settle any doubts and/or disputes involving the provisions of this Agreement.

**XIV. MISCELLANEOUS**

19.1. Each of the Parties, in the manner represented herein, represents to be aware of the provisions of the Code of Ethical Conduct of the other Party, copies of which are hereby handed over to it, committing to comply with them and to cause them to be complied with by their representatives, employees, agents, contractors or subcontractors.

19.2. Taxes due directly or indirectly as a result of this Agreement, or the performance thereof, are a liability of the taxpayer, as defined in the tax law.

19.3. This Agreement governs and contains the final provisions of the negotiations between the Parties, replacing any other documents, contracts or understandings, whether written or oral, previously entered into that have the same subject matter as this Agreement.

19.4. This Agreement may only be validly amended provided that it is in writing, duly signed by the legal representatives of both Parties.

19.5. All notices, communications, notifications, waivers or consents provided for in this Agreement shall be in writing and sent by registered letter, or by any other means that allows proof of receipt by the Parties, including by email, provided that with virtual proof receipt. The communication address is the one set out below; any change of address of one of the Parties shall be communicated to the other through written communication, in accordance with the provisions of this section.

Original:

Address: Rua Porto União, 295, São Paulo/SP

Email: jurídico_varejo@original.com.br

Att.: Legal Department

PicPay:

Address: Avenida Manuel Bandeira, 291, condomínio Atlas Office Park, bloco A, 2° Andar, Vila Leopoldina, São Paulo, SP, CEP 05.317-020

Email: juridico@picpay.com

Att.: Legal Department

19.6. Any omission or tolerance by the Parties in demanding strict compliance with contractual obligations, or in exercising any right arising from this Agreement, shall not constitute novation or waiver, nor shall it affect their right to exercise them at any time.

19.7. In the event that any section, term or provision of this Agreement is declared void or unenforceable, such nullity or unenforceability shall not affect any other sections, terms or provisions contained herein, which shall remain in full force and effect, unless the term or provision considered null or unenforceable significantly affects the balance of this Agreement.

19.8. This Agreement is executed on an irreversible and irrevocable manner, binding the Parties and successors in any capacity.

19.9. No Party may assign or transfer any of its rights or obligations arising from this Agreement without the prior and express written consent of the other Party.

19.10. The Parties may not undertake any obligation on behalf of the other or, in any form or condition, bind the other Party to third parties, unless they obtain prior and express authorization or power of attorney from the other Party. No Party shall be responsible or held liable for the products and services owned or provided by the other Party. Each Party shall continue to be solely responsible, to the other and third parties, even after the termination of this Agreement, for the activities that it develops, for the risks attaching to that activity, as well as for the products and services that it sells. Nothing in this Agreement should be construed as meaning that one Party has undertaken, even if implicitly, the risks of the other's activity. The Parties are and shall remain independent in any matter and instance.

19.11. The Parties, as well as their respective legal representatives, represent that they are duly authorized to sign and perform this Agreement, pursuant to their respective corporate instruments.

19.12. The effects of this instrument go back to January 1, 2020.

In witness whereof, the Parties sign this Agreement in two (2) original copies of equal content, through their legal representatives, in the presence of the two (2) witnesses identified below.

São Paulo, March 5, 2021.

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| | |
|:---|:---|
| /s/ Simao Luiz Kovalski | /s/ Edilson Pereira Jardim |
| Simao Luiz Kovalski | Edilson Pereira Jardim |

---

**BANCO ORIGINAL S.A.**

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| | |
|:---|:---|
| /s/ Anderson Andrade Chamon do Carmo | /s/ José Antonio Batista Costa |
| Anderson Andrade Chamon do Carmo | José Antonio Batista Costa |

---

**PICPAY SERVIÇOS S.A.**

---

| | | | |
|:---|:---|:---|:---|
| **1st WITNESS** | **1st WITNESS** | **2nd WITNESS** | **2nd WITNESS** |
| /s/ Maira Mendes Morais | /s/ Maira Mendes Morais | /s/ Hyde de Melo Gomes Silva | /s/ Hyde de Melo Gomes Silva |
| Name: | Maira Mendes Morais | Name: | Hyde de Melo Gomes Silva |
| CPF: | CPF: | CPF: | CPF: |

---

**EXHIBITS**

**DISTRIBUTION OF PARTNERSHIP RESULTS**

**1. REVENUE SHARING.** Through this partnership, the revenues from PicPay Cards shall be shared between Original and PicPay in the following terms:

a) INTERCHANGE REVENUE - CREDIT: on a monthly basis, the Bank shall transfer to PicPay ten percent (10%) of the total calculated in the Interchange Revenue account accounted for the purchase transactions made in the PicPay Card credit function in the Mastercard Payment Arrangement.

b) INTERCHANGE REVENUE - DEBIT: on a monthly basis, the Bank shall transfer to PicPay fifty percent (50%) of the total calculated in the Interchange Revenue account accounted for the purchase transactions made in the PicPay Card debit function in the Mastercard Payment Arrangement.

1.1. Original shall send to PicPay, up to the second (2nd) business day of the month following the base period for accounting appropriation of Revenues, the amount of PicPay's sales revenues. Payment shall be made by Original within three (3) business days after receiving the Invoice issued by PicPay.

**2. FINANCING MARGIN.** In addition to the Revenues described in item 1, Original shall also pass on to PicPay twenty percent (20%) of the Net Financing Margin, which is the net income before Income Tax of the financing taken by the Customers of PicPay Cards - Revolving and Installments.

Net financing margin = Financing income (-) Funding costs (-) Expenses with allowance for doubtful accounts (-) Direct taxes

2.1. In the event that the net financing margin shows a negative result, it shall be fully borne by Original, considering the exclusive credit risk of this institution.

2.2 Original shall send to PicPay, up to the twelfth (12th) business day of the month following the base month, the amount of PicPay's sales revenues. Payment shall be made by Original within three (3) business days after receiving the Invoice issued by PicPay.

**3. LATE PAYMENT.** Amounts in delay shall be subject to interest of one percent (1%) per month (on a pro rata basis) and adjustment for inflation by the IGP-M/FGV.

**4. REIMBURSEMENT OF OPERATING EXPENSES.** Considering PicPay's liability expenses paid by Original, which are described in the FIRST AMENDMENT TO THE PAYMENT ARRANGEMENT PARTICIPATION AGREEMENT, the amount to be paid by PicPay as reimbursement shall be calculated MONTHLY by Original:

a) manufacturing, personalization and preparation for shipping plastics;

b) shipping plastics.

4.1. Considering the equal sharing of INTERCHANGE REVENUE - DEBIT on debit transactions carried out in the Mastercard Payment Arrangement - set out in item 1.b, the following operating expenses shall also be divided equally:

a) processing of transactions and maintenance of debit cards;

b) processing and use of the Mastercard brand by debit cards.

4.2. The calculated amounts shall be sent monthly to PicPay by the second (2nd) business day of the month following the base month, together with the respective Debit Note.

4.3. Payment shall be made by PicPay within three (3) business days after receiving the Debit Note issued by Original.

4.4. Amounts in arrears shall be subject to interest of one percent (1%) per month (on a pro rata basis) and adjustment for inflation by the IGP-M/FGV.

**5. ANNUAL CALCULATION OF INCOME FROM SERVICES.** The parties agree to share equally the Net Margin of SERVICES performed with PicPay Cards. To do so, annually, the result shall be determined by Original and presented to PicPay. In the event that the Parties have received different amounts considering all receipts and payments made during the year, the appropriate financial adjustments shall be made.

5.1. Original shall send to PicPay, by the fifteenth (15th) business day of the month following the base year, the amount of PicPay's sales revenues or to be reimbursed to Original. The due financial adjustment shall be made within three (3) business days after the calculated amount is sent.

5.2. The Net Margin of Services is formed by components of the result of PicPay Cards that are not characterized as financing (Revolving and Installment):

**CREDIT CARD**

a) (+) INTERCHANGE REVENUES

b) (-) DIRECT TAXES

c) (-) CREDIT CARD OPERATING EXPENSES, including the costs of sending the card borne by the Bank (at the price of the Post Office (FAC-Correios) - as specified in the FIRST AMENDMENT TO THE PAYMENT ARRANGEMENT PARTICIPATION AGREEMENT - "Amendment") and not including those for the manufacture and customization of plastic (which has a form of distribution specified in the same Amendment, and which already considers 50% of its cost transferred to PicPay)

d) (-) PICPAY REMUNERATION EXPENSES (amounts paid on the basis of active cards)

e) (-) INTERCHANGE REVENUE SHARING EXPENSES

**DEBIT CARD**

a) (+) INTERCHANGE REVENUES

b) (-) DIRECT TAXES

c) (-) OPERATING EXPENSES, except those for manufacturing, customization and shipping the plastic (which has the form of distribution specified in the aforementioned Amendment)

d) (-) INTERCHANGE REVENUE SHARING EXPENSES

e) (+) REIMBURSEMENT OF OPERATING EXPENSES, except those for manufacturing, customization and shipping of plastic.

**6. PRICING.** At any time, in mutual agreement between the Parties, the prices of remuneration and/or the sharing of revenues and/or the sharing of operating expenses may be revised and renegotiated.

## Exhibit 10.18

**Exhibit 10.18**

**Free English Translation**

**<u>AGREEMENT FOR THE ASSIGNMENT OF CREDIT RIGHTS</u>**

By this private instrument, the Parties identified below,

**ÂMBAR ENERGIA S.A**., a legal entity governed by private law, with registered office at Avenida Marginal Direita do Tiete, No. 500, Bloco I, 1<sup>st</sup> floor, B, Suite No. 10, CEP 05118-100, São Paulo-SP, registered with the CNPJ under No. 01.645.009/0003-84, herein represented in accordance with its bylaws ("ASSIGNOR"); and

**PICPAY BANK - BANCO MULTIPLO S.A.**, a financial institution headquartered at Avenida Manuel Bandeira, No. 297, Cond Atlas Office Park, Bloco B - Andar 3, CEP 05377-020, Sao Paulo-SP, registered with the CNPJ/MF under No. 09.576.479/0007-75, herein represented in accordance with its bylaws ("ASSIGNEE").

The ASSIGNOR and the ASSIGNEE are hereinafter individually and interchangeably referred to as "PARTY" and, collectively, as "PARTIES".

WHEREAS:

I. the ASSIGNEE is a financial institution authorized to operate by the Central Bank of Brazil, specializing in offering, among other services, financial products;

II. the ASSIGNOR is a power generation and trading company of the J&F group;

III. the ASSIGNOR entered into an Instrument for the Resolution of Disputes by the Parties with the Chamber of Electric Energy Commercialization, registered with the CNPJ under No. 03.034.433/0007-56, with headquarters at Av. Paulista, No. 2064-13th floor, Sao Paulo-SP ("CCEE"), for the enforcement of reserve energy contracts No. 448/2021, resulting from simplified procedure No. 01/2021, duly approved by the competent bodies; and

IV. the ASSIGNOR wishes to assign to the ASSIGNEE, without co-obligation, certain portions of receivables to which it is entitled by virtue of the obligations assumed in the aforementioned contract, as described and identified below, as well as all ancillary rights and guarantees secured in relation to the Assigned Portions.

**NOW, THEREFORE, THE PARTIES RESOLVE**, in the best form of law, to enter into this Agreement for the Assignment of Credit Rights ("Agreement"), in accordance with the following clauses and conditions:

**SECTION ONE - SUBJECT MATTER** 

1. By this instrument and in the best form of law, the ASSIGNOR irrevocably and irreversibly assigns to the ASSIGNEE, as it has in fact assigned, without co-obligation, the credit rights held by the ASSIGNOR, as well as all accessory rights and guarantees, corresponding to one hundred percent (100%) of the installment due on 12/19/2024 of the Reserve Energy Contract - CER No. 448/2021 resulting from the simplified competitive procedure No. 01/2021, as amended, in the amount of one hundred and forty-three thousand, nine hundred and eighty thousand, seven hundred and eighty-two reais and sixty-three cents (R$143,980,782.63) ("Assigned Transaction"). To avoid any doubt, it is clarified that the amendments signed relating to the Reserve Energy Contract - CER No. 448/2021, resulting from simplified competitive procedure No. 01/2021, did not affect its validity and effectiveness in any way, as they were limited to the substitution of parties and the extension of the start date of its term.

1.1. The transfer of the Assigned Transaction is considered perfect and complete upon the execution of this Agreement, regardless of any other formality, with the payment of the Assignment Fee, as indicated in Section Two below.

1.2. Therefore, from this date, the ASSIGNEE becomes the sole and legitimate holder of all rights and obligations arising from the Assigned Transaction, especially payments made within its scope.

1.3. In the event of non-existence, irregularity, invalidity, untruthfulness, illegitimacy, or unenforceability of the Assigned Transaction or due to termination of the Reserve Energy Contract - CER No. 448/2021 ("CER"), should this be the case, the assignment will be automatically terminated by means of a notice sent by the ASSIGNEE to the ASSIGNOR, which shall return to the ASSIGNEE, within two (2) business days from the date of the termination notice, the Assignment Fee plus "interest" at the discount rate indicated in Annex A, levied from the date of payment of the Assignment Price until the established date.

1.3.1. Disqualification shall also occur and subject the ASSIGNOR to the obligations established in Section 1.3 above, in the following cases:

a) offsetting, wholly or in part, made by CCEE with the funds that should be paid to the ASSIGNEE or payment of an amount lower than that indicated in the Assigned Transaction;

b) non-compliance with any obligation assumed by the ASSIGNOR in this instrument;

c) failure by the ASSIGNOR to present, when requested by the ASSIGNEE, the documents that substantiate the credit arising from the Assigned Transaction;

d) the occurrence of a commercial or judicial dispute between the ASSIGNOR and CCEE, which renders the ASSIGNOR's credit unenforceable;

e) the untimely payment of the Assigned Transaction by CCEE due to alleged defects, flaws, or non-existence of the underlying legal transaction;

f) if CCEE raises objections under article 294 of the Civil Code;

g) if any Assigned Portion is claimed by third parties;

h) if the Assigned Transaction has its value reduced due to the fault or intent of the ASSIGNOR, including cases arising from any discounts given to CCEE, or obligations arising from non-compliance with the CER;

i) if the ownership and/or authorizations from the competent bodies granted to the ASSIGNOR for performance of the contract entered into with CCEE are in any way interrupted;

j) if the Assigned Transaction has its characteristics modified, including by commercial agreement between the ASSIGNOR and CCEE of the Assigned Transaction;

k) if any obstacle of any nature is identified that may alter the characteristics or even the legal nature of this assignment, and causes, in any way, financial and/or accounting impacts to the detriment of the ASSIGNEE.

1.3.1.1. The ASSIGNEE may, at its sole discretion, after analyzing the impacts and risks, consider the Assigned Transaction to be totally or partially disqualified.

1.4. If the restitution of the amounts due is not effected, as defined in Section 1.3 above, that is, due to the non-existence, irregularity, invalidity, untruthfulness, illegitimacy, or unenforceability of the Assigned Transaction or due to termination of the Reserve Energy Contract - CER No. 448/2021 ("CER"), should this be the case, the ASSIGNOR shall be in default and required to pay the ASSIGNEE the amounts in arrears, plus: (i) compensatory interest at the discount rate; (ii) late payment interest at the rate of one percent (1%) per month, calculated pro rata die until the date of actual payment; (iii) a non-compensatory late payment fine of two percent (2%) on the outstanding balance; and (iv) expenses incurred due to collection.

1.5.The ASSIGNOR undertakes, whenever requested by the ASSIGNEE, when issuing invoices/bills for payment to CCEE, to send a copy of these documents.

1.6. The Parties agree that the amounts arising from the Assigned Transaction shall be settled directly by CCEE by means of a credit to the checking account indicated in Annex A.

1.6.1. In the event of non-payment by CCEE, the ASSIGNEE appoints the ASSIGNOR as its duly authorized attorney-in-fact for the specific purpose of carrying out the extrajudicial collection of credits arising from the Assigned Transaction with CCEE, receiving and issuing receipts. Upon receipt of the credit, the ASSIGNOR shall immediately transfer it to the ASSIGNEE. The power of attorney hereby granted by the ASSIGNEE shall be exercised by the ASSIGNOR free of charge, and delegation of powers is prohibited.

**SECTION TWO - PRICE**

2.1. The total price of this assignment, which shall be paid by the ASSIGNEE to the ASSIGNOR, shall be that indicated in Annex A to this Agreement ("Assignment Price"). The settlement of the Assignment Price shall occur automatically with the credit to the ASSIGNOR's checking account indicated in Annex. A.

2.1.1. The Parties hereby establish that the Assignment Price will not undergo any alteration or adjustment, including in the event that the due date of the assigned installments is modified by up to five (5) business days, either earlier or later.

2.2. The ASSIGNOR is aware of and agrees that the ASSIGNEE shall transfer to the ASSIGNOR the obligation to pay the amount of taxes and charges that may apply to the assignment and/or disqualification of the Assigned Transaction.

**SECTION THREE - RESPONSIBILITIES AND OBLIGATIONS OF THE PARTIES**

3.1. The ASSIGNOR shall be responsible for monitoring all legal and administrative procedures necessary for payment of the Assigned Transactions by CCEE.

3.2. The ASSIGNOR undertakes to perform all acts that depend on its exclusive effort, necessary for perfect formalization of the Assigned Transaction, communicating to the ASSIGNEE all the terms and conditions under which the Transaction that is the subject matter of this Agreement was formalized.

3.3. The ASSIGNOR shall, within five (5) days from the execution of this Agreement, notify CCEE of this assignment, as provided for in article 290 of the Brazilian Civil Code. The ASSIGNEE may also, at its sole discretion, request from the ASSIGNOR proof of sending and receiving the notice in relation to this assignment.

**SECTION FOUR - TERM**

4.1. This agreement shall be effective until full compliance with all obligations of the Parties, in particular, payment of the Assignment Amount by the ASSIGNEE to the ASSIGNOR.

4.2. Neither party may terminate and/or assign this Agreement, except with the express and prior written consent of the other Party.

**SECTION FIVE - REPRESENTATIONS AND WARRANTIES**

5.1. The Parties individually represent and warrant, for all legal purposes and effects, that:

(i) they are duly organized and in regular operation, in accordance with Brazilian law;

(ii) they are duly authorized to enter into this Agreement and to fulfill the obligations provided for herein, having met all the legal and statutory requirements necessary for this purpose;

(iii) the execution of this Agreement and the fulfillment of the obligations set forth herein do not infringe any obligation previously assumed; and

(iv) this Agreement constitutes a legal, valid, and enforceable obligation, in accordance with its terms and conditions, which have been duly authorized by its competent corporate bodies.

5.2. The parties mutually and expressly represent that this Agreement was entered into in observance of the principles of honesty and good faith, by free, conscious and firm expression of will and in perfect equity. The Parties expressly acknowledge that: (a) full compliance with the obligations set forth in this Agreement is of fundamental importance for the achievement of the objectives of both, in view of the basis of the contracted business; and (b) the terms and conditions of the obligations agreed upon herein are fair and reasonable, including from the perspective of the rights of both Parties.

5.3.The ASSIGNOR further represents and warrants to the ASSIGNEE, for all purposes of law, that:

(i) the Assigned Transaction was duly formalized and represents an outstanding debt of CCEE;

(ii) the ASSIGNOR is the rightful owner and legitimate holder of the rights to receive the Assigned Transaction, which is the subject matter of this assignment, and which has not been the subject of any other sale, commitment to sell and/or encumbrance;

(iii) the Assigned Transaction is free and clear of any liens, levies of execution, attachments, seizures, claims, or restrictions of any nature that may in any way prevent the assignment and full exercise, by the ASSIGNEE, of the prerogatives arising from ownership of the Assigned Transaction;

(iv) there are no proceedings in progress based on property rights regarding the Assigned Transaction; there is no impediment, in any agreement, instrument, or document to which it is a party, which prohibits or restricts the assignment of the Assigned Transaction under the terms of this Agreement;

(v) it has the proper ownership and authorizations from the competent bodies related to the CER, including for the performance of this assignment of credit of the Assigned Transaction;

(vi) the execution of this Agreement and the assumption and fulfillment of the obligations arising therefrom shall not entail, directly or indirectly, the total or partial breach of (a) any agreements of any nature; (b) any obligations of the ASSIGNOR to third parties; (c) any legal, regulatory, or associative or self-regulatory entity rule to which it is subject or to which any of its rights or property are subject; and/or (d) any judicial, administrative, arbitral order, decision, or any order, decision from an associative or self-regulatory entity, even if preliminary, which affects it or any of its rights or assets;

(vii) the Assigned Transaction has not been or is not the subject of (a) any judicial, extrajudicial, administrative, or arbitral dispute; (b) any type of renegotiation, agreement, or settlement; (c) any other act that may prevent the ASSIGNEE from fully exercising the rights assigned hereunder; and/or (d) any offsetting;

(viii) it is not insolvent and the assignment of the Assigned Transaction under this Agreement does not result in its insolvency and does not affect its ability to honor its obligations, including those arising from lawsuits, administrative or arbitral proceedings or proceedings before associative or self-regulatory entities in progress;

(ix) there are no lawsuits, administrative, arbitral, or associative or self-regulatory proceedings, inquiry, or other type of governmental investigation that could cause a relevant adverse impact on its financial, operational condition or its activities;

(x) it is fully compliant with all their obligations assumed within the scope of the instruments from which the Assigned Transaction arises;

(xi) no event has occurred that could lead to a decrease in the value of the Assigned Transaction;

(xii) CCEE and/or third parties do not have any right against the ASSIGNOR that could give rise to a claim for compensation and/or other form of extinction or reduction and/or a change in the payment terms of the Assigned Transaction, and/or which could prevent or delay the receipt of the Assigned Transaction by the ASSIGNEE or reduce its value; and

(xiii) that they are irrevocably and unalterably required to fully comply with any and all obligations assumed in the CER.

5.4. If the ASSIGNEE is responsible for the necessary notary registrations for effective establishment of the guarantees, it is agreed that the ASSIGNOR hereby authorizes the ASSIGNEE to debit its checking account, as indicated in Annex A, for the registration fees incurred by the ASSIGNEE, as well as all expenses and costs incurred for its execution, including those of any third parties contracted by the ASSIGNEE. The ASSIGNOR also undertakes to maintain sufficient funds in its checking account to cover these debits.

5.4.1. It is hereby agreed between the Parties that, in the event of any guarantee of performance by CCEE arising from the CER contracts, the ASSIGNEE shall be subrogated by transaction of law to said guarantee, irrevocably and unalterably, in proportion to the amount in default, for which reason the ASSIGNOR is hereby obliged to: (i) enforce said guarantee, if default by CCEE is verified; and (ii) transfer its proceeds immediately upon receipt, applying, where applicable, the provisions of section 1.6.1.

5.5. The ASSIGNOR declares for all purposes and effects that it holds possession of the contracts, invoices, tax receipts, and other documents that substantiate the credits arising from the Assigned Transaction, and that such documents will remain in its possession as a faithful depositary and undertakes: (i) to safeguard and preserve them; and (ii) to present them to the ASSIGNEE within a period of up to forty-eight (48) hours from a request to that effect.

5.6. The ASSIGNOR is liable for any losses or damages demonstrably suffered by CCEE from the Assigned Transaction, as a result of undue or excessive collection, provided that the ASSIGNEE has used, for the purpose of collecting the credits arising from the Assigned Transaction, the information and other documents provided by the ASSIGNOR within the scope of this Agreement. In the event that the ASSIGNEE incurs such damages, the ASSIGNEE undertakes to reimburse the ASSIGNEE within a maximum period of five (5) days from the date of notice sent to it, accompanied by the respective receipts for the amounts disbursed by the ASSIGNEE.

5.7. The ASSIGNOR represents and undertakes not to use, directly or indirectly, the funds made available to it under this Agreement for the practice of illegal acts provided for in Law No. 12.846/2013 and related legislation or for the practice of acts that violate national or foreign public assets, the government principles, or international commitments assumed by Brazil.

5.8. The ASSIGNOR, on its own behalf and on behalf of its managers, employees, agents, and service providers, represents that (i) it conducts its business practices ethically and in accordance with applicable legal precepts; (ii) it repudiates and does not permit any action that may constitute a harmful act under Law No. 12.846/2013 and related legislation; (iii) it has established governance aimed at preventing and detecting violations of anti-corruption rules and the requirements established in this Agreement; (iv) it shall immediately notify the ASSIGNEE if it becomes aware of or suspects any conduct that constitutes or may constitute bribery or corruption related to the negotiation, execution, or enforcement of this Agreement, and it hereby represents that it has not made and will not make any payment, nor provides or will provide benefits or advantages to any government authorities, or to consultants, representatives, members, or third parties connected thereto, for the purpose of influencing any act or decision of the government or securing any undue advantage, obtaining or preventing business, or deriving any undue benefit.

5.9. The ASSIGNOR undertakes to (i) keep its addresses and other registration data updated with the ASSIGNEE; and (ii) not close any checking account directly or indirectly related to the fulfillment of the obligations assumed by it under this Agreement.

**SECTION SIX - CONFIDENTIALITY**

6.1. The terms and conditions of this Agreement shall be granted confidential treatment by the Parties. Neither Party may inform third parties, including CCEE, of the terms and conditions of this assignment, especially the amount related to it.

6.2. If either party is obliged, by virtue of law, judicial act, or determination of any governmental authority, to disclose the terms of this Agreement, the party to whom the determination is addressed shall immediately inform the other Party of this obligation, unless such communication is prohibited, taking care that only the necessary passages to satisfy the legal portion to disclose the information contained in this Agreement be disclosed.

**SECTION SEVEN - GENERAL PROVISIONS**

7.1. Oral and written communication between the Parties shall be conducted exclusively through the representatives of each Party listed below, at the respective addresses indicated therein, and may be made by means of registered letters, email, or any other form previously approved by the ASSIGNEE and agreed upon between the Parties.

**ÂMBAR ENERGIA S.A.**

Address: Avenida Marginal Direita do Tiete, No. 500, Bloco 1, Andar 1-B, Sala 10, Vila Jaguara

São Paulo (SP). CEP 05118-100

Tel: (17) 3668-1190

To the attention of: Marcelo Brani Silva de Abreu

Email: gestão.financeira@ambarenergia.com.br

**PICPAY BANK- BANCO MÚLTIPLO S.A.**

Address: Avenida Manuel Bandeira, n° 291, Cond. Atlas Office Park, Bloco B - Andar 3

São Paulo (SP), CEP 05317-020

Tel: (11) 99397-7674

Email: Marcelo Marques

E-mail: marcelo.marques@picpay.com

7.2. The ASSIGNOR authorizes the ASSIGNEE: (i) to consult and/or provide the Central Bank of Brazil (BACEN) with information on the amount of overdue debts, debts to be paid, co-obligations assumed and guarantees provided, to integrate the SCR and provide information for the monitoring and supervision of credit in the financial system; (ii) to carry out the exchange of information between institutions authorized to operate by the Central Bank of Brazil (BACEN) regarding: (a) the amount of liability of its clients in credit transactions and (b) any indication or attempt of identified fraud relating to the ASSIGNOR, in order to support the procedures and controls for the prevention of fraud.

7.2.1. The ASSIGNOR is aware that it may (i) consult the SCR data through Registrato - Information Registry Extract, on the BACEN website or through public service centers; (ii) request, in case of discrepancy, correction, deletion, or registration of a judicial measure; and (iii) express disagreement, by requesting it from the institution that registered the respective data in the SCR. This authorization extends to institutions authorized to consult the SCR and which acquire or express interest in acquiring or receiving as collateral, in whole or in part, credit transactions for which the ASSIGNOR is responsible. The ASSIGNOR ratifies any consultation previously made.

7.2.2. The ASSIGNOR authorizes the ASSIGNEE to provide, at any time, to databases established for the formation of credit history (SERASA, SCPC, Positive Registry Bureau and others), any and all information forming part of the history of credit, loan and financing transactions with the ASSIGNOR, including information relating to payment.

7.3. All and any burden of all taxes, contributions, and other charges due as a result of the transaction that is the subject matter of this Agreement shall be borne by the taxpayer as defined in tax law, in accordance with the applicable law.

7.4. No omission or delay by the Parties in exercising their rights, powers, or privileges under this Agreement, nor any agreement between the ASSIGNEE and the CLIENT shall operate as a waiver thereof, nor shall the sole or partial exercise of any right, power, or privilege under this Agreement prevent any other or subsequent exercise thereof, or the exercise of any other right, power, or privilege.

7.5. The rights and remedies expressly provided for in this Agreement are cumulative, without limitation to any other rights or remedies existing by law.

7.6. For all purposes and effects of this Agreement, any communication, request, or other notice required or permitted under or associated with this Agreement shall only be valid if made in writing and delivered with confirmation of receipt, addressed to the addresses of the Parties, as stated in the preamble to this Agreement.

7.7. This Agreement, or any of its provisions, exhibits, or documents to be provided under this Agreement, may not be amended, modified, waived, released, or terminated orally, but only by means of a written instrument signed by all Parties.

7.8. Should one or more provisions contained in this Agreement become invalid, illegal, or unenforceable in any respect, the validity, legitimacy, or enforceability of the remaining provisions contained herein shall not be affected.

7.9. This Agreement is entered into on an irrevocable and irreversible basis, binding the Parties and their successors on any account.

7.10. This Agreement fully incorporates the agreement between the Parties with respect to the subject matter of this Agreement and supersedes all prior written expressions, memoranda, and agreements relating to such subject matter.

7.11. This Agreement shall be governed by and construed in accordance with the laws of the Federative Republic of Brazil.

7.12. To resolve any disputes arising from this Agreement, the Parties elect the Court of the Judicial District of São Paulo/SP, to the exclusion of any other, however privileged it may be.

7.13. The signatures hereof shall be made by digital signature tool, pursuant to the provisions of article 70, paragraph 2 of Provisional Measure No. 2.200-2/2007, and constitute valid and enforceable obligations for all legal purposes, representing the will of all those who sign it, as documentary evidence and instrument enforceable out of court, for all purposes and effects.

IN WITNESS WHEREOF, the Parties sign this instrument in two (2) counterparts of equal content and form and for one sole purpose, in the presence of the two (2) witnesses below.

São Paulo, October 1<sup>st</sup>, 2024.

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| |
|:---|
| /s/ Marcelo Zanatta Estevam |
| Marcelo Zanatta Estevam |
| **ÂMBAR ENERGIA S.A.** |
| **ASSIGNOR** |

---

---

| | |
|:---|:---|
| /s/ Fernando Abe Ohara | /s/ Eduardo Chedid Simões |
| Fernando Abe Ohara | Eduardo Chedid Simões |

---

**PICPAY BANK – BANCO MÚLTIPLO S.A.**

**ASSIGNEE**

Witnesses:

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| | | | |
|:---|:---|:---|:---|
| 1. | /s/ Fernando de Castro Poletti | 2. | /s/ Marcelo Marques |
|  | Name: Fernando de Castro Poletti |  | Name: Marcelo Marques |
|  | Taxpayer Card (CPF): |  | Taxpayer Card (CPF): |

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**EXHIBIT A**

**AGREEMENT FOR THE ASSIGNMENT OF RIGHTS**

1. The Assignment Price, indicated in Section Two of the Agreement, will be one hundred and thirty-nine million, three hundred and fifty-eight thousand, nine hundred and seventy-three *Reais* and twenty-seven cents (BRL 139,358,973.27), paid by the ASSIGNEE to the ASSIGNOR in Brazilian currency.

2. The ASSIGNOR hereby expressly authorizes and agrees that the payment of the amount indicated in item 1 above shall be made by credit to checking account No. 500000105-0, branch No. 0001, bank No. 212, in its name, on the date of signature of this Agreement.

3. Credit Rights held by the ASSIGNOR, corresponding to the pecuniary obligations relating to one hundred percent (100%) of the monthly installment of the Fixed Revenue for the month of 12/2024 ("Assigned Transaction"), which is provided for in the Reserve Energy Agreement - CER No. 448/2021, in the electricity availability modality ("CER"), resulting from the simplified competitive procedure No. 01/2021, as indicated below:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;ASSIGNED PORTION: | &nbsp;&nbsp;ASSIGNED PORTION: | &nbsp;&nbsp;ASSIGNED PORTION: | &nbsp;&nbsp;ASSIGNED PORTION: | &nbsp;&nbsp;ASSIGNED PORTION: | &nbsp;&nbsp;ASSIGNED PORTION: |
| &nbsp;&nbsp;DRAWEE: | &nbsp;&nbsp;CNPJ: | &nbsp;&nbsp;DUE DATE | &nbsp;&nbsp;PRINCIPAL AMOUNT (R$) | &nbsp;&nbsp;DISCOUNT RATE | &nbsp;&nbsp;ACQUISITION VALUE (R$): |
| &nbsp;&nbsp;CCEE – Camara de Comercialização de Energia Elétrica | &nbsp;&nbsp;03.043.433/0001-56 | &nbsp;&nbsp;**December 19, 2024** | &nbsp;&nbsp;**143980782.63** | &nbsp;&nbsp;**16.03%** p.a | &nbsp;&nbsp;**139358973.27** |

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(…)

## Exhibit 10.19

**Exhibit 10.19**

**Free English Translation**

**<u>PRIVATE INSTRUMENT OF ASSIGNMENT OF OWNERSHIP AND EXPLOITATION OF TRADEMARKS AND DOMAINS</u>**

By this private instrument and in the best form of law, on the one part,

**PICPAY SERVIÇOS S/A**, a legal entity governed by private law, enrolled with the National Corporate Taxpayers' Registry of the Ministry of Economy (CNPJ/ME) under No. 22.896.431/0001-10, with its principal place of business at Avenida Manuel Bandeira, No. 291, offices 43 and 44, Block B, Atlas Office Park Condominium, Vila Leopoldina, Postal Code 05317-020, São Paulo, SP, herein represented in the form of its By-Laws (hereinafter referred to as "<u>ASSIGNOR</u>"); and, on the other part,

**J&F PARTICIPAÇÕES S.A.**, a closely-held corporation, enrolled with the CNPJ/MF under No. 07.570.673/0001-26, with its principal place of business at Rua General Furtado do Nascimento, No. 66, Lot I, suite 07, Postal Code 05465-070, São Paulo/SP, herein represented in the form of its By-Laws (hereinafter referred to as "<u>ASSIGNEE</u>"); and

As INTERVENING CONSENTING PARTIES:

**DÁRCIO SCHWAB STEHLING**, Brazilian, married, businessman, resident and domiciled in the City of Vitória, State of Espírito Santo, at Rua Aylton Ladislau, No. 6, District Fradinhos, Postal Code 29.042-380, holder of Identity Card No. 1.241.647, issued by the Security Department of the State of Espírito Santo (SSP/ES), enrolled with the CPF/MF under No. 084.861.367-84; and

**DIOGO BRUMAS CARVALHO ROBERTE**, Brazilian, married, businessman, resident and domiciled in the City of Serra, State of Espírito Santo, at Avenida Norte Sul, No. 149, House 74, Condominium Igarapé, Colina de Laranjeiras, Postal Code 29.167-111, holder of Identity Card No. 1.753.053, issued by the SSP/ES, enrolled with the CPF/MF under No. 087.588.797-06 (jointly with Dárcio Schwab Stehling, hereinafter referred to as "INTERVENING CONSENTING PARTIES");

**<u>WHEREAS</u>**<u>:</u>

I. ASSIGNOR is the lawful owner of the "PICPAY" trademark and service and/or combined trademark applications, according to the trademarks listed in Exhibit I ("<u>TRADEMARKS</u>"), with indication of the status of the respective applications and registrations with the National Industrial Property Institute – INPI, in Brazil, and with the United States Patent and Trademark Office, in the United States;

II. ASSIGNOR is the owner of the domain registrations having the name Picpay (hereinafter referred to as "DOMAINS"), as described in Exhibit II;

III. ASSIGNOR wishes to assign all rights it holds with respect to the TRADEMARKS and the DOMAINS, especially with respect to their creation, anteriority; registration and ownership applications, to ASSIGNEE, which wishes to acquire them on an as-is basis, with the risks inherent therein, including in those cases where the registration proceeding with the INPI in Brazil has not been completed to date;

**NOW, THEREFORE,** the Parties execute this *Private Instrument of Assignment of Ownership and Exploitation of Trademarks and Domains* ("<u>AGREEMENT</u>"), which shall be governed by the clauses and conditions below:

**I. ASSIGNMENTS OF THE TRADEMARKS AND DOMAINS**

1.1. ASSIGNOR irrevocably and irreversibly assigns and transfers to ASSIGNEE all rights, ownerships and interests it holds with respect to the TRADEMARKS, including the rights resulting from the creation, anteriority, registration application and ownership thereof with the INPI, in Brazil, and the United States Patent and Trademark Office, in the United States.

1.2. ASSIGNEE acknowledges that it has conducted prior studies with respect to the rights of ASSIGNOR relating to the TRADEMARKS, acquiring them in their current status and with the risks inherent therein, pursuant to Exhibit I.

1.3. The Parties hereby execute this AGREEMENT, and ASSIGNEE is required to provide in the INPI, in Brazil, the annotations of transfer of the rights to itself.

1.3.1. ASSIGNOR hereby authorizes ASSIGNEE to take all required measures before the INPI, in Brazil, and the United States Patent and Trademark Office, in the United States, for the annotation of the assignments of the TRADEMARKS, and it agrees to deliver to the ASSIGNEE any and all documents required for this purpose, at the request of ASSIGNEE.

1.3.2. All costs involved in the annotations, with the registration bodies, of the assignments of the TRADEMARKS and/or of the ownership of the TRADEMARK registration applications shall be exclusively incurred by ASSIGNEE.

1.3.3. No failure to obtain the annotations of the assignments of ownership of the TRADEMARK registration application in the INPI in Brazil adversely affects the assignment of the TRADEMARKS stipulated herein.

1.4. ASSIGNOR irrevocably and irreversibly assigns and transfers to ASSIGNEE all rights, title and interests held by it with respect to the registration of DOMAIN names it has on the Internet and which are identified in Exhibit II.

1.4.1. ASSIGNEE agrees to take all measures required before the registries for annotation of the assignment of the ownership of the DOMAINS hereby established. ASSIGNOR and the INTERVENING CONSENTING PARTIES hereby agree to deliver to ASSIGNEE any and all documents required for this purpose, at the request of ASSIGNEE.

1.5. The trade name of ASSIGNOR may be maintained for a term of at least four (4) years, renewable for another four (4) years, by mutual agreement between the Parties, it being understood that no additional amount or obligation shall be due as a result of such factor.

1.5.1. Upon lapse of the term above, ASSIGNEE may require that ASSIGNOR changes its trade name. In this case, ASSIGNOR shall have a term of up to six (6) months to file with the competent bodies, especially the trade registration bodies and the Central Bank of Brazil, the requests for change in tis trade name, as from the date of receipt of a notice from ASSIGNEE in this regard.

1.5.2. Considering that ASSIGNEE is, on the date hereof, one of the shareholders of ASSIGNOR, in case ASSIGNEE ceases from being its shareholder, it may require ASSIGNOR to change its trade name within the same term of the item above (six months).

**II. EXPLOITATION OF THE TRADEMARKS AND DOMAINS**

2.1. As a condition for this legal transaction and considering the price established between the Parties for assignment of the TRADEMARKS and of the DOMAINS, ASSIGNOR may continue to exploit the TRADEMARKS and DOMAINS free of charge, until the INPI grans the annotations of the transfers of the TRADEMARKS to ASSIGNEE.

2.1.1. During this period, ASSIGNOR may use and exploit the TRADEMARKS and DOMAINS, irrespective of any type of payment or remuneration to ASSIGNEE, adopting all measures required to prevent the devaluation thereof or any act that denigrates its reputation, acknowledgment and value.

2.1.2. During this period, ASSIGNEE may neither license nor authorize, even if on a precarious basis, the use of the TRADEMARKS and DOMAINS to third parties, without the prior and express consent of ASSIGNOR.

2.2. Upon actual registration of the transfer of the TRADEMARKS to ASSIGNEE by the INPI, ASSIGNOR shall make the monthly payment of royalties of one percent (1%) of the amount equivalent to the net revenue of ASSIGNOR. For purposes of this item, the net revenue of ASSIGNOR shall be understood as the sum of the Revenue of MDR, Revenue of Services, Revenue of management, Monthly Payment by Storeowners and Bank Commission, less the taxes levied on the prevision of these services, in accordance with the definitions contained in Exhibit III.

2.2.1 The payment of royalties shall be due as from May 1st, 2021 and provided the transfer of the TRADEMARKS to ASSIGNEE has been implemented by the bodies in charge.

**III. PRICE**

3.1. In consideration for the assignment of the TRADEMARKS and DOMAINS, ASSIGNEE shall pay to ASSIGNOR the amount of eight million, four hundred and twenty-three thousand *Reais* (R$8,423,000.00), to be paid in four (4) installments in the amount of two million, one hundred and five thousand, seven hundred and fifty *Reais* (R$2,105,750.00), to be paid every month, every 25th day of each month, plus the positive variation of the CDI from that date to the date of actual payment.

3.2. Failure to timely pay the installments of the price shall result in application of a fine equivalent to two percent (2%) of the amount of the overdue installment, late payment interest at the rate of one percent (1%) per month on a *pro rata die* basis and adjustment for inflation by the General Market Price Index (IGPM), from the due date to the date of actual payment.

**IV. ADDITIONAL OBLIGATIONS OF THE PARTIES**

4.1. In addition to the obligations stipulated in this AGREEMENT and inherent in the AGREEMENT, ASSIGNOR agrees to ASSIGNEE:

i. not to apply for registration or register as trademark in Brazil or abroad, in any class, the term "PICPAY" or any other terms that may be mistaken for or which are similar to it, except with the prior and express consent of ASSIGNEE;

ii. neither to challenge nor to perform, in any way, any act that could adversely affect the TRADEMARK registration application in Brazil; and

iii. to grant ASSIGNEE preference in the acquisition of any new trademarks it may create and file for registration in the INPI or in any foreign entity responsible for the trademark registration.

4.2. In addition to the obligations stipulated in this Agreement and inherent in the Agreement, ASSIGNEE agrees to ASSIGNOR:

i. to keep in order all necessary registrations for the TRADEMARKS to be used pursuant to the provisions of this AGREEMENT; and

ii. not to impair, directly or indirectly, the use of the TRADEMARKS by ASSIGNOR.

**V.** **CONFIDENTIALITY**

5.1. The Parties agree to grant confidential treatment to all information exchanged for implementation of this transaction that is not public knowledge ("Confidential Information"), for a term of three (3) years as from the date hereof.

5.1.1 An exception to the confidentiality obligation of the Parties is the explanatory note to be indicated in the financial statements of the fiscal year of ASSIGNOR, whenever required by the applicable law.

5.2. The parties agree to immediately inform the other party of any breach of the confidentiality rules by any person, whether related to the party or not, including unintentional or faulty breach of the Confidential Information.

5.3. In case a party is required to disclose any Confidential Information due to an administrative or court order, it shall inform the other party within twenty-four (24) hours, so that it can take the legal measures it may deem necessary.

5.4. ASSIGNEE represents that it has neither returned nor excluded all Confidential Information used for execution of this Agreement, and it acknowledges that ASSIGNEE may not remain with copies of any Confidential Information.

5.5. Failure to comply with any of the obligations above shall result in the imposition of a specific fine in the amount of twenty percent (20%) of the price of this AGREEMENT, as adjusted in accordance with the IGPM, irrespective of the possibility of collecting supplementary indemnification, upon proof of excess loss and damages.

5.6. In case any of the parties discloses any Confidential Information without the prior and express authorization of the other party, the disclosing party may, without prejudice to the liability set forth above, be held criminally and administratively liable by the regulatory bodies and other authorities (Central Bank of Brazil, Securities Commission etc.).

**VI. ASPECT RELATING TO THE ANTICORRUPTION LAW**

6.1. The Parties mutually, irrevocably and irreversibly represent that their directors, managers, employees, service providers, including their subcontractors and agents, fully understand and comply with the provisions of the Brazilian and international laws, regulations and normative provisions to which they are subject, the purpose of which is the fight against corruption, bribery and the practice of acts harmful to the Government.

6.2 For performance of this Agreement, neither Party may offer, give or undertake to give to anyone, or accept or commit to accept from anyone, either on their own account or by means of others, any payment, donation, compensation, financial or non-financial advantages or benefits of any kind that constitute illegal practice and/or corruption, whether directly or indirectly as to the subject matter of this Agreement, they and shall also ensure that their directors, managers, employees, service providers, including their subcontractors and agents, act in the same way.

6.3 The Parties shall maintain their books and/or Digital Accounting Bookkeeping (ECD), records and accounting documents with details and precision sufficiently adequate to reflect the transactions clearly and unambiguously and funds related to this Agreement.

6.4 The Parties mutually ensure each other that they adopt anticorruption policies, processes and procedures in order to guarantee due compliance with the Brazilian and international laws, regulations and normative provisions to which they are subject, with the purpose of combating corruption, bribery and the practice of acts harmful to the Government.

6.5 In the event that on the Parties becomes involved in inquiries or administrative or judicial proceedings due to the practice of corruption, bribery and/or the practice of acts detrimental to the Government during or in relation to performance of this Agreement, the Party that causes said situation shall assume the respective burden, and shall also present the documents that may assist the other Party in its defense.

6.6 For purposes of this section, there will be not contractual breach when the involvement of any of the Parties in a situation related to the practice of corruption, bribery and/or the practice of acts harmful to the Government is notorious and of public knowledge at the time of execution of this Agreement.

**VII. SOCIAL AND ENVIRONMENTAL ASPECT**

7.1 Each Party represents to the other Party that: (a) it is vested with all powers and authority to assume and fulfill the obligations set forth herein and to consummate the transactions contemplated herein; and (b) the formalization and performance of this Agreement does not imply a breach of any applicable third-party right, law or regulation, or also a violation, breach or default of any contract, instrument or document to which it is a party or by which it any of its assets is linked and/or affected, nor does it depend on obtaining any authorization under any agreement, instrument or document to which it is a party or by which any or any of its assets is linked and/or affected.

7.2 The Parties represent and warrant to each other that they:

a. exercise their activities in accordance with the legislation in force applicable to them, and that they hold the necessary approvals for execution of this Agreement and compliance with the obligations provided for therein;

b. do not use illegal labor and will not use forced or child labor, either directly or indirectly, through their respective suppliers of products and services;

c. do not employ children under eighteen (18) years of age, including minor apprentices, in places that are harmful to their education, to their physical, psychological, moral and social development, as well as in dangerous or unhealthy places and services, at times that do not allow them to attend school, and, also, in night shifts, understood as the period between 10 p.m. and 5 a.m.;

d. do not adopt practices related to activities that imply criminal profit from prostitution or sexual exploitation of vulnerable people;

e. do not engage in negative discrimination practices and limit access to the employment relationship or maintenance thereof, such as, for example, those motivated by: gender, origin, race, skin color, physical condition, religion, marital status, age, family situation or pregnancy; and

f. agree to protect and preserve the environment, as well as to prevent and eradicate practices that are harmful to the environment, carrying out their activities in compliance with the applicable law with respect to the National Policy on the Environment and Environmental Crimes, as well as with the legal, normative and administrative acts related to the environmental and related areas issued on the Federal, State and Municipal levels.

**VIII. ARBITRATION**

8.1. The Parties agree that any dispute, litigation or conflict resulting from the construal of or compliance with this Agreement shall be resolved by arbitration, and this Section shall serve as an arbitration clause for the effects of the provisions of article 4, paragraph 1 of Law 9.307/96.

8.2. The Parties elect the Brazil-Canada Chamber of Commerce - CCBC, with its head office in São Paulo / SP, for the administration, processing and trial of the arbitration proceedings, in accordance with the arbitration rules of this Chamber.

8.3. The arbitration shall be processed and tried by an arbitral tribunal composed of 3 arbitrators who are CCBC arbitrators, it being understood that each party shall appoint one arbitrator and the arbitrators so appointed shall appoint a third arbitrator to be the chairman of the arbitral tribunal. In case any of the Parties fails to designate its respective arbitrator and/or in case the designated arbitrators fail to reach a consensus with respect to the appointment of the third arbitrator, the President of the CCBC shall do it.

8.4. The arbitration instituted pursuant to the provisions of this arbitration clause shall be exclusively analyzed and decided based on the laws of the Federative Republic of Brazil, it being understood that the arbitration proceedings shall be conducted in Portuguese, in the city of São Paulo, State of São Paulo.

8.5. The expenses relating to any dispute submitted to arbitration, including costs, expenses and arbitrators' fees, shall be shared during the proceedings in equal parts by the Parties and, in the end, fully paid by the losing Party, which shall reimburse the winning party, except as otherwise decided by the arbitral tribunal.

8.6. The arbitration award shall be final, and it shall be a binding instrument enforceable in court between the Parties and their successors, which agree to comply with the provisions of the arbitral tribunal, irrespective, but without prejudice to, execution proceedings.

8.7. For those disputes that cannot be resolved by arbitration proceedings, due to the fact that they do not involve waivable property rights and/or for the obtainment of urgent measures before institution of the arbitration, the parties elect the courts of the Judicial District of the Capital City of the State of São Paulo, it being understood that the Parties expressly waive any other court, no matter how privileged it may be. The court hereby elected shall also have jurisdiction for the processing and enforcement of the arbitration award, if necessary.

**IX. GENERAL PROVISIONS**

9.1. This Agreement does not create any other right and obligation other than those expressly set forth herein, and any ostensive or remote relationship of company, joint-venture or association between the parties is hereby expressly denied, it being understood that none of the parties is authorized to assume any obligation or commitment in the name of the other party.

9.2. Any tolerance by any of the parties with respect to any violation of the terms and conditions of this Agreement shall be deemed a mere liberality, and it shall not be construed as novation, invocable precedent, waiver of rights, tacit amendment to contractual provisions, vested right or contractual amendment.

9.3. The nullity or invalidity of any of the provisions of this Agreement shall not imply the nullity or invalidity of the others, it being understood that the provisions held to be null or invalid shall be rewritten, so as to reflect the initial intention of the parties in accordance with the applicable law.

9.4. This Agreement replaces any prior covenant or Agreement, whether written or oral, previously entered into by the Parties in relation to matters contemplated herein.

IN WITNESS WHEREOF, the parties execute this instrument in four (4) counterparts of equal content and form, with the two (2) witnesses below.

São Paulo, May 2, 2019.

---

| | |
|:---|:---|
| &nbsp;&nbsp;<u>/s/</u> | &nbsp;&nbsp;<u>/s/</u> |
| &nbsp;&nbsp;**PICPAY SERVIÇOS S.A.** | &nbsp;&nbsp;**PICPAY SERVIÇOS S.A.** |
| &nbsp;&nbsp;ASSIGNOR | &nbsp;&nbsp;ASSIGNOR |
| &nbsp;&nbsp;<u>/s/</u> | &nbsp;&nbsp;<u>/s/</u> |
| &nbsp;&nbsp;**J&F PARTICIPAÇÕES** | &nbsp;&nbsp;**J&F PARTICIPAÇÕES** |
| &nbsp;&nbsp;ASSIGNEE | &nbsp;&nbsp;ASSIGNEE |

---

<u>/s/</u>

**DÁRCIO SCHWAB STEHLING**

INTERVENING CONSENTING PARTY

<u>/s/</u>

**DIOGO BRUMAS CARVALHO ROBERTE**

INTERVENING CONSENTING PARTY

Witnesses:

---

| | | | |
|:---|:---|:---|:---|
| /S/ Maíra Mendes Morais | /S/ Maíra Mendes Morais | /s/ Gabriela Bim | /s/ Gabriela Bim |
| Name: | Maíra Mendes Morais | Name: | Gabriela Bim |
| Identity Card (RG): | Identity Card (RG): | Identity Card (RG): | Identity Card (RG): |

---

**EXHIBIT I**

List of trademarks and Status of the respective registrations with the National Institute of Industrial Property - INPI, in Brazil, and the United States Patent and Trademark Office, in the United States.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Trademark | Proceeding | Class | Specification | Presentation | Filing date | Current Status | Decision forecast\* | Effectiveness |
| Picpay | 905190521 | 9 | Computer programs | Combined | 01/18/2016 | Registration in effect | - | 09/29/2025 |
| Picpay | 905190572 | 9 | Computer programs | Word | 01/18/2016 | Registration in effect | - | 09/29/2025 |
| P | 905401980 | 9 | Computer programs | Device | 01/18/2016 | Registration in effect |  | 10/06/2025 |
| P | 913552429 | 9 | Computer programs | Device | 09/28/2017 | Registration in effect | - | 01/08/2029 |
| PagPay | 914894269 | 9 | Trademark registration per strategy | Word | 06/20/2018 | Awaiting analysis on the merits | Jun/19 | - |
| Picpay | 905190696 | 35 | Advertisement and business management | Combined | 01/18/2016 | Registration in effect | - | 09/29/2025 |
| PicPay | 905190793 | 35 | Advertisement and business management | Word | 01/18/2016 | Registration in effect | - | 09/29/2025 |
| P | 905401921 | 35 | Advertisement and business management | Device | 01/18/2016 | Registration in effect | - | 10/06/2025 |
| P | 913552569 | 35 | Advertisement and business management | Device | 09/28/2017 | Registration in effect | - | 01/08/2029 |
| PagPay | 914894501 | 35 | Trademark registration per strategy | Word | 06/20/2018 | Awaiting analysis on the merits | Jun/19 | - |
| Picpay | 905190874 | 36 | Financial Services | Combined | 01/18/2016 | Registration application finally denied | - | - |
| PicPay | 905190947 | 36 | Financial Services | Word | 01/18/2016 | Registration application finally denied |  | - |
| PicPay | 912456388 | 36 | Financial Business | Combined | 03/21/2017 | Awaiting analysis of the appeal against denial | 48 months as from the filing | - |
| PicPay | 912456876 | 36 | Financial Business | Word | 03/21/2017 | Awaiting analysis of the appeal against denial | 48 months as from the filing | - |
| P | 905401875 | 36 | Financial Business | Device | 01/18/2016 | Registration in effect | - | 10/06/2025 |
| P | 913552577 | 36 | Financial Business | Device | 09/28/2017 | Registration in effect | - | 01/08/2029 |
| PagPay | 914894617 | 36 | Trademark registration per strategy | Word | 06/20/2018 | Awaiting analysis on the merits | Jun/19 | - |
| Picpay | 905191056 | 38 | Telecommunications, transmission of files and transmission of electronic transaction | Combined | 01/18/2016 | Registration in effect | - | 09/29/2025 |
| PicPay | 905191218 | 38 | Telecommunications, transmission of files and transmission of electronic transaction | Word | 01/18/2016 | Registration in effect | - | 09/29/2025 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| P | 905401778 | 38 | Telecommunications, transmission of files and transmission of electronic transaction | Device | 01/18/2016 | Registration in effect | - | 10/06/2025 |
| P | 913552593 | 38 | Telecommunications, transmission of files and transmission of electronic transaction | Device | 09/28/2017 | Registration in effect | - | 01/08/2029 |
| PagPay | 914894668 | 38 | Trademark registration per strategy | Word | 06/20/2018 | Awaiting analysis on the merits | Jun/19 | - |
| PicPay | 905191293 | 42 | Technological services, conception, design and development of computer hardware and software | Combined | 10/05/2016 | Awaiting decision on appeal against shelving at the initiative of the authorities | 48 months as from the filing | - |
| PicPay | 905191404 | 42 | Technological services, conception, design and development of computer hardware and software | Word | 10/05/2016 | Awaiting decision on appeal against shelving at the initiative of the authorities | 48 months as from the filing | - |
| P | 905401654 | 42 | Technological services, conception, design and development of computer hardware and software | Device | 01/18/2016 | Registration in effect | - | 10/06/2025 |
| P | 913552615 | 42 | Technological services, conception, design and development of computer hardware and software | Device | 09/28/2017 | Registration in effect | - | 01/08/2029 |
| PagPay | 914894749 | 42 | Trademark registration per strategy | Word | 06/20/2018 | Awaiting analysis on the merits | Jun/19 | - |
| PicPay | 905191498 | 45 | Licensing or assignment of right of use of computer programs | Combined | 10/05/2015 | Awaiting decision on appeal against shelving at the initiative of the authorities | 48 months as from the filing | - |
| PicPay | 905191552 | 45 | Licensing or assignment of right of use of computer programs | Word | 10/05/2016 | Awaiting decision on appeal against shelving at the initiative of the authorities | 48 months as from the filing | - |
| P | 905401514 | 45 | Licensing or assignment of right of use of computer programs | Device | 01/18/2015 | Registration in effect | - | 10/06/2025 |
| P | 913552623 | 45 | Licensing or assignment of right of use of computer programs | Device | 09/28/2017 | Registration in effect | - | 01/08/2029 |
| PagPay | 914894773 | 45 | Trademark registration per strategy | Word | 06/20/2018 | Awaiting analysis on the merits | Jun/19 | - |

---

<u>Registration applications in the United States Patent and Trademark Office</u>

(follows text written in English)

**EXHIBIT II**

List of Domains

---

| | | | |
|:---|:---|:---|:---|
| **Domains - Websites** | **Domains - Websites** | **Domains - Websites** | **Domains - Websites** |
| **Domain** | **Holder** | **Effectiveness of the domain** | **Registrar** |
| picpay.com.br | Diogo Brumas Carvalho Roberte | 06/05/2012 to 06/05/2021 | Registro.br |
| picpay.com | Darcio Stehling | 10/10/2001 to 10/10/2022 | GoDaddy.com, LLC Godaddy.com |
| picpay.me | Darcio Stehling | 06/11/2012 to 06/11/2019 | GoDaddy.com, LLC Godaddy.com |
| picpay.it | Darcio Stehling | 06/21/2012 to 06/21/2019 | Marcaria.com EU Limited Marcaria.com |
| picpay.biz | Darcio Stehling | 11/24/2010 to 11/23/2019 | GoDaddy.com, LLC Godaddy.com |
| picpay.co | Darcio Stehling | 06/26/2014 to 06/25/2019 | GoDaddy.com, LLC Godaddy.com |
| picpay.info | Darcio Stehling | 08/12/2017 to 08/12/2019 | GoDaddy.com, LLC Godaddy.com |
| picpay.io | Darcio Stehling | 08/12/2017 to 08/12/2017 | GoDaddy.com, LLC Godaddy.com |
| picpay.net | Darcio Stehling | 11/24/2010 to 11/24/2019 | GoDaddy.com, LLC Godaddy.com |
| picpay.org | Darcio Stehling | 11/24/2010 to 11/24/2019 | GoDaddy.com, LLC Godaddy.com |
| picpayempresas.com | Darcio Stehling | 03/02/2017 to 03/02/2021 | GoDaddy.com, LLC Godaddy.com |
| ppay.me | Darcio Stehling | 06/11/2012 to 06/11/2019 | GoDaddy.com, LLC Godaddy.com |

---

**<u>EXHIBIT III</u>**

<u>**DEFINITIONS**</u>

**Revenue of MDR:** amounts charged by PicPay from the user whenever it transacts for commercial purposes to another user, individual or storeowner.

**Revenue of Services:** amounts received by PicPay in intermediation transactions from user for the PicPay "Store" products.

**Revenue of Management:** includes the revenues of installments of the business lines Cell phone recharge, Payment of bills and DG, representing the amounts PicPay receives from interest of installment programs of the users.

**Monthly Payment Storeowners:** payment services charged from storeowners for the use of Picpay as means of payment.

**Bank Commission:** amounts received from partner banks in which the accounts and payment slips of the PicPay users are settled.

PicPay

LEGAL MATTERS

**<u>FIRST AMENDMENT TO THE PRIVATE INSTRUMENT OF ASSIGNMENT OF OWNERSHIP AND<br> EXPLORATION OF TRADEMARKS AND DOMAINS SIGNED ON 05/02/2019</u>**

By this private instrument and in the best form of law, on the one part,

**PICPAY SERVIÇOS S/A**, a legal entity governed by private law, enrolled with the National Corporate Taxpayers' Registry of the Ministry of Economy (CNPJ/ME) under No. 22.896.431/0001-10, with its principal place of business at Avenida Manuel Bandeira, No. 291, offices 43 and 44, Block B, Atlas Office Park Condominium, Vila Leopoldina, Postal Code 05317-020, São Paulo, SP, herein represented in the form of its By-Laws (hereinafter referred to as "<u>ASSIGNOR</u>"); and, on the other part,

**ORIGINAL INVESTIMENTOS S.A.,** new name of **J&F PARTICIPAÇÕES S.A.**, a closely-held corporation, enrolled with the CNPJ/MF under No. 07.570.673/0001-26, with its principal place of business at Rua General Furtado do Nascimento, No. 66, Lot I, suite 07, Postal Code 05465-070, São Paulo/SP, herein represented in the form of its By-Laws (hereinafter referred to as "<u>ASSIGNEE</u>");

**<u>WHEREAS:</u>**

I. The Parties formalized, on May 2, 2019, the Private Instrument of Assignment of Ownership and Exploitation of Trademarks and Domains ("AGREEMENT");

II. The Parties, by common agreement decide to anticipate the payment of the PRICE.

**NOW, THEREFORE,** the Parties execute this *First Instrument to the Private Instrument of Assignment of Ownership and Exploitation of Trademarks and Domains* ("<u>1<sup>st</sup> AMENDMENT</u>"), which shall be governed by the clauses and conditions below:

**I. PARTIAL ANTICIPATION OF THE SECOND INSTALLMENT OF THE PRICE**

1.1 The Parties, by common agreement wish to advance the payment of the second installment of the PRICE provided for in section three of the AGREEMENT, paying, on 05/30/2019 and in a single installment, the total amount of one million, five hundred Brazilian Reais (R$1,500.000,00).

**II. GENERAL PROVISIONS**

2.1. All other clauses and conditions of the AGREEMENT are that have not been expressly modified by this 1<sup>st</sup> AMENDMENT are hereby ratified.

IN WITNESS WHEREOF, the parties execute this instrument in two (2) counterparts of equal content and form, with the two (2) witnesses below.

São Paulo, May 30th, 2019.

---

| | |
|:---|:---|
| /s/ Anderson Andrade Chamon do Carmo | /s/ Valério Zarro |
| Anderson Andrade Chamon do Carmo | Valério Zarro |

---

**PICPAY SERVIÇOS S.A.**

ASSIGNOR

---

| |
|:---|
| /s/ João Batista Sobrinho |
| João Batista Sobrinho |

---

**J&F PARTICIPAÇÕES S.A.**

ASSIGNEE

Witnesses:

---

| | |
|:---|:---|
| /s/ Maira Mendes Morais | /s/ Gabriela de Andrade Bim |
| Name:Maira Mendes Morais | Name: Gabriela de Andrade Bim |
| ID:43881235-9 | ID: 50.281.896-7 |

---

**<u>SECOND AMENDMENT TO THE PRIVATE INSTRUMENT OF ASSIGNMENT OF OWNERSHIP AND <br> EXPLOITATION OF TRADEMARKS AND DOMAINS EXECUTED ON MAY 2, 2019</u>**

By this private instrument and in the best form of law, on the one part,

**PICPAY SERVIÇOS S/A**, a legal entity governed by private law, enrolled with the National Corporate Taxpayers' Registry of the Ministry of Economy (CNPJ/ME) under No. 22.896.431/0001-10, with its principal place of business at Avenida Manuel Bandeira, No. 291, offices 43 and 44, Block B, Atlas Office Park Condominium, Vila Leopoldina, Postal Code 05317-020, São Paulo, SP, herein represented in the form of its By-Laws (hereinafter referred to as "<u>ASSIGNOR</u>"); and, on the other part,

**ORIGINAL INVESTIMENTOS S.A.,** new name of **J&F PARTICIPAÇÕES S.A.**, a closely-held corporation, enrolled with the CNPJ/MF under No. 07.570.673/0001-26, with its principal place of business at Rua General Furtado do Nascimento, No. 66, Lot I, suite 07, Postal Code 05465-070, São Paulo/SP, herein represented in the form of its By-Laws (hereinafter referred to as "<u>ASSIGNEES</u>"); and

**<u>WHEREAS</u>**<u>:</u>

I. The Parties formalized, on May 2, 2019, the Private Instrument of Assignment of Ownership and Exploitation of Trademarks and Domains ("AGREEMENT");

II. The Parties formalized, on May 30, 2019, the First Amendment to the Private Instrument of Assignment of Ownership and Exploitation of Trademarks and Domains ("1<sup>st</sup> AMENDMENT"); and

III. The Parties, by common agreement decide to anticipate the payment of the PRICE.

**NOW, THEREFORE,** the Parties execute this *Second Instrument to the Private Instrument of Assignment of Ownership and Exploitation of Trademarks and Domains* ("<u>2nd AMENDMENT</u>"), which shall be governed by the clauses and conditions below:

**I. PRICE ADVANCE**

1.1. The Parties, by mutual agreement, wish to advance the payment of the PRICE provided for in section three of the AGREEMENT, paying, on this date and in a single installment, the total amount of four million, eight hundred and twenty-two thousand, four hundred and thirty-six *Reais* and ninety-two cents (R$4,822,436.91) (sic), corresponding to the partial payment (i) of the second installment, in the amount of R$605,750.00; (ii) full payment of the third installment, in the amount of R$2,108,343.46; and (iii) full payment of the fourth installment, in the amount of R$2,108,343.46.

**II. GENERAL PROVISIONS**

2.1. After the payment of the amount mentioned in item 1.1 above, the ASSIGNOR shall grant the ASSIGNEE a full, wide, general and irrevocable discharge in relation to the AGREEMENT PRICE.

2.2. All other clauses and conditions of the AGREEMENT that have not been expressly modified by this 2nd AMENDMENT are hereby ratified.

IN WITNESS WHEREOF, the parties execute this instrument in two (2) counterparts of equal content and form, with the two (2) witnesses below.

São Paulo, June 07, 2019.

---

| | |
|:---|:---|
| /s/ Anderson Chamon | /s/ Valério Zarmo |
| Anderson Chamon | Valério Zarmo |
| Officer | Officer |

---

**PICPAY SERVIÇOS S.A.**

ASSIGNOR

---

| |
|:---|
| /s/ João Batista Sobrinho |
| João Batista Sobrinho |

---

**J&F PARTICIPAÇÕES S.A.**

ASSIGNEE

Witnesses:

---

| | |
|:---|:---|
| /s/ Gabriela Kinikel de Andrade Bim | /s/ Maira Mendes Morais |
| Name: Gabriela Kinikel de Andrade Bim | Name: Maira Mendes Morais |
| ID: | ID: |

---

 **

***(Second Amendment to the Private Instrument of Assignment of Ownership and Exploitation of Trademarks and Domains, executed on May 2, 2019 by and between PicPay Serviços S.A. and Original Investimentos S.A)***

 **

 ****

## Exhibit 10.20

**Exhibit 10.20**

Certain information has been omitted from this exhibit because it is both (i) not material and (ii) of the type that the parties customarily and actually treat as private or confidential. The omissions have been indicated by ("[\*\*\*]").

STRATEGIC ALLIANCE AND INCENTIVES PROGRAM

AGREEMENT

---

| | |
|:---|:---|
| **MASTERCARD BRASIL SOLUÇÕES DE PAGAMENTO LTDA.**<br> Avenida das Nações Unidas, 14.171, Torre Crystal, 20<sup>th</sup> floor<br> São Paulo, SP. | ![](ex10-20_001.jpg) |

---

**THIS STRATEGIC ALLIANCE AND INCENTIVES PROGRAM AGREEMENT ("Agreement") is signed on the date set forth herein between **MASTERCARD BRASIL SOLUÇÕES DE PAGAMENTO LTDA.**, with its principal place of business in the Capital of the State of São Paulo, at Avenida das Nações Unidas, No. 14.171, Rochaverá Corporate Plaza, Torre C – Edifício Crystal Tower, 20<sup>th</sup> floor, enrolled with the National Corporate Taxpayers Register of the Ministry of Economy under CNPJ/ME No. 05.577.343/0001-37 **("MASTERCARD BRASIL")** and **PICPAY BANK – BANCO MÚLTIPLO S.A.**, with its principal place of business at Avenida Manuel Bandeira, No. 291, Atlas Office Park Condominium, Block B, 3<sup>rd</sup> floor, Vila Leopoldina, enrolled with the National Corporate Taxpayers Register of the Ministry of Economy under CNPJ/ME No. 09.516.419/0001-75 **("CLIENT")**. The Parties are represented herein by their legal representatives in accordance with their respective Articles of Association and are hereinafter referred to individually as "Party" and jointly as "Parties". All the terms used in this Agreement are defined in Exhibit I, whether in the singular or in the plural, and any term used outside such Exhibit shall be invalid for all legal purposes.**

**WHEREAS,** the **CLIENT** is a Mastercard International Inc. licensee and business partner of **MASTERCARD BRASIL;** and

**WHEREAS**, **MASTERCARD BRASIL** and the **CLIENT** have the common target to sign an Incentive program to provide the issue, increase and intensify the Mastercard Portfolio, as well as the number of Transactions and Financial Volume.

The Parties, as strategic partners, are mutually interested in participating in the Incentives Program under this agreement; **NOW, THEREFORE**, the parties decide to execute this instrument (the "Agreement") pursuant to the following terms and conditions:

1. PURPOSE

1.1. The purpose of this Agreement is to establish the rules and conditions that are to be followed by the Parties in connection with the Incentive Program.

2. INITIAL INCENTIVES

2.1. **<u>Unconditional Bonus Incentive ("Unconditional Bonus Incentive")</u>**: During Year 1 of this Agreement, **MASTERCARD BRASIL** shall make available to the **CLIENT** a total amount of [\*\*\*\*\*] by way of "Unconditional Bonus Incentive" in the manner provided below, as long as the **CLIENT** complies with all the established conditions. The amount stated above shall be credited in MCBS (Mastercard Consolidated Billing System) after the execution of this Agreement and remain available until the total consumption thereof. If, and only if, the **CLIENT** reaches less than [\*\*\*\*\*] of the Total POS Volume Target for Year 1, the **CLIENT** shall not be required to pay any fine or penalty to **MASTERCARD BRASIL**; provided that the provisions of this Section do not prevent MASTERCARD BRASIL from charging any other fines provided for in the Agreement.

[\*\*\*\*\*] Confidential information redacted

Page **1** of **42**

---

| | |
|:---|:---|
| **MASTERCARD BRASIL SOLUÇÕES DE PAGAMENTO LTDA.**<br>Avenida das Nações Unidas, 14.171, Torre Crystal, 20<sup>th</sup> floor<br>São Paulo, SP. | ![](ex10-20_001.jpg) |

---

3. OTHER INCENTIVES

3.1. **<u>Extraordinary Incentive ("Sign-On Bonus")</u>**. **MASTERCARD BRASIL** shall make available to the **CLIENT**, by way of Sign-On Bonus, a total amount of [\*\*\*\*\*] in the manner provided below, as long as the **CLIENT** complies with all the established conditions.

3.1.1. Of the total amount of [\*\*\*\*\*] mentioned above, an amount of [\*\*\*\*\*] for Year 1 shall be made available in advance within [\*\*\*\*\*] days after the execution of this Agreement.

3.1.1.1. If the **CLIENT** does not reach the respective Total POS Volume Targets accumulated between Year 1 and Year 7, it shall pay a fine in an amount proportional to the Sign-On Bonus, calculated as provided below:

---

| | |
|:---|:---|
| **Percentage reached of the respective Total POS <br> Volume Targets accumulated between Year 1 and Year 7** | **Calculation of the Amount of the Fine** |
| [\*\*\*\*\*] | [\*\*\*\*\*] |
| [\*\*\*\*\*] | <br>*[\*\*\*\*\*]*<br>|
| [\*\*\*\*\*] | <br> [\*\*\*\*\*] |

---

3.1.1.2. At the end of Year 3, the performance of the **CLIENT** shall be assessed in relation to the accumulated invoicing for Years 1-3. If it is below [\*\*\*\*\*] of the Total POS Volume Targets accumulated for the period, the **CLIENT** shall pay a non-compensatory fine to **MASTERCARD BRASIL** calculated in accordance with the table in Section 3.1.1.1 above, in proportion to the assessment period of three-sevenths (3/7) of the total amount made available to the **CLIENT**. At the end of each of Years 5 and 7, the performance of the **CLIENT** shall be assessed again for Years 1-5 and for Years 1-7, respectively. If it is below [\*\*\*\*\*] of the Total POS Volume Targets accumulated for the period, the **CLIENT** shall pay a non-compensatory fine to

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| | |
|:---|:---|
| **MASTERCARD BRASIL SOLUÇÕES DE PAGAMENTO LTDA.**<br>Avenida das Nações Unidas, 14.171, Torre Crystal, 20<sup>th</sup> floor<br>São Paulo, SP. | ![](ex10-20_001.jpg) |

---

**MASTERCARD BRASIL** calculated in accordance with the table in Section 3.1.1.1 above, in proportion to the assessment period, in Year 5, of five-sevenths (5/7) of the total amount made available to the **CLIENT** and, in Year 7, of seven-sevenths (7/7) of the total amount made available to the **CLIENT**, less any amounts already paid by way of fine in prior calculations.

3.1.1.3. If the Total POS Volume Targets accumulated at the Year 7 checkpoint, in order to offset fines previously paid, are reached, the amount paid by the **CLIENT** due to the previous non-compliance shall be returned by way of Incentive via MCBS (Mastercard Consolidated Billing System).

3.1.2. The remaining amount of [\*\*\*\*\*] shall be paid during Years 2 to Year 5 in the form of equal annual installments in the amount of [\*\*\*\*\*] made available within [\*\*\*\*\*] days after the calculation of each Year.

3.1.2.1. In order to be eligible to receive the abovementioned amount of this Incentive for Years 2 to 5, the **CLIENT** shall meet at least [\*\*\*\*\*] of the Total POS Volume Target for the immediately preceding Year as described in Section Four of this Agreement. If the **CLIENT** does not reach [\*\*\*\*\*] of the Total POS Volume Target for the immediately preceding Year as mentioned above, it shall not receive any amount from this Incentive in the Year of accrual. If the **CLIENT** reaches between [\*\*\*\*\*] and [\*\*\*\*\*] of the Total POS Volume Target for the immediately preceding Year, it shall receive the annual installment of this Incentive as per the table below. Payment shall be made within [\*\*\*\*\*] from the date when the targets have been reached via MCBS (Mastercard Consolidated Billing System) or any other method established by **MASTERCARD BRASIL**.

---

| | |
|:---|:---|
| **Percentage reached of the Total POS <br> Volume Target for the previous year** | **Year 2 to Year 5** |
| [\*\*\*\*\*] | [\*\*\*\*\*] |
| [\*\*\*\*\*] | [\*\*\*\*\*] |
| [\*\*\*\*\*] | [\*\*\*\*\*] |
| [\*\*\*\*\*] | [\*\*\*\*\*] |

---

3.1.3. If the **CLIENT** reaches [\*\*\*\*\*] or more of the Total POS Volume Target from Year 2 to Year 7, **MASTERCARD BRASIL** shall pay an additional amount of [\*\*\*\*\*] for each Year in which the Total POS Volume Target for the respective Year is exceeded by [\*\*\*\*\*] or more. Payment shall be made annually within [\*\*\*\*\*] days of the achievement of the targets via MCBS (Mastercard Consolidated Billing System) or any other method established by **MASTERCARD BRASIL**.

3.2. **<u>Incentive for Discount on Cores and Non-Cores Fees ("Fees Discount")</u>**: From January 2025 to the end of Year 7 of this Agreement, as long as the **CLIENT** presents any growth in the Total POS Volume performance in relation to the immediately preceding Year, the **CLIENT** shall be entitled to the discount on Core and Non-Core Fees set forth in Exhibit 3, with the following prices being charged:

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| | |
|:---|:---|
| **MASTERCARD BRASIL SOLUÇÕES DE PAGAMENTO LTDA.**<br>Avenida das Nações Unidas, 14.171, Torre Crystal, 20<sup>th</sup> floor<br>São Paulo, SP. | ![](ex10-20_001.jpg) |

---

a. Mastercard Credit Products.

---

| | |
|:---|:---|
| **Table A – Mastercard Credit Products – Year 1 to Year 7** | **Table A – Mastercard Credit Products – Year 1 to Year 7** |
| **Percentage reached of the <br> Total POS Volume Target for<br> the respective Year** | <br> **Price CAP** |
| [\*\*\*\*\*] | [\*\*\*\*\*] |
| [\*\*\*\*\*] | [\*\*\*\*\*] |
| [\*\*\*\*\*] | [\*\*\*\*\*] |

---

*1 bps = 0.01%.*

 

a. Mastercard Prepaid Products.

---

| | |
|:---|:---|
| **Table B – Mastercard Prepaid Products – Year 1 to Year 7.** | **Table B – Mastercard Prepaid Products – Year 1 to Year 7.** |
| **Percentage reached of the<br> Total POS Volume Target for <br> the respective Year** | <br> **Price CAP** |
| [\*\*\*\*\*] | [\*\*\*\*\*] |
| [\*\*\*\*\*] | [\*\*\*\*\*] |

---

*1 bps = 0.01%*

 

3.2.1. If the **CLIENT** does not meet any of the conditions for receiving this Incentive, it shall pay the price in the corresponding Year without any discount (rack price).

3.2.3. New billing codes that replace the codes contemplated in this Agreement shall not automatically become part of this Agreement, and therefore shall not be subject to the Fee Discount provided for herein. Such new replacement codes shall be discussed in advance between the Parties upon notice from the **CLIENT** to **MASTERCARD BRASIL** and shall only become part of this Agreement if a new Exhibit 3 is executed by the Parties.

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| | |
|:---|:---|
| **MASTERCARD BRASIL SOLUÇÕES DE PAGAMENTO LTDA.**<br>Avenida das Nações Unidas, 14.171, Torre Crystal, 20<sup>th</sup> floor<br>São Paulo, SP. | ![](ex10-20_001.jpg) |

---

3.3. **<u>D&S Management Services Incentive ("D&S Incentive")</u>**: During Year 1 to Year 7 of this Agreement, **MASTERCARD BRASIL** shall pay to the **CLIENT**, by way of D&S Incentive, a maximum total amount equivalent to [\*\*\*\*\*], in [\*\*\*\*\*] equal annual installments in the amount of [\*\*\*\*\*], in accordance with the conditions established below, as long as the **CLIENT** complies with all the established conditions and commitments, with Year 1 being paid in advance within sixty [\*\*\*\*\*] from the execution of this Agreement, and the other Years in accordance with the conditions established below:

**D&S Management Services Incentive Table**

---

| | |
|:---|:---|
| **Year** | **Incentive Amount in R$** |
| 1 | [\*\*\*\*\*] |
| 2 | [\*\*\*\*\*] |
| 3 | [\*\*\*\*\*] |
| 4 | [\*\*\*\*\*] |
| 5 | [\*\*\*\*\*] |
| 6 | [\*\*\*\*\*] |
| 7 | [\*\*\*\*\*] |
| **Total** | [\*\*\*\*\*] |

---

3.3.1. If the **CLIENT** does not reach the respective Total POS Volume Targets accumulated between Year 1 and Year 7, it shall pay a fine calculated as provided below:

---

| | |
|:---|:---|
| **Percentage reached of the respective Total POS<br> Volume Targets accumulated between Year 1 and<br> Year 7** | **Calculation of the Amount of the Fine** |
| [\*\*\*\*\*] | [\*\*\*\*\*] |
| [\*\*\*\*\*] | [\*\*\*\*\*]<br>|
| [\*\*\*\*\*] <br>| [\*\*\*\*\*] |

---

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| | |
|:---|:---|
| **MASTERCARD BRASIL SOLUÇÕES DE PAGAMENTO LTDA.**<br>Avenida das Nações Unidas, 14.171, Torre Crystal, 20<sup>th</sup> floor<br>São Paulo, SP. | ![](ex10-20_001.jpg) |

---

3.3.1.1. At the end of Year 3, the performance of the **CLIENT** shall be assessed in relation to the accumulated invoicing for Years 1-3. If it is below [\*\*\*\*\*] of the Total POS Volume Targets accumulated for the period, the **CLIENT** shall pay a non-compensatory fine to **MASTERCARD BRASIL** calculated in accordance with [\*\*\*\*\*], in proportion to the assessment period of three-sevenths (3/7) of the total amount made available to the **CLIENT**. At the end of each of Years 5 and 7, the performance of the **CLIENT** shall be assessed again for Years 1-5 and for Years 1-7, respectively. If it is below [\*\*\*\*\*] of the Total POS Volume Targets accumulated for the period, the **CLIENT** shall pay a non-compensatory fine to **MASTERCARD BRASIL** calculated in accordance with the table in Section 3.3.1 above, in proportion to the assessment period, in Year 5, of five-sevenths (5/7) of the total amount made available to the **CLIENT** and, in Year 7, of seven-sevenths (7/7) of the total amount made available to the **CLIENT**, less any amounts already paid by way of fine in prior calculations.

3.3.1.2. If the Total POS Volume Targets accumulated at the Year 7 checkpoint, in order to offset fines previously paid, are reached, the amount paid by the **CLIENT** due to the previous non-compliance shall be returned by way of Incentive via MCBS (Mastercard Consolidated Billing System).

3.3.2. In order to be eligible to receive this Incentive for Year 2 and Year 7, the **CLIENT** shall meet at least [\*\*\*\*\*] of the Total POS Volume Target for the immediately preceding Year as described in Section Four of this Agreement. If the **CLIENT** does not reach [\*\*\*\*\*] of the Total POS Volume Target for the immediately preceding Year as mentioned above, it shall not receive any amount from this Incentive in the Year of accrual. If the **CLIENT** reaches between [\*\*\*\*\*] and [\*\*\*\*\*] of the Total POS Volume Target for the immediately preceding Year, it shall receive the amount of this Incentive for the respective Year of accrual in proportion to the achievement of the Total POS Volume Target for the immediately preceding Year. If the **CLIENT** reaches [\*\*\*\*\*] or more of the Total POS Volume Target for the immediately preceding Year, it shall receive [\*\*\*\*\*].

3.3.3. **MASTERCARD BRASIL** shall make the amounts referred to above available to the **CLIENT** by way of D&S Incentive in the form corresponding to the amount of fees for the provision of services and/or assets to be provided directly to the **CLIENT** by Mastercard Advisors. The provision of such services shall be conditioned on the acceptance and execution of the terms and conditions in the form attached as Exhibit 2 hereto, the terms of which shall be negotiated by the Parties. The value and specification of each project by Mastercard Advisors shall be established in an applicable SOW, as defined in Exhibit 2.

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| | |
|:---|:---|
| **MASTERCARD BRASIL SOLUÇÕES DE PAGAMENTO LTDA.**<br>Avenida das Nações Unidas, 14.171, Torre Crystal, 20<sup>th</sup> floor<br>São Paulo, SP. | ![](ex10-20_001.jpg) |

---

3.4. **<u>Innovation Support Incentive ("Innovation Support Incentive")</u>**: During Year 1 to Year 7 of this Agreement, **MASTERCARD BRASIL** shall make available to the **CLIENT**, by way of Innovation Support Incentive, a maximum total amount equivalent to [\*\*\*\*\*], in [\*\*\*\*\*] equal annual installments in the amount [\*\*\*\*\*] , in accordance with the conditions established below, as long as the **CLIENT** complies with all the established conditions and commitments, with Year 1 being paid in advance within [\*\*\*\*\*] from the execution of this Agreement, and the other Years in accordance with the conditions established below:

**Innovation Support Incentive Table**

---

| | |
|:---|:---|
| **Year** | **Incentive Amount in R$** |
| 1 | [\*\*\*\*\*] |
| 2 | [\*\*\*\*\*] |
| 3 | [\*\*\*\*\*] |
| 4 | [\*\*\*\*\*] |
| 5 | [\*\*\*\*\*] |
| 6 | [\*\*\*\*\*] |
| 7 | [\*\*\*\*\*] |
| **Total Innovation** | [\*\*\*\*\*] |

---

3.4.1. If the **CLIENT** does not reach the respective Total POS Volume Targets accumulated between Year 1 and Year 7, it shall pay a fine calculated as provided below:

---

| | |
|:---|:---|
| **Percentage reached of the respective Total POS<br> Volume Targets accumulated between Year 1 and<br> Year 7** | **Calculation of the Amount of the Fine** |
| [\*\*\*\*\*] | [\*\*\*\*\*] |
| [\*\*\*\*\*] | [\*\*\*\*\*]<br>|
| [\*\*\*\*\*] <br>| [\*\*\*\*\*] |

---

[\*\*\*\*\*] Confidential information redacted

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| | |
|:---|:---|
| **MASTERCARD BRASIL SOLUÇÕES DE PAGAMENTO LTDA.**<br>Avenida das Nações Unidas, 14.171, Torre Crystal, 20<sup>th</sup> floor<br>São Paulo, SP. | ![](ex10-20_001.jpg) |

---

3.4.1.1. At the end of Year 3, the performance of the **CLIENT** shall be assessed in relation to the accumulated invoicing for Years 1-3. If it is below [\*\*\*\*\*] of the Total POS Volume Targets accumulated for the period, the **CLIENT** shall pay a non-compensatory fine to **MASTERCARD BRASIL** calculated in accordance with the table in Section 3.4.1 above, in proportion to the assessment period of three-sevenths (3/7) of the total amount made available to the **CLIENT**. At the end of each of Years 5 and 7, the performance of the **CLIENT** shall be assessed again for Years 1-5 and for Years 1-7, respectively. If it is below [\*\*\*\*\*] of the Total POS Volume Targets accumulated for the period, the **CLIENT** shall pay a non-compensatory fine to **MASTERCARD BRASIL** calculated in accordance with the table in Section 3.4.1 above, in proportion to the assessment period, in Year 5, of five-sevenths (5/7) of the total amount made available to the **CLIENT** and, in Year 7, of seven-sevenths (7/7) of the total amount made available to the **CLIENT**, less any amounts already paid by way of fine in prior calculations.

3.4.1.2. If the Total POS Volume Targets accumulated at the Year 7 checkpoint, in order to offset fines previously paid, are reached, the amount paid by the **CLIENT** due to the previous non-compliance shall be returned by way of Incentive via MCBS (Mastercard Consolidated Billing System).

3.4.2. In order to be eligible to receive this Incentive for Year 2 and Year 7, the **CLIENT** shall meet at least [\*\*\*\*\*] of the Total POS Volume Target for the immediately preceding Year as described in Section Four of this Agreement. If the **CLIENT** does not reach [\*\*\*\*\*] of the Total POS Volume Target for the immediately preceding Year as mentioned above, it shall not receive any amount from this Incentive in the Year of accrual. If the **CLIENT** reaches between [\*\*\*\*\*] and [\*\*\*\*\*] of the Total POS Volume Target for the immediately preceding Year, it shall receive the amount of this Incentive for the respective Year of accrual in proportion to the achievement of the Total POS Volume Target for the immediately preceding Year. If the **CLIENT** reaches [\*\*\*\*\*] or more of the Total POS Volume Target for the immediately preceding Year, it shall receive [\*\*\*\*\*] of this Incentive for the Year of accrual.

3.4.3. The Innovation Support Incentive amounts shall be made available as reimbursements and shall be fully used in the implementation of various Mastercard products and solutions aimed to promote the use or improved experience of Mastercard Cards as previously agreed upon between the Parties.

3.4.4. The **CLIENT** shall send to **MASTERCARD BRASIL** a plan for pre-approval of the use of funds from this Innovation Support Incentive, and payment shall be conditioned on the **CLIENT** receiving supporting documentation regarding the reimbursement requested, which shall be previously accepted by **MASTERCARD BRASIL**.

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| | |
|:---|:---|
| **MASTERCARD BRASIL SOLUÇÕES DE PAGAMENTO LTDA.**<br>Avenida das Nações Unidas, 14.171, Torre Crystal, 20<sup>th</sup> floor<br>São Paulo, SP. | ![](ex10-20_001.jpg) |

---

3.5. **<u>Marketing Support Incentive ("Marketing Support Incentive")</u>**: **MASTERCARD BRASIL** shall make available to the **CLIENT**, between Year 1 and Year 7 of this Agreement, by way of Marketing Support Incentive, a maximum total amount of [\*\*\*\*\*], in [\*\*\*\*\*] annual installments, as long as the **CLIENT** complies with all the established conditions and commitments, with Year 1 being paid in advance within [\*\*\*\*\*] from the execution of this Agreement, and the other Years in accordance with the conditions established below:

**Marketing Support Incentive Table**

---

| | |
|:---|:---|
| **Year** | **Incentive Amount in R$** |
| 1 | [\*\*\*\*\*] |
| 2 | [\*\*\*\*\*] |
| 3 | [\*\*\*\*\*] |
| 4 | [\*\*\*\*\*] |
| 5 | [\*\*\*\*\*] |
| 6 | [\*\*\*\*\*] |
| 7 | [\*\*\*\*\*] |
| **Total Marketing** | [\*\*\*\*\*] |

---

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| | |
|:---|:---|
| **MASTERCARD BRASIL SOLUÇÕES DE PAGAMENTO LTDA.**<br>Avenida das Nações Unidas, 14.171, Torre Crystal, 20<sup>th</sup> floor<br>São Paulo, SP. | ![](ex10-20_001.jpg) |

---

3.5.1. If the **CLIENT** does not reach the respective Total POS Volume Targets accumulated between Year 1 and Year 7, it shall pay a fine calculated as provided below:

---

| | |
|:---|:---|
| **Percentage reached of the respective Total POS**<br> **Volume Targets accumulated between Year 1 and<br> Year 7** | **Calculation of the Amount of the Fine** |
| [\*\*\*\*\*] | [\*\*\*\*\*] |
| [\*\*\*\*\*]<br>| [\*\*\*\*\*] |
| [\*\*\*\*\*]<br>| [\*\*\*\*\*] |

---

3.5.1.1. At the end of Year 3, the performance of the **CLIENT** shall be assessed in relation to the accumulated invoicing for Years 1-3. If it is below [\*\*\*\*\*] of the Total POS Volume Targets accumulated for the period, the **CLIENT** shall pay a non-compensatory fine to **MASTERCARD BRASIL** calculated in [\*\*\*\*\*], in proportion to the assessment period of three-sevenths (3/7) of the total amount made available to the **CLIENT**. At the end of each of Years 5 and 7, the performance of the **CLIENT** shall be assessed again for Years 1-5 and for Years 1-7, respectively. If it is below [\*\*\*\*\*] of the Total POS Volume Targets accumulated for the period, the **CLIENT** shall pay a non-compensatory fine to **MASTERCARD BRASIL** calculated in accordance with the table in Section 3.5.1 above, in proportion to the assessment period, in Year 5, of five-sevenths (5/7) of the total amount made available to the **CLIENT** and, in Year 7, of seven-sevenths (7/7) of the total amount made available to the **CLIENT**, less any amounts already paid by way of fine in prior calculations.

3.5.1.2. If the Total POS Volume Targets accumulated at the Year 7 checkpoint, in order to offset fines previously paid, are reached, the amount paid by the **CLIENT** due to the previous non-compliance shall be returned by way of Incentive via MCBS (Mastercard Consolidated Billing System).

3.5.2. In order to be eligible to receive this Incentive for Year 2 and Year 7, the **CLIENT** shall meet at least [\*\*\*\*\*] of the Total POS Volume Target for the immediately preceding Year as described in Section Four of this Agreement. If the **CLIENT** does not reach [\*\*\*\*\*] of the Total POS Volume Target for the immediately preceding Year as mentioned above, it shall not receive any amount from this Incentive in the Year of accrual. If the **CLIENT** reaches between [\*\*\*\*\*] and [\*\*\*\*\*] of the Total POS Volume Target for the immediately preceding Year, it shall receive the amount of this Incentive for the respective Year of accrual in proportion to the achievement of the Total POS Volume Target for the immediately preceding Year. If the **CLIENT** reaches [\*\*\*\*\*] or more of the Total POS Volume Target for the immediately preceding Year, it shall receive [\*\*\*\*\*].

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| | |
|:---|:---|
| **MASTERCARD BRASIL SOLUÇÕES DE PAGAMENTO LTDA.**<br>Avenida das Nações Unidas, 14.171, Torre Crystal, 20<sup>th</sup> floor<br>São Paulo, SP. | ![](ex10-20_001.jpg) |

---

3.5.3. **MASTERCARD BRASIL** shall approve, together with the **CLIENT**, any marketing campaign/initiative focused on the Mastercard Portfolio carried out with funds arising from this Agreement.

3.5.4. **MASTERCARD BRASIL** shall pay the amounts of this Marketing Support Incentive in the form of reimbursements to the **CLIENT** after reviewing all annual reports relating to the subject matter of the Agreement for each Year. Any installment of this Incentive may be paid, wholly or in part, directly to the **CLIENT** or to a strategic supplier of **MASTERCARD BRASIL** (marketing or promotion agencies already certified by **MASTERCARD BRASIL**), if is previously and expressly agreed upon by the Parties. A marketing plan shall be sent to **MASTERCARD BRASIL** for pre-approval of the use of the amounts of this Marketing Support Incentive, and payment shall be conditioned on the **CLIENT** receiving supporting documentation regarding the reimbursement requested, which shall be previously accepted by **MASTERCARD BRASIL**.

**3.6. <u>Incentive for ESG Initiative ("Incentive for ESG Initiative")</u>**: **MASTERCARD BRASIL** shall make available to the **CLIENT**, between Year 1 and Year 7 of this Agreement, by way of Incentive for ESG Initiative, a maximum total amount of [\*\*\*\*\*], in accordance with the conditions established below, as long as the **CLIENT** complies with all the established conditions and commitments:

i. Of the total amount mentioned above, **MASTERCARD BRASIL** shall make available to the **CLIENT**, in Year 1, a total amount equivalent to [\*\*\*\*\*] within [\*\*\*\*\*] days after the execution of this Agreement.

ii. In relation to Year 2 to Year 7, **MASTERCARD BRASIL** shall make available to the **CLIENT** an amount equivalent to [\*\*\*\*\*] within [\*\*\*\*\*] after the end of each such Year.

3.6.1. The Incentive for ESG Initiative amounts shall be pre-approved by **MASTERCARD BRASIL** and, before any commitment to their use, shall be fully used in projects to be developed in partnership with the Mastercard ESG team, as well as activations, mechanics, creatives, marketing and communication plans, releases and other amplification pieces, all of which shall be previously pre-approved by **MASTERCARD BRASIL**.

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| | |
|:---|:---|
| **MASTERCARD BRASIL SOLUÇÕES DE PAGAMENTO LTDA.**<br>Avenida das Nações Unidas, 14.171, Torre Crystal, 20<sup>th</sup> floor<br>São Paulo, SP. | ![](ex10-20_001.jpg) |

---

3.7. **<u>Incentive for training and events ("Incentive for Training and Events")</u>**: **MASTERCARD BRASIL** shall make available to the **CLIENT**, between Year 1 and Year 7 of this Agreement, for Training and Events, a maximum total amount of [\*\*\*\*\*], in [\*\*\*\*\*] equal annual installments, as long as the **CLIENT** complies with all the established conditions and commitments, with Year 1 being paid in advance within [\*\*\*\*\*] days from the execution of this Agreement, and the other Years in accordance with the conditions established below:

**Incentive for Training and Events Table.**

---

| | |
|:---|:---|
| **Year** | **Incentive Amount in R$** |
| 1 | [\*\*\*\*\*] |
| 2 | [\*\*\*\*\*] |
| 3 | [\*\*\*\*\*] |
| 4 | [\*\*\*\*\*] |
| 5 | [\*\*\*\*\*] |
| 6 | [\*\*\*\*\*] |
| 7 | [\*\*\*\*\*] |
| **Total Marketing** | [\*\*\*\*\*] |

---

**[\*\*\*\*\*]** Confidential information redacted

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| | |
|:---|:---|
| **MASTERCARD BRASIL SOLUÇÕES DE PAGAMENTO LTDA.**<br>Avenida das Nações Unidas, 14.171, Torre Crystal, 20<sup>th</sup> floor<br>São Paulo, SP. | ![](ex10-20_001.jpg) |

---

3.7.1. If the **CLIENT** does not reach the respective Total POS Volume Targets accumulated between Year 1 and Year 7, it shall pay a fine calculated as provided below:

---

| | |
|:---|:---|
| **Percentage reached of the respective Total POS**<br> **Volume Targets accumulated between Year 1 and**<br> **Year 7** | **Calculation of the Amount of the Fine** |
| [\*\*\*\*\*] | [\*\*\*\*\*] |
| [\*\*\*\*\*]<br>| [\*\*\*\*\*] |
| [\*\*\*\*\*]<br>| [\*\*\*\*\*] |

---

3.7.1.1. At the end of Year 3, the performance of the **CLIENT** shall be assessed in relation to the accumulated invoicing for Years 1-3. If it is below [\*\*\*\*\*] of the Total POS Volume Targets accumulated for the period, the **CLIENT** shall pay a non-compensatory fine to **MASTERCARD BRASIL** calculated in accordance with the table in Section 3.7.1 above, in proportion to the assessment period of three-sevenths (3/7) of the total amount made available to the **CLIENT**. At the end of each of Years 5 and 7, the performance of the **CLIENT** shall be assessed again for Years 1-5 and for Years 1-7, respectively. If it is below [\*\*\*\*\*] of the Total POS Volume Targets accumulated for the period, the **CLIENT** shall pay a non-compensatory fine to **MASTERCARD BRASIL** calculated in accordance with the table in Section 3.7.1 above, in proportion to the assessment period, in Year 5, of five-sevenths (5/7) of the total amount made available to the **CLIENT** and, in Year 7, of seven-sevenths (7/7) of the total amount made available to the **CLIENT**, less any amounts already paid by way of fine in prior calculations.

3.7.1.2. If the Total POS Volume Targets accumulated at the Year 7 checkpoint, in order to offset fines previously paid, are reached, the amount paid by the **CLIENT** due to the previous non-compliance shall be returned by way of Incentive via MCBS (Mastercard Consolidated Billing System).

3.7.2. In order to be eligible to receive this Incentive for Year 2 and Year 7, the **CLIENT** shall meet at least [\*\*\*\*\*] of the Total POS Volume Target for the immediately preceding Year as described in Section Four of this Agreement. If the **CLIENT** does not reach [\*\*\*\*\*] of the Total POS Volume Target for the immediately preceding Year as mentioned above, it shall not receive any amount from this Incentive in the Year of accrual. If the **CLIENT** reaches between [\*\*\*\*\*] and [\*\*\*\*\*] of the Total POS Volume Target for the immediately preceding Year, it shall receive the amount of this Incentive for the respective Year of accrual in proportion to the achievement of the Total POS Volume Target for the immediately preceding Year. If the **CLIENT** reaches [\*\*\*\*\*] or more of the Total POS Volume Target for the immediately preceding Year, it shall receive [\*\*\*\*\*].

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| | |
|:---|:---|
| **MASTERCARD BRASIL SOLUÇÕES DE PAGAMENTO LTDA.**<br>Avenida das Nações Unidas, 14.171, Torre Crystal, 20<sup>th</sup> floor<br>São Paulo, SP. | ![](ex10-20_001.jpg) |

---

3.7.3. The amounts from this Incentive shall be fully used in events developed by **MASTERCARD BRASIL** and previously agreed upon between the Parties.

3.8. **<u>Incentive for Performance Above</u>** [\*\*\*\*\*] **<u>for the First Two Quarters of Year 1 ("Extraordinary Bonus")</u>**: **MASTERCARD BRASIL** shall make available to the **CLIENT**, solely in the first and second quarters (Q1 and Q2) of Year 1 (from July to December 2024), an amount equal to 21 bps multiplied by the Total POS Volume in excess of [\*\*\*\*\*] of the Total POS Volume Target for Q1 and Q2 of Year 1. For calculation purposes, such amount shall be calculated after the end of Year 1, taking into account the proportion of the Total POS Volume per quarter to determine the volume [\*\*\*\*\*] of the Total POS Volume Target. The calculation shall be made as follows:

[\*\*\*\*\*] ((([\*\*\*\*\*]) + ([\*\*\*\*\*])) ÷ ([\*\*\*\*\*]))) X [\*\*\*\*\*] X ([\*\*\*\*\*]).

4. COMMITMENTS OF THE CLIENT

**4.1.** In order to qualify to receive the Incentives set forth in this Agreement, in addition to the other obligations set forth in this Agreement, the **CLIENT** agrees to reach the Total POS Volume Target defined in the table below:

**TOTAL POS VOLUME TARGET (IN R$)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Year 1** | **Year 2** | **Year 3** | **Year 4** | **Year 5** | **Year 6** | **Year 7** |
| [\*\*\*\*\*] | [\*\*\*\*\*] | [\*\*\*\*\*] | [\*\*\*\*\*] | [\*\*\*\*\*] | [\*\*\*\*\*] | [\*\*\*\*\*] |

---

NB: Such targets and amounts were freely and previously defined and agreed upon between the Parties.

4.2. In addition to the obligations above, the **CLIENT** agrees to:

**I.** Ensure the exclusiveness of the Mastercard Cards of the Mastercard Portfolio under this Agreement, as well as any card product offered by the **CLIENT** to individuals ("consumer"), from the execution of the Agreement to its expiration and refrain from issuing, directly or in partnership with third parties, cards of any Mastercard Competitors during the Term of Effectiveness of the Agreement, except any other products of the **CLIENT** targeted at legal entities, self-employed workers and professionals and at the segment of benefits linked to the payment of salaries and similar amounts, including, without limitation, the Worker's Food Program – "PAT", the Cultural Voucher Program, the Transportation Voucher Program and assistance/reimbursement allowances defined by Decree-Law No. 5.452/43 – Consolidation of Labor Laws. Failure to comply with this condition shall constitute a severe breach of this instrument, triggering the imposition on the **CLIENT** of the penalty set forth in Sections 6.3, 6.4 and 6.7.

**II.** Keep the growth of the Total POS Volume of the Mastercard Portfolio of at least [\*\*\*\*\*] per Year for the immediately preceding Year. If this does not occur in the then-current Year, a) there shall be no payment of the incentive for the Year of accrual and b) the CLIENT shall reach the Total POS Volume Target for the following Year plus the equivalent of the Total POS Volume Target not reached in the Year of accrual to receive the incentive in subsequent Years.

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| | |
|:---|:---|
| **MASTERCARD BRASIL SOLUÇÕES DE PAGAMENTO LTDA.**<br>Avenida das Nações Unidas, 14.171, Torre Crystal, 20<sup>th</sup> floor<br>São Paulo, SP. | ![](ex10-20_001.jpg) |

---

**III.** Develop and submit to **MASTERCARD BRASIL** for prior approval, on dates agreed upon between the parties during each year of the Term of Effectiveness of this Agreement, an Annual Marketing Plan, for the next year, encompassing strategic initiatives for the continuous growth of the Mastercard Portfolio. The Annual Marketing Plan shall be subject to confirmations, changes, and even cancellation of initiatives during the Year in question, previously defined and agreed between the Parties.

**IV.** During the first quarter of the term of effectiveness of each Year of the Term of Effectiveness of the Agreement, the **CLIENT** shall conduct joint planning sessions with **MASTERCARD BRASIL**, providing it with information relating to the **CLIENT**'s Business Plan relating solely to the products of the MasterCard Portfolio in the Brazilian territory; provided that the **CLIENT** shall not be permitted, under any circumstances, to request or access confidential and strategic information for its operations, except for any voluntary provision of any information in this regard by representatives of the **CLIENT**, it being understood that **MASTERCARD BRASIL** shall keep strict confidentiality and secrecy regarding such information under the terms of this Agreement. In addition, upon completion of each year of the Term of Effectiveness, the **CLIENT** will meet with authorized representatives of **MASTERCARD BRASIL** to jointly analyze and evaluate the performance of the **CLIENT**, to jointly analyze and evaluate the performance of the **CLIENT** pursuant to the provisions of this Agreement, for purposes of securing the mutually satisfactory progress of the objectives of this Incentives Program and other initiatives, as mutually agreed between the **CLIENT** and **MASTERCARD BRASIL**.

**V.** The **CLIENT** shall use the best efforts to provide support to **MASTERCARD BRASIL** in the development of new business and in the introduction of new programs and other areas to be defined jointly by **MASTERCARD BRASIL** and the **CLIENT**, if related to the Mastercard Portfolio.

 **VII.** Annually invest in actions and activities intended to grow the Mastercard Portfolio invoicing;

**VIII.** The **CLIENT** agrees that all the Transactions with products of the Mastercard Portfolio shall be forwarded for authorization, clearance and settlement by means of the Banknet and GCMS Systems, or any others that may replace them under MasterCard Operating Policies Manual – *"Authorization Manual"* and *"Settlement Manual"*, to be visualized through Online MasterCard System – Member Publication Section;

**[\*\*\*\*\*]** Confidential information redacted

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| | |
|:---|:---|
| **MASTERCARD BRASIL SOLUÇÕES DE PAGAMENTO LTDA.**<br>Avenida das Nações Unidas, 14.171, Torre Crystal, 20<sup>th</sup> floor<br>São Paulo, SP. | ![](ex10-20_001.jpg) |

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**IX.** The **CLIENT** agrees that the Incentives to be received, in accordance with the terms and conditions hereof, shall be exclusively and fully invested in the development of businesses relating to the Mastercard Portfolio payment card products in the Brazilian market, activities that directly benefit the Mastercard Portfolio businesses, such as special campaigns and promotions for the sale and activation of the Mastercard Cards (special campaigns and promotions of sales of the Cards in all points of sale of the **CLIENT**, in the printed or electronic media, via telemarketing, direct mail or any other means, including electronic means and sponsorships of cultural or sports events), campaigns for the retainment or return of clients, special promotions of the Cards on commemorative occasions used by the commerce in general or any other activity the direct purpose of which is the development of the Mastercard Portfolio and which is of common interest to the Parties and/or new products and solutions contained in the Mastercard Portfolio, whether or not linked to Card trails. The **CLIENT** shall not use any Incentives for the benefit of any product under other card brand other than the "Mastercard" Brand, including, without limitation, any Mastercard Competitor. Any use by the **CLIENT** of amounts resulting from any Incentives for purposes different from those provided for herein is deemed a material violation of this Agreement.

**X.** The **CLIENT** shall provide support, encourage and retain all cards of the Mastercard Portfolio and maintain all Mastercard Cards and their respective portfolios, observing all management policies of the **CLIENT** from the operational, risk, credit and other perspectives, such as cards with the "Mastercard" Brand during the Term of Effectiveness of this Agreement. Except as specifically and expressly requested by the cardholder, the **CLIENT** shall not convert any Mastercard Cards (without considering when or by which entity such card has been issued, either before or during the Term of Effectiveness of this Agreement), into a new card with any other brand, except for other cad with the "Mastercard" Brand.

**XI. Mastercard Rules.** The rights, obligations, terms, and conditions set forth in this Agreement are supplemental to and do not replace, for any legal purposes, any of the rights, obligations, terms and conditions between the **CLIENT** and **MASTERCARD BRASIL** contained in the Mastercard Rules available in Mastercard Connect. In the event of any inconsistency between the provisions of this Agreement and the Mastercard Rules and other related rules, the Mastercard Rules shall prevail. The **CLIENT** shall use all efforts required to cause its employees to comply with and apply the Mastercard Rules. If the **CLIENT** fails to perform any obligations set forth in this section, it shall be deemed a material and severe violation of this Agreement, and, in addition to any other remedies available to **MASTERCARD BRASIL** under this Agreement in accordance with the law, **MASTERCARD BRASIL** shall not be required to pay Incentives to the **CLIENT**.

5. PAYMENTS

**5.1. Payments.** Unless otherwise specifically provided for in this Agreement, all the Incentives shall be made available within [\*\*\*\*\*]days from the date of verification of compliance with the respective Target and/or obligation, as stipulated hereof. As a rule, except as otherwise set forth herein, the payments shall be made via Mastercard Consolidated Billing System –MCBS, unless a different method is specified in this Agreement for each Incentive, or otherwise mutually agreed between the Parties.

**[\*\*\*\*\*]** Confidential information redacted

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| | |
|:---|:---|
| **MASTERCARD BRASIL SOLUÇÕES DE PAGAMENTO LTDA.**<br>Avenida das Nações Unidas, 14.171, Torre Crystal, 20<sup>th</sup> floor<br>São Paulo, SP. | ![](ex10-20_001.jpg) |

---

**5.2. Reports and Audits.** As a condition of the **MASTERCARD BRASIL** obligations to make available the Incentives annually as specified in Section 1 of this Agreement after the end of each calendar quarter (Jan/Mar, Apr/Jun, Jul/Sep and Oct/Dec – "Performance Quarters"), the **CLIENT** shall report in detail, in accordance with the applicable Mastercard Worldwide rules, in the "QMR" Quarterly Reports, the information relating to the actual number of Cards and Accounts issued or converted, the total number of Cards and Accounts issued (specifying the International Use Accounts and the National Accounts, if any) and the Invoicing Volume relating to the previous Performance Quarter, classified by Card modality. The "QMR" Quarterly Report may contain other additional information, provided this is previously agreed between the **CLIENT** and **MASTERCARD BRASIL**, as they are requested from time to time by **MASTERCARD BRASIL**, provided that the **CLIENT** is previously notified in this respect. For the purpose of verifying such information and the compliance with this Agreement by the **CLIENT**, **MASTERCARD BRASIL** and its designated Independent Auditors shall have the right to audit the books and registers of the **CLIENT**, exclusively in relation to any information contained in such reports, upon giving a notice thirty (30) days in advance to the **CLIENT** in relation to the scope and nature of such analysis. **MASTERCARD BRASIL** shall bear all costs related to such audit procedures, and the **CLIENT** agrees to collaborate and obtain the full cooperation of its independent auditors and other personnel required so that such audit may be conducted by **MASTERCARD BRASIL**. In the event such audit is not conducted by Independent Auditors, the **CLIENT** shall have the right to have the audit verified or confirmed by an Independent Auditor firm selected by **MASTERCARD BRASIL** and the **CLIENT** by common agreement. In the event any audit determines a discrepancy or overpayment or underpayment of any amounts due hereunder, the Party in question shall immediately pay to the other Party all amounts identified in the audit as due or payable to the other Party as a result thereof. In the event that any audit identifies a discrepancy of underpayment by the **CLIENT** in excess of [\*\*\*\*\*] of the Issuer Fees ("Mastercard fees") due by the **CLIENT** in relation to any civil quarter, the **CLIENT** will reimburse **MASTERCARD BRASIL** for all out of pocket expenses for the audit and auxiliary activities.

**5.3. Non-compensatory fines for non-achievement of targets or obligations (clawback):** Any Incentives, other amounts in cash or benefits supplied by **MASTERCARD BRASIL** at any time, which exceed or constitute an advancement of the Incentives accumulated from time to time, shall be contingent upon future compliance and shall be offset against amounts of Incentives which may be acquired by the **CLIENT**. **MASTERCARD BRASIL** may charge from the **CLIENT** any amount that may be advanced, if further determined that the **CLIENT** would not be entitled to such amount or amounts, whether as a difference or in full, in view of non-compliance, underperformance or violation of the terms of this Agreement, **MASTERCARD BRASIL** may carry out the proper cancellation by means of the MCBS (Mastercard Consolidated Billing System) account or by any other means considered appropriate, if necessary, at any time during the Term of Effectiveness or even after termination of the Agreement. This right is in addition to any other right or recourse **MASTERCARD BRASIL** may have in court pursuant to the provisions of this Agreement.

**[\*\*\*\*\*]** Confidential information redacted

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| | |
|:---|:---|
| **MASTERCARD BRASIL SOLUÇÕES DE PAGAMENTO LTDA.**<br>Avenida das Nações Unidas, 14.171, Torre Crystal, 20<sup>th</sup> floor<br>São Paulo, SP. | ![](ex10-20_001.jpg) |

---

**5.4. Calculations of Incentives.** Notwithstanding any provision to the contrary herein, in order to prevent duplicate payment of Incentives relating to Cards and all the Transactions and volumes associated therewith, the Parties agree that the calculation of Incentives shall exclude the amounts payable under this Agreement if **(i)** such Cards, Transactions, or volumes are subject to any other incentive benefit, support, or incentive agreement, between **MASTERCARD BRASIL** and the **CLIENT**, or between **MASTERCARD BRASIL** and other entity that is not set forth in this Agreement, or **(ii)** the **CLIENT** or another entity, as a successor to an Acquired Institution or Acquired Portfolio, receives now or in the future, under any Incentive condition, support, or agreement between **MASTERCARD BRASIL** and such Acquired Institution or its Affiliates or the assignor of such Acquired Portfolio with respect to such Cards, Transactions, or volume. The benefits and support mentioned in item **(i)** above shall not include any benefits directly relating to the products and/or to any additional support that may be provided by **MASTERCARD BRASIL** during the Term hereof, subject to any Agreements in addition to or different from this Agreement which **MASTERCARD BRASIL** may enter into with the **CLIENT** as part of marketing/promotional Activities relating to such products. All payments made under this Agreement shall be made in *Reais*.

6. TERM OF EFFECTIVENESS OF THE AGREEMENT AND TERMINATION

**6.1.** The Term of Effectiveness of this Agreement starts retroactively on July 1, 2024 and ends on June 30, 2031. It is hereby agreed that the obligations contained in the Confidentiality Section and in the General Conditions Section hereof shall survive after the expiration or termination hereof as provided in the respective sections. The duration of each Year of this Agreement shall be as established in item "B" of Exhibit 1.

**6.2.** If **MASTERCARD** terminates this Agreement without cause, the **CLIENT** shall have no lien, including, without limitation, return of the amounts paid under this Agreement, unless otherwise provided herein.

**6.3.** If the **CLIENT** terminates this Agreement without cause or violates the exclusiveness set forth herein, the following penalties shall be imposed on the **CLIENT**:

● If the abovementioned termination occurs before the end of Year 1, the **CLIENT** shall reimburse **MASTERCARD BRASIL** for all Incentives already made available by such date, plus a fine in the amount of [\*\*\*\*\*]of all Incentives already made available by such date, minus any fines already imposed. Payment of the aforementioned fine shall be made as follows: [\*\*\*\*\*];

● If the abovementioned termination occurs between Year 2 and the end of Year 5, the **CLIENT** shall reimburse **MASTERCARD BRASIL** for all Incentives already made available by such date, plus a fine in the amount of [\*\*\*\*\*] of all Incentives already made available by such date, minus any fines already imposed. Payment of the aforementioned fine shall be made as follows: [\*\*\*\*\*]; and

● If the abovementioned termination occurs between Year 6 and the end of Year 7, the **CLIENT** shall reimburse **MASTERCARD BRASIL** for all Incentives already made available by such date, minus any fines already imposed.

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| | |
|:---|:---|
| **MASTERCARD BRASIL SOLUÇÕES DE PAGAMENTO LTDA.**<br>Avenida das Nações Unidas, 14.171, Torre Crystal, 20<sup>th</sup> floor<br>São Paulo, SP. | ![](ex10-20_001.jpg) |

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**6.3.1.** If the **CLIENT** reaches the accumulated POS Volume Target for Years 1-7 of the agreement in advance and elects to terminate without cause, the penalties set forth in section 6.3 above shall not apply, except in the event of violation of exclusiveness set forth in this Section 6.3 while this Agreement is in force. This section shall apply solely to the **CLIENT**'s current Mastercard Portfolio, it being understood that no volumes of portfolios acquired in mergers and acquisitions by the **CLIENT** shall be taken into account.

**6.3.2.** Payment of the penalties set forth herein shall be made to **MASTERCARD BRASIL** within [\*\*\*\*\*]days after receipt of specific notice.

**6.4.** The following shall constitute just cause for immediate termination of this Agreement by either Party, irrespective of any prior warning or notice:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** The default of any of the obligations provided for herein by any of the Parties, in case it is not duly complied with or cured within [\*\*\*\*\*] days after notice of such fact by the non-defaulting Party to the defaulting Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** The proven insolvency from any of the Parties evidenced by any granted request for judicial or extrajudicial reorganization or adjudication in bankruptcy.

**6.5. MASTERCARD BRASIL** shall be entitled to immediately terminate this Agreement, upon prior express notice to the **CLIENT** by means of prior express notice, in the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** If the **CLIENT** becomes subject to the control of any non-Affiliated third party through an asset purchase, spin-off, merger, consolidation, or any other type of corporate restructuring but fails to give notice thereof to **MASTERCARD BRASIL** within [\*\*\*\*\*] from the date of the transaction, and the new controlling shareholder or legal successor of the **CLIENT** (i) demonstrably unable to perform the obligations set forth herein, (ii) may lead **MASTERCARD BRASIL** to suffer reputational damage as a result of such change of control, (iii) is a direct competitor of **MASTERCARD BRASIL** or its affiliates, including, without limitation, a competitor trademark, or (iv) is subject to any restriction on doing business with companies in the United States of America due to its inclusion in the list disclosed by the Office of Foreign Affairs of the U.S. Department of the Treasury; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** If the **CLIENT**, through any commercial or financial transaction, sells, transfers, assigns in any manner, or pledges to any non-Affiliated third party, whether or not a Mastercard Competitor, the Mastercard Cards portfolio, wholly or in part, without the prior and express authorization from **MASTERCARD BRASIL**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.** In case of termination of the License Agreement entered into by and between the **CLIENT** and **MASTERCARD INTERNATIONAL, INCORPORATED** and/or the Instrument of Participation in the Payment Arrangements and Services Retainer entered into by and between the **CLIENT** and **MASTERCARD BRASIL.**

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|:---|:---|
| **MASTERCARD BRASIL SOLUÇÕES DE PAGAMENTO LTDA.**<br>Avenida das Nações Unidas, 14.171, Torre Crystal, 20<sup>th</sup> floor<br>São Paulo, SP. | ![](ex10-20_001.jpg) |

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**6.6.** The Parties may, upon prior mutual agreement, terminate the Partnership by means of a Mutual Rescission, in which the bases for termination shall be negotiated.

**6.7.** Upon termination with cause pursuant to the provisions of items 6.4 or 6.5 of this Agreement by the sole fault of the **CLIENT**, the latter shall reimburse all Incentives already provided by such date, plus a fine in the amount of [\*\*\*\*\*] of all Incentives already made available by such date, minus any fines already imposed. Payment of the aforementioned fine shall be made as follows: [\*\*\*\*\*].

7. ACQUIRED CARDS

**7.1. General Condition -** if the **CLIENT** purchases the cards portfolio from another entity (the "Acquired Party") by means of a consolidation, merger, spin-off, joint venture, purchase of portfolio or other acquisition of any kind (including, but not limited to, the right to operate and manage these cards – named "Acquisition Transaction"), after the Term of Effectiveness of this Agreement, these Cards shall be referred to as "Acquired Cards", and they shall be subject to this Agreement after the closing of the acquisition transaction, as set forth in this section.

 **7.2. Acquired Mastercard Cards -** if the Acquired Cards are Mastercard cards and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) they are subject to a benefit, support or incentive agreement with **MASTERCARD BRASIL**, such acquired Mastercard Cards and all respective transactions and associated volumes shall be excluded from this Agreement and shall remain subject to such benefit, support or Incentive in accordance with their own terms until the expiry / termination of such agreement or until **MASTERCARD BRASIL** and the **CLIENT** mutually agree on a different date in writing, in which case the Parties shall discuss the terms acceptable for inclusion of the Acquired Mastercard Cards and of all associated transactions and volumes within the scope of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) they are not subject to a benefit, support or Incentive agreement with **MASTERCARD BRASIL**, these Acquired Cards may be an integral part of this Agreement and have the volume(s) generated thereby considered in this Agreement after **MASTERCARD BRASIL** and the **CLIENT** mutually agree in writing with the terms of having the Acquired Mastercard Cards becoming an integral part of this Agreement.

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|:---|:---|
| **MASTERCARD BRASIL SOLUÇÕES DE PAGAMENTO LTDA.**<br>Avenida das Nações Unidas, 14.171, Torre Crystal, 20<sup>th</sup> floor<br>São Paulo, SP. | ![](ex10-20_001.jpg) |

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**7.3. Acquired Cards from a competitor brand.** If the Acquired Cards fall under the definition of Credit Cards, Debit Cards or Pre-paid Cards, but are issued, managed or offered by the Acquired Party as Competitor Cards ("Competitor Linked Cards"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** The **CLIENT** shall use its best efforts for the Acquired Cards to be converted into Mastercard Cards within [\*\*\*\*\*] as from termination of the Acquisition Transaction, unless the Acquired Cards are subject to a contractual obligation that prevent their conversion into Mastercard Cards that: (a) a binding written agreement to which the Acquired Party was a party was formalized before the closing of the Acquisition Transaction and this Agreement; (b) After execution of this Agreement, the **CLIENT** has not persuaded, influenced or induced, directly or indirectly, the holder of the card that requests a card of another brand; and (c) the **CLIENT**, in the capacity as successor to the Acquired Party, is not entitled to terminate without jeopardizing or incurring financial penalties within the scope of the preexisting agreement; and (d) the **CLIENT** shall not make any new issues of cards with a brand other than "Mastercard" except for re-issues of Acquired Cards for the final term of effectiveness of the specific payment credential (plastic or virtual card).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** The **CLIENT** may present to **MASTERCARD BRASIL** the conditions for termination of any obligations that prevent conversion of the Acquired Cards into Mastercard Cards, and **MASTERCARD BRASIL** may, at its sole discretion, choose to reimburse the **CLIENT** for any financial penalties directly related to the removal of this preexisting obligation, in which case the **CLIENT** shall immediately cause such removal and make the conversion within [\*\*\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** After the conversion of competitor acquired cards in accordance with this Section 5, all Volume and the transactions generated by these converted cards shall be automatically included in this Agreement.

8. DISPOSAL, ASSIGNMENT OR TRANSFER OF THE MASTERCARD PORTFOLIO

**8.1.** In the event that the **CLIENT** wishes to dispose or transfer (upon transaction of sale of assets, portfolio transfer, sale of shares, merger or consolidation, by operation of law or otherwise), any portfolios from the Mastercard Portfolio to any third party, the **CLIENT** agrees to expressly ensure that all the obligations detailed herein be binding on and expressly undertaken by the assignee or successor and shall also establish in the legal instrument resulting from the disposal or transfer of any portfolios from the Mastercard Portfolio that **MASTERCARD BRASIL** shall be entitled to enforce such obligation to maintain the Brand directly against the beneficiary assignee/successor (and no act or omission of the **CLIENT** shall be deemed a defense to that effect). The duty to expressly insert such obligations in any assignment agreements shall apply except to companies belonging to the same business group as the **CLIENT**, in which case notice of any intragroup assignments shall be given to **MASTERCARD BRASIL**.

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|:---|:---|
| **MASTERCARD BRASIL SOLUÇÕES DE PAGAMENTO LTDA.**<br>Avenida das Nações Unidas, 14.171, Torre Crystal, 20<sup>th</sup> floor<br>São Paulo, SP. | ![](ex10-20_001.jpg) |

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9. CONFIDENTIALITY

**9.1.1.** The provisions of this section supersede the confidentiality obligations contained in any previous communications between the Parties hereto with regard to the subject matter hereof. The parties acknowledge that, in the event of breach by any of the Parties of the provisions of this section, the non-breaching Party may suffer immediate and irreparable damage that may not be fully remedied by pecuniary indemnities. Therefore, in addition to any right of recourse or of termination set forth herein that the non-breaching Party may have pursuant to applicable laws, the non-breaching Party shall be entitled to file a preliminary injunction against any breach before any Court with jurisdiction over the matter and the other Party hereby waives any requirement for the Party filing said proceedings to post a bond or another commitment in accordance with the claim in said injunction. In the event of any breach resulting in a claim from any third parties, the breaching Party shall indemnify, defend and hold the non-breaching Party harmless from any claims, interest, disbursed expenses (including reasonable fees of counsel at lower courts and appellate courts), fines and costs arising from said claim(s) from third parties.

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|:---|:---|
| **MASTERCARD BRASIL SOLUÇÕES DE PAGAMENTO LTDA.**<br>Avenida das Nações Unidas, 14.171, Torre Crystal, 20<sup>th</sup> floor<br>São Paulo, SP. | ![](ex10-20_001.jpg) |

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10. LEGAL REPRESENTATION AND WARRANTY

11. TAXES

**11.1.** Each Party shall be individually liable for its respective Taxes, in the form of the applicable tax law, on any income, gross revenue, franchise or similar taxes on the commercial activity levied by any country, State or location on its own income or receipts, as well as for any taxes on property or amounts and any interest or associated penalties imposed by Law. All payments made, the consideration provided and the price for the services provided by the Parties under this Agreement includes all applicable taxes on sales, tax on the use, consumption, occupation, goods and services, or any other similar tax or fee.

12. GENERAL CONDITIONS

**12.1. Notices and Communications.** Any written notice, communication, documentation or statement required or that needs to be sent to any of the Parties hereunder shall be deemed duly sent at the time of personal delivery or receipt, including by electronic means, at the respective addresses of each of the Parties set forth below or at other addresses that may be subsequently designated with a notice sent by any of the Parties. The following are hereby established by the Parties as official means of contact for the purposes hereof:

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**A – By MASTERCARD BRASIL:** | &nbsp;&nbsp;&nbsp;[\*\*\*\*\*]<br>|
| &nbsp;&nbsp;&nbsp;**A – By MASTERCARD BRASIL:** | &nbsp;&nbsp;&nbsp;[\*\*\*\*\*]<br>|
| &nbsp;&nbsp;&nbsp;**A – By MASTERCARD BRASIL:** | &nbsp;&nbsp;&nbsp;[\*\*\*\*\*] |
| &nbsp;&nbsp;&nbsp;**A – By MASTERCARD BRASIL:** | &nbsp;&nbsp;&nbsp;[\*\*\*\*\*] |
| &nbsp;&nbsp;**B – By the CLIENT:** | &nbsp;&nbsp;&nbsp;[\*\*\*\*\*]<br>|
| &nbsp;&nbsp;**B – By the CLIENT:** | &nbsp;&nbsp;&nbsp;[\*\*\*\*\*] |
| &nbsp;&nbsp;**B – By the CLIENT:** | &nbsp;&nbsp;&nbsp;[\*\*\*\*\*] |

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|:---|:---|
| **MASTERCARD BRASIL SOLUÇÕES DE PAGAMENTO LTDA.**<br>Avenida das Nações Unidas, 14.171, Torre Crystal, 20<sup>th</sup> floor<br>São Paulo, SP. | ![](ex10-20_001.jpg) |

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**12.2. Irrevocability.** This Agreement is executed irrevocably and irreversibly and shall be binding on the Parties and any successors. The rights and obligations of the Parties under this Agreement shall be binding on and shall inure to the benefit of each of the Parties and its respective successors and assignees. However, none of the Parties may assign any of its respective rights and obligations to any third parties without the prior and express authorization from the other Parties, and the **CLIENT** shall be exempted of the need for authorization whenever the assignment or transfer is made to companies of the same economic group or with which the **CLIENT** has a corporate relationship as controlled, controlling or associated company or in which the controlling company of the **CLIENT** participates as shareholder or stockholder, nor may any Party assign its rights hereunder to a wholly-owned subsidiary thereof. If any person acquires any equity interest in this Agreement or in the subject matter hereof in any way, whether by voluntary or involuntary transfer, by operation of law or in any other way, such equity interest thus acquired shall be deemed subject to all the terms and conditions of this Agreement and, upon acquiring or holding such equity interest, such person shall be conclusively regarded as having undertaken all the terms and obligations of this Agreement.

**12.3. No Waiver.** Any failure to comply or delay in complying with any provisions of this Agreement by any of the Parties hereto at any time or their failure to exercise any rights set forth in this Agreement or their failure to require compliance with any of the provisions of this Agreement at any time shall not, in any way, be deemed a waiver of such provisions of this Agreement. Except as otherwise expressly set forth in this Agreement, no waiver shall be effective unless it is made in writing. No act, conduct or course of negotiation of any of the Parties and no failure, refusal or impediment to perform any act by any of the Parties shall be deemed any modification of or amendment to the terms and conditions of this Agreement.

**12.4. Any invalidation, severability.** If any section of this Agreement is deemed unenforceable or invalid for any reason by any legislation or court decision, such unenforceability or invalidity shall not affect any other provisions of this instrument, which shall then be construed as if the section deemed unenforceable or invalid had never existed herein. In such event, the Parties shall immediately start negotiations in good faith to substitute said section and to create an alternative provision reflecting the intentions and purposes of the excluded section.

**12.5. Act of God or Force Majeure.** None of the Parties shall be held liable for any delay in compliance or for noncompliance with obligations inasmuch as said delay or noncompliance results from acts of God or force majeure, as defined in the sole paragraph of article 393 of the Brazilian Civil Code (Law No. 10.406, dated January 10, 2002). Upon occurrence of any condition of acts of God or force majeure, the affected Party shall send a notice in writing to the other Party stating the nature of the condition of acts of God or force majeure and the measures that the affected Party will immediately adopt in order to reduce or avoid the effects of such condition as well as the expected duration of the delay. Subsequently, the term of compliance with the acts and obligations that have not been complied with on account of said condition (and any other acts or obligations corresponding to the non-defaulting Party) shall be extended for the duration of the condition of acts of God or force majeure occurred, provided that the defaulting Party has exerted its best efforts to overcome or resolve the condition of acts of God or force majeure and the consequences thereof.

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|:---|:---|
| **MASTERCARD BRASIL SOLUÇÕES DE PAGAMENTO LTDA.**<br>Avenida das Nações Unidas, 14.171, Torre Crystal, 20<sup>th</sup> floor<br>São Paulo, SP. | ![](ex10-20_001.jpg) |

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**12.6. Change in Control.** In case any Party or its controlling shareholder undergoes any corporate transaction that results in a change of its corporate control, such Party or its legal successor shall be subject to all terms of this Agreement, and such Party or its legal successor shall be bound by and be required to comply with all the terms and obligations set forth herein. Unless otherwise provided in writing, it is hereby agreed that **MASTERCARD BRASIL** shall not be required to provide any Incentives or other benefits under this Agreement, and its successor shall have no rights against **MASTERCARD BRASIL** with respect to this Agreement if, upon a change of Control, the legal successor of the **CLIENT**: (i) is unable to perform the obligations set forth herein; (ii) is able to cause **MASTERCARD BRASIL** to suffer reputational damage as a result of such change of Control; (iii) is a Competitor of Mastercard or its Affiliates; or (iv) is not authorized or licensed to manage Mastercard Cards or programs in accordance with the Mastercard Rules or is not in compliance with the Mastercard Rules.

**12.7. Entire Agreement.** This Agreement is the entire agreement and understanding between the Parties with regard to the obligations and rights set forth herein and it supersedes all the other previous agreements between the Parties with regard to this Incentive Program. No full or partial modification or waiver of or amendment to the terms and conditions of this Agreement shall be binding on the Parties, unless it has been made by an Instrument of Amendment duly executed by the authorized representatives of the Parties.

**12.7.1. Termination of the Strategic Alliance and Incentives Program Agreement entered into on December 29, 2020 ("Terminated Agreement").** In view of the execution of this Agreement, the Parties agree to terminate the Strategic Alliance and Incentives Program Agreement entered into on December 29, 2020 (the "Terminated Agreement"), the effects of which are retroactive to July 1, 2024, and **MASTERCARD BRASIL** shall make, for the purpose of full discharge of the amounts due under the Terminated Agreement, the payment of an amount of [\*\*\*\*\*] in relation to the Connectivity Fee for the period from July 1, 2023 to August 16, 2023. Payment of the abovementioned amount shall be made within [\*\*\*\*\*] after the execution of this Agreement. In addition, the amounts made available by way "Core Fee Discount Incentive" (section 2.a of the Terminated Agreement) for the months of July to (and including) September 2024, shall be refunded through the MCBS (Mastercard Consolidated Billing System) account or by any other means that **MASTERCARD BRASIL** deems appropriate, if necessary.

**12.8. Independence of the Parties.** The Parties undertake to comply with any legislation and regulations and normative acts applicable to this Agreement. The Parties shall comply with their respective obligations hereunder as independent contractors and no provisions contained in this Agreement shall be construed as creating any employment bond, partnership, or relationship of principal and agent or employer and employee between the Parties hereto nor shall they grant the Parties any express or tacit right, power or authorization to be binding or to create any duty or obligation binding on the other Party.

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| | |
|:---|:---|
| **MASTERCARD BRASIL SOLUÇÕES DE PAGAMENTO LTDA.**<br>Avenida das Nações Unidas, 14.171, Torre Crystal, 20<sup>th</sup> floor<br>São Paulo, SP. | ![](ex10-20_001.jpg) |

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**12.9. Compliance with the antibribery and anticorruption laws**. Compliance with the antibribery and anticorruption laws. Each Party shall comply with and warrant that they and each of their subcontractors and employees comply with all antibribery and anticorruption laws applicable to the business relationships, as well as with any regulations relating to any of said laws. The Parties warrant that they and each of their respective employees, subcontractors, and personnel, with respect to the activities contemplated herein, in an SOW or in relation to any other business activities involving the Parties: (i) they have not made, promised, or offered and will not make, promise, or offer any payment or the transfer of any amount or any other advantage, directly or indirectly, by means of a representative, intermediary agent or otherwise, to any public official (as defined below) or to any other person for the purpose of unduly influencing any action, failure to act, or decision of said public official or individual, or guarantee an undue benefit to help the Parties to obtain or retain business; or (ii) they have neither accept nor will accept anything of value from any third party that seeks to influence any action or decision of the Parties or the purpose of which is to guarantee undue benefit to said third party.

"Public official" is defined as any employee or official of the government of a country, state, or region, including any federal, regional, or municipal government, department, body, or company owned or controlled by such government, any employee of a public party, any official or employee of an international public company, any person acting in the capacity as employee for or in the name of any entity of this kind and any candidate for political office. The violation of this clause will be a substantial violation of this Agreement.

**12.10. Principles of integrity and good faith.** This Agreement, which is entered into between the Parties within the principles of probity and good faith and without any defect of consent, may be executed in one or more counterparts of equal contents and form, each of which deemed as a whole shall become a single original document.

**12.11. Intellectual Property and Trademarks.** The Parties acknowledge that the trademarks and logos to be used hereunder are registered trademarks of Mastercard International, Inc. or of the **CLIENT**, each of which hold all the intellectual property rights in connection with its respective trademarks. Each party acknowledges with regard to the trademarks and logos of the other Party that there is no implicit assignment of licenses of industrial or intellectual property rights hereunder. Each of the Parties also acknowledges that the other Party's trademarks and logos are a highly valuable asset; therefore, each Party undertakes to respect them and protect them, thereby refraining from directly or indirectly using them for any purpose other than the purposes expressly permitted in this Agreement. Moreover, in the case of **MASTERCARD BRASIL**, the Mastercard trademark shall follow the forms, colors, standards, size and localization previously accepted and defined by **MASTERCARD BRASIL**, including the Mastercard trademark guidelines contained at brand.mastercard.com. The undue use by any of the Parties of the other Party's trademarks and logos shall cause immediate termination of this Agreement, without prejudice to the adoption of applicable judicial and extrajudicial measures as well as to applicable indemnities.

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| | |
|:---|:---|
| **MASTERCARD BRASIL SOLUÇÕES DE PAGAMENTO LTDA.**<br>Avenida das Nações Unidas, 14.171, Torre Crystal, 20<sup>th</sup> floor<br>São Paulo, SP. | ![](ex10-20_001.jpg) |

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**12.12. Indemnity.** Each of the Parties ("indemnifying party") undertakes, at its expense, to defend, protect, indemnify and hold the other Party, its Affiliates, as well as any of its respective shareholders, directors, officers, employees and agents (jointly, "indemnified party") harmless from any claims, liabilities, obligations, actions, proceedings, direct and exclusive damages arising from any proven act or omission from the indemnifying party or from any of its employees, agents and subcontractors in connection with the subject matter of this Agreement and from any and all expenses (including reasonable fees of counsel), court decisions, fines, costs, amounts paid on account of losses or damages incurred by the indemnified party or its Affiliates. The indemnifying party shall send an immediate notice to the indemnified party of any event or circumstance deemed to cause an indemnity obligation and the indemnified party shall cooperate with the indemnifying party in the defense and resolution thereof. The Parties acknowledge and agree that the indemnities set forth in this section shall not, under any circumstances, exceed the aggregate global value of this Agreement, which shall remain limited, and the Parties shall not be held liable for any indirect or punitive damages, even if arising from negligence or willful misconduct. The limitation of liability set forth in this section shall not apply to any breach of confidentiality or infringement of intellectual property, which shall survive any termination of the Agreement and shall not be limited for indemnification purposes, subject to the Law, through the appropriate proceedings.

**12.13. Applicable Law and Jurisdiction.** This Agreement shall be governed by the Laws of the Federative Republic of Brazil. The Parties agree that any doubts or disputes arising out of the performance of and compliance with this Agreement, which have not been settled between the Parties within the principles of ethics and good faith governing their commercial relationship, shall be subject to the Courts of the Central Courthouse of the Judicial District of São Paulo, State of São Paulo, and the Parties expressly waive any other court however privileged it may be.

**12.14. Electronic signature.** The Parties agree that this Agreement may be electronically signed, as permitted by the applicable law, provided the legal requirements for such signature modality are present, in which case the Parties represent, for any and all legal purposes, that they are aware of and agree to electronically sign this Agreement by means of electronic signature.

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| | |
|:---|:---|
| **MASTERCARD BRASIL SOLUÇÕES DE PAGAMENTO LTDA.**<br>Avenida das Nações Unidas, 14.171, Torre Crystal, 20<sup>th</sup> floor<br>São Paulo, SP. | ![](ex10-20_001.jpg) |

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In witness whereof, the Parties execute this instrument by its legal representatives in two (2) counterparts of equal contents and form, before two witnesses, for all the legal purposes, and this instrument is binding on their representatives and any successors or assignees.

São Paulo, SP, October 3, 2023.

Adobe Acrobat Signed by:

**MASTERCARD BRASIL SOLUÇÕES DE PAGAMENTO LTDA.**

Adobe Acrobat Signed by

**MASTERCARD BRASIL SOLUÇÕES DE PAGAMENTO LTDA.**

Adobe Acrobat Signed by:

**PICPAY BANK – BANCO MÚLTIPLO S.A.**

Adobe Acrobat Signed by:

**PICPAY BANK – BANCO MÚLTIPLO S.A.**

**WITNESSES:**

Adobe Acrobat Signed by:

Adobe Acrobat Signed by:

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|:---|:---|
| **MASTERCARD BRASIL SOLUÇÕES DE PAGAMENTO LTDA.**<br>Avenida das Nações Unidas, 14.171, Torre Crystal, 20<sup>th</sup> floor<br>São Paulo, SP. | ![](ex10-20_001.jpg) |

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**EXHIBIT 1 – DEFINITIONS**

 **1. DEFINITIONS OF THE CONTRACTUAL TERMS**

**1.1.** The following definitions in bold, whether in the singular or in the plural, are hereby adopted for the perfect understanding and interpretation of this Agreement:

**A. Affiliate** – With regard to any of the Parties, any other individual or legal entity that, whether directly or indirectly, through one or more intermediaries, controls or is controlled or is under the common control of said individual or legal entity. The expression "control" (including its related meanings "controlled by", "under common control of") means direct or indirect possession of the power to elect the majority of the managers and to conduct the corporate activities as well as to guide the operation of the company's bodies and its policies (whether by owning securities or equity interest or other property rights by virtue of a voting Contract or agreement or by any other means, as defined in article 116 of Law No. 6.404/76 – the Corporation Law).

 **B. Year** – Intervals according to the table below:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Year 1** | **Year 2** | **Year 3** | **Year 4** | **Year 5** | **Year 4** |
| [\*\*\*\*\*] | [\*\*\*\*\*] | [\*\*\*\*\*] | [\*\*\*\*\*] | [\*\*\*\*\*] | [\*\*\*\*\*] |

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**C. Independent Auditor** - An internationally recognized audit firm, designated by **MASTERCARD BRASIL**, among the following: PriceWaterhouseCoopers, EY, Deloitte or KPMG.

**D. Mastercard Cards or Card** –The portfolios of Mastercard-branded cards and various Mastercard products.

**E. Mastercard Competitor** – Any other national or international company or franchise, with a business purpose or commercial activities directly or indirectly involving the business of exploration of payment cards of any kind, or any other electronic means of payment, such as mobile payment, contactless cards, prepaid cards, virtual cards etc., in any types, made available in the Brazilian territory to consumers in general, whether individuals or legal entities, government or other entities. For the purposes of the **CLIENT**'s relationship with **MASTERCARD BRASIL**, it is hereby agreed that PicPay Instituição de Pagamento S.A. shall not be deemed a "Mastercard Competitor" only while acting as a closed payment arrangement provider based on a prepaid and/or postpaid payment account the purpose of which is to issue prepaid and/or postpaid payment instruments under the "PicPay" brand, without intermediation and/or provision of services by other open arrangement providers, for exclusive use within the PicPay ecosystem in PicPay closed arrangement transactions and without the use of any card credentials from other open arrangements or open arrangement trails in any way.

 **F. Account** – The account related to each Mastercard Card.

**G. Acquiring Company** – A company licensed by *Mastercard International, Inc.*, within the Brazilian territory or abroad, the purpose of which is to review and accredit merchants or service providers ("Merchants") from various segments and industries, located in various regions of the Country or abroad, for acceptance of "Mastercard" Brand cards in payment Transactions for goods and/or services. such companies also exercise Transaction capturing, routing, transmission, and processing activities.

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|:---|:---|
| **MASTERCARD BRASIL SOLUÇÕES DE PAGAMENTO LTDA.**<br>Avenida das Nações Unidas, 14.171, Torre Crystal, 20<sup>th</sup> floor<br>São Paulo, SP. | ![](ex10-20_001.jpg) |

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**H. Incentives** – The funds of financial and non-financial nature defined in Section One hereof to be made available by **MASTERCARD BRASIL** to the **CLIENT** pursuant to the terms and conditions hereof.

**I. Trademarks and logos of Mastercard International, Inc. – "MASTERCARD", "MASTERCARD MAESTRO", "REDESHOP", "MASTERCARD ELECTRONIC", "MAESTRO", "CIRRUS", "MASTERCARD PAYPASS", "MASTERCARD MOBILE", "MASTERCARD INCONTROL"**, and any other trademarks and logos under the "Mastercard" Brand.

**J. Mastercard Portfolio** – The portfolios of cards issued and managed by the **CLIENT** and targeted at individuals (consumer) with the "Mastercard" and "Maestro" brands, in the Consumer Credit Gold, Platinum, Black and Prepaid Single Message Consumer modalities with Contactless technology, excluding any other products of the **CLIENT** targeted as legal entities, self-employed workers and professionals and at the segment of benefits linked to the payment of salaries and similar amounts, including, without limitation, the Worker's Food Program – "PAT", the Cultural Voucher Program, the Transportation Voucher Program and assistance/reimbursement allowances defined by Decree-Law No. 5.452/43 – Consolidation of Labor Laws.

**K. Incentives Program** – Special plan for strategic development adopted by **MASTERCARD BRASIL** in a strategic alliance with a licensed financial or non-financial institution, issuer of payment cards with the "Mastercard" Brand, in which the availability of financial funds and other incentives are stipulated for a definite period of time, provided that all the various commitments undertaken by the issuing entity, aiming at the sale, activation and use of payment cards with the trademarks and logos of Mastercard, stimulating the invoicing and addition of portfolios, as defined solely in Sections One and Two of this Agreement.

**L. MasterCard Acceptance Network** – Set of commercial establishments and service providers, of various segments and activities, located in various regions of Brazil and abroad, duly accredited by an Acquiring Company for the acceptance of cards with the "Mastercard" Brand in Transactions of payment in the acquisition of assets and/or services to be verified by the Banknet and GCMS ("Mastercard Global Clearing Management System") Systems.

**M. Mastercard Rules –** A set of Rules, manuals, bulletins, and any other files published by Mastercard intended to define the conditions for the operation of its payment arrangements and products.

**N. Banknet and GCMS ("MasterCard Global Clearing Management System") Systems** – Global systems of MasterCard International, Inc./**MASTERCARD BRASIL** for management, processing and settlement of Transactions with the "Mastercard" Brand payment cards, integrating transactions between establishments of the MasterCard Acceptance Network, financial institutions issuers and Owners of "Mastercard" Brand cards.

**O. Mastercard Transactions or Transactions** – Means transactions carried out with Mastercard Cards, including in the Contactless modality, which were managed, processed and settled by the analysis process known as Banknet and GCMS ("Mastercard Global Clearing Management System") Systems.

**P. MASTERCARD BRASIL** – Means Mastercard Brasil Soluções de Pagamento Ltda. and any of its Affiliates, in accordance with item "A" of Exhibit 1.

**Q. Total POS Volume** – Total POS Volume is understood as the Billing volume measured in the twelve (12) month period of each Year, as indicated in item B of this Exhibit, originating from transactions carried out with the Mastercard Portfolio and processed in the Banknet and GCMS ("MasterCard Global Clearing Management System") Systems, excluding withdrawal transactions.

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| | |
|:---|:---|
| **MASTERCARD BRASIL SOLUÇÕES DE PAGAMENTO LTDA.**<br>Avenida das Nações Unidas, 14.171, Torre Crystal, 20<sup>th</sup> floor<br>São Paulo, SP. | ![](ex10-20_001.jpg) |

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**EXHIBIT 1 – MASTERCARD ADVISORS TERMS AND CONDITIONS**

**Master Services Agreement of Mastercard Advisors** (this "Agreement")

Effective Date: Date of latest signature in the Schedule to which this Agreement is bound

Between

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| |
|:---|
| &nbsp;&nbsp;**Mastercard Brasil Soluções de Pagamento Ltda.**<br> Condomínio Rochaverá<br> Nações Unidas Avenue, 14.171, 19<sup>th</sup> and 20<sup>th</sup> floors, Vila Gertrudes.<br> Zip Code: 04794-000 – São Paulo/SP.<br> Brazil<br> CNPJ/ME under the n. 05.577.343/0001-37<br> **("<u>Mastercard</u>")** |
| &nbsp;&nbsp;**PICPAY BANK - BANCO MÚLTIPLO S.A.**<br> Manuel Bandeira Avenue, 291, Atlas Office Park building,<br> Vila Leopoldina, in the city of São Paulo, State of São Paulo, Zip Code: 04568-020, registered under the CNPJ/ME No. 09.516.419/0001-75.<br> **("<u>Client</u>")** |

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1. Products/Services

1.1. Mastercard will provide to Client the products or services described in a Schedule to this Agreement ("Services"), which the Parties may enter into from time to time, and upon mutual execution and delivery thereof, pursuant to the terms and conditions of this Agreement and such Schedule. A Party's Affiliate (as defined below) may also enter into a Schedule from time to time, in which case the terms herein shall apply to such Affiliate as if it were the respective original Party to this Agreement. In the event that a Client Affiliate ceases to be an Affiliate of Client, any Schedule executed by such entity may continue until completion, but no further Schedules may be entered into by such entity. Unless otherwise stated in a Schedule, in the event of a conflict between this Agreement and such Schedule, such Schedule prevails. "Affiliate" means, with respect to a Party, a legal entity with regard to which such Party controls, directly or indirectly, the management and policies or the appointment of the majority of the directors of such legal entity, or that such Party is under such control by, or that is under such common control with such Party.

1.2. Mastercard will ensure that all Services be performed by qualified individuals in a professional and workmanlike manner. Mastercard may also use the services of third parties ("Mastercard Suppliers") or its Affiliates in providing the Services.

1.3. All insights, reports, and other materials provided by Mastercard in connection with the Services ("Deliverables") may be developed using data, databases, systems, tools and information contained in the Mastercard Data Warehouse, which is comprised of information provided by third parties and may contain certain errors, omissions or inaccuracies. Subject to Section 1.5, Mastercard shall have no responsibility for any errors, omissions or inaccuracies in the underlying data from the Mastercard Data Warehouse or data otherwise provided by or on behalf of Client or any third party.

1.4. Mastercard is not providing the Deliverables as investment advice. Mastercard is not, and Client agrees that Mastercard is not, providing legal, regulatory, tax or financial advice in connection with any Services or Deliverables. Client acknowledges and agrees that Mastercard is making no representation or warranty with regards to Mastercard's business operations.

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|:---|:---|
| **MASTERCARD BRASIL SOLUÇÕES DE PAGAMENTO LTDA.**<br>Avenida das Nações Unidas, 14.171, Torre Crystal, 20<sup>th</sup> floor<br>São Paulo, SP. | ![](ex10-20_001.jpg) |

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1.5. Mastercard represents and warrants that its provision of the Services as set forth in a Schedule, are permitted under (x) all applicable laws and regulations, and privacy policies or other statement or disclosure, and (y) the terms of Mastercard's contracts with its customers, contractors, suppliers or other third parties.

1.6. Client is responsible for: (i) obtaining all consents, information and materials from third parties (other than from Mastercard Suppliers) necessary for Mastercard to provide the Services, or as otherwise required in a Schedule; and (ii) Client's use of and/or operation of all Deliverables as well as its implementation of any advice or recommendations provided in connection with the Services. Client represents and warrants that: (i) its provision of any data, including but not limited to Personal Data, as further defined below ("Client Data") to Mastercard or a Mastercard Supplier, or such party's receipt of Client Data from the Client or another party, in connection with the Services, and (ii) the use, analysis, and processing of such Client Data by Mastercard (and Mastercard Suppliers) to perform the Services as set forth in a Schedule, are permitted under (x) all applicable laws and regulations, and privacy policies or other statement or disclosure to which such Client Data is subject, and (y) the terms of Client's contracts with its customers, contractors, suppliers or other third parties.

1.7. After receipt of a Deliverable, Client shall have [\*\*\*\*\*] to provide Mastercard with written notice if the Deliverable reasonably does not comply with the specifications set forth in the applicable Schedule. In such event, Mastercard will re-perform the Services to bring the Deliverables in conformance with the specifications set forth in such Schedule within a reasonable period of time and Client shall reasonably cooperate with Mastercard for any such re-performance.

2. Term

2.1. Unless terminated sooner pursuant to below, this Agreement shall commence retroactively on July 1, 2024, and shall end on June 30, 2031 (unless a Schedule remains outstanding, in which case, until the expiration or termination of such outstanding Schedule) with automatic [\*\*\*\*\*] prior written notice of an intent not to renew is provided by either party (the "Term").

2.2. Any Schedule and/or this Agreement may be terminated by one Party upon written notice to the other Party: (i) in the event that such other Party has materially breached an obligation representation or warranty and fails to cure the breach within [\*\*\*\*\*] of receiving written notice of the breach; (ii) as of the date on which proceedings are instituted against a Party seeking relief under any bankruptcy, insolvency or similar law; or (iii) in the event that Mastercard no longer offers or provides the Services or products that are the subject of a Schedule.

3. Fees, Payment and Taxes

3.1. Mastercard's professional fees for the Services will be set forth in the applicable Schedule ("Fees"). In addition, Client will reimburse Mastercard for its reasonable travel and lodging, administrative and other out-of-pocket expenses ("Other Costs"). Mastercard will invoice Client via the Mastercard Consolidated Billing System.

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|:---|:---|
| **MASTERCARD BRASIL SOLUÇÕES DE PAGAMENTO LTDA.**<br>Avenida das Nações Unidas, 14.171, Torre Crystal, 20<sup>th</sup> floor<br>São Paulo, SP. | ![](ex10-20_001.jpg) |

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3.2. Client acknowledges that any material change in Mastercard's scope of work set forth in a Schedule, whether as a result of revised Client goals or objectives, other Client requests, changes in law, schedule delays or any other events outside Mastercard's reasonable control, may require revisions to the Fees, performance schedule and/or other terms set forth herein, as determined by Mastercard in its reasonable discretion. Mastercard will notify Client of any such revisions and may not undertake work relating to the revised Services until Client has executed a written amendment to the applicable Schedule, or otherwise consented to in writing.

3.3. Fees are exclusive of any applicable taxes. All amounts payable under any Schedule are quoted exclusive of sales, use, value-added, and withholding taxes and all customs duties or governmental charges of any kind attributable to the provision of services, or rights granted thereunder, by Mastercard. Client is responsible for any taxes levied on the provision of Services.

3.4. Excluding income taxes relating to any Schedule, Client shall indemnify Mastercard for any such taxes, duties or governmental charges paid by Mastercard in connection with a Schedule.

3.5. Mastercard will invoice Client in EURO or another currency specified in the applicable Schedule. Properly submitted invoices for which payment is not received within 30 days of the invoice date shall accrue a late charge of the lesser of (x) [\*\*\*\*\*] or (y) the highest rate allowable by law, in each case compounded monthly to the extent allowable by law. All payments will be allocated first to interest, then to expenses, and then to the oldest outstanding fee.

4. License and Use of Deliverables

4.1. Upon full payment of the Fees and Other Costs by Client for the Services set forth in the applicable Schedule, Mastercard hereby grants to Client a perpetual, fully paid-up, nontransferable, non-exclusive license to use the applicable Deliverables, in each case, (x) without the right to resell, assign, transfer or sublicense such Deliverables in any way, and (y) solely for Client's internal business purposes, relinquishing Mastercard of any liability for Client's use of such Deliverables.

4.2. Client retains ownership of Client Data and any other confidential information it provides to Mastercard. Mastercard shall be free to use for any purpose any ideas, concepts, general skills, know-how or techniques resulting from or acquired or used in the course of or arising out of the performance of the Services. All Deliverables provided by Mastercard to Client pursuant to the Services, as well as all materials, concepts, processes and methodologies employed by Mastercard or a Mastercard Supplier in connection with the Services, are and will remain the sole and exclusive property of Mastercard (or such Mastercard Supplier).

4.3. Client shall not use the data analytics or insights in the Deliverables in a manner so as to reverse engineer or aid any other party to reverse engineer the data contained in the Deliverables, and shall not remove any identification, copyright or proprietary or other notices from the Deliverables, or any copies thereof. Client shall not use any Deliverable in a manner that would violate any applicable law, regulation, or third party rights.

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| **MASTERCARD BRASIL SOLUÇÕES DE PAGAMENTO LTDA.**<br>Avenida das Nações Unidas, 14.171, Torre Crystal, 20<sup>th</sup> floor<br>São Paulo, SP. | ![](ex10-20_001.jpg) |

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4.4. Client grants Mastercard a worldwide, fully paid-up license to copy, display and use Client's name and logo ("Client Marks"): (i) as necessary to perform Services; (ii) to identify Client as a customer of Mastercard and its Affiliates on its website and marketing materials; and (iii) with Client's prior written approval, to issue publicity or announcements concerning Mastercard's engagement with the Client for the purpose of a case study or investor relations announcements. Client warrants and represents to Mastercard that Client owns all right, title, and interest in and to Client's Marks and has the authority to license to Mastercard the rights granted hereunder. Except as otherwise set out in this Agreement or a Schedule, each Party will obtain the written consent of the other Party prior to the issuance of any press release, announcement or any other form of publicity, concerning this Agreement or a Schedule.

5. Compliance with Laws

5.1. The Parties shall ensure that their respective obligations under this Agreement and any Schedule(s) and business activities related thereto are performed in accordance with all applicable laws and regulations, including, but not limited to, all applicable anti-bribery and corruption laws including the U.S. Foreign Corrupt Practices Act, the UK Bribery Act, and other applicable laws. Client shall not export, directly or indirectly, any Deliverables acquired from Mastercard under this Agreement or any and all Schedule(s) to any country for which the U.S. Government or any agency thereof at the time of export requires an export license or other government approval without first obtaining such license or approval.

5.2. The Parties will comply with: (i) all applicable international, federal, state, provincial and local laws, rules, regulations, directives and governmental requirements relating in any way to the privacy, confidentiality or security of Personal Data, as defined below, including, without limitation. EU General Data Protection Regulation 2016/679 ("GDPR") the Gramm-Leach-Bliley Act; laws regulating unsolicited email communications; security breach notification laws; laws imposing minimum security requirements; laws requiring the secure disposal of records containing certain Personal Data; and all other similar international, federal, state, provincial, and local requirements, and (ii) the Payment Card Industry Data Security Standards, in each case, to the extent they apply to the Services. Subject to any applicable law, Client agrees that Mastercard may transfer data to any country in which any Mastercard Affiliate does business.

5.3. The Data Protection Agreement ("DPA") contained at Data Processing Agreement \| Mastercard Data & Services (https://vault.pactsafe.io/s/294cfd22-c6b3-4fb2-9cd7-486000c5e0c6/uc0do2rtk.html) will apply to all Processing of Personal Data subject to Privacy and Data Protection Law (as these terms are defined in the DPA) in the context of these Terms and Conditions. The terms of the DPA will prevail over any contradictory term otherwise contained in these Terms and Conditions solely with respect to the Processing of Personal Data subject to Privacy and Data Protection Law. To the extent Europe Data Protection Law applies and notwithstanding any other term in these Terms and Conditions, Mastercard Europe SA is entering into these Terms and Conditions solely for the purpose of compliance with Europe Data Protection Law and does not have any other obligations to Client in respect of this Agreement.

6. Indemnification; Limitation of Liability

6.1. Each party shall defend, indemnify and hold harmless the other party, and its employees, officers, agents, Affiliates, representatives, and contractors from and against any claims, demands, loss, damage or expense (including reasonable attorneys' fees) relating to or arising solely out of third party claims: (i) relating to such indemnifying party's acts of gross negligence or willful misconduct in connection with its performance under this Agreement or a Schedule, or (ii) in the case of Client, third party claims relating to the use of Deliverables or combination, modification or use of the Deliverables with materials not provided by Mastercard or materials required by Client to be included in the Deliverables.

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| **MASTERCARD BRASIL SOLUÇÕES DE PAGAMENTO LTDA.**<br>Avenida das Nações Unidas, 14.171, Torre Crystal, 20<sup>th</sup> floor<br>São Paulo, SP. | ![](ex10-20_001.jpg) |

---

6.2. NOTWITHSTANDING ANY OTHER PROVISION TO THE CONTRARY SET FORTH IN THIS AGREEMENT, IN NO EVENT SHALL EITHER PARTY BE LIABLE TO THE OTHER UNDER ANY LEGAL THEORY, TORT, CONTRACT, OR STRICT LIABILITY, FOR ANY SPECIAL, INDIRECT, INCIDENTAL, CONSEQUENTIAL, PUNITIVE OR EXEMPLARY DAMAGES, FOR LOSS OF PROFITS, GOODWILL, OR ECONOMIC LOSS, REGARDLESS OF WHETHER A PARTY KNEW OR SHOULD HAVE KNOWN OF THE POSSIBILITY OF SUCH DAMAGES; PROVIDED, HOWEVER, THAT A PARTY'S WAIVER OF ITS RIGHT TO RECEIVE SPECIAL, INDIRECT, INCIDENTAL, CONSEQUENTIAL, PUNITIVE OR EXEMPLARY DAMAGES SHALL NOT APPLY IN THE EVENT OF A BREACH OF A PARTY'S CONFIDENTIALITY OBLIGATIONS DESCRIBED IN SECTION 7.

EXCEPT AS SPECIFICALLY DESCRIBED HEREIN, MASTERCARD MAKES NO WARRANTIES, EXPRESS OR IMPLIED, CONCERNING THE SERVICES AND THE DELIVERABLES AND WITHOUT LIMITATION, MASTERCARD HEREBY EXCLUDES AND DISCLAIMS ALL EXPRESS OR IMPLIED WARRANTIES AND CONDITIONS TO THE EXTENT PERMITTED BY LAW, INCLUDING BUT NOT LIMITED TO, ANY IMPLIED WARRANTY OF MERCHANTABILITY, COURSE OF DEALING, NON-INFRINGEMENT OR FITNESS FOR A PARTICULAR PURPOSE.

6.3. Except with respect to (a) the parties' indemnification obligations under Section 6.1 of this Agreement; or (b) Client's breach of its obligations under Sections 3 or 4 of this Agreement, the maximum aggregate liability of any Party arising out of or relating to this Agreement or any Schedule, whether it arises by statute, contract, tort or otherwise, shall not exceed the amount of the Fees or the value of the Services and Deliverables in the Schedule under which the claim is brought. If no such fees or value of the Services and Deliverables is stated in the Schedule, then such maximum aggregate liability shall be limited in all respects to [\*\*\*\*\*] over the term of such Schedule.

7. Confidentiality

7.1. "Confidential Information" means the provisions of this Agreement and the Schedule(s) and any information, Deliverables, insights, Client Data, Mastercard Supplier data, reports, data, materials, processes, methodologies and concepts, in whatever form embodied (e.g., oral, written, electronic) owned by Mastercard or Client, including Personal Data and any non-public information about individuals or consumers of Mastercard or Client and/or their Affiliates, no matter how or by what party such information, materials, or concepts were transmitted, disclosed, directly or indirectly by either Party in the course of discussions, provisioning of Deliverables or other work undertaken between the Parties during the performance of these Terms and Conditions or an SOW. "Personal Data" means any information relating to an identified or identifiable individual, regardless of the media in which it is contained.

[\*\*\*\*\*] Confidential information redacted

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---

| | |
|:---|:---|
| **MASTERCARD BRASIL SOLUÇÕES DE PAGAMENTO LTDA.**<br>Avenida das Nações Unidas, 14.171, Torre Crystal, 20<sup>th</sup> floor<br>São Paulo, SP. | ![](ex10-20_001.jpg) |

---

7.2. During the Term and/or for a period of [\*\*\*\*\*] from the termination of this Agreement (except for non-public information about individuals or consumers of Mastercard and/or Client, which shall be maintained in confidence indefinitely), the Party receiving Confidential Information ("Receiving Party") from the other Party ("Disclosing Party") shall maintain the Confidential Information in strict confidence and shall: (i) use Confidential Information only as authorized in accordance with a Schedule; (ii) not copy any Confidential Information except as authorized in accordance with a Schedule; (iii) not disclose Confidential Information to any third party except as expressly permitted in writing by the Disclosing Party and then only if such third party has executed a confidentiality, privacy and data protection obligations no less restrictive than those set forth herein; and (iv) limit dissemination of Confidential Information to employees or Mastercard Supplier with a "need to know" and who are subject to confidentiality, privacy and data protection obligations no less restrictive than those set forth herein.

7.3. Except with respect to Personal Data, Confidential Information shall not include any information which: (i) is already in the public domain at the time of disclosure through a source other than the Receiving Party; (ii) enters the public domain after disclosure through no fault of the Receiving Party; (iii) is already known to the Receiving Party at the time of disclosure (as evidenced by written records); (iv) was independently developed by the Receiving Party without use of or reference to any Confidential Information (as evidenced by written records); or (v) is subsequently disclosed to the Receiving Party by third parties having no obligation of confidentiality to the Disclosing Party.

7.4. Upon the written request of the Disclosing Party, the Receiving Party shall securely destroy or render unreadable or undecipherable, each and every original and copy in every media of all Confidential Information in the Receiving Party's possession, custody or control (with certification of destruction). The foregoing shall not apply to the extent information must be retained pursuant to applicable legal or regulatory requirements or for purposes of the Receiving Party's commercially reasonable disaster recovery procedures, provided such information shall continue to be subject to Section 7.

8. Platforms

8.1. If and to the extent the Schedule includes the Client's use of Mastercard's and/or its vendors' technology platforms that are identified as platforms and/or made available by Mastercard in connection with services provided by Mastercard to Client through the Schedule ("Platform"), the below provisions of this Section 8 will apply. As it relates to any Platform, the below provisions of this Section 8 will control in the event of any conflict with the other sections of these Terms and Conditions.

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---

| | |
|:---|:---|
| **MASTERCARD BRASIL SOLUÇÕES DE PAGAMENTO LTDA.**<br>Avenida das Nações Unidas, 14.171, Torre Crystal, 20<sup>th</sup> floor<br>São Paulo, SP. | ![](ex10-20_001.jpg) |

---

8.2. Platform Access. Subject to the terms and conditions contained herein and in a Schedule, Mastercard grants Client a limited, revocable, non-sublicenseable, non-exclusive, non-transferable right to permit its authorized users to access the Platform(s) for the purposes and term set forth in the Schedule. Client's use of a Platform is subject to the restrictions and limitations set out in the Schedule, which may limit the amount and type of data and users and the Client's permitted territory of use. Mastercard or Mastercard Supplier will host and retain control of the Platform(s) and will provide Client's authorized users with access to use a Platform. A Platform is not considered a Deliverable and no rights in or related to a Platform are deemed granted. For any Platform, the only Deliverables will be the tangible reports and output specific to Client. Mastercard may, at any time, suspend or terminate the Client's access to the Platform(s) at its discretion in the event of a breach by Client of the provisions of this Agreement or relevant Schedule (provided that such suspension or termination shall not in and of itself constitute a termination of this Agreement or the applicable Schedule) and in the event that the Client's access to the Platform(s) is suspended as aforesaid, Mastercard will not be obligated to return any Confidential Information in its possession, custody or control to the Client.

8.3. Usage. Client will use a Platform only for its own internal purposes and by Users. Client will not: (a) use a Platform or its outputs either directly or as a service bureau for any third party; (b) sublicense, distribute, transfer, or otherwise make available to any third party (including any contractor, franchisee, or agent) access to or use of a Platform without Mastercard's prior written consent (which may be conditioned on such third party executing an agreement with Mastercard); (c) access or use (or permit the access or use of) a Platform in order to: (i) build a similar or competitive product or service (or contract with a third party to do so); or (ii) build a product using similar ideas, features, functions or graphics of a Platform; or (iii) copy any features, functions or graphics of or in a Platform; or (d) derive specifications from, reverse engineer, reverse compile, modify, disassemble, translate, record, or create derivative works based on a Platform.

8.4. Users. Client shall limit its authorized users only to employees, agents/ contractors or who are bound in writing to maintain the confidentiality of a Platform unless otherwise agreed in writing by Mastercard. Client will provide Mastercard the information necessary to enable Mastercard to establish usernames for authorized users. Client will appoint one or more administrative users to manage Client's user accounts. Client is responsible for: (a) maintaining the confidentiality of all usernames and passwords; and (b) the acts and omissions of any person to whom it provides or permits access to a Platform. Mastercard may suspend or terminate access for any user who violates the Agreement or relevant Schedule.

8.5. Client Data. Client will be solely responsible for any Client Data provided to Mastercard for use in a Platform. Client agrees that the timely provision of access to a Platform shall be dependent upon Client providing the required Client Data under an applicable Schedule.

8.6. Support. Mastercard will support a Platform through regular maintenance procedures, such as monitoring of servers, review of disk space usage and database fragmentation, addition of commercially available security patches and upgrades, and review of event log files. Mastercard may update a Platform from time to time in its sole discretion as part of its ongoing mission to improve such Platform.

8.7. Client Responsibility. Client acknowledges and agrees that, with respect to its use of a Platform, the purchase and installation of appropriate computer and communication equipment and the appropriate operating systems and all connectivity is the sole cost and responsibility of Client. Client shall institute security measures necessary to safeguard any remote access to a Platform from unauthorized access by persons other than its authorized users. Client shall notify Mastercard immediately and assist Mastercard in remedying any instance of unauthorized access to, or use of, a Platform.

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| | |
|:---|:---|
| **MASTERCARD BRASIL SOLUÇÕES DE PAGAMENTO LTDA.**<br>Avenida das Nações Unidas, 14.171, Torre Crystal, 20<sup>th</sup> floor<br>São Paulo, SP. | ![](ex10-20_001.jpg) |

---

8.8. Ownership. Mastercard retains all right, title, and interest in and to all current and future versions of all Platforms (including any algorithms, documentation, data models, and user interfaces therein or related thereto) and any other know-how, processes, techniques, concepts, methodologies, tools, or intellectual property Mastercard uses in performing hereunder, even if provided or developed as a result of performing services related to a Platform and all technology, algorithms, and data models relating thereto, even if provided or developed as a result of performing under an Schedule for Platforms. All of the foregoing will be deemed Mastercard Confidential Information. Client's rights to use any Platform are strictly limited to those granted in the applicable Schedule for Platform(s), and all rights in a Platform not expressly granted to Client are reserved to Mastercard.

8.9. Modifications. Client may, from time to time, request modifications or customizations to a Platform. Mastercard, in its sole discretion, shall determine whether to perform such modifications or customizations and, if so, any such modifications or customizations, and related fees and charges, shall be set forth in the separate mutually executed Schedule and all resulting modifications and customizations shall remain the property of Mastercard.

8.10. Feedback. Client may, from time to time, provide suggestions, comments, feedback or other input to Mastercard with respect to a Platform, Mastercard may freely use such feedback as it sees fit in perpetuity, entirely without obligation or restriction of any kind on account of intellectual property rights or otherwise, provided that Client is not identified as the source of such feedback.

8.11 Claim. If a Platform is or, in Mastercard's opinion, likely to become the subject of any infringement-related claim, Mastercard will use its reasonable efforts to: (a) procure the right for Client to continue to use such Platform or (b) replace or modify such Platform so that it is no longer subject to a claim, but is functionally equivalent in all material respects. If neither (a) nor (b) is commercially reasonable, Mastercard may terminate any affected Schedules and refund to Client any prepaid but unused fees thereunder. This Section 8.11 states Mastercard's entire liability, and Client's exclusive remedy, with respect to any claim of infringement of the intellectual property rights of a third party.

9. General Terms

9.1. No Advice. Client agrees and acknowledges that Mastercard will not provide any legal, regulatory or compliance advice in the course of provision of Services, which shall be the sole responsibility of the Client. Mastercard may provide certain proposed materials and make certain recommendations in connection with this Agreement or a Schedule. Client acknowledges and agrees that the Deliverables, including the recommendations suggested by Mastercard in connection with this Schedule, do not constitute legal or investment advice and Mastercard does not otherwise warrant that execution of any recommendations or guidelines contained in the Deliverables will result in compliance with applicable laws or will be up to date, complete or accurate at the time of any such execution. Client is responsible for reviewing and evaluating the appropriateness of these same materials and recommendations, as well as any decisions made or actions taken by Client in response to such proposed materials and recommendations to Client, against Client's risk-tolerances and/or other criteria. Mastercard makes no warranty or guarantees that: (i) any assessment and recommendations arising from the Services will be effective; or (ii) the Services may provide statistically significant results with respect to any analysis, whether as a result of the fact that relevant data does not support the drawing of statistically significant results or because the data was corrupted, inaccurate, or incomplete in any way.

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---

| | |
|:---|:---|
| **MASTERCARD BRASIL SOLUÇÕES DE PAGAMENTO LTDA.**<br>Avenida das Nações Unidas, 14.171, Torre Crystal, 20<sup>th</sup> floor<br>São Paulo, SP. | ![](ex10-20_001.jpg) |

---

9.2. Applicable Standards. Mastercard and Client acknowledge and agree that the analyses and data included in the Services shall be subject to all relevant laws and regulations for each applicable country, as well as Mastercard's contractual obligations and internal confidentiality, privacy, and data analytics guidelines and policies ("Applicable Standards"). In no event will Mastercard be obligated to supply or share any information or data which Mastercard determines, in its sole discretion, would cause Mastercard to be in violation of any such Applicable Standards. Mastercard reserves the right, in its sole discretion, to apply adjustments in order to achieve conformance with such Applicable Standards.

9.3. Notice. Any notice shall be in writing and shall be addressed to the Party entitled to such notice at the address indicated below such Party's name as it first appears above in this Agreement and shall be given by an overnight courier delivery service. Written notice may include email notice (provided the Party receiving such notice acknowledges receipt).

9.4. Force Majeure. Neither Party shall be liable for loss or damage or be deemed to be in default under this Agreement or a Schedule if its failure to perform its obligations results from or is attributable to any act of God, natural disaster, fire, strike, embargo, war, threat of terrorism, insurrection, riot or other cause or circumstance beyond the reasonable control of the Party; provided however that the foregoing shall not excuse any failure to exercise diligence by a Party to minimize the scope, extent, duration and adverse effect of any such delay in performance, on the other Party.

9.5. Waiver. A failure or delay of either Party to enforce any provision of or exercise any right under this Agreement or a Schedule shall not be construed to be a waiver. No waiver by a Party or any amendment to this Agreement shall be effective unless expressly made in a signed writing, which writing shall not be an e-mail.

9.6. Severability. If any provision of this Agreement or a Schedule are held by a court of competent jurisdiction to be unenforceable or invalid in any respect, such unenforceability or invalidity shall not affect any other provision, and this Agreement or such Schedule shall then be construed as if such unenforceable or invalid provisions had never been part thereof.

9.7. Headings. The captions are included for convenience only and shall not affect the meaning or interpretation of the terms of this Agreement or a Schedule.

9.8. Survival. All representations and warranties, and all commitments: (i) to indemnify, defend, hold harmless, or (ii) relating to confidentiality, limitations on liability, rights and obligations upon termination, and jurisdiction, and any other provision by its nature that is meant to survive shall survive any termination of these this Agreement.

9.9. Assignment. This Agreement or any Schedule shall not be assigned by either Party without the prior written consent of the other Party, which consent will not be unreasonably withheld. Any assignment or delegation made without the appropriate express written approval as required herein shall be null and void. Nothing in this Agreement or a Schedule is intended to confer any benefit on any third party (whether referred to herein by name, class, description, or otherwise) or any right to enforce a term of this Agreement or such Schedule.

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---

| | |
|:---|:---|
| **MASTERCARD BRASIL SOLUÇÕES DE PAGAMENTO LTDA.**<br>Avenida das Nações Unidas, 14.171, Torre Crystal, 20<sup>th</sup> floor<br>São Paulo, SP. | ![](ex10-20_001.jpg) |

---

9.10. Entire Agreement. This Agreement, including any Exhibits, and any Schedule evidence the entire agreement and understanding between Mastercard and Client with respect to the transactions contemplated in such Schedule and supersedes all prior agreements, representations, statements, negotiations and undertakings between the Parties, whether oral or written, concerning such transactions, except in respect of any fraudulent misrepresentations made by either Party.

9.11. Governing Law; Venue. This Agreement and all Schedules and the respective rights and obligations of the Parties shall be governed by the laws of Brazil without reference to its conflict-of- laws or similar provisions that would mandate or permit application of the substantive law of any other jurisdiction. The parties hereof elect the courts of the City of São Paul, State of São Paulo, as courts to have jurisdiction to adjudicate disputes arising from the execution of this instrument, waiving any other jurisdiction, however privileged it may be.

9.12. Remedies. Unless otherwise expressly provided herein, any remedies stated herein are non-exclusive. In addition to these remedies, the Parties shall be entitled to pursue any other remedies that they may have at law or in equity.

9.13. Prevalence. In the event of a conflict between the English and Portuguese versions, the Portuguese version shall prevail.

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---

| | |
|:---|:---|
| **MASTERCARD BRASIL SOLUÇÕES DE PAGAMENTO LTDA.**<br>Avenida das Nações Unidas, 14.171, Torre Crystal, 20<sup>th</sup> floor<br>São Paulo, SP. | ![](ex10-20_001.jpg) |

---

**EXHIBIT 3 – BILLING CODES ELIGIBLE FOR DISCOUNT ON CORE FEES**

The following billing codes shall be eligible for discounts on Core Fees and Non Core Fees levied on the Mastercard Portfolio:

---

| | | |
|:---|:---|:---|
| **Service Code – Core Fees** | <br> **Service Code Name** | **Billing ID** |
| [\*\*\*\*\*] | [\*\*\*\*\*] | |
| [\*\*\*\*\*] | [\*\*\*\*\*] | |
| [\*\*\*\*\*] | [\*\*\*\*\*] | |
| [\*\*\*\*\*] | [\*\*\*\*\*] | |
| [\*\*\*\*\*] | [\*\*\*\*\*] | |
| [\*\*\*\*\*] | [\*\*\*\*\*] | |
| [\*\*\*\*\*] | [\*\*\*\*\*] | |
| [\*\*\*\*\*] | [\*\*\*\*\*] | |
| [\*\*\*\*\*] | [\*\*\*\*\*] | |
| [\*\*\*\*\*] | [\*\*\*\*\*] | |
| [\*\*\*\*\*] | [\*\*\*\*\*] | |
| <br> [\*\*\*\*\*] | <br> [\*\*\*\*\*] | <br> [\*\*\*\*\*] |
| [\*\*\*\*\*] | [\*\*\*\*\*] | |

---

---

| | | |
|:---|:---|:---|
| **Service Code – Non Core** | **Service Code Name** | **Billing ID** |
| [\*\*\*\*\*] | [\*\*\*\*\*] | [\*\*\*\*\*] |
| [\*\*\*\*\*] | [\*\*\*\*\*] | [\*\*\*\*\*] |
| [\*\*\*\*\*] | [\*\*\*\*\*] | [\*\*\*\*\*] |
| [\*\*\*\*\*] | [\*\*\*\*\*] | [\*\*\*\*\*] |
| [\*\*\*\*\*] | [\*\*\*\*\*] | [\*\*\*\*\*] |
| [\*\*\*\*\*] | [\*\*\*\*\*] | [\*\*\*\*\*] |
| [\*\*\*\*\*] | [\*\*\*\*\*] | [\*\*\*\*\*] |
| [\*\*\*\*\*] | [\*\*\*\*\*] | [\*\*\*\*\*] |
| [\*\*\*\*\*] | [\*\*\*\*\*] | [\*\*\*\*\*] |
| [\*\*\*\*\*] | [\*\*\*\*\*] | [\*\*\*\*\*] |
| [\*\*\*\*\*] | [\*\*\*\*\*] | [\*\*\*\*\*] |
| [\*\*\*\*\*] | [\*\*\*\*\*] | [\*\*\*\*\*] |

---

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| | |
|:---|:---|
| **MASTERCARD BRASIL SOLUÇÕES DE PAGAMENTO LTDA.**<br>Avenida das Nações Unidas, 14.171, Torre Crystal, 20<sup>th</sup> floor<br>São Paulo, SP. | ![](ex10-20_001.jpg) |

---

---

| | | |
|:---|:---|:---|
| [\*\*\*\*\*] | [\*\*\*\*\*] | [\*\*\*\*\*] |
| [\*\*\*\*\*] | [\*\*\*\*\*] | [\*\*\*\*\*] |
| [\*\*\*\*\*] | [\*\*\*\*\*] | [\*\*\*\*\*] |
| [\*\*\*\*\*] | [\*\*\*\*\*] | [\*\*\*\*\*] |
| [\*\*\*\*\*] | [\*\*\*\*\*] | [\*\*\*\*\*] |
| [\*\*\*\*\*] | [\*\*\*\*\*] | [\*\*\*\*\*] |
| [\*\*\*\*\*] | [\*\*\*\*\*] | [\*\*\*\*\*] |
| [\*\*\*\*\*] | [\*\*\*\*\*] | [\*\*\*\*\*] |
| [\*\*\*\*\*] | [\*\*\*\*\*] | [\*\*\*\*\*] |
| [\*\*\*\*\*] | [\*\*\*\*\*] | [\*\*\*\*\*] |
| [\*\*\*\*\*] | [\*\*\*\*\*] | [\*\*\*\*\*] |

---

[\*\*\*\*\*] Confidential information redacted

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## Exhibit 10.21

**Exhibit 10.21**

Certain information has been omitted from this exhibit because it is both (i) not material and (ii) of the type that the parties customarily and actually treat as private or confidential. The omissions have been indicated by ("[\*\*\*]").

mastercard.

**STRATEGIC ALLIANCE AND INCENTIVES PROGRAM AGREEMENT**

**MASTERCARD BRASIL SOLUÇÕES DE PAGAMENTO LTDA.**

Avenida das Nações Unidas, 14.171, Torre Crystal, 20<sup>th</sup> floor

São Paulo, SP.

**STRATEGIC ALLIANCE AND INCENTIVES PROGRAM AGREEMENT**

**THIS STRATEGIC ALLIANCE AND INCENTIVES PROGRAM AGREEMENT ("Agreement")** is signed on the date set forth herein between **MASTERCARD BRASIL SOLUÇÕES DE PAGAMENTO LTDA**., with its principal place of business in the Capital of the State of São Paulo, at Avenida das Nações Unidas, No. 14.171, Rochaverá Corporate Plaza, Torre C – Edifício Crystal Tower, 20<sup>th</sup> floor, enrolled with the National Corporate Taxpayers Register of the Ministry of Finance under CNPJ/ME No. 05.577.343/0001-37 (**"MASTERCARD BRASIL")**; and **PICPAY BANK - BANCO MÚLTIPLO S.A.,** with its principal place of business at Avenida Manuel Bandeira, No. 291, Condomínio Atlas Office Park, Block B, 3<sup>rd</sup> floor, Vila Leopoldina, in the City of São Paulo, State of São Paulo, enrolled with the National Corporate Taxpayers Register of the Ministry of Finance under CNPJ/ME No. 09.516.419/0001-75 ("**CLIENT**"). The Parties are represented herein by their legal representatives in accordance with their respective Articles of Association and Bylaws and are hereinafter referred to individually as "Party" and jointly as "Parties".

All the terms used in this Agreement are defined in Exhibit I, whether in the singular or in the plural, and any term used outside such Exhibit shall be invalid for all legal purposes.

**WHEREAS**, the **CLIENT** is a licensee of Mastercard International Inc. and a business partner of **MASTERCARD BRASIL**; and

**WHEREAS**, **MASTERCARD BRASIL** and the **CLIENT** have the common target to sign an Incentive program to provide the issue, increase and intensify the **Mastercard Portfolio**, as well as the number of Transactions and financial volume (invoicing) generated by the Mastercard Portfolio.

The Parties, as strategic partners, are mutually interested in participating in the Incentives Program under this agreement; **NOW, THEREFORE**, the parties decide to execute this instrument (the "Agreement") pursuant to the following terms and conditions:

1. INCENTIVES

Provided that the **CLIENT** fully and timely complies with all its obligations set forth in Sections One and Two, as well as with the other obligations set forth in this instrument, **MASTERCARD BRASIL** shall provide the Incentives described below in this Section One.

**a) <u>Special Incentive (Sign-On Bonus)</u> - MASTERCARD BRASIL** shall make available to the **CLIENT**, as a "Special Incentive (Sign-On Bonus)", the total amount of [\*\*\*\*\*], and as long as the **CLIENT** satisfies all conditions determined.

**Applicable Conditions:**

**(i)** Out of the aforementioned total amount of [\*\*\*\*\*], the amount of [\*\*\*\*\*] shall be provided within [\*\*\*\*\*] days after execution of this Agreement. The remaining amount of [\*\*\*\*\*], in turn, shall be provided within [\*\*\*\*\*] days after proof of Full Launch of the Cards that are part of the Mastercard Portfolio that is the subject matter of this Agreement.

[\*\*\*\*\*] Confidential information redacted

**(ii)** If the **CLIENT** fails to reach at least [\*\*\*\*\*] of the respective POS Total Volume Targets accrued between the Year 1 and the Year 5, it shall pay a fine in the full amount of this Incentive, i.e. [\*\*\*\*\*] . Conversely, if the **CLIENT** reaches between [\*\*\*\*\*] and [\*\*\*\*\*] of the respective POS Total Volume Target accrued from Year 1 to year 5, it shall pay a fine in the proportional amount of [\*\*\*\*\*] in relation to the non-achievement of the Targets. For example, if the **CLIENT** achieves [\*\*\*\*\*] of the POS Total Volume Target, it shall pay a fine in the amount equal to the respective remaining [\*\*\*\*\*] to **MASTERCARD BRASIL**. Payment of the fine, if any, shall be made within [\*\*\*\*\*] days after receiving a notice in this regard.

**b) <u>Incentive for POS Base Volume</u>** – **MASTERCARD BRASIL** shall provide the **CLIENT**, between Year 2 and Year 5 of the Term of Effectiveness of this Agreement, by way of "POS Base Volume Incentive", an amount equivalent to [\*\*\*\*\*] on the POS Total Volume generated by the Mastercard Business Commercial Credit products in the immediately preceding Year and an amount equivalent to [\*\*\*\*\*] on the POS Total Volume generated by the Mastercard Commercial Prepaid Single Message products in the immediately preceding Year. Such Incentive shall be paid by **MASTERCARD BRASIL** to the **CLIENT** within [\*\*\*\*\*] days from the end of each Year of accrual, as mentioned above, as long as the **CLIENT** complies with all the agreed-upon conditions and commitments.

**Applicable Conditions:**

 **(i)** 1 bps = [\*\*\*\*\*]

**(ii)** To become eligible to receive the amount of such Incentive, the **CLIENT** shall keep the growth of the Mastercard Portfolio POS Total Volume of at least [\*\*\*\*\*] per Year for the immediately preceding Year, as well as increase or at least keep the POS Base Volume, it being understood that no reduction shall occur in any way.

**c) <u>Incentive for POS Incremental Volume Incremental</u>** – **MASTERCARD BRASIL** shall provide the **CLIENT**, between Year 1 and Year 5 of the Term of Effectiveness of this Agreement, by way of "POS Incremental Volume Incentive", the equivalent amounts of bps on the POS Incremental Volume generated by the Mastercard Business Commercial Credit products of the respective then-current Year, limited to [\*\*\*\*\*] bps in relation to the percentage of achievement of the POS Total Volume Target of each respective Year, in accordance with table A, as well as generated by the Mastercard Commercial Prepaid Single Message Credit products in the respective then-current Year, limited to [\*\*\*\*\*] bps in relation to the percentage of achievement of the POS Total Volume Target for each respective Year, in accordance with table B. Such Incentive shall be paid by **MASTERCARD BRASIL** to the **CLIENT** within [\*\*\*\*\*] days from the end of each Year of accrual, as mentioned above, as long as the **CLIENT** complies with all the agreed-upon conditions and commitments.

[\*\*\*\*\*] Confidential information redacted

---

| | |
|:---|:---|
| **Table A** | **Table A** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Percentage achieved of the POS Total <br> Volume Target for the respective Year** | **Year 1 to Year 5** |
| [\*\*\*\*\*] | &nbsp;&nbsp;[\*\*\*\*\*] |
| [\*\*\*\*\*] | &nbsp;&nbsp;[\*\*\*\*\*] |
| [\*\*\*\*\*] | &nbsp;&nbsp;[\*\*\*\*\*] |
| [\*\*\*\*\*] | &nbsp;&nbsp;[\*\*\*\*\*] |

---

---

| | |
|:---|:---|
| **Table B** | **Table B** |
| **Percentage achieved of the POS Total <br> Volume Target for the respective Year** | **Year 1 to Year 5** |
| [\*\*\*\*\*] | &nbsp;&nbsp;[\*\*\*\*\*] |
| [\*\*\*\*\*] | &nbsp;&nbsp;[\*\*\*\*\*] |
| [\*\*\*\*\*] | &nbsp;&nbsp;[\*\*\*\*\*] |
| [\*\*\*\*\*] | &nbsp;&nbsp;[\*\*\*\*\*] |

---

**Applicable Conditions:**

**(i)** To become eligible to receive the amount of such Incentive, the **CLIENT** shall meet at least [\*\*\*\*\*] of the POS Total Volume Target for the respective then-current Year described in Section Two of this Agreement. If the CLIENT achieves between [\*\*\*\*\*] and [\*\*\*\*\*] of the POS Total Volume Target for the respective then-current Year, it shall receive such Incentive in proportion to the achievement of the target, in accordance with the tables above. Conversely, if the **CLIENT** achieves [\*\*\*\*\*] or more of the POS Total Volume Target for the respective then-current Year, it shall receive [\*\*\*\*\*].

**d) <u>Incentive for Services with Mastercard Advisors</u>**. **MASTERCARD BRASIL** shall provide the **CLIENT**, only after [\*\*\*\*\*] das as from execution of this Agreement, a maximum amount equal to [\*\*\*\*\*] in the form of services and/or assets with Mastercard Advisors, by way of "Incentive for services with Mastercard Advisors," as long as the **CLIENT** complies with all the agreed-upon conditions and commitments.

**Applicable Conditions:**

**(i)** If the **CLIENT** fails to reach at least [\*\*\*\*\*] of the POS Total Volume Target accrued from Year 1 to year 5, it shall pay a fine in the amount corresponding to the amount of such Incentive that has been actually used by the **CLIENT**. Conversely, if the **CLIENT** reaches between [\*\*\*\*\*] and [\*\*\*\*\*] of the POS

Total Volume Target accrued from Year 1 to Year 5, it shall pay a fine in the amount proportional to the amount corresponding to the amount of this incentive that has been actually used by the **CLIENT,** and which shall also be calculated proportionally to the remaining percentage to achieve the Target. For example, if the **CLIENT** achieves [\*\*\*\*\*] of the POS Total Volume Target accrued from Year 1 to Year 5, it shall pay a fine in the amount equal to [\*\*\*\*\*] to **MASTERCARD BRASIL**, calculated on the amount of this Incentive that has been actually used by the **CLIENT**. Such payment of fine, if any, shall be made within [\*\*\*\*\*] days after receiving a notice in this regard.

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**(ii) MASTERCARD BRASIL** shall provide the **CLIENT** with the abovementioned amounts for such Incentive, corresponding to the amount of fees for the provision of services and/or assets to be provided directly to the **CLIENT** by Mastercard Advisors. The provision of such services shall be conditioned upon the acceptance and execution of the terms and conditions of the form attached as Exhibit 2 hereto, the terms of which shall be negotiated by the Parties. The amount and specification of each project by Mastercard Advisors shall be established in an applicable SOW (as defined in Exhibit 2).

**(iii)** The Parties hereby agree that, if the **CLIENT** fails to carry out the Full Launch of the Mastercard Portfolio Cards under this Agreement by the end of Year 1, it shall pay a fine in the amount equal to the corresponding amount of such Incentive that has been actually used by the **CLIENT** to **MASTERCARD BRASIL** within thirty [\*\*\*\*\*] after receiving a notice in this regard.

**(iv)** The amounts of this Incentive shall be used by the **CLIENT** in projects with Mastercard Advisors by the end of Year 1. After this period, the respective amounts shall be lost and may no longer be used, and there shall be no offset or indemnity from any kind by **MASTERCARD BRASIL** to the **CLIENT**.

**e) <u>Incentive for Services with Mastercard Advisors Managed Services</u>. MASTERCARD BRASIL** shall provide the **CLIENT**, between Year 2 and until Year 5 of the Term of Effectiveness of this Agreement, by way of "Incentive for Services with Mastercard Advisors Managed Services," the maximum amount equivalent to [\*\*\*\*\*] in the form of services and/or assets with Mastercard Advisors, by way of "Incentive for Services with Mastercard Advisors," according to the conditions set forth below and as long as the **CLIENT** complies with all the agreed-upon conditions and commitments.

**Applicable Conditions:**

**(i)** In relation to Year 2 and Year 3, **MASTERCARD BRASIL** shall provide, per Year, the amount equivalent to [\*\*\*\*\*], and in relation to Year 4 to Year 5, the amount equivalent to [\*\*\*\*\*] per Year. The annual amounts of this Incentive may be advanced to the **CLIENT** at the beginning of each then-current Year based on its achievement of the POS Total Volume Target described in Section Two of this Agreement, of the immediately previous Year. In the event that the **CLIENT** does not achieve at least [\*\*\*\*\*] of the immediately previous Year, no amount of the then-current Year shall be advanced. If the **CLIENT** reaches between [\*\*\*\*\*] and [\*\*\*\*\*] of the POS Total Volume Target for the immediately previous Year, the amount of the then-current Year shall be advanced in proportion to the percentage achieved by the **CLIENT** in relation to [\*\*\*\*\*] of the POS Total Volume Target. Finally, if the **CLIENT** reaches [\*\*\*\*\*] of the immediately previous Year, the amount of the then-current Year shall be advanced for the next Year in [\*\*\*\*\*].

**(ii)** In relation to any advanced amount of each Year, there shall be, at the end of the same Year, a setoff in relation to achievement of the POS Total Volume Target of the then-current Year. In the event that the **CLIENT** does not achieve at least [\*\*\*\*\*] of the POS Total Volume Target of the then-effective Year, the full amount advanced shall be deducted in relation to the amount of the following Year. In the event that the **CLIENT** achieves between [\*\*\*\*\*] and [\*\*\*\*\*] of the POS Total Volume Target of the then-effective Year, the amount advanced in relation to the amount of the next Year shall be deducted proportionally to the percentage not achieved by the **CLIENT** in relation to [\*\*\*\*\*] of the POS Total Volume Target. For example, if the **CLIENT** has received the advance considering [\*\*\*\*\*] of the amount and achieves [\*\*\*\*\*] of the POS Total Volume Target of the then-effective Year, the amount equal to the respective remaining [\*\*\*\*\*] shall be deducted upon payment. Finally, if the **CLIENT** achieves [\*\*\*\*\*] of the POS Total Volume Target of the then-effective Year, no amount shall be deducted from the amount of the following Year.

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**(iii)** According to the aforementioned conditions, if after the end of Year 5 there is any amount of this Incentive in relation to Year 5 due to the **CLIENT, MASTERCARD BRASIL** shall provide the **CLIENT** with the respective amount only [\*\*\*\*\*] days after the end of Year 5. However, in the event that there is a remaining balance in the form of debit by the **CLIENT** to **MASTERCARD BRASIL,** the **CLIENT** shall pay a fine to **MASTERCARD BRASIL** in the respective amount of the Incentive that has been actually used by the **CLIENT**, within [\*\*\*\*\*] days as from receipt of a notice in this regard.

**(iv) MASTERCARD BRASIL** shall provide the **CLIENT** with the abovementioned amounts for such Incentive, corresponding to the amount of fees for the provision of services and/or assets, to be provided directly to the **CLIENT** by Mastercard Advisors. The provision of such services shall be conditioned upon the acceptance and execution of the terms and conditions of the form attached as Exhibit 2 hereto, the terms of which shall be negotiated by the Parties. The amount and specification of each project by Mastercard Advisors shall be established in an applicable SOW, as defined in Exhibit 2.

**(v)** The annual amounts for such Incentive shall be used by the **CLIENT** immediately after the beginning of Year 2 until the end of Year 5. After this period, the respective annual amounts shall be lost and may no longer be used, and there shall be no offset or indemnity of any kind by **MASTERCARD BRASIL** to the **CLIENT**.

**f) <u>Incentive for Marketing Support</u>** – **MASTERCARD BRASIL** shall provide the **CLIENT**, between Year 2 and Year 5 of the Term of Effectiveness of this Agreement, by way of "Incentive for Marketing Support", with the equivalent bps amounts on the POS Total Volume generated by the Mastercard Portfolio Cards subject to the respective then-current Year, according to the table below. This Incentive shall be paid by **MASTERCARD BRASIL** to the **CLIENT** within [\*\*\*\*\*] days after the end of each year in reference, as mentioned above, as long as the **CLIENT** complies with all the agreed-upon conditions and commitments.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Percentage achieved of the POS Total<br> Volume Target for the respective Year** | **Year 2 to Year 5** |
| [\*\*\*\*\*] | &nbsp;&nbsp;[\*\*\*\*\*] |
| [\*\*\*\*\*] | &nbsp;&nbsp;[\*\*\*\*\*] |
| [\*\*\*\*\*] | &nbsp;&nbsp;[\*\*\*\*\*] |

---

**Applicable Conditions:**

**(i)** The annual amounts of this Incentive may be advanced to the **CLIENT** at the beginning of each then-current Year based on its achievement of the POS Total Volume Target described in Section Two of this Agreement of the immediately previous Year. In the event that the **CLIENT** does not achieve at least [\*\*\*\*\*]of the POS Total Volume Target of the immediately previous Year, no amount of the then-current Year shall be advanced. In the event that the **CLIENT** achieves between [\*\*\*\*\*] and [\*\*\*\*\*] of the POS Total Volume Target of the immediately previous Year, the amount of the then-current Year shall be advanced proportionally to the percentage achieved by the **CLIENT** in relation to [\*\*\*\*\*] of the POS Total Volume Target. Finally, in the event that the **CLIENT** achieves [\*\*\*\*\*] of the POS Total Volume Target of the immediately previous Year, the amount of the then-current Year shall be advanced to the following Year in [\*\*\*\*\*].

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**(ii)** For any advanced amount of each Year, there shall be a setoff in relation to the achievement of the POS Total Volume Target of the then-effective Year after assessment thereof. In the event that the **CLIENT** does not achieve at least [\*\*\*\*\*] of the POS Total Volume Target for the then-current Year, the full amount advanced in relation to the amount of the next Year shall be deducted. If the **CLIENT** achieves between [\*\*\*\*\*]and [\*\*\*\*\*] of the POS Total Volume Target for the then-current Year, in turn, the amount advanced in relation to the amount of the next Year shall be deducted in proportion to the percentage not achieved by the **CLIENT** in relation to [\*\*\*\*\*] of the POS Total Volume Target. For example, if the **CLIENT** has received the advance considering [\*\*\*\*\*]of the amount and achieves [\*\*\*\*\*] of the POS Total Volume Target of the respective then-current Year, the amount equal to the respective remaining [\*\*\*\*\*] shall be deducted upon payment. Finally, in the event that the **CLIENT** achieves [\*\*\*\*\*] of the POS Total Volume Target of the respective then-effective Year, [\*\*\*\*\*]amount shall be deducted from the amount of the following Year.

**(iii)** According to the aforementioned conditions, if after the end of Year 5 there is still any amount of this Incentive in relation to Year 5 due to the **CLIENT**, **MASTERCARD BRASIL** shall provide the **CLIENT** with the respective amount only [\*\*\*\*\*]days after the end of Year 5. However, in the event that there is a remaining balance in the form of debit by the **CLIENT** to **MASTERCARD BRASIL**, the **CLIENT** shall pay a [\*\*\*\*\*]amount to **MASTERCARD BRASIL** within [\*\*\*\*\*] days as from receipt of a notice in this regard.

**(iv) MASTERCARD BRASIL** shall approve, jointly with the **CLIENT**, any campaign/marketing initiative focused on the ***Mastercard Portfolio*** carried out with amounts originating from this Agreement.

**(v) MASTERCARD BRASIL** shall pay the Incentive to the **CLIENT** after reviewing all annual reports relating to the subject matter of the Agreement for each Year. Any portion of such Incentive may be paid, wholly or in part, directly to the **CLIENT** or to a strategic supplier of **MASTERCARD BRASIL** (i.e. marketing or promotion agencies already certified by **MASTERCARD BRASIL**), if previously and expressly agreed upon between the Parties.

**(vi)** The annual amounts of each Year of this Incentive shall have a maximum term to be used by the **CLIENT** in projects with Mastercard Advisors of [\*\*\*\*\*] as from the time they are available to the **CLIENT**. After this period, the respective annual amounts shall be lost and may no longer be used, and there shall be no offset or indemnity of any kind by **MASTERCARD BRASIL** to the **CLIENT**.

**g) <u>Incentive for Sponsorship Support</u> and Training** – **MASTERCARD BRASIL** shall provide the **CLIENT**, between Year 1 and Year 5 of the Term of Effectiveness of this Agreement, by way of "Incentive for Sponsorship Support and Training", with the maximum amount of [\*\*\*\*\*] per Year. This Incentive shall be paid by **MASTERCARD BRASIL** to the **CLIENT** within [\*\*\*\*\*]days as from the end of each Year in reference, as mentioned above, provided that the **CLIENT** complies with all conditions and commitments determined.

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**Applicable Conditions:**

**(i)** The annual amounts of this Incentive may be advanced to the **CLIENT** at the beginning of each then-current Year based on its achievement of the POS Total Volume Target described in Section Two of this Agreement of the immediately previous Year. In the event that the **CLIENT** does not achieve at least [\*\*\*\*\*] of the POS Total Volume Target of the immediately previous Year, [\*\*\*\*\*] amount of the then-current Year shall be advanced. In the event that the **CLIENT** achieves between [\*\*\*\*\*]and [\*\*\*\*\*] of the POS Total Volume Target of the immediately previous Year, the amount of the then-current Year shall be advanced proportionally to the percentage achieved by the **CLIENT** in relation to [\*\*\*\*\*] of the POS Total Volume Target. Finally, in the event that the **CLIENT** achieves [\*\*\*\*\*] of the POS Total Volume Target of the immediately previous Year, the amount of the then-current Year shall be advanced to the following Year in [\*\*\*\*\*].

**(ii)** In relation to any advanced amount of each Year, there shall be a setoff in relation to achievement of the POS Total Volume Target of the then-current Year after assessment thereof. In the event that the **CLIENT** does not achieve at least [\*\*\*\*\*] of the POS Total Volume Target of the then-effective Year, the full amount advanced shall be deducted in relation to the amount of the following Year. In the event that the **CLIENT** achieves between [\*\*\*\*\*] and [\*\*\*\*\*]of the POS Total Volume Target of the then-effective Year, the amount advanced in relation to the amount of the next Year shall be deducted proportionally to the percentage not achieved by the **CLIENT** in relation to [\*\*\*\*\*] of the POS Total Volume Target. For example, if the **CLIENT** has received the advance considering [\*\*\*\*\*]of the amount and achieves [\*\*\*\*\*]of the POS Total Volume Target of the then-effective Year, the amount equal to the respective remaining [\*\*\*\*\*]shall be deducted upon payment. Finally, if the **CLIENT** achieves [\*\*\*\*\*] of the POS Total Volume Target of the respective then-current year, [\*\*\*\*\*] shall be deducted from the amount of the following Year.

**(iii)** According to the aforementioned conditions, if after the end of Year 5 there is any amount of this Incentive in relation to Year 5 due to the **CLIENT, MASTERCARD BRASIL** shall provide the **CLIENT** with the respective amount only [\*\*\*\*\*] days after the end of Year 5. However, in the event that there is a remaining balance in the form of debit by the **CLIENT** to **MASTERCARD BRASIL,** the **CLIENT** shall pay a fine to **MASTERCARD BRASIL** in the respective amount, within [\*\*\*\*\*] as from receipt of a notice in this regard.

**(iv)** The amounts of this Incentive shall be fully and exclusively used to pay for the **CLIENT's** participation it the events and training provided by **MASTERCARD BRASIL** previously agreed between the Parties, such as, but not limited to, the Mastercard Innovation Forum.

**(v)** The annual amounts of each Year of this Incentive shall have a maximum term to be used by the **CLIENT** in projects with Mastercard Advisors of [\*\*\*\*\*] as from the time they are available to the **CLIENT.** After this period, the respective annual amounts shall be lost and may no longer be used, and there no setoff or indemnity of any kind shall be due by **MASTERCARD BRASIL** to the **CLIENT**.

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2. COMMITMENTS OF THE CLIENT

**2.1.** In order to qualify to receive the Incentives set forth in this Agreement, in addition to the other obligations set forth in this Agreement, the **CLIENT** agrees to reach both POS Total Volume Target defined in the table below.

**POS TOTAL VOLUME TARGET (IN R$)**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year 1** | **Year 2** | **Year 3** | **Year 4** | **Year 5** |
| &nbsp;&nbsp;**POS Total Volume Target** | [\*\*\*\*\*] | [\*\*\*\*\*] | [\*\*\*\*\*] | [\*\*\*\*\*] | [\*\*\*\*\*] |

---

NB: Such Targets and amounts were freely and previously defined and agreed upon between the Parties.

In addition to the obligations above, the **CLIENT** agrees to:

**I.** Ensure the exclusivity of the Mastercard Cards of the Mastercard Portfolio of this Agreement, as well as any product of 'Commercial' portfolio managed by the **CLIENT,** excluding products from benefits or commercial products for clients that already have benefit cards, refraining from issuing cards of any other Mastercard Competitors during effectiveness of this Agreement, it being understood that failure to comply with this condition shall be deemed a serious violation hereof, and the **CLIENT** shall be imposed the penalties set forth in Sections 4.4 and 4.7, it being understood that the refund of all incentives already paid or discounts granted within the scope of this Agreement shall be due.

**II.** Carry out the Full Launch of the Cards that are part of the Mastercard Portfolio that are the subject matter of this Agreement within [\*\*\*\*\*] months as from execution of this agreement, it being understood that the refund of all incentives already paid or discounts granted within the scope of this Agreement shall be due in the event of noncompliance with this item due to the exclusive fault of the **CLIENT**.

**III.** Carry out the full migration of its current portfolio of credit and commercial prepaid products to the Mastercard Portfolio that is the subject matter of this Agreement after the lapse of [\*\*\*\*\*] months as from the Full Launch described in the item above.

**IV.** Keep the POS Total Volume of the Mastercard Portfolio growing by at least [\*\*\*\*\*] per Year against the immediately preceding Year. If any of the conditions set forth in this item "III" is not met in the then-current Year and in the immediately previous Year, the **CLIENT** shall not receive any Incentive for such Year. To be entitled to receive incentives again, the **CLIENT** shall present a growth in the POS Total Volume determined added to the volume previously decreased.

**V** To develop and submit to **MASTERCARD BRASIL** for prior approval, on dates agreed upon between the Parties during each year of the Term of Effectiveness of this Agreement, an Annual Marketing Plan, for the next year, encompassing strategic initiatives for the continuous growth of the Mastercard Portfolio. The Annual Marketing Plan shall be subject to confirmations, changes, and even cancellation of initiatives during the year in question, previously defined and agreed between the Parties.

**VI.** Periodically, on dates previously defined by both Parties and during the Term of Effectiveness of the Agreement, the **CLIENT** will meet with authorized representatives of **MASTERCARD BRASIL** to jointly analyze and evaluate the performance of the **CLIENT** and of **MASTERCARD BRASIL**, as applicable, to jointly analyze and evaluate the performance of the **CLIENT** pursuant to the provisions of this Agreement, for purposes of securing the mutually satisfactory progress of the objectives of this Incentives Program and other initiatives, as mutually agreed between the **CLIENT** and **MASTERCARD BRASIL**.

**VII.** The **CLIENT** shall use the best efforts to provide support to **MASTERCARD BRASIL** in the development of new business and in the introduction of new programs and other areas to be defined jointly by **MASTERCARD BRASIL** and the **CLIENT**, provided that they relate to the Mastercard Portfolio.

 **VIII.** Invest annually in actions and activities for the growth of the invoicing of the Mastercard Portfolio.

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**IX.** The **CLIENT** agrees that all the Transactions with products of the Mastercard Portfolio shall be forwarded for authorization, clearance and settlement by means of the Banknet and GCMS Systems or any others that may replace it under MasterCard Operating Policies Manual – "Authorization Manual" and "Settlement Manual", to be visualized through Online MasterCard System – Member Publication Section**.**

**X.** The **CLIENT** agrees that the Incentives to be received, in accordance with the terms and conditions hereof, shall be exclusively and fully invested in the development of businesses relating to the Mastercard Portfolio payment card products in the Brazilian market, activities that directly benefit the Mastercard Portfolio businesses, such as special campaigns and promotions for the sale and activation of the Mastercard Cards (special campaigns and promotions of sales of the Cards in all points of sale of the **CLIENT**, in the printed or electronic media, via telemarketing, direct mail or any other means, including electronic means and sponsorships of cultural or sports events), campaigns for the retainment or return of clients, special promotions of the Cards on commemorative occasions used by the commerce in general or any other activity the direct purpose of which is the development of the Mastercard Portfolio and which is of common interest to the Parties and/or new products and solutions contained in the Mastercard Portfolio, whether or not linked to the Card tracks. The **CLIENT** shall not use any Incentives for the benefit of any product under other card brand other than the "Mastercard" Brand, including, without limitation, any Mastercard Competitor. Any use by the **CLIENT** of amounts resulting from any Incentives for purposes different from those provided for herein is deemed a material violation of this Agreement.

**XI.** The **CLIENT** shall provide support, encourage and retain all **cards** of the Mastercard Portfolio and maintain all *Mastercard Cards* and their respective portfolios, observing all management policies of the **CLIENT** from the operational, risk, credit and other perspectives, such as cards with the "**Mastercard**" Brand during the Term of Effectiveness of this Agreement. Except to the specific extent expressly requested by the holder, the **CLIENT** shall not convert any of the Mastercard Cards (without considering when or by which entity such card has been issued, either before or during the Term of Effectiveness of this Agreement), into a new card with any other brand, except for other cad with the "**Mastercard**" Brand during the Term of Effectiveness of this Agreement.

**XII. MasterCard Rules**. The rights, obligations, terms, and conditions set forth in this Agreement are supplemental to and do not replace, for any legal purposes, any of the rights, obligations, terms, and conditions between the **CLIENT** and **MASTERCARD BRASIL** contained in the MasterCard Rules available at Mastercard Connect. In the event of any inconsistency between the provisions of this Agreement and the Mastercard Rules and other related rules, the Mastercard Rules shall prevail. The **CLIENT** shall use all efforts required to cause its employees to comply with and apply the Mastercard Rules. If the **CLIENT** fails to perform the obligations set forth in this action, it shall be deemed a material and severe violation of this Agreement, and, in addition to any other remedies available to **MASTERCARD BRASIL** under this Agreement in accordance with the law, **MASTERCARD BRASIL** shall not be required to pay Incentives to the **CLIENT**.

3. PAYMENTS

**3.1. Payments.** Unless otherwise specifically provided for in this Agreement, all the Incentives shall be provided within [\*\*\*\*\*] days from the date of verification of compliance with the respective target and/or obligation, as stipulated herein. As a rule, except as otherwise set forth herein, the payments shall be made via Mastercard Consolidated Invoicing System - MCBS or otherwise as mutually agreed between the Parties.

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**3.2. Reports and Audits.** As a condition of the **MASTERCARD BRASIL** obligations to make available the Incentives annually as specified in Section 1 hereof after the end of each calendar quarter (Jan/Mar, Apr/Jun, Jul/Sep and Oct/Dec – "Performance Quarters"), the **CLIENT** shall report in detail, in accordance with the applicable Mastercard Worldwide rules, in the "QMR" Quarterly Reports, the information relating to the actual number of Cards and Accounts issued or converted, the total number of Cards and Accounts issued (specifying the International Use Accounts and the National Accounts, if any) and the Invoicing Volume relating to the previous Performance Quarter, classified by Card modality. The "QMR" Quarterly Report may contain other additional information, provided this is previously agreed between the **CLIENT** and **MASTERCARD BRASIL**, as they are requested from time to time by **MASTERCARD BRASIL**, provided that the **CLIENT** is previously notified in this respect. For the purpose of verifying such information and the compliance with this Agreement by the **CLIENT**, **MASTERCARD BRASIL** and its designated Independent Auditors shall have the right to audit the books and registers of the **CLIENT**, exclusively in relation to any information contained in such reports, upon giving a notice [\*\*\*\*\*] in advance to the **CLIENT** in relation to the scope and nature of such analysis. **MASTERCARD BRASIL** shall bear all costs related to such audit procedures, and the **CLIENT** agrees to collaborate and obtain the full cooperation of its independent auditors and other personnel required so that such audit may be conducted by **MASTERCARD BRASIL**. In the event such audit is not conducted by Independent Auditors, the **CLIENT** shall have the right to have the audit verified or confirmed by an Independent Auditor firm selected by **MASTERCARD BRASIL** and the **CLIENT** by common agreement. In the event any audit determines a discrepancy or overpayment or underpayment of any amounts due hereunder, the Party in question shall immediately pay to the other Party all amounts identified in the audit as due or payable to the other Party as a result thereof. In the event that any audit identifies a discrepancy of underpayment by the **CLIENT** in excess of [\*\*\*\*\*] of the Issuer Fees ("Mastercard fees") due by the **CLIENT** in relation to any civil quarter, the **CLIENT** shall reimburse **MASTERCARD BRASIL** for all out of pocket expenses for the audit and auxiliary activities.

**3.3. Reimbursement for non-achievement of targets or obligations (clawback):** Any Incentives, other amounts in cash or benefits supplied by **MASTERCARD BRASIL** at any time, which exceed or constitute an advancement of the Incentives accumulated from time to time, shall be contingent upon future compliance and shall be offset against amounts of Incentives which may be acquired by the **CLIENT**. **MASTERCARD BRASIL** may charge from the **CLIENT** any amount that may be advanced, if further determined that the **CLIENT** would not be entitled to such amount or amounts, whether as a difference or in full, in view of notified, proven and documented non-compliance, underperformance or violation of the terms of this Agreement, with due regard to the **CLIENT's** right to demonstrate the compliance indicated, by its means, within [\*\*\*\*\*] as from the date of any default. **MASTERCARD BRASIL** may carry out the proper cancellation by means of the MCBS account or by any other means considered appropriate, if necessary, at any time during the Term of Effectiveness or even after termination of the agreement. This right is in addition to any other right or recourse **MASTERCARD BRASIL** may have in court pursuant to the provisions of this Agreement.

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**3.4. Calculations of Incentives.** Notwithstanding any provision to the contrary herein, in order to prevent duplicate payment of Incentives relating to Cards and all the transactions and volumes associated therewith, the Parties agree that the calculation of Incentives shall exclude the amounts payable under this Agreement if **(i)** such Cards, transactions, or volumes are subject to any other incentive benefit, support, or incentive agreement between **MASTERCARD BRASIL** and the **CLIENT**, or between **MASTERCARD BRASIL** and other entity that is not set forth in this Agreement, or **(ii)** the **CLIENT** or another entity, as a successor to an Acquired Institution or Acquired Portfolio, receives now or in the future, under any Incentive condition, support, or agreement between **MASTERCARD BRASIL** and such Acquired Institution or its Affiliates or the assignor of such Acquired Portfolio with respect to such Cards, transactions, or volume. The benefits and support mentioned in item **(i)** above shall not include any benefits directly relating to the products and/or to any additional support that may be provided by **MASTERCARD BRASIL** during the Term hereof, subject to any Agreements in addition to or different from this Agreement which **MASTERCARD BRASIL** may enter into with the **CLIENT** as part of marketing/promotional Activities relating to such products. All payments made under this Agreement shall be made in *Reais*.

4. TERM OF EFFECTIVENESS OF THE AGREEMENT AND TERMINATION

**4.1.** The Term of Effectiveness of this Agreement begins on the date of execution hereof and end on [\*\*\*\*\*]. It is hereby agreed that the obligations contained in Section Seven ("Confidentiality") and Section Ten ("General Conditions") hereof shall survive from the date of its execution and after the expiration or termination hereof. The duration of each Year of this Agreement shall be as established in item "B" of Exhibit I.

**4.2.** If **MASTERCARD** terminates this Agreement without cause and without prior notice, the **CLIENT** shall have no lien, including, without limitation, return of the amounts paid under this Agreement, unless otherwise provided for herein.

 **4.3.** If the **CLIENT** terminates this Agreement without cause, the penalties shall be imposed as follows:

● If the aforementioned termination occurs by the end of Year 1, the **CLIENT** shall reimburse **MASTERCARD BRASIL** for all incentives already provided until the date in question, plus a fine in the amount of [\*\*\*\*\*] of all Incentives already provided until that date;

● If the aforementioned termination occurs by the end of Year 2, the **CLIENT** shall reimburse **MASTERCARD BRASIL** for all incentives already provided until the date in question, plus a fine in the amount of [\*\*\*\*\*] of all Incentives already provided until that date;

● If the aforementioned termination occurs by the end of Year 3, the **CLIENT** shall reimburse **MASTERCARD BRASIL** for all incentives already provided until the date in question, plus a fine in the amount of [\*\*\*\*\*]of all Incentives already provided until that date;

● If the aforementioned termination occurs by the end of Year 4, the **CLIENT** shall reimburse **MASTERCARD BRASIL** for [\*\*\*\*\*]incentives already provided until the date in question; and

● If the aforementioned termination occurs by the end of Year 5, the **CLIENT** shall reimburse **MASTERCARD BRASIL** for [\*\*\*\*\*] incentives already provided until the date in question.

**4.3.1.** The penalties set forth herein shall be paid to **MASTERCARD BRASIL** within [\*\*\*\*\*] days as from receipt of a specific notice.

**4.4.** The following shall constitute just cause for immediate termination hereof, irrespective of any warning or prior notice:

**I.** The default of any of the obligations provided for herein by any of the Parties, in case it is not duly complied with or cured within [\*\*\*\*\*] days after notice of such fact from the non-defaulting Party to the defaulting Party;

**II.** The proven insolvency from any of the Parties evidenced by any granted request for judicial or extrajudicial reorganization or adjudication in bankruptcy; or

**III.** Upon termination of the License agreement executed between the **CLIENT** and **MASTERCARD INTERNATIONAL INCORPORATED** and/or the Instrument of Participation in the Payment Arrangements and Taking out of Insurance entered into between the **CLIENT** and **MASTERCARD BRASIL**.

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**4.5. MASTERCARD BRASIL** shall be entitled to immediately terminate this Agreement, upon prior express notice to the **CLIENT** by means of prior express notice, in the following events:

**I.** If the **CLIENT** becomes subject to the control of any non-Affiliated third party, through an asset purchase, spin-off, merger, consolidation, or any other type of corporate restructuring; and fails to notify **MASTERCARD BRASIL** within [\*\*\*\*\*] from the transaction, **and** the new parent company or legal successor of the **CLIENT**: (i) proves to be unable to comply with the obligations set forth herein; (ii) may cause **MASTERCARD BRASIL** to incur reputational damage due to such change of control; (iii) is a direct competitor of **MASTERCARD BRASIL**, or its affiliates, including, without limitation, a competing trademark; (iv) has any restriction on doing business with companies in the United States of America, being included in the list disclosed by the Office of Foreign Affairs of the U.S. Department of the Treasury; or

**II.** If the **CLIENT**, through any commercial or financial transaction, sells, transfers, assigns in any manner, or pledges to any non-Affiliated third party, whether or not a Mastercard Competitor, the Mastercard Cards portfolio, wholly or in part, without the prior and express authorization from **MASTERCARD BRASIL**;

**4.6.** The Parties may, upon prior mutual agreement, terminate the Partnership by a Termination Agreement, which shall contain the negotiated terms of such contractual termination.

**4.7.** Upon termination pursuant to the provisions of items 4.4 or 4.5 of this Agreement by the exclusive fault of the **CLIENT**, the latter shall reimburse **MASTERCARD BRASIL** all Incentives already made available until the date in question, plus a fine in the amount of [\*\*\*\*\*]of all Incentives already provided until the date in question, within [\*\*\*\*\*] after receipt of a specific notice*.*

 

5. ACQUIRED CARDS

**5.1. General Condition -** if the **CLIENT** purchases a portfolio of cards from another entity (the "Acquired Party") by means of a consolidation, merger, spin-off, joint venture, purchase of portfolio or other acquisition of any kind (including, but not limited to, the right to operate and manage these cards – named "Acquisition Transaction"), after the Term of Effectiveness of this Agreement, these Cards shall be referred to as "Acquired Cards", and they shall be subject to this Agreement after the closing of the acquisition transaction, as set forth in this Section 5.

 **5.2. Acquired Mastercard Cards -** if the Acquired Cards are Mastercard cards:

**(i)** they are subject to a benefit, support or incentive agreement with **MASTERCARD BRASIL**, these acquired Mastercard Cards and all respective transactions and associated volumes shall be excluded from this Agreement and shall remain subject to such benefit, support or Incentive in accordance with their own terms until the expiry/termination of such agreement or until **MASTERCARD BRASIL** and the **CLIENT** mutually agree on a different date in writing, in which case the Parties shall discuss the terms acceptable for inclusion of the Acquired Mastercard Cards and of all associated transactions and volumes within the scope of this Agreement.

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**(ii)** they are not subject to a benefit, support or Incentive agreement with **MASTERCARD BRASIL**, these Acquired Cards may be an integral part of this Agreement and the volume(s) generated thereby may shall be considered in this Agreement after **MASTERCARD BRASIL** and the **CLIENT** mutually agree in writing with the terms of integration of the Acquired Cards into this Agreement.

**5.3. Acquired Cards from a competitor brand.** If the Acquired Cards fall under the definition of Credit Cards, Pre-paid Cards or Debit Cards, but have been issued, managed or offered by the Acquired Party as Competitor Cards ("Competitor Linked Cards"):

**(i)** The **CLIENT** shall use its best efforts for the Acquired Cards to be converted into Mastercard Cards within [\*\*\*\*\*] as from termination of the Acquisition Transaction, unless the Acquired Cards are subject to a contractual obligation that prevents their conversion into Mastercard Cards that: (a) a binding written agreement to which the Acquired Party was a party was formalized before the closing of the Acquisition Transaction and of this Agreement; (b) After execution of this Agreement, the **CLIENT** has not persuaded, influenced or induced, directly or indirectly, the card holder to request the card of another brand; (c) the **CLIENT**, in the capacity as successor to the Acquired Party, is not entitled to terminate without jeopardizing or incurring financial penalties within the scope of the preexisting agreement; and (d) the **CLIENT** shall not make new issuances of cards with other brand than "Mastercard", except by means of reissuances of Acquired Cards for the final term of effectiveness of the specific payment credential (plastic or virtual card).

**(ii)** The **CLIENT** may present to **MASTERCARD BRASIL** the conditions to terminate possible transactions that prevent conversion of the Acquired Cards into Mastercard Cards and **MASTERCARD BRASIL** may, at its sole discretion, choose to reimburse the **CLIENT** for any financial penalties directly related to the removal of this preexisting obligation, in which case the **CLIENT** shall immediately cause such removal and carry out the conversion within [\*\*\*\*\*] .

**(iii)** After the conversion of competitor acquired cards in accordance with this Section Five, all Volume and the transactions generated by these converted cards shall be automatically included in this Agreement.

6. DISPOSAL, ASSIGNMENT OR TRANSFER OF THE MASTERCARD PORTFOLIO

**6.1.** In the event that the **CLIENT** wishes to dispose or transfer (upon transaction of sale of assets, portfolio transfer, sale of shares, spin-off, merger or consolidation, by operation of law or by any other reason), any portfolios from the Mastercard Portfolio to any third party, the **CLIENT** agrees to expressly ensure that all the obligations detailed herein be binding on and expressly undertaken by the assignee or successor and shall also establish in the legal instrument resulting from the disposal or transfer of any portfolios from the MasterCard Portfolio that **MASTERCARD BRASIL** shall be entitled to enforce such obligation to maintain the Brand directly against the beneficiary assignee/successor (and no act or omission of the **CLIENT** shall be deemed a defense to that effect). The duty to expressly insert such obligations in any assignment agreements shall apply except to companies belonging to the same business group as the **CLIENT**, in which case notice of any intragroup assignments shall be given to **MASTERCARD BRASIL**.

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7. CONFIDENTIALITY

**7.1.1.** The provisions of this section supersede the confidentiality obligations contained in any previous communications between the Parties hereto with regard to the subject matter hereof. The parties acknowledge that, in the event of breach by any of the Parties of the provisions of this section, the non-breaching Party may suffer immediate and irreparable damage that may not be fully remedied by pecuniary indemnities. Therefore, in addition to any right of recourse or of termination set forth herein that the non-breaching Party may have pursuant to applicable laws, the non-breaching Party shall be entitled to file a preliminary injunction against any breach before any Court with jurisdiction over the matter and the other Party hereby waives any requirement for the Party filing said proceedings to post a bond or another commitment in accordance with the claim in said injunction. In the event of any breach resulting in a claim from any third parties, the breaching Party shall indemnify, defend and hold the non-breaching Party harmless from any claims, interest, disbursed expenses (including reasonable fees of counsel at lower courts and appellate courts), fines and costs arising from said claim(s) from third parties.

8. LEGAL REPRESENTATION AND WARRANTY

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9. TAXES

**9.1.** Each Party shall be individually liable for its respective Taxes, in the form of the applicable tax law, on any income, gross revenue, franchise or similar taxes on the commercial activity levied by any country, State or location on its own income or receipts, as well as for any taxes on property or amounts and any interest or associated penalties imposed by Law. All payments made, the consideration provided and the price for the services provided by the Parties under this Agreement includes all applicable taxes on sales, tax on the use, consumption, occupation, goods and services, or any other similar tax or fee.

10. GENERAL CONDITIONS

**10.1. Notices and Communications.** Any written notice, communication, documentation or statement required or that needs to be sent to any of the Parties hereunder shall be deemed duly sent at the time of personal delivery or receipt, including by electronic means, at the respective addresses of each of the Parties set forth below or at other addresses that may be subsequently designated with a notice sent by any of the Parties. The following are established by the Parties as official means of contact for the purposes hereof:

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| | |
|:---|:---|
| &nbsp;&nbsp; <br> **A – By MASTERCARD BRASIL:** | [\*\*\*\*\*]<br>|
| &nbsp;&nbsp; <br> **A – By MASTERCARD BRASIL:** | [\*\*\*\*\*]<br>|
| &nbsp;&nbsp; <br> **A – By MASTERCARD BRASIL:** | [\*\*\*\*\*] |
| &nbsp;&nbsp; **B – By the CLIENT:** | [\*\*\*\*\*] |
| &nbsp;&nbsp; **B – By the CLIENT:** | <br> [\*\*\*\*\*]<br>|

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**10.2. Irrevocability**. This Agreement is executed irrevocably and irreversibly and shall be binding on the Parties and any successors. The rights and obligations of the Parties hereunder shall be binding on and shall inure to the benefit of each of the Parties and its respective successors and assignees. However, none of the Parties may assign any of its respective rights and obligations to any third parties without the prior and express authorization from the other Parties, and the **CLIENT** shall be exempted from the need for authorization whenever the assignment or transfer is made to companies of the same economic group or with which the **CLIENT** has a corporate relationship as controlled, controlling or associated company or in which the controlling company of the **CLIENT** participates as shareholder or stockholder, nor may any Party assign its rights hereunder to a wholly-owned subsidiary thereof. If any person acquires any equity interest in this Agreement or in the subject matter hereof in any way, whether by voluntary or involuntary transfer, by operation of law or in any other way, such equity interest thus acquired shall be deemed subject to all the terms and conditions hereof and, upon acquiring or holding such equity interest, such person shall be conclusively regarded as having undertaken all the terms and obligations hereof.

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**10.3. No Waiver.** Any failure to comply or delay in complying with any provisions of this Agreement by any of the Parties hereto at any time or their failure to exercise any rights set forth herein or their failure to require compliance with any of the provisions hereof at any time shall not, in any way, be deemed a waiver of such provisions hereof. Except as otherwise expressly set forth herein, no waiver shall be effective unless it is made in writing. No act, conduct or course of negotiation of any of the Parties and no failure, refusal or impediment to perform any act by any of the Parties shall be deemed any modification of or amendment to the terms and conditions hereof.

**10.4. Any invalidation, severability.** If any section of this Agreement is deemed unenforceable or invalid for any reason by any legislation or court decision, such unenforceability or invalidity shall not affect any other provisions of this instrument, which shall then be construed as if the section deemed unenforceable or invalid had never existed herein. In such event, the Parties shall immediately start negotiations in good faith to substitute said section and to create an alternative provision reflecting the intentions and purposes of the excluded section.

**10.5. Act of God or Force Majeure**. None of the Parties shall be held liable for any delay in compliance or for noncompliance with obligations inasmuch as said delay or noncompliance results from acts of God or force majeure, as defined in the sole paragraph of article 393 of the Brazilian Civil Code (Law No. 10.406, dated January 10, 2002). Upon occurrence of any condition of acts of God or force majeure, the affected Party shall send a notice in writing to the other Party stating the nature of the condition of acts of God or force majeure and the measures that the affected Party will immediately adopt in order toreduce or avoid the effects of such condition as well as the expected duration of the delay. Subsequently, the term of compliance with the acts and obligations that have not been complied with on account of said condition (and any other acts or obligations corresponding to the non-defaulting Party) shall be extended for the duration of the condition of acts of God or force majeure occurred, provided that the defaulting Party has exerted its best efforts to overcome or resolve the condition of acts of God or force majeure and the consequences thereof.

**10.6. Change in Control**. In case any Party or its controlling shareholder undergoes any corporate transaction that results in a change of its corporate control, such Party or its legal successor shall be subject to all terms of this Agreement, and such Party or its legal successor shall be bound by and be required to comply with all the terms and obligations set forth herein. Except as otherwise provided in writing, it is hereby agreed that **MASTERCARD BRASIL** shall not be required to provide any Incentives or other benefits under this Agreement and the successor shall have no rights against **MASTERCARD BRASIL** in relation to this Agreement if, in the event of a change of Control, the legal successor of the **CLIENT**: (i) cannot comply with the obligations hereunder; (ii) may lead **MASTERCARD BRASIL** to suffer damage to its reputation as a result of such change of Control; (iii) is a Mastercard Competitor or a competitor of its Affiliates; or (iv) is not authorized or licensed to manage Mastercard Cards or programs in accordance with the Mastercard Rules or is not in accordance with the Mastercard Rules.

**10.7. Entire Agreement.** This Agreement is the entire agreement and understanding between the Parties with regard to the obligations and rights set forth herein and it supersedes all the other previous agreements between the Parties with regard to this **Incentive Program**. No full or partial modification or waiver of or amendment to the terms and conditions hereof shall be binding on the Parties, unless it has been made by an Instrument of Amendment duly executed by the authorized representatives of the Parties.

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**10.8. Independence of the Parties.** The Parties undertake to comply with any legislation and regulations and normative acts applicable to this Agreement. The Parties shall comply with their respective obligations hereunder as independent contractors and no provisions contained herein shall be construed as creating any employment bond, partnership, or relationship of principal and agent or employer and employee between the Parties hereto nor shall they grant the Parties any express or tacit right, power or authorization to be binding or to create any duty or obligation binding on the other Party.

**10.9. Compliance with the antibribery and anticorruption laws.** Compliance with the antibribery and anticorruption laws. Each Party shall comply with and warrant that each of them and each of their subcontractors and employees comply with all laws antibribery and anticorruption laws applicable to the business relationships, as well as with any regulations relating to any of said laws. The Parties warrant that they and each of their respective employees, subcontractors, and personnel, with respect to the activities contemplated herein, in an SOW or in relation to any other business activities involving the Parties: (i) have not made, promised, or offered and will not make, promise, or offer any payment or the transfer of any amount or any other advantage, directly or indirectly, by means of a representative, intermediary agent or otherwise, to any public official (as defined below) or to any other person for the purpose of unduly influencing any action, failure to act, or decision of said public official or individual, or guarantee an undue benefit to help the Parties to obtain or retain business; or (ii) have neither accept nor will accept anything of value from any third party that seeks to influence any action or decision of the Parties or the purpose of which is to guarantee undue benefit to said third party.

"Public official" is defined as any employee or official of the government of a country, state, or region, including any federal, regional, or municipal government, department, body, or company owned or controlled by such government, any employee of a public party, any official or employee of an international public company, any person acting in the capacity as employee for or in the name of any entity of this kind and any candidate for political office. The violation of this clause will be a substantial violation of this Agreement.

**10.10. Principles of integrity and good faith.** This Agreement, which is entered into between the Parties within the principles of probity and good faith and without any defect of consent, may be executed in one or more counterparts of equal contents and form, each of which deemed as a whole shall become a single original document.

**10.11. Intellectual Property and Trademarks.** The Parties acknowledge that the trademarks and logos to be used hereunder are registered trademarks of Mastercard International, Inc. or of the **CLIENT**, each of which hold all the intellectual property rights in connection with its respective trademarks. Each party acknowledges with regard to the trademarks and logos of the other Party that there is no implicit assignment of licenses of industrial or intellectual property rights hereunder. Each of the Parties also acknowledges that the other Party's trademarks and logos are a highly valuable asset; therefore, each Party undertakes to respect them and protect them, thereby refraining from directly or indirectly using them for any purpose other than the purposes expressly permitted herein. In addition, in the case of **MASTERCARD BRASIL**, the Mastercard brand shall observe the forms, colors, standards, size and location previously accepted and defined by **MASTERCARD BRASIL**, including the guidelines of the Mastercard brand contained on the website brand.mastercard.com. The undue use by any of the Parties of the other Party's trademarks and logos shall cause immediate termination of this Agreement, without prejudice to the adoption of applicable judicial and extrajudicial measures as well as to applicable indemnities.

**10.12. Indemnity.** Each of the Parties ("indemnifying party") undertakes, at its expense, to defend, protect, indemnify and hold the other Party, its Affiliates, as well as any of its respective shareholders, directors, officers, employees and agents (jointly, "indemnified party") harmless from any claims, liabilities, obligations, actions, proceedings and direct and exclusive damages arising from any proven act or omission from the indemnifying party or from any of its employees, agents and subcontractors in connection with the subject matter hereof and from any and all expenses (including reasonable fees of counsel), court decisions, fines, costs, amounts paid on account of losses or damages incurred by the indemnified party or its Affiliates. The indemnifying party shall send an immediate notice to the indemnified party of any event or circumstance deemed to cause an indemnity obligation and the indemnified party shall cooperate with the indemnifying party in the defense and resolution thereof. The Parties acknowledge and agree that the indemnities set forth in this section shall not, under any circumstances, exceed the aggregate global value of this Agreement, which shall remain limited, and the Parties shall not be held liable for any indirect or punitive damages, even if arising from negligence or willful misconduct. The limitation of liability set forth in this section shall not apply to any breach of confidentiality, infringement of intellectual property, or anticorruption violation, which shall survive any termination of the Agreement and shall not be limited for indemnification purposes, subject to the Law, through the appropriate proceedings.

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**10.13. Adverse Market Effect.** Upon proof of Adverse Market Effect on the dynamics of the industry of means of payment in the Brazilian market and which is proved to adversely affect any of the Parties, both Parties shall meet, in mutual agreement, to renegotiate the terms and conditions set forth in this Agreement to adjust them to the new market reality.

**10.14. Applicable Law and Jurisdiction.** This Agreement shall be governed by the Laws of the Federative Republic of Brazil. The Parties agree that any doubts or disputes arising out of the performance hereof and compliance herewith, which have not been settled between the Parties within the principles of ethics and good faith governing their commercial relationship, shall be subject to the Courts of the Central Courthouse of the Judicial District of São Paulo, State of São Paulo, and the Parties expressly waive any other court however privileged it may be.

**10.15. Electronic signature.** The Parties agree that this Agreement may be electronically signed, as permitted by the applicable law, provided the legal requirements for such signature modality are present, in which case the Parties represent, for any and all legal purposes, that they are aware of and agree to electronically sign this Agreement by means of electronic signature.

In witness whereof, the Parties execute this instrument by its legal representatives in two (2) counterparts of equal contents and form, before two witnesses, for all the legal purposes, and this instrument is binding on their representatives and any successors or assignees.

São Paulo, SP, June 20, 2024.

***(signature page follows)***

 ****

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| | |
|:---|:---|
| &nbsp;&nbsp;Adobe Acrobat Signed by: | &nbsp;&nbsp;Adobe Acrobat Signed by: |
| &nbsp;&nbsp;[\*\*\*\*\*] | &nbsp;&nbsp;[\*\*\*\*\*] |
| &nbsp;&nbsp;**MASTERCARD BRASIL SOLUÇÕES DE PAGAMENTO LTDA.** | &nbsp;&nbsp;**MASTERCARD BRASIL SOLUÇÕES DE PAGAMENTO LTDA.** |

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 ****

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| | |
|:---|:---|
| &nbsp;&nbsp; Adobe Acrobat Signed by: Anderson Chamon<br> **PICPAY BANK - BANCO MÚLTIPLO S.A.** | &nbsp;&nbsp; Adobe Acrobat Signed by: Eduardo Chedid<br> **PICPAY BANK - BANCO MÚLTIPLO S.A.** |

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**WITNESSES:**

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| | |
|:---|:---|
| &nbsp;&nbsp;Adobe Acrobat Signed by: | &nbsp;&nbsp;Adobe Acrobat Signed by: |
| &nbsp;&nbsp;Adobe Acrobat Signed by: |  |

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**EXHIBIT 1 – DEFINITIONS**

 **1. DEFINITIONS OF THE CONTRACTUAL TERMS**

1.1. The following definitions in bold, whether in the singular or in the plural, are hereby adopted for the perfect understanding and interpretation of this Agreement:

**A. Affiliate** – With regard to any of the Parties, any other individual or legal entity that, whether directly or indirectly, through one or more intermediaries, controls or is controlled or is under the common control of said individual or legal entity. The expression "control" (including its related meanings "controlled by", "under common control of") means direct or indirect possession of the power to elect the majority of the managers and to conduct the corporate activities as well as to guide the operation of the company's bodies and its policies (whether by owning securities or equity interest or other property rights by virtue of a voting Contract or agreement or by any other means, as defined in article 116 of Law No. 6.404/76 – the Corporation Law).

**B. Year** – Intervals according to the table below:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Year 1** | **Year 2** | **Year 3** | **Year 4** | **Year 5** |
| [\*\*\*\*\*] | [\*\*\*\*\*] | [\*\*\*\*\*] | [\*\*\*\*\*] | [\*\*\*\*\*] |

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**C. Independent Auditor** - An internationally recognized audit firm, designated by **MASTERCARD BRASIL**, among the following: PriceWaterhouseCoopers, EY, Deloitte or KPMG.

**D. Mastercard Cards or Card** – The Mastercard-branded card portfolios and the various Mastercard products.

**E. Mastercard Competitor** – Any other national or international company or franchise, with a business purpose or commercial activities directly or indirectly involving the business of exploration of payment cards of any kind, or any other electronic means of payment, such as mobile payment, contactless cards, prepaid cards, virtual cards etc., in any types, made available in the Brazilian territory to consumers in general, whether individuals or legal entities, the government or other entities. For purposes of the **CLIENT's** relationship with **MASTERCARD BRASIL,** it is hereby agreed that PicPay Instituição de Pagamento S.A. shall not be deemed a "Mastercard Competitor" only while acting as closed payment arrangement institutor based on prepaid and/or postpaid payment account the purpose of which is to issue prepaid and/or postpaid payment instruments of the "PicPay" brand, without intermediation and/or provision of service by other open arrangement institutors, for exclusive use within the scope of the PicPay application in PicPay closed arrangement transactions and without the use of any card credential of other open arrangement or of any open arrangement tracks.

 **F. Account** – The account related to each MasterCard Card.

**G. Acquiring Company** – A company licensed by ***Mastercard International, Inc.***, within the Brazilian territory or abroad, the purpose of which is to review and accredit merchants or service providers ("Merchants") from various segments and industries, located in various regions of the Country or abroad, for acceptance of "Mastercard" Brand cards in payment Transactions for goods and/or services. such companies also exercise Transaction capturing, routing, transmission, and processing activities.

**H. Incentives** – The funds of financial and non-financial nature defined in Section One hereof to be made available by **MASTERCARD BRASIL** to the **CLIENT** pursuant to the terms and conditions hereof.

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**I. Trademarks and logos of Mastercard International, Inc.** – "**MASTERCARD**", "**MASTERCARD MAESTRO**", "**REDESHOP**", "**MASTERCARD ELECTRONIC**", "**MAESTRO**", "**CIRRUS**", "**MASTERCARD PAYPASS**", "**MASTERCARD MOBILE**", "**MASTERCARD INCONTROL**", and any other trademarks and logos under the "Mastercard" Brand.

**J. Mastercard Portfolio** – The portfolios of cards issued and all commercial products managed by the **CLIENT**, with the "Mastercard" and "Maestro" brand, specifically of the Business Commercial Credit and Prepaid Single Message Commercial, both with Contactless technology.

**K. Incentives Program** – Special plan for strategic development adopted by **MASTERCARD BRASIL** in a strategic alliance with a licensed financial or non-financial institution, issuer of payment cards with the "Mastercard" Brand, in which the availability of financial funds and other incentives are stipulated for a definite period of time, provided that all the various commitments undertaken by the issuing entity, aiming at the sale, activation and use of payment cards with the trademarks and logos of Mastercard, stimulating the invoicing and addition of portfolios, as defined solely on Sections One and Two of this Agreement.

**L. MasterCard Acceptance Network** – Set of commercial establishments and service providers, of various segments and activities, located in various regions of Brazil and abroad, duly accredited by an Acquiring Company for the acceptance of cards with the "Mastercard" Brand in Transactions of payment in the acquisition of assets and/or services, to be verified by the Banknet and GCMS ("Mastercard Global Clearing Management System") Systems.

**M. Mastercard Rules** – Set of Rules, manuals, bulletins, and any other documents published by Mastercard that seek to define the operation conditions of its payment arrangements and its products.

**N. Banknet and GCMS ("Mastercard Global Clearing Management System") Systems** – Global systems of MasterCard International, Inc./MASTERCARD BRASIL for management, processing and settlement of Transactions with the "Mastercard" Brand payment cards, integrating transactions between establishments of the Mastercard Acceptance Network, financial institutions issuers and Owners of "Mastercard" Brand cards.

**O. Mastercard Transactions or Transactions** – Means transactions carried out with Mastercard Cards, including in the Contactless modality, which were managed, processed and settled by the analytical process referred to as the Banknet and GCMS ("MasterCard Global Clearing Management System") Systems.

**P. MASTERCARD BRASIL** – Means Mastercard Brasil Soluções de Pagamento Ltda. and any of its Affiliates, in accordance with item "A" of Exhibit 1.

**Q. POS Total Volume** – POS Total Volume is understood as the Invoicing Volume measured in the period of [\*\*\*\*\*] months of each Year, as indicated in item B of this Exhibit, arising from transactions carried out with Mastercard Portfolio and processed in the Banknet and GCMS ("MasterCard Global Clearing Management System") Systems, excluding withdrawal transactions.

**R. POS Incremental Volume** – The excess difference of the POS Total Volume of a Year in relation to the immediately previous Year.

**T. POS Base Volume** – POS Base Volume is understood as the POS Total Volume for the Year immediately preceding the then-current Year. For the purposes of Year 1, the POS Base Volume shall be an amount of [\*\*\*\*\*].

**U. Adverse Market Effect** – Adverse Market Effect shall be understood as any change, event or circumstance, alteration or effect occurred in the market on the Parties, which has not been caused by any of the Parties and which, individually or collectively, produces a material adverse market effect in the conduct of business as historically conducted and consistently with the past practices of the Parties that result in an economic and financial imbalance preventing achievement of the Mastercard Portfolio Invoicing target set forth in this Agreement.

**V. Full Launch** – For purposes of this Agreement, Full Launch is understood as approval of the first transaction approved in production and in production environment.

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**EXHIBIT 2 – MASTERCARD ADVISORS TERMS AND CONDITIONS**

Master Services Agreement (this "Agreement")

Effective Date: Date of latest signature above

Between

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| |
|:---|
| **Mastercard Brasil Soluções de Pagamento Ltda.** Condomínio Rochaverá, Av. Das Nacoes Unidas 14.171, 19<sup>th</sup> and 20<sup>th</sup> floors, Sao Paulo, 04794-000<br> – Brazil, registered under the CNPJ/ME No. 05.577.343/0001-37 |
| ("<u>Mastercard</u>") |
| **PICPAY BANK - BANCO MÚLTIPLO S.A.** Manuel Bandeira Avenue, 291, Atlas Office Park building, Vila Leopoldina, in the city of São Paulo, State of São Paulo, Zip Code: 04568-020, registered under the CNPJ/ME No. 09.516.419/0001-75.<br>("<u>Client</u>") |

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1. Products/Services

1.1. Mastercard will provide to Client the products or services described in a Schedule to this Agreement ("Services"), which the Parties may enter into from time to time, and upon mutual execution and delivery thereof, pursuant to the terms and conditions of this Agreement and such Schedule. A Party's Affiliate (as defined below) may also enter into a Schedule from time to time, in which case the terms herein shall apply to such Affiliate as if it were the respective original Party to this Agreement. In the event that a Client Affiliate ceases to be an Affiliate of Client, any Schedule executed by such entity may continue until completion, but no further Schedules may be entered into by such entity. Unless otherwise stated in a Schedule, in the event of a conflict between this Agreement and such Schedule, such Schedule prevails. "Affiliate" means, with respect to a Party, a legal entity with regard to which such Party controls, directly or indirectly, the management and policies or the appointment of the majority of the directors of such legal entity, or that such Party is under such control by, or that is under such common control with such Party.

1.2. Mastercard will ensure that all Services be performed by qualified individuals in a professional and workmanlike manner. Mastercard may also use the services of third parties ("Mastercard Suppliers") or its Affiliates in providing the Services.

1.3. All insights, reports, and other materials provided by Mastercard in connection with the Services ("Deliverables") may be developed using data, databases, systems, tools and information contained in the Mastercard Data Warehouse, which is comprised of information provided by third parties and may contain certain errors, omissions or inaccuracies. Subject to Section 1.5, Mastercard shall have no responsibility for any errors, omissions or inaccuracies in the underlying data from the Mastercard Data Warehouse or data otherwise provided by or on behalf of Client or any third party.

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1.4. Mastercard is not providing the Deliverables as investment advice. Mastercard is not, and Client agrees that Mastercard is not, providing legal, regulatory, tax or financial advice in connection with any Services or Deliverables. Client acknowledges and agrees that Mastercard is making no representation or warranty with regards to Mastercard's business operations.

1.5. Mastercard represents and warrants that its provision of the Services as set forth in a Schedule, are permitted under (x) all applicable laws and regulations, and privacy policies or other statement or disclosure, and (y) the terms of Mastercard's contracts with its customers, contractors, suppliers or other third parties.

1.6. Client is responsible for: (i) obtaining all consents, information and materials from third parties (other than from Mastercard Suppliers) necessary for Mastercard to provide the Services, or as otherwise required in a Schedule; and (ii) Client's use of and/or operation of all Deliverables as well as its implementation of any advice or recommendations provided in connection with the Services. Client represents and warrants that: (i) its provision of any data, including but not limited to Personal Data, as further defined below ("Client Data") to Mastercard or a Mastercard Supplier, or such party's receipt of Client Data from the Client or another party, in connection with the Services, and (ii) the use, analysis, and processing of such Client Data by Mastercard (and Mastercard Suppliers) to perform the Services as set forth in a Schedule, are permitted under (x) all applicable laws and regulations, and privacy policies or other statement or disclosure to which such Client Data is subject, and (y) the terms of Client's contracts with its customers, contractors, suppliers or other third parties.

1.7. After receipt of a Deliverable, Client shall have [\*\*\*\*\*] to provide Mastercard with written notice if the Deliverable reasonably does not comply with the specifications set forth in the applicable Schedule. In such event, Mastercard will re- perform the Services to bring the Deliverables in conformance with the specifications set forth in such Schedule within a reasonable period of time and Client shall reasonably cooperate with Mastercard for any such re- performance.

2. Term

2.1. Unless terminated sooner pursuant to below, this Agreement will begin on the date of its signature and end on March 31st, 2029 (unless a Schedule remains outstanding, in which case, until the expiration or termination of such outstanding Schedule) with automatic [\*\*\*\*\*] prior written notice of an intent not to renew is provided by either party (the "Term").

2.2. Any Schedule and/or this Agreement may be terminated by one Party upon written notice to the other Party: (i) in the event that such other Party has materially breached an obligation representation or warranty and fails to cure the breach within [\*\*\*\*\*] business days of receiving written notice of the breach; (ii) as of the date on which proceedings are instituted against a Party seeking relief under any bankruptcy, insolvency or similar law; or (iii) in the event that Mastercard no longer offers or provides the Services or products that are the subject of a Schedule.

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3. Fees, Payment and Taxes

3.1. Mastercard's professional fees for the Services will be set forth in the applicable Schedule ("Fees"). In addition, Client will reimburse Mastercard for its reasonable travel and lodging, administrative and other out-of- pocket expenses ("Other Costs"). Mastercard will invoice Client via the Mastercard Consolidated Billing System.

3.2. Client acknowledges that any material change in Mastercard's scope of work set forth in a Schedule, whether as a result of revised Client goals or objectives, other Client requests, changes in law, schedule delays or any other events outside Mastercard's reasonable control, may require revisions to the Fees, performance schedule and/or other terms set forth herein, as determined by Mastercard in its reasonable discretion. Mastercard will notify Client of any such revisions and may not undertake work relating to the revised Services until Client has executed a written amendment to the applicable Schedule, or otherwise consented to in writing.

3.3. Fees are exclusive of any applicable taxes. All amounts payable under any Schedule are quoted exclusive of sales, use, value-added, and withholding taxes and all customs duties or governmental charges of any kind attributable to the provision of services, or rights granted thereunder, by Mastercard. Client is responsible for any taxes levied on the provision of Services, except taxes levied on Mastercard's income.

3.4. Excluding income taxes relating to any Schedule, Client shall indemnify Mastercard for any such taxes, duties or governmental charges paid by Mastercard in connection with a Schedule.

3.5. Mastercard will invoice Client in US Dollars or another currency specified in the applicable Schedule. Properly submitted invoices for which payment is not received within [\*\*\*\*\*] of the invoice date shall accrue a late charge of the lesser of (x) [\*\*\*\*\*] per month or (y) the highest rate allowable by law, in each case compounded monthly to the extent allowable by law. All payments will be allocated first to interest, then to expenses, and then to the oldest outstanding fee.

4. License and Use of Deliverables

4.1. Upon full payment of the Fees and Other Costs by Client for the Services set forth in the applicable Schedule, Mastercard hereby grants to Client a perpetual, fully paid-up, nontransferable, non-exclusive license to use the applicable Deliverables, in each case, (x) without the right to resell, assign, transfer or sublicense such Deliverables in any way, and (y) solely for Client's internal business purposes, relinquishing Mastercard of any liability for Client's use of such Deliverables.

4.2. Client retains ownership of Client Data and any other confidential information it provides to Mastercard. Mastercard shall be free to use for any purpose any ideas, concepts, general skills, know-how or techniques resulting from or acquired or used in the course of or arising out of the performance of the Services. All Deliverables provided by Mastercard to Client pursuant to the Services, as well as all materials, concepts, processes and methodologies employed by Mastercard or a Mastercard Supplier in connection with the Services, are and will remain the sole and exclusive property of Mastercard (or such Mastercard Supplier).

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4.3. Client shall not use the data analytics or insights in the Deliverables in a manner so as to reverse engineer or aid any other party to reverse engineer the data contained in the Deliverables, and shall not remove any identification, copyright or proprietary or other notices from the Deliverables, or any copies thereof. Client shall not use any Deliverable in a manner that would violate any applicable law, regulation, or third party rights.

4.4. Client grants Mastercard a worldwide, fully paid-up license to copy, display and use Client's name and logo ("Client Marks"): (i) as necessary to perform Services; (ii) to identify Client as a customer of Mastercard and its Affiliates on its website and marketing materials; and (iii) with Client's prior written approval, to issue publicity or announcements concerning Mastercard's engagement with the Client for the purpose of a case study or investor relations announcements. Client warrants and represents to Mastercard that Client owns all right, title, and interest in and to Client's Marks and has the authority to license to Mastercard the rights granted hereunder. Except as otherwise set out in this Agreement or a Schedule, each Party will obtain the written consent of the other Party prior to the issuance of any press release, announcement or any other form of publicity, concerning this Agreement or a Schedule.

5. Compliance with Laws

5.1. The Parties shall ensure that their respective obligations under this Agreement and any Schedule(s) and business activities related thereto are performed in accordance with all applicable laws and regulations, including, but not limited to, all applicable anti-bribery and corruption laws including the U.S. Foreign Corrupt Practices Act, the UK Bribery Act, and other applicable laws. Client shall not export, directly or indirectly, any Deliverables acquired from Mastercard under this Agreement or any and all Schedule(s) to any country for which the U.S. Government or any agency thereof at the time of export requires an export license or other government approval without first obtaining such license or approval.

5.2. The Parties will comply with: (i) all applicable international, federal, state, provincial and local laws, rules, regulations, directives and governmental requirements relating in any way to the privacy, confidentiality or security of Personal Data, as defined below, including, without limitation. EU General Data Protection Regulation 2016/679 ("GDPR") ; California Consumer Privacy Act (Cal. Civ. Code 1798.100 et seq.); the Gramm-Leach-Bliley Act; laws regulating unsolicited email communications; security breach notification laws; laws imposing minimum security requirements; laws requiring the secure disposal of records containing certain Personal Data; and all other similar international, federal, state, provincial, and local requirements, and (ii) the Payment Card Industry Data Security Standards, in each case, to the extent they apply to the Services. Subject to any applicable law, Client agrees that Mastercard may transfer data to any country in which any Mastercard Affiliate does business.

5.3. Processing of European Economic Area ("EEA"), Switzerland, Monaco and United Kingdom Personal Data. Where the processing of personal data pertaining to individuals located in the EEA or Switzerland is necessary for the performance of the services as described in this Agreement and any Schedule(s), the Parties agree that the Data Processing Schedule provided in Exhibit A of this Agreement shall govern the Processing of Personal Data pertaining to any Data Subject in the EEA, Switzerland, Monaco and the United Kingdom in the context of this Agreement.

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6. Indemnification; Limitation of Liability

6.1. Each party shall defend, indemnify and hold harmless the other party, and its employees, officers, agents, Affiliates, representatives, and contractors from and against any claims, demands, loss, damage or expense (including reasonable attorneys' fees) relating to or arising solely out of third party claims: (i) relating to such indemnifying party's acts of gross negligence or willful misconduct in connection with its performance under this Agreement or a Schedule, or (ii) in the case of Client, third party claims relating to the use of Deliverables or combination, modification or use of the Deliverables with materials not provided by Mastercard or materials required by Client to be included in the Deliverables.

6.2. NOTWITHSTANDING ANY OTHER PROVISION TO THE CONTRARY SET FORTH IN THIS AGREEMENT, IN NO EVENT SHALL EITHER PARTY BE LIABLE TO THE OTHER UNDER ANY LEGAL THEORY, TORT, CONTRACT, OR STRICT LIABILITY, FOR ANY SPECIAL, INDIRECT, INCIDENTAL, CONSEQUENTIAL, PUNITIVE OR EXEMPLARY DAMAGES, FOR LOSS OF PROFITS, GOODWILL, OR ECONOMIC LOSS, REGARDLESS OF WHETHER A PARTY KNEW OR SHOULD HAVE KNOWN OF THE POSSIBILITY OF SUCH DAMAGES; PROVIDED, HOWEVER, THAT A PARTY'S WAIVER OF ITS RIGHT TO RECEIVE SPECIAL, INDIRECT, INCIDENTAL, CONSEQUENTIAL, PUNITIVE OR EXEMPLARY DAMAGES SHALL NOT APPLY IN THE EVENT OF A BREACH OF A PARTY'S CONFIDENTIALITY OBLIGATIONS DESCRIBED IN SECTION 7. EXCEPT AS SPECIFICALLY DESCRIBED HEREIN, MASTERCARD MAKES NO WARRANTIES, EXPRESS OR IMPLIED, CONCERNING THE SERVICES AND THE DELIVERABLES AND WITHOUT LIMITATION, MASTERCARD HEREBY EXCLUDES AND DISCLAIMS ALL EXPRESS OR IMPLIED WARRANTIES AND CONDITIONS TO THE EXTENT PERMITTED BY LAW, INCLUDING BUT NOT LIMITED TO, ANY IMPLIED WARRANTY OF MERCHANTABILITY, COURSE OF DEALING, NON-INFRINGEMENT OR FITNESS FOR A PARTICULAR PURPOSE.

6.3. Except with respect to (a) the parties' indemnification obligations under Section 6.1 of this Agreement; or (b) Client's breach of its obligations under Sections 3 or 4 of this Agreement, the maximum aggregate liability of any Party arising out of or relating to this Agreement or any Schedule, whether it arises by statute, contract, tort or otherwise, shall not exceed the amount of the Fees or the value of the Services and Deliverables in the Schedule under which the claim is brought. If no such fees or value of the Services and Deliverables is stated in the Schedule, then such maximum aggregate liability shall be limited in all respects to [\*\*\*\*\*] over the term of such Schedule.

7. Confidentiality

7.1. "Confidential Information" means the provisions of this Agreement and the Schedule(s) and any information, Deliverables, insights, Client Data, Mastercard Supplier data, reports, data, materials, processes, methodologies and concepts, in whatever form embodied (e.g., oral, written, electronic) owned by Mastercard or Client, including Personal Data and any non-public information about individuals or consumers of Mastercard or Client and/or their Affiliates, no matter how or by what party such information, materials, or concepts were transmitted, where such information is transmitted or collected in the course of the performance of a Party's obligations under this Agreement or a Schedule. "Personal Data" means any information relating to an identified or identifiable individual, regardless of the media in which it is contained.

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7.2. During the Term and for a period of [\*\*\*\*\*] thereafter (except for non-public information about individuals or consumers of Mastercard and/or Client, which shall be maintained in confidence indefinitely), the Party receiving Confidential Information ("Receiving Party") from the other Party ("Disclosing Party") shall maintain the Confidential Information in strict confidence and shall: (i) use Confidential Information only as authorized in accordance with a Schedule; (ii) not copy any Confidential Information except as authorized in accordance with a Schedule; (iii) not disclose Confidential Information to any third party except as expressly permitted in writing by the Disclosing Party and then only if such third party has executed a confidentiality, privacy and data protection obligations no less restrictive than those set forth herein; and (iv) limit dissemination of Confidential Information to employees or Mastercard Supplier with a "need to know" and who are subject to confidentiality, privacy and data protection obligations no less restrictive than those set forth herein.

7.3. Except with respect to Personal Data, Confidential Information shall not include any information which: (i) is already in the public domain at the time of disclosure through a source other than the Receiving Party; (ii) enters the public domain after disclosure through no fault of the Receiving Party; (iii) is already known to the Receiving Party at the time of disclosure (as evidenced by written records); (iv) was independently developed by the Receiving Party without use of or reference to any Confidential Information (as evidenced by written records); or (v) is subsequently disclosed to the Receiving Party by third parties having no obligation of confidentiality to the Disclosing Party.

7.4. Upon the written request of the Disclosing Party, the Receiving Party shall securely destroy or render unreadable or undecipherable, each and every original and copy in every media of all Confidential Information in the Receiving Party's possession, custody or control (with certification of destruction). The foregoing shall not apply to the extent information must be retained pursuant to applicable legal or regulatory requirements or for purposes of the Receiving Party's commercially reasonable disaster recovery procedures, provided such information shall continue to be subject to Section 7.

8. Platforms

8.1. If and to the extent the Schedule includes the Client's use of Mastercard's and/or its vendors' technology platforms that are identified as platforms and/or made available by Mastercard in connection with services provided by Mastercard to Client through the Schedule ("Platform"), the below provisions of this Section 8 will apply. As it relates to any Platform, the below provisions of this Section 8 will control in the event of any conflict with the other sections of these Terms and Conditions.

8.2. Platform Access. Subject to the terms and conditions contained herein and in a Schedule, Mastercard grants Client a limited, revocable, non-sublicenseable, non-exclusive, non-transferable right to permit its authorized users to access the Platform(s) for the purposes and term set forth in the Schedule. Client's use of a Platform is subject to the restrictions and limitations set out in the Schedule, which may limit the amount and type of data and users and the Client's permitted territory of use. Mastercard or Mastercard Supplier will host and retain control of the Platform(s) and will provide Platform. A Platform is not considered a Deliverable and no rights in or related to a Platform are deemed granted. For any Platform, the only Deliverables will be the tangible reports and output specific to Client. Mastercard may, at any time, suspend or terminate the Client's access to the Platform(s) at its discretion in the event of a breach by Client of the provisions of this Agreement or relevant Schedule (provided that such suspension or termination shall not in and of itself constitute a termination of this Agreement or the applicable Schedule) and in the event that the Client's access to the Platform(s) is suspended as aforesaid, Mastercard will not be obligated to return any Confidential Information in its possession, custody or control to the Client.

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8.3. Usage. Client will use a Platform only for its own internal purposes and by Users. Client will not: (a) use a Platform or its outputs either directly or as a service bureau for any third party; (b) sublicense, distribute, transfer, or otherwise make available to any third party (including any contractor, franchisee, or agent) access to or use of a Platform without Mastercard's prior written consent (which may be conditioned on such third party executing an agreement with Mastercard); (c) access or use (or permit the access or use of) a Platform in order to: (i) build a similar or competitive product or service (or contract with a third party to do so); or (ii) build a product using similar ideas, features, functions or graphics of a Platform; or (iii) copy any features, functions or graphics of or in a Platform; or (d) derive specifications from, reverse engineer, reverse compile, modify, disassemble, translate, record, or create derivative works based on a Platform.

8.4. Users. Client shall limit its authorized users only to employees, agents/ contractors or who are bound in writing to maintain the confidentiality of a Platform unless otherwise agreed in writing by Mastercard. Client will provide Mastercard the information necessary to enable Mastercard to establish usernames for authorized users. Client will appoint one or more administrative users to manage Client's user accounts. Client is responsible for: (a) maintaining the confidentiality of all usernames and passwords; and (b) the acts and omissions of any person to whom it provides or permits access to a Platform. Mastercard may suspend or terminate access for any user who violates the Agreement or relevant Schedule.

8.5. Client Data. Client will be solely responsible for any Client Data provided to Mastercard for use in a Platform. Client agrees that the timely provision of access to a Platform shall be dependent upon Client providing the required Client Data under an applicable Schedule.

8.6. Support. Mastercard will support a Platform through regular maintenance procedures, such as monitoring of servers, review of disk space usage and database fragmentation, addition of commercially available security patches and upgrades, and review of event log files. Mastercard may update a Platform from time to time in its sole discretion as part of its ongoing mission to improve such Platform.

8.7. Client Responsibility. Client acknowledges and agrees that, with respect to its use of a Platform, the purchase and installation of appropriate computer and communication equipment and the appropriate operating systems and all connectivity is the sole cost and responsibility of Client. Client shall institute security measures necessary to safeguard any remote access to a Platform from unauthorized access by persons other than its authorized users. Client shall notify Mastercard immediately and assist Mastercard in remedying any instance of unauthorized access to, or use of, a Platform.

8.8. Ownership. Mastercard retains all right, title, and interest in and to all current and future versions of all Platforms (including any algorithms, documentation, data models, and user interfaces therein or related thereto) and any other know-how, processes, techniques, concepts, methodologies, tools, or intellectual property Mastercard uses in performing hereunder, even if provided or developed as a result of performing services related to a Platform and all technology, algorithms, and data models relating thereto, even if provided or developed as a result of performing under an Schedule for Platforms. All of the foregoing will be deemed Mastercard Confidential Information. Client's rights to use any Platform are strictly limited to those granted in the applicable Schedule for Platform(s), and all rights in a Platform not expressly granted to Client are reserved to Mastercard.

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8.9. Modifications. Client may, from time to time, request modifications or customizations to a Platform. Mastercard, in its sole discretion, shall determine whether to perform such modifications or customizations and, if so, any such modifications or customizations, and related fees and charges, shall be set forth in the separate mutually executed Schedule and all resulting modifications and customizations shall remain the property of Mastercard.

8.10. Feedback. Client may, from time to time, provide suggestions, comments, feedback or other input to Mastercard with respect to a Platform, Mastercard may freely use such feedback as it sees fit in perpetuity, entirely without obligation or restriction of any kind on account of intellectual property rights or otherwise, provided that Client is not identified as the source of such feedback.

8.11. Claim. If a Platform is or, in Mastercard's opinion, likely to become the subject of any infringement-related claim, Mastercard will use its reasonable efforts to: (a) procure the right for Client to continue to use such Platform or (b) replace or modify such Platform so that it is no longer subject to a claim, but is functionally equivalent in all material respects. If neither (a) nor (b) is commercially reasonable, Mastercard may terminate any affected Schedules and refund to Client any prepaid but unused fees thereunder. This Section 8.11 states Mastercard's entire liability, and Client's exclusive remedy, with respect to any claim of infringement of the intellectual property rights of a third party.

9. General Terms

9.1. No Advice. Client agrees and acknowledges that Mastercard will not provide any legal, regulatory or compliance advice in the course of provision of Services, which shall be the sole responsibility of the Client. Mastercard may provide certain proposed materials and make certain recommendations in connection with this Agreement or a Schedule. Client acknowledges and agrees that the Deliverables, including the recommendations suggested by Mastercard in connection with this Schedule, do not constitute legal or investment advice and Mastercard does not otherwise warrant that execution of any recommendations or guidelines contained in the Deliverables will result in compliance with applicable laws or will be up to date, complete or accurate at the time of any such execution. Client is responsible for reviewing and evaluating the appropriateness of these same materials and recommendations, as well as any decisions made or actions taken by Client in response to such proposed materials and recommendations to Client, against Client's risk-tolerances and/or other criteria. Mastercard makes no warranty or guarantees that: (i) any assessment and recommendations arising from the Services will be effective; or (ii) the Services may provide statistically significant results with respect to any analysis, whether as a result of the fact that relevant data does not support the drawing of statistically significant results or because the data was corrupted, inaccurate, or incomplete in any way.

9.2. Applicable Standards. Mastercard and Client acknowledge and agree that the analyses and data included in the Services shall be subject to all relevant laws and regulations for each applicable country, as well as Mastercard's contractual obligations and internal confidentiality, privacy, and data analytics guidelines and policies ("Applicable Standards"). In no event will Mastercard be obligated to supply or share any information or data which Mastercard determines, in its sole discretion, would cause Mastercard to be in violation of any such Applicable Standards. Mastercard reserves the right, in its sole discretion, to apply adjustments in order to achieve conformance with such Applicable Standards.

9.3. Notice. Any notice shall be in writing and shall be addressed to the Party entitled to such notice at the address indicated below such Party's name as it first appears above in this Agreement and shall be given by an overnight courier delivery service. Written notice may include email notice (provided the Party receiving such notice acknowledges receipt).

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9.4. Force Majeure. Neither Party shall be liable for loss or damage or be deemed to be in default under this Agreement or a Schedule if its failure to perform its obligations results from or is attributable to any act of God, natural disaster, fire, strike, embargo, war, threat of terrorism, insurrection, riot or other cause or circumstance beyond the reasonable control of the Party; provided however that the foregoing shall not excuse any failure to exercise diligence by a Party to minimize the scope, extent, duration and adverse effect of any such delay in performance, on the other Party.

9.5. Waiver. A failure or delay of either Party to enforce any provision of or exercise any right under this Agreement or a Schedule shall not be construed to be a waiver. No waiver by a Party or any amendment to this Agreement shall be effective unless expressly made in a signed writing, which writing shall not be an e- mail.

9.6. Severability. If any provision of this Agreement or a Schedule are held by a court of competent jurisdiction to be unenforceable or invalid in any respect, such unenforceability or invalidity shall not affect any other provision, and this Agreement or such Schedule shall then be construed as if such unenforceable or invalid provisions had never been part thereof.

9.7. Headings. The captions are included for convenience only and shall not affect the meaning or interpretation of the terms of this Agreement or a Schedule.

9.8. Survival. All representations and warranties, and all commitments: (i) to indemnify, defend, hold harmless, or (ii) relating to confidentiality, limitations on liability, rights and obligations upon termination, and jurisdiction, and any other provision by its nature that is meant to survive shall survive any termination of these this Agreement.

9.9. Assignment. This Agreement or any Schedule shall not be assigned by either Party without the prior written consent of the other Party, which consent will not be unreasonably withheld. Any assignment or delegation made without the appropriate express written approval as required herein shall be null and void. Nothing in this Agreement or a Schedule is intended to confer any benefit on any third party (whether referred to herein by name, class, description, or otherwise) or any right to enforce a term of this Agreement or such Schedule.

9.10. Entire Agreement. This Agreement, including any Exhibits, and any Schedule evidence the entire agreement and understanding between Mastercard and Client with respect to the transactions contemplated in such Schedule and supersedes all prior agreements, representations, statements, negotiations and undertakings between the Parties, whether oral or written, concerning such transactions, except in respect of any fraudulent misrepresentations made by either Party.

9.11 Governing Law; Venue. This Agreement and all Schedules and the respective rights and obligations of the Parties shall be governed by the laws of Brazil without reference to its conflict-of-laws or similar provisions that would mandate or permit application of the substantive law of any other jurisdiction. The parties hereof elect the courts of the City of São Paul, State of São Paulo, as courts to have jurisdiction to adjudicate disputes arising from the execution of this instrument, waiving any other jurisdiction, however privileged it may be.

9.12. Remedies. Unless otherwise expressly provided herein, any remedies stated herein are non-exclusive. In addition to these remedies, the Parties shall be entitled to pursue any other remedies that they may have at law or in equity.

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## Exhibit 10.22

**Exhibit 10.22**

**Free English Translation**

**ASSET PURCHASE AND SALE AGREEMENT**

By this private instrument,

**PICPAY INSTITUIÇÃO DE PAGAMENTO S.A.,** headquartered at Avenida Manuel Bandeira, No. 291, Condomínio Atlas Office Park, Block A, 1st floor - offices 22 and 23, 2nd floor and 3rd floor, and Block B, 3rd floor - offices 43 and 44, Vila Leopoldina, São Paulo/SP, CEP 05317-020, registered with the CNPJ/ME under No. 22.896.431/0001-10, hereinafter jointly referred to as the "Buyer," and

**BANCO ORIGINAL S.A,** a financial institution, headquartered at Rua Porto União, no. 295, Brooklin Paulista, CEP 04568-020, São Paulo/SP, registered with the CNPJ under no. 92.894.922/0001-08, hereinafter referred to as the "Seller."

**Whereas:**

1) PicPay and Banco Original were part of the same Prudential Conglomerate until October 2024, and therefore, with the aim of optimizing the management of both Parties, the use of assets was shared;

2) As a result of restructuring and business strategy, the Parties decided to segregate the Prudential Conglomerate and, consequently, to divest their assets;

3) Within the scope of the segregation, the Seller has a specific set of assets that are essential for the continuity of the Buyer's operational activities, ensuring the autonomous development of its business;

4) Therefore, the Parties, seeking to formalize the transfer of these assets in a clear and transparent manner, enter into this Asset Purchase and Sale Agreement ("Agreement"), subject to the following terms and conditions:

**1.** **PURPOSE** 

1.1. The purpose of this Agreement is the sale and purchase of the assets owned by the Seller, free and clear of any encumbrances, debts, or liens to the Buyer, as specified in Annex I in terms of movable property, quantity, model, and description.

**2.** **DELIVERY OF MOVABLE PROPERTY** 

2.1. Considering that the assets covered by this agreement, as detailed in Annex I, are already located on the Buyer's premises, located at Rua Porto União, No. 295 - Brooklin and other addresses on the one hand, the transfer of ownership and possession of the aforementioned assets shall be deemed effective on the date of signing of this agreement.

2.2. The Seller declares that the assets were delivered to the Buyer in proper working order and condition, except for natural deterioration resulting from regular use prior to the present date.

2.3. The Buyer, in turn, declares that it has received the assets and confirms their condition on the date of signing this agreement, without prejudice to any hidden defects that may be found later, in accordance with applicable law and other contractual provisions.

3. TERM

3.1. This agreement shall come into force on the date of its signature and shall remain in force until the full and complete performance of all obligations set forth herein, especially the full payment of the Price by the Buyer and the effective transfer of ownership of the assets.

3.2. Considering that the transfer and possession of the assets were effected on the date of signing this agreement, the term of this instrument extends until the full payment of the agreed price and the formalization of the transfer of ownership, if applicable and agreed between the Parties.

4. PRICE, INVOICING, AND PAYMENT

4.1. The Buyer shall pay the Seller the total amount of R$41,304,430.40 (forty-one million, three hundred and four thousand, four hundred and thirty *reais* and forty cents) within five (5) days after signing this Agreement.

4.2. The total amount stipulated in the previous clause corresponds to the sum of the following components:

a. R$28,212,113.75 (twenty-eight million, two hundred and twelve thousand, one hundred and thirteen *reais* and seventy-five cents), relating to the market value of the items covered by this acquisition; and

b. R$13,092,316.65 (thirteen million, ninety-two thousand, three hundred and sixteen *reais* and sixty-five cents), referring to the value of improvements made and incorporated into the purpose of the agreement.

4.3. Payment will be made by deposit or direct electronic transfer (TED) to the following bank account of the Seller.

4.4. In the event that any errors or omissions are found in the invoices presented by the Seller, the Buyer shall pay only the undisputed amounts until the discrepancy is resolved. If the disputed amounts are due, the Buyer shall make payment within thirty (30) days; otherwise, the SELLER shall reissue and send the invoice for payment by the Buyer.

4.5. In the event of late payment, the amount due shall be increased by default interest of 1% per month or fraction thereof, monetary correction through the application of the IPCA/IBGE from the due date until the effective settlement, and a fine of 2% (two percent) on the total amount of the obligation (including interest and monetary correction).

4.6. Each Party shall be responsible for paying its taxes, fees, and any other federal, state, and municipal contributions arising from the sale of the assets covered by this instrument.

5. CONFIDENTIALITY

5.1. Each party undertakes to maintain absolute confidentiality with regard to the information, data, and documents that it may receive from the other party or otherwise become aware of by virtue of this agreement, not only during its term, but also for a period of five (5) years after its termination, in any form.

5.2 Notwithstanding anything to the contrary herein, the parties shall have no obligation to maintain confidentiality with respect to any Information that: (a) was previously known to them and was not subject to any obligation of confidentiality; (b) is disclosed to third parties by the Disclosing Party without any obligation of confidentiality; (c) is or becomes publicly available through means other than unauthorized disclosure by the Receiving Party; or (d) is wholly and independently developed by the Receiving Party.

5.3. The Parties are responsible for any unauthorized disclosure made by any of their employees, agents, contractors, subcontractors, representatives who have received any Confidential Information. The Party that fails to comply with the provisions of this clause shall bear any direct damages caused by the breach of confidentiality to which it gave rise, without prejudice to the right to terminate this Agreement, subject to the limits established herein.

5.4. The Parties shall take the necessary measures to ensure compliance with confidentiality obligations. They shall also protect the information they receive and/or disclose with the same care and precautions taken to preserve the confidentiality of their own confidential information.

5.5. The Parties acknowledge that the Confidential Information provided to them by the other Party is the exclusive property of the Party providing it, and they are prohibited from keeping copies or disposing of it in any way, at any time, and for any purpose, except for the performance of the Services under this Agreement.

5.6. If applicable, downloading documents and/or information from either Party for storage is prohibited. Both Parties shall work on remote file servers (cloud), and if there is a need to download any material or prepare material outside the cloud, at the end of the services, the Party that created the file shall upload it to the cloud and delete the material and/or project from hardware that is not owned by the other Party.

5.7. Upon termination, cancellation, or expiration of this Agreement, the Parties undertake to return and/or destroy all Confidential Information received or obtained, including any equipment and/or work materials, within ten (10) days, except for information that, due to its nature, must be exclusively and mandatorily retained by the Parties as proof of compliance with their obligations, including to third parties, or information that is part of a backup performed in the commercial activity of the Parties.

**6.** **WARRANTIES** 

6.1. The warranties for movable property are those contained in the respective technical documentation for such property. If necessary, the Seller hereby assigns to the Buyer all warranties for the goods it received from the respective manufacturers of the assets, so that the Buyer may fully exercise such warranties.

7. FINES

7.1. In the event of unjustified delay in payment under this Agreement, the defaulting party shall be subject to a fine of 2% (two percent) on the amount in arrears plus interest of 1% (one percent) per month pro rata die until the date of actual payment, with monetary adjustment by the CDI.

7.2. Contractual fines shall be charged as of right, in an enforceable manner, and this contract shall constitute a perfect enforceable title for this purpose, without prejudice to: (a) termination of the contract for breach of a contractual clause, not remedied in due time and manner (b) withholding of payment, and (c) compensation for direct damages ascertained, subject to the limits established in this instrument.

7.3. Any non-compliance with obligations, such as clarification and/or delivery of documents, that does not cause damage to the other Party is hereby excluded. In such cases, the Innocent Party shall notify the Offending Party, which shall have up to ten (10) days to remedy any non-compliance, counting from the date of notification by the other Party. If the delay exceeds fifteen (15) days, the Seller may suspend any delivery of equipment or services until payments are reestablished, as contracted.

7.4. If the Seller incurs any penalty provided for in this Agreement and/or its annexes, provided that it is not remedied within the period established above, it hereby expressly authorizes that such amounts be automatically deducted from the amounts to be paid by the Buyer for the services.

**8.** **COMPLIANCE AND ANTI-CORRUPTION** 

8.1. The Parties undertake to:

a) comply, at all times, with all applicable regulations, laws, and legislation, including, but not limited to, Brazilian anti-corruption laws and decrees, Law No. 12,846, of August 1, 2013, and Decree No. 11,129 of March 11, 2022;

b) respect all such laws, as well as any other anti-bribery, anti-corruption, or conflict of interest laws that may be applicable under this Agreement; and

c) not to engage in any irregular or illegal conduct, nor take any action or perform any act that may directly or indirectly favor one another or any of the companies in their respective economic conglomerates, in violation of applicable laws in Brazil or abroad.

8.2. The Parties further warrant and agree that:

a) will not, during the term of this instrument or in the performance of any related activity, take any action, payment, offer, or promise, directly or indirectly, to any public official (whether municipal, state, or federal) that aims to induce that official to use their influence with the government and/or any agency, company, political party, autonomous government agency, or public office for the purpose of obtaining improper business advantages for themselves or for the other Party;

b) shall immediately report to the other Party any information that may indicate that there has been any type of action, payment, offer, or promise, directly or indirectly, to any public official for the purpose described above, that is, the Party that becomes aware that any of its agents or employees have failed to comply with the above agreed premises and obligations shall spontaneously report the fact to the other Party, so that, together, they can develop and execute an action plan to (i) immediately remove the employee or agent; (ii) prevent such acts from recurring; and (iii) ensure that the Agreement can remain in force, safeguarding the right of the notified Party to terminate this instrument immediately, even without the consent of the other Party;

c) shall inform each other of any political contributions as required by law;

d) no public official (whether municipal, state, or federal) has any participation or financial interest in their respective businesses, and shall promptly inform the other Party in writing of any future participation or interest in this regard;

e) all information provided by the Parties under this Agreement is true and accurate;

f) they, their partners, directors, agents, attorneys, administrators, associates, employees, consultants, or representatives have not been convicted, found guilty, or indicted for any offense involving fraud, corruption, or moral/ethical turpitude, and none of these persons have been listed by government agencies as excluded, suspended, allegedly suspended or disqualified, or in any way unqualified for government procurement programs, or in any way mentioned in publicly reported acts that involve them in promoting or facilitating illegal or shady business, in acts that bring commercial and/or image discredit to the other Party;

g) properly complete any due diligence form, providing all information requested therein;

h) maintain their commercial books, records, and accounting and financial documents with sufficient detail and accuracy to clearly reflect the operations and resources covered by this Agreement; and

i) submit documents and information that may assist the other Party in its defense, should either Party become involved in any situation related to corruption or bribery as a result of an action taken by the other Party.

8.3. The Seller declares that it is familiar with PicPay's Code of Ethics and Conduct - Codec, available at https://picpay.com/site/seguranca, and Code of Ethics and Anti-Corruption Policy, available at https://www.original.com.br/governanca/, and undertakes to comply with it, on its own behalf and on behalf of its employees.

8.4. The Parties guarantee that:

a) do not use illegal labor, and undertake not to use practices analogous to slavery or child labor, except in cases permitted by law, either directly or indirectly, through their respective product and service suppliers;

b) do not employ minors under the age of 18 (eighteen), including minor apprentices, in places that are harmful to their education, physical, mental, moral, and social development, as well as in dangerous or unhealthy places and services, at times that do not allow them to attend school, and also at night;

c) do not engage in negative discrimination practices that limit access to or maintenance of employment, such as, but not limited to, reasons based on: gender, origin, race, color, physical condition, religion, marital status, age, family situation, or pregnancy;

d) undertake to protect and preserve the environment, as well as to prevent and eradicate practices harmful to the environment, performing their services in compliance with current legislation regarding the National Policy on the Environment and Environmental Crimes, as well as legal, regulatory, and administrative acts related to the environmental and related areas, issued by the federal, state, and municipal governments; and

e) do not engage in practices related to activities that involve criminal profit from prostitution or sexual exploitation of vulnerable persons.

8.5. The duties set forth in this clause extend to shareholders, quotaholders, partners, directors, administrators, employees, and service providers, including subcontractors and agents of each Party.

9. PROTECTION OF PERSONAL DATA

9.1. No processing. In the performance of any activities related to the execution of this Agreement, the processing of personal data shall not be necessary, and such data shall not be accessed, shared, stored, transferred, or processed in any way by the Parties under this Agreement.

9.2. Applicable legislation. The Parties undertake to strictly comply with all applicable Brazilian legislation on personal data protection in force, in particular the new requirements brought about by Law No. 13,709/2018 (LGPD), its regulatory decree (Decree 8,771/2016), Law No. 12,965/2014 (Internet Civil Rights Framework), Law 10,406/02 (Civil Code), Law 8,078/90 (Consumer Protection Code), and the Federal Constitution.

9.3. Responsibilities. If one of the Parties has access, in the context of the Agreement, to Personal Data that it considers excessive or unnecessary for the performance of the Agreement, it shall immediately notify the other Party and render such Personal Data unusable. If either Party obtains, within the scope of this Agreement, Personal Data that it considers excessive or unnecessary for the performance of the Agreement, it shall immediately notify the other Party and render such Personal Data unusable. Any processing of personal data shall be the sole responsibility of the Party processing it, which shall indemnify and hold the innocent Party harmless from any liability in this regard, including, but not limited to, cases of liability to the owners of the personal data affected and the competent authorities.

9.4. Security. The Parties undertake to apply technical and organizational information security measures to protect the personal data to which they have access under this Agreement, as well as to develop security policies containing the rules and guidelines adopted to comply with applicable personal data protection legislation, involving all their agents and employees who have access to any information belonging to the Parties, their suppliers, customers, and third parties, ensuring that all assume responsibility for the information accessed and the maintenance of the confidentiality of such information.

9.5. Incidents. If either Party becomes aware of or suspects any event that violates the rules of this Annex or jeopardizes the security of personal data, that Party shall immediately notify the other Party of the occurrence, via the email address indicated in item

9.7. Reporting the cause of the problem, the containment measures, and the impact/effects of the incident, providing information and gathering available evidence so that the Party receiving such notification can take the measures it deems necessary, without prejudice to the termination of the Agreement and the liability of the Party responsible for the incident. The information and evidence will be compiled and attached to a report to formalize the incident.

9.8. If the Parties intend to process personal data under this Agreement, they undertake to sign a Data Processing Agreement (DPA) defining: (i) rules, obligations, and responsibilities of the Parties; (ii) processing agents; (iii) personal data processed; and (iv) other relevant P&PD and SI points, in full compliance with applicable legal and regulatory provisions.

9.9. Communications. If the Parties need to communicate regarding privacy and data protection, they shall exclusively use the email addresses encarregado@picpay.com andxxx@yyy.com.br in order to ensure the confidentiality, effectiveness, and assertiveness of such communication.

**10.** **GENERAL PROVISIONS** 

10.1 The Seller agrees to indemnify, defend, and hold harmless the Buyer, its advisors, partners, and directors from any and all liabilities, obligations, direct damages, costs, and expenses, including attorneys' fees, fines, penalties, judgments, and amounts paid as settlement, taxes to the Buyer, due to proven negligent or willful misconduct by the Seller; as well as due to any labor liabilities or fiscal, social security, tax, commercial, or other responsibilities that are the responsibility of the Seller, subject to the limits established in this agreement and the conditions set forth herein.

10.1.1 If the Buyer bears the Seller's costs due to the above or any other breach of the Agreement, the Seller shall reimburse the Buyer within a maximum period of 48 (forty-eight) hours, under penalty of withholding payments up to the amount owed by the SELLER.

10.1.2 In procedural, administrative, arbitral, judicial, and extrajudicial proceedings brought solely against the SELLER under this Agreement, the SELLER undertakes to notify the Buyer, who may join the proceedings as a co-litigant, pursuant to Article 124 of the Code of Civil Procedure.

10.2. The obligations hereby assumed extend to the assignees and successors of the parties, in any capacity.

10.3. The Parties reserve the right to assign this Agreement to any affiliated, controlled, controlling, or jointly controlled company, in which case they must request written authorization from the other Party.

10.4. This Agreement does not establish any form of partnership, association, agency, consortium, or joint liability between the contracting parties. Neither Party, nor its employees, agents, and/or representatives, shall have any right, power, or authority to act or create any obligation, express or implied, on behalf of the other.

10.5. The tolerance of one party towards the other, in relation to the non-compliance with the obligations hereby assumed, shall not be considered a moratorium, novation, or waiver of any right, but constitutes mere liberality, not preventing the tolerant party from demanding the faithful compliance with this Agreement from the other party at any time.

10.6. If any clause in this agreement becomes invalid, this shall not affect the remainder of the Agreement. Both parties undertake to replace it with another clause, with a view to restoring the original conditions of the instrument.

10.7. Any and all changes to the terms of this Agreement shall be made through contractual amendments which, once signed by the parties, shall form part of this instrument.

10.7.1. In case of doubt, contradiction, or obscurity, the provisions of this Agreement shall prevail over the conditions contained in its annexes.

10.8. This Agreement constitutes the entire agreement and understanding between the Parties, superseding all prior agreements or understandings, whether verbal or written.

10.9. The parties hereby declare that there is no employment relationship between the employees and/or contractors of the Seller and the Buyer, and that the Seller is solely and exclusively responsible for them.

10.10. The Parties expressly agree and consent to the possibility of electronic signature of this Agreement, pursuant to paragraph 2 of article 10 of MP 2.200-2/01, in accordance with the rules of security, authenticity, and certification established by Comprova.com Informática Ltda. — DocuSign or another reputable and renowned company in the market that may be admitted, and expressly acknowledge that such signatures are valid, effective, and sufficient to prove authorship, authenticity, integrity, soundness, and legal validity.

10.11. The digital or electronic signature implies an irrevocable and irreversible waiver of the right to contest its validity, with the Parties acknowledging that any discrepancy between the date of execution and the dates appearing on the electronic or digital signatures may be due to systemic issues, remaining valid and effective from the date of execution.

10.12. The parties elect the courts of the District of São Paulo, State of São Paulo, to settle any and all doubts and disputes arising from the execution of this Agreement that cannot be resolved amicably.

And, being thus fair and agreed, they sign this Agreement electronically, in the presence of two (2) witnesses, for all intents and purposes.

São Paulo, June 23, 2025

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|:---|:---|
| /s/ electronically signed | /s/ electronically signed |
| **PICPAY INSTITUIÇÃO DE PAGAMENTO S.A.** | **PICPAY INSTITUIÇÃO DE PAGAMENTO S.A.** |

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| /s/ electronically signed | /s/ electronically signed |
| BANCO ORIGINAL S.A | BANCO ORIGINAL S.A |

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Witnesses:

    <br> Name: Name: <br> CPF: CPF:

**ANNEX I – DESCRIPTION OF ASSETS**

[Omitted pursuant to Item 601(a)(5) of Regulation S-K]

## Exhibit 10.23

**Exhibit 10.23**

**Free English Translation**

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| &nbsp;&nbsp;**1. ASSIGNEE** | &nbsp;&nbsp;**1. ASSIGNEE** |
| &nbsp;&nbsp;**PICPAY BANK – BANCO MÚLTIPLO S.A.**, a private legal entity, registered with CNPJ/MF No. 09.516.419/0001-75, headquartered at Avenida Manuel Bandeira, No. 291, Atlas Office Park Condominium, Block A, 1st Floor – Offices 22 and 23, 2nd Floor and Block B, 3rd Floor – Offices 43 and 44, Vila Leopoldina, Municipality of São Paulo, State of São Paulo, Zip Code 05317-020. | &nbsp;&nbsp;**PICPAY BANK – BANCO MÚLTIPLO S.A.**, a private legal entity, registered with CNPJ/MF No. 09.516.419/0001-75, headquartered at Avenida Manuel Bandeira, No. 291, Atlas Office Park Condominium, Block A, 1st Floor – Offices 22 and 23, 2nd Floor and Block B, 3rd Floor – Offices 43 and 44, Vila Leopoldina, Municipality of São Paulo, State of São Paulo, Zip Code 05317-020. |
| &nbsp;&nbsp;**2. ASSIGNOR** | &nbsp;&nbsp;**2. ASSIGNOR** |
| &nbsp;&nbsp;2.1. Corporate Name: J&F S.A, hereby represented in accordance with its corporate acts, including its headquarters and branches | &nbsp;&nbsp;2.1. Corporate Name: J&F S.A, hereby represented in accordance with its corporate acts, including its headquarters and branches |
| &nbsp;&nbsp; 2.2. CNPJs:<br> 00.350.763/0001-62 (for headquarters) and 00.350.763/0020-25 (for its branch) | &nbsp;&nbsp; 2.2. CNPJs:<br> 00.350.763/0001-62 (for headquarters) and 00.350.763/0020-25 (for its branch) |
| &nbsp;&nbsp;2.3. Address: Avenida Marginal Direita do Tietê, No. 500, São Paulo, SP | &nbsp;&nbsp;2.3. Address: Avenida Marginal Direita do Tietê, No. 500, São Paulo, SP |
| &nbsp;&nbsp;2.4. E-mail: | &nbsp;&nbsp;2.4. E-mail: |
| &nbsp;&nbsp;2.5. Current Account (CNPJ Branch): 500000329-0 – Branch: 0001-9- Bank 212 | &nbsp;&nbsp;2.5. Current Account (CNPJ Branch): 500000329-0 – Branch: 0001-9- Bank 212 |
| &nbsp;&nbsp;2.6. Restricted Current Account (CNPJ Branch): 500000617-6 – Branch: 0001-9 - Bank 212 ("Account for the Settlement of Assigned Installments") | &nbsp;&nbsp;2.6. Restricted Current Account (CNPJ Branch): 500000617-6 – Branch: 0001-9 - Bank 212 ("Account for the Settlement of Assigned Installments") |
| &nbsp;&nbsp;**3. DRAWEE** | &nbsp;&nbsp;**3. DRAWEE** |
| &nbsp;&nbsp;3.1. Agents for distribution of electricity that participated in the bidding process, through which they acquired the right to use part of the electricity and associated power to be made available by the plants, as provided for in the CCEAR contracts. | &nbsp;&nbsp;3.1. Agents for distribution of electricity that participated in the bidding process, through which they acquired the right to use part of the electricity and associated power to be made available by the plants, as provided for in the CCEAR contracts. |
| &nbsp;&nbsp;**4. OBJECT OF THE CREDIT ASSIGNMENT ("ASSIGNED INSTALLMENTS")** | &nbsp;&nbsp;**4. OBJECT OF THE CREDIT ASSIGNMENT ("ASSIGNED INSTALLMENTS")** |
| &nbsp;&nbsp;Credit rights held by the ASSIGNOR, corresponding to the pecuniary obligations related to the Monthly Fixed Installment, of the reference months and CCEAR contracts indicated in Annex I ("Assigned Installments"), which arise from and are provided for in the respective " Contract for the Commercialization of Electric Energy in the Regulated Environment – CCEAR by Availability ("CCEAR"), copies of which are part of this and are described in Annex I. | &nbsp;&nbsp;Credit rights held by the ASSIGNOR, corresponding to the pecuniary obligations related to the Monthly Fixed Installment, of the reference months and CCEAR contracts indicated in Annex I ("Assigned Installments"), which arise from and are provided for in the respective " Contract for the Commercialization of Electric Energy in the Regulated Environment – CCEAR by Availability ("CCEAR"), copies of which are part of this and are described in Annex I. |
| &nbsp;&nbsp;**5. CHARACTERISTICS OF THE CREDIT ASSIGNMENT** | &nbsp;&nbsp;**5. CHARACTERISTICS OF THE CREDIT ASSIGNMENT** |
| &nbsp;&nbsp;5.1. Estimated date for credit: 12/10/2025 | &nbsp;&nbsp;5.1. Estimated date for credit: 12/10/2025 |
| &nbsp;&nbsp;5.2. Total Value of the Assigned Installments: R$1,096,529,298.06 | &nbsp;&nbsp;5.2. Total Value of the Assigned Installments: R$1,096,529,298.06 |
| &nbsp;&nbsp;5.3. Discount Rate: 19.8632% p.a. | &nbsp;&nbsp;5.3. Discount Rate: 19.8632% p.a. |
| &nbsp;&nbsp;5.4. Total Acquisition Value of the Assigned Installments: R$580,812,601.37 | &nbsp;&nbsp;5.4. Total Acquisition Value of the Assigned Installments: R$580,812,601.37 |
| &nbsp;&nbsp;5.5. Current Account for Credit of the Total Acquisition Value of Assigned Installments | &nbsp;&nbsp;5.5. Current Account for Credit of the Total Acquisition Value of Assigned Installments |
| &nbsp;&nbsp;5.5.1. Holder: J&F S.A. | &nbsp;&nbsp;5.5.3. Account: 500000329-0 - Branch: 0001-9- Bank 212 |
| &nbsp;&nbsp; **6. COLLECTION OF THE ASSIGNED INSTALLMENTS:** as provided for in Clause 1.5.1. below<br> [ ] Assignor<br> [X] Assignee | &nbsp;&nbsp; **6. COLLECTION OF THE ASSIGNED INSTALLMENTS:** as provided for in Clause 1.5.1. below<br> [ ] Assignor<br> [X] Assignee |
| &nbsp;&nbsp;**7. DEPOSITARY** | &nbsp;&nbsp;**7. DEPOSITARY** |
| &nbsp;&nbsp;7.1. Name: | &nbsp;&nbsp;7.3. RG: |
| &nbsp;&nbsp;7.4. Nationality: | &nbsp;&nbsp;7.5. Profession: |
| &nbsp;&nbsp;7.6. Address: | &nbsp;&nbsp;7.7. ZIP Code: |

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**Terms and Definitions:**

● ANEEL:
National Electric Energy Agency (*Agência Nacional de Energia Elétrica*).

● Former
Sellers: Legal Entities, winning the bidding process, that received authorization from the Granting Authority to generate electricity,
through the operation of power plants and who had the ownership of the authorization granted to it transferred to the ASSIGNOR.

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● CCEAR:
Contract for the Commercialization of Electricity in the Regulated Environment – CCEAR by Availability.

● Escrow
Account – Current Account held by J&F S/A, held with Banco do Brasil under No. 60847-5, Ag. 1893-7, with exclusive handling
by Banco do Brasil, and which receives the receivables paid by the Energy Distribution Agents, clients and debtors of J&F S/A as
a result of the acquisition and/or use of thermoelectric energy or gas ("Drawees"), according to the rules and conditions
established in the Escrow Account Management Agreement, Payment Account and Other Covenants of 02/28/2019 entered into by and between
Petróleo Brasileiro S.A ("Petrobras"), Companhia de Gás do Amazonas ("Cigás"), Amazonas Geração
e Transmissão de Energia S.A. ("Amazonas GT"), Centrais Elétricas Brasileiras S.A. ("Eletrobrás")
and Banco do Brasil S.A ("Banco do Brasil"), and subsequent amendments (ESCROW ACCOUNT AGREEMENT), a copy of which forms an
integral part of this instrument.

● Settlement
Account of the Assigned Installments: Restricted Transaction Current Account held by J&F S.A. maintained with Banco Original S.A.,
to which the surplus balances will henceforth be transferred by Banco do Brasil S.A., after payments made to Cigás and Petrobrás,
according to the conditions set forth in the ESCROW ACCOUNT AGREEMENT.

● Bidding
Process: Bidding process for contracting concessions and authorizations for generation and for the purchase and sale of energy governed
by a specific notice and its related documents, under the terms of Law 10.848 of 2004, applicable legislation, normative resolutions
and ANEEL ordinances.

● Reference
Month: corresponds to the month of energy supply.

● Monthly
Fixed Installment: corresponds to the monthly rate of Fixed Revenue.

● Fixed
Revenue: corresponds to the annual remuneration of each power plant, expressed in reais per year and with the value indicated in the
CCEAR contract, updated according to the index indicated therein, which includes, among others: (i) cost and remuneration of the investment
(internal rate of return); (ii) costs of connection and use of the distribution and transmission system; (iii) costs arising from fuel
consumption and the operation and maintenance of the plants corresponding to the declaration of inflexibility provided for in the CCEAR;
(iv) insurance costs and guarantees of the plants and the financial commitments of the ASSIGNOR; and (v) taxes and direct and indirect
charges necessary for the execution of the object of the CCEAR.

● Drawees:
Agents for distribution of electricity that won the bidding process, through which they acquired the right to use part of the electricity
and associated power to be made available by the plants, as provided for in the CCEAR contracts.

● Seller:
holder of a concession, permission or authorization for the generation, commercialization or import of energy negotiated in the Bidding
Process.

**WHEREAS**

1. The Former Sellers, companies authorized to generate electricity, and the Drawees, companies holding a concession to provide public energy distribution services, participated in the Bidding Process for Energy From New Generation Projects carried out by ANEEL;

2. As a result of the Bidding Process, the Drawees and the Former Sellers entered into several CCEAR contracts;

3. ANEEL transferred to the Assignor, by means of orders, the ownership of the authorization granted to the Former Sellers, which irrevocably and irreversibly subrogated itself to the rights and obligations arising from the CCEAR contracts, as Seller;

4. In the CCEAR contracts, it was established that, for the use by the Drawees of part of the electricity and associated power, the Assignor will be entitled to a remuneration/sales revenue of each plant that will be composed of a fixed revenue, which will be divided into monthly installments and a variable portion that will be paid by the Drawees monthly, through the issuance of two invoices, one being divided into two maturities (the 20th and 30th of each month), which are the object of this assignment, and the other with a different single maturity (dates indicated in the CCEAR contract), issued after the Reference Month of supply considered, the first (which is divided into two maturities) equivalent to two thirds of the monthly amount and the one with a single maturity equivalent to one third of the monthly amount, except in the cases of issuance in a different manner provided for in the CCEAR contract;

5. The Assignor intends to assign to the Assignee all credit rights corresponding exclusively to two-thirds of the Fixed Revenue/Monthly Fixed Installment arising from the CCEAR contracts indicated in Item 4 and Annex I, according to the period, Reference Month and installment indicated therein.

The above-qualified Parties have agreed upon each other, the execution of this Agreement for the Assignment of Credit without Co-obligation ("Agreement"), in accordance with the provisions of the following clauses and conditions:

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**FIRST CLAUSE – CREDIT ASSIGNMENT**

**1.1.** By this instrument and in the best form of law, based on articles 286 to 298 of the Brazilian Civil Code (Law No. 10,406, of January 10, 2002), the Assignor assigns to the Assignee, as in fact assigned, <u>without co-obligation</u>, irrevocably and irreversibly, the Assigned Installments, as described and identified in Item 4 of the Preamble and Annex I, as well as all the accessory rights and guarantees that are guaranteed to you in relation to the Assigned Installment.

**1.2.** The assignment of the Assigned Installments will be considered perfect and terminated with the execution of this Agreement, regardless of any other formality, being certain and agreed between the Parties that the financial transactions of the Assignor's Power Generation Plants are centralized in the CNPJ of its Branch, with the CNPJ number indicated in Item [2] of the Preamble. Thus, as of this date, the Assignee will be the sole and legitimate owner and holder of any and all rights and obligations arising from the Assigned Installments.

**1.3.** In the event of non-existence, irregularity, invalidity, untruthfulness, illegitimacy or unenforceability of any of the Assigned Installments for any reason, including in the event of termination of the "CCEAR", decharacterizing the respective installments due from the assignment of credit object of this Agreement, the Assignor shall refund to the Assignee, within three (3) business days from the date of said mischaracterization, the Acquisition Value of the Assigned Installments whose assignment was uncharacterized, paid by the Assignee to the Assignor, duly added:

(i) "remunerative interest" corresponding to the discount
rate effectively applied by the Assignee for payment of the Acquisition Value of the Assigned Installments, calculated based on the Discount
Rate indicated in the Assignment Agreement, applied (a) during the period elapsed between the date of payment of the Acquisition Value
of the Assigned Installments by the Assignee and the date of decharacterization of the respective Assigned Installment; or (b) in the
event that the decharacterization occurs after the maturity of the respective Assigned Installment, the compensatory interest will be
applied in the period between the date of payment of the Acquisition Value of the Assigned Installments by the Assignee and the due date
of the respective Assigned Installment, which will be added to the charges provided for in Clause 1.4. infra; and

(ii) other fees, taxes and/or contributions due under the terms of

**1.3.1.** In addition to the mischaracterization mentioned in Clause 1.3. above, the following will be considered hypotheses of mischaracterization of the respective assigned installments, subjecting the Assignor to the penalties provided for in said clause:

a) the compensation, in whole or in part, made by the Drawee with
the funds that should be paid to the Assignee as a result of this assignment;

b) the failure to comply with any obligation assumed by the Assignor
in this instrument, as well as in any other contractual instrument entered into with the Assignee, which regulates the assignment of
credits to the Assignee;

c) the failure to present by the Assignor, when requested by the
Assignee, the documents that instrumentalize the credit arising from the Assigned Installments, including for the purpose of collecting
the amounts defaulted by the Drawee;

d) the occurrence of any commercial or judicial dispute between
the Assignor and the Drawee, which makes the Assignor's credit unenforceable;

e) if the timely payment of the Installments Assigned by the Drawee
is not made due to allegations of defects, defects or non-existence of the underlying legal transaction, or if the Drawee opposes exceptions
under the terms of article 294 of the Civil Code;

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f) if any Assigned Installment is claimed by third parties who
claim to be the owners of the property, encumbrances, encumbrances or charges constituted on such credit;

g) if it is verified, at any time by the Assignee, that the assignment
of the Assigned Installments constitutes fraud against creditors, fraud in the execution, or fraud in the tax enforcement or even bankruptcy
fraud;

h) if any statement made by the Assignor under this Agreement is
false or incorrect;

i) if the Assigned Installments have their value reduced due to
the Assignor's fault or willful misconduct, including cases arising from any discounts given to the Drawee, or even obligations arising
from non-compliance with the CCEAR;

j) if the respective Invoices/Bills are not presented to the Drawees
by the Assignor at least five (5) business days prior to the date of the first maturity, as indicated in item "B" of Annex
I;

k) if the ownership and/or authorizations of the competent bodies
to the Assignor for the commercialization of electricity, as the object of the CCEAR contractS, are suspended, revoked and/or interrupted
in any way;

l) in the event that the Assigned Installments have their characteristics
(such as maturity, number, date of issue, value, etc.) modified, for any reason, including by commercial agreement between the Assignor
and the Drawee of the Assigned Installments, in relation to the characteristics informed by the Assignor to the Assignee under the terms
of this credit assignment transaction, subject to the provisions set forth herein;

m) if an obstacle of any nature is identified that may alter the
characteristics or even the legal nature of this assignment, and causes, in any way, financial and/or accounting impacts to the detriment
of the Assignee, which prevents the receipt of the amounts corresponding to the Assigned Installments.

**1.3.1.1.** In the cases of decharacterization provided for in this Agreement, including those provided for in clauses 1.3. and 1.3.1. above, the Assignee may, at its sole discretion, after analyzing the economic, legal, commercial and financial impacts and risks, consider as mischaracterized (i) all outstanding Assigned Installments; or (ii) all outstanding installments of the credit rights assigned exclusively to the respective CCEAR contract for which the situation was verified; or (iii) only the assigned installment for which the situation was verified.

**1.4.** If the Assignor does not punctually comply with any of the obligations contained in this Agreement, especially those related to the payment or restitution of amounts, the Assignor will be in arrears, regardless of any notification or communication to this effect, and the Assignor will be obliged to pay the Assignee the defaulted amounts, duly plus:

(i) remunerative interest, as defined in clause 1.3;

(ii) default interest of 1% (one percent) per month, calculated pro
rata die, applicable from the date of maturity of the Credits until the date of effective payment by the Assignor;

(iii) a non-compensatory late payment fine of 2% (two percent), due
only as of the tenth day of the maturity of the obligation, calculated on the amount of the outstanding balance verified on the date
of effective payment; and

(iv) expenses incurred as a result of the respective collection.

**1.5.** The Assignor undertakes, whenever requested by the Assignee, when issuing the invoices/invoices for payment of the Drawees, to send a copy of these documents to the Assignee, demonstrating and indicating the Amount of the Monthly Fixed Installment, observing the provisions of the ESCROW ACCOUNT AGREEMENT.

**1.6.** The Parties agree that the amounts arising from the Assigned Installments shall be credited by Banco Original as soon as received, to the Restricted Transaction Current Account held by the Assignor, as indicated in Item 2 – ("Settlement Account of the Assigned Installments"), being certain that the settlement of the assigned installments will occur within three (3) business days of the due date indicated in Annex I, subject to the provisions of clause 1.6.1. below.

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**1.6.1.** Once the credit has been made by Banco Original, pursuant to clause 1.6. above, and the due settlement of the overdue Assigned Installments has occurred, the Assignee is obliged to transfer, within one (1) business day from said settlement, any excess amounts to the Assignor's current account, indicated in Item 2.

**1.6.2.** The responsibility for the collection of the Assigned Installments is that defined in Item 6 of the Preamble. In the event of collection carried out by the Assignor, the Assignee, hereby, appoints and appoints the Assignor as his attorney-in-fact, for the sole and special purpose of carrying out the extrajudicial collection of the credits arising from the Installments Assigned to the Drawee, to receive them and give discharge. Upon receipt of such credits, the Assignor shall immediately transfer them to the Assignee. The power of attorney herein granted by the Assignee shall be exercised by the Assignor free of charge, and sub-establishment is prohibited.

**1.6.3.** The Assignor also authorizes the Assignee, irrevocably and irreversibly, to make the debits in its Current Account, as indicated in Items 2 and 5, referring to the amounts arising from the credits of the Assigned Installments, according to clause 1.6., as well as those eventually arising from this Agreement.

**CLAUSE TWO – PRICE**

**2.1.** The total price of this assignment, which must be paid by the Assignee to the Assignor, is the one set out in Item 5 ("Acquisition Value of the Assigned Installments" and "Acquisition Value"), calculated based on the Total Value of the Assigned Installments, applied to the Discount Rate indicated therein *pro rata temporis*. The settlement of the assignment price will take place automatically with the credit of the Acquisition Value of the Assigned Installments in the Current Account indicated in Item 5 of the Preamble.

**CLAUSE THREE – TERM**

**3.1.** This Agreement is valid for an indefinite period and until the full fulfillment of all obligations of the Parties, and neither Party may terminate and/or assign this Agreement, except with the express and prior consent of the other Party.

**CLAUSE FOUR – REPRESENTATIONS AND WARRANTIES**

**4.1.** The Parties, individually, represent and warrant, for all legal purposes and effects, that:

(a) they are duly constituted and in regular operation, in accordance
with Brazilian laws;

(b) are duly authorized to enter into this Agreement and to comply
with the obligations set forth herein, having met all legal and corporate requirements necessary for this purpose;

(c) the execution of this Agreement and the fulfillment of the obligations
set forth herein do not infringe any obligation previously assumed;

(d) this Agreement constitutes a legal, valid and enforceable obligation,
enforceable in accordance with its terms and conditions, which have been duly authorized by its competent corporate bodies; and

(e) have knowledge and had access to all the documentation regarding
the Assigned Installments.

**4.2.** The Parties mutually and expressly declare that this Agreement was entered into respecting the principles of probity and good faith, by free, conscious and firm manifestation of the Parties' will and in a perfect relationship of equity. The Parties expressly acknowledge that: (a) full compliance with the obligations set forth in this Agreement is of fundamental importance for the achievement of the objectives of both parties, in view of the bases of the contracted business; and, (b) the terms and conditions of the obligations agreed herein are fair and reasonable, including from the point of view of the rights of the Parties.

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**4.3.** The Assignor further represents and warrants to the Assignee, for all the purposes of the law, that:

(a) the Assigned Installments were duly formalized and represent
debts due by the Drawee;

(b) the Assignor is the holder and legitimate holder of the rights
to receive the Assigned Installments, object of this assignment, which was not subject to another sale, commitment to sale and/or encumbrance;

(c) the Assigned Installments are free and clear of any liens, liens,
attachments, sequestrations, claims or restrictions of any nature, which, in any way, may hinder the assignment and full exercise, by
the Assignee, of the prerogatives arising from the ownership of the Assigned Installments;

(d) on the Assigned Installments there is no lawsuit based on collateral
law;

(e) there is no impediment, in any contract, instrument or document
to which it is a party, that prohibits or restricts the assignment of the Assigned Installments under this Agreement;

(f) has the proper ownership and authorizations of the competent
bodies for the commercialization of electricity object of the CCEAR;

(g) the execution of this Agreement and the assumption and fulfillment
of the obligations arising therefrom do not or will cause, directly or indirectly, the breach, in whole or in part, of (a) any contracts,
of any nature; (b) any obligations of the Assignor to third parties;

(h) of any legal, regulatory or associative or self-regulatory entity
to which it is subject or to which any of the rights or assets owned by it are subject; and/or (d) of any order, decision, even if injunction,
judicial, administrative, arbitral or originating from an associative or self-regulatory entity that affects it or that affects any of
the rights or assets owned by it;

(i) the instruments from which the Assigned Installments arise were
duly entered into by its parties and are in force, and there has been, to date, no (a) execution of any amendment to its terms and conditions;
and/or (b) judicial, extrajudicial, administrative or arbitration measures aimed at the early termination, resolution or annulment of
such contracts;

(j) the Assigned Installments are not or have not been the subject
of (a) any judicial, extrajudicial, administrative or arbitration dispute; (b) of any type of renegotiation, agreement or transaction;
(c) any other act that may make it impossible for the Assignee to fully exercise the rights herein assigned; and/or (d) any compensation;

(k) it is not in a state of insolvency and the assignment of the
Assigned Installments under this Agreement does not result in its insolvency and does not affect its ability to honor its obligations,
including those arising from lawsuits, administrative or arbitration proceedings or proceedings with associative or self-regulatory entities
in progress;

(l) the assignment of the Assigned Installments is not being carried
out in (a) fraud against creditors; (b) fraud in the execution; and/or (c) tax foreclosure fraud;

(m) there is no lawsuit, administrative, arbitral or associative
or self-regulatory entity proceeding, inquiry or other type of government investigation that may cause a material adverse impact on its
financial, operational or operational condition or activities;

(n) are fully in compliance with all their obligations assumed under
the instruments from which the Assigned Installments arise;

(o) there was no hypothesis capable of giving rise to a decrease
in the value of the Assigned Installments;

(p) the Drawee and/or third parties do not have any right against
the Assignor that may give rise to the claim of compensation and/or other form of extinction or reduction and/or the change of condition
of payment of the Assigned Installments, and/or that may prevent or delay the receipt of the Assigned Installments by the Assignee or
reduce their value;

(q) that they are obliged, irrevocably and irreversibly, to comply
in full with any and all obligations assumed in the CCEAR.

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**4.4.** If the Assignee is responsible for the notarial records necessary for the effective constitution of the guarantees, it is certain and agreed that the Assignor hereby authorizes the Assignee to debit his Current Account, as indicated in Item 6 above, of the amount of the registration incurred by the Assignee, as well as all expenses and costs incurred for its realization, including with third parties eventually hired by the Assignee. The Assignor also undertakes to maintain a sufficient balance to cover such debit(s) in its Current Account.

**4.4.1.** It is hereby agreed between the Parties that, in the event of the existence of any guarantee of performance by the Drawees, arising from the CCEAR contracts, the Assignee will be subrogated by operation of law to said guarantee, irrevocably and irreversibly, in the proportion corresponding to the defaulted amount, which is why the Assignor is hereby obliged to: (i) execute said guarantee, if the drawee's default is verified; and (ii) pass on your product immediately upon receipt, applying, when applicable, the provisions of clause 1.6.2.

**4.5.** The Assignor declares for all intents and purposes, under penalty of the law, that he holds possession of the contracts, invoices, invoices and other documents that instrumentalize the credits arising from the Assigned Installments, and that such documents will remain in the possession of the depositary indicated in Item 7 of the Preamble, who undertakes: (i) to ensure their safekeeping and conservation; and (ii) to present them to the Assignee when requested, within forty-eight (48) hours from the request to this effect.

**4.6.** The Assignor is responsible for any losses or damages proven to have been suffered by the Drawee of the Assigned Installments, as a result of undue or excessive collection, provided that the Assignee has used, for the purpose of collecting the credits arising from the Assigned Installments, the information and other documents provided by the Assignor under this Agreement. In the event that the Assignee bears such damages, the Assignor undertakes to reimburse the Assignee, within a maximum period of five (5) days from the notice sent to him, accompanied by the respective proof of the amounts disbursed by the Assignee.

**4.7.** The Assignor declares and undertakes not to use, directly or indirectly, the resources made available to it under this Agreement for the practice of unlawful acts provided for in Law 12.846/2013 and related legislation or for the practice of acts that violate national or foreign public property, against the principles of public administration or against the international commitments assumed by Brazil.

**4.8.** The Assignor, on behalf of itself and its administrators, employees, agents and service providers, declares that (i) it conducts its business practices ethically and in accordance with the applicable legal precepts; (ii) repudiates and does not allow any action that may constitute an injurious act under the terms of Law No. 12,846/2013 and related legislation; (iii) it has governance in place aimed at preventing and detecting violations of the anti-corruption rules and the requirements established in this Agreement; and (iv) promptly notify the Assignee if it becomes aware of or suspects any conduct that constitutes or may constitute bribery or corruption in connection with the dealing, conclusion or performance of this Agreement, and hereby declares that it has not and will not make any payment, or provide or provide benefits or advantages to any governmental authorities, or consultants, representatives, partners or third parties linked to them, with the purpose of influencing any act or decision of the public administration or ensuring any undue advantage, obtaining or preventing business or obtaining any undue benefit.

**4.9.** The Assignor undertakes to (i) keep its addresses and other registration data updated with the Assignee; and (ii) not to close any checking account directly or indirectly related to the fulfillment of the obligations assumed by it under this Agreement.

**CLAUSE FIVE – SOCIAL AND ENVIRONMENTAL RESPONSIBILITY**

**5.1.** The Assignor hereby declares under penalty of civil and criminal liability, that:

a) is in compliance with all its socio-environmental and/or agroecological
duties and obligations;

b) fully complies, under the terms of the relevant socio-environmental
legislation and regulations: (i) all rules, criteria and standards established by the National Council for the Environment (Conselho
Nacional do Meio Ambiente, or CONAMA); (ii) all the rules, criteria and standards established for the agroecological zoning pertinent
to the activities developed by them; and (iii) all the requirements and conditions established by the competent authority(ies) for obtaining
and maintaining the environmental license(s) pertinent to the activities, projects and/or undertakings developed by them;

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c) does not use, under any circumstances, slave labor (or in similar
conditions) and/or child labor;

d) its employees are working in conditions appropriate to the assigned
function and in accordance with the Labor and Social Security Laws.

**SIXTH CLAUSE – GENERAL PROVISIONS**

**6.1.** Oral and written communication between the Parties shall be made exclusively through the representatives of each of them, listed below, at the respective addresses indicated therein and may be made by means of registered letters, *e-mail* or any other form previously approved by the Assignee and agreed upon between the Parties.

By the Assignor: J&F S.A<br> Attn:<br> E-mail: gestão.financeira@ambarenergia.com.br<br> Address: Avenida Marginal Direita do Tietê, nº 500, São Paulo - SP - CEP: 05118-000<br> Phone: 11-3668-1095

By the Assignee: PICPAY BANK – BANCO MÚLTIPLO S.A.<br> Attn: Mrs. Carlos Fernando Ferreira de Sousa<br> Email: carlos.sousa@picpay.com<br> Address: Av. Manuel Bandeira, nº 291, São Paulo – SP – CEP 05317-020<br> Phone: 11-99479-6895

**6.2.** The Assignor authorizes the Assignee: (i) to consult and/or provide to the Central Bank of Brazil (BACEN) information on the amount of overdue and overdue debts, co-obligations assumed and guarantees provided, to integrate the SCR and provide information for the monitoring and inspection of credit in the financial system; (ii) to exchange information between institutions authorized to operate by BACEN on (a) the amount of responsibility of its customers in credit operations and (b) any indication or attempt of fraud identified that refers to the Assignor, with the purpose of subsidizing the procedures and controls for the prevention of fraud.

**6.2.1.** The Assignor is aware that it may (i) consult the SCR data through the Registrato - Extract of the Information Registry (*Extrato do Registro de Informações*), on the BACEN website or through the public service centers; (ii) request, in case of divergence, correction, exclusion or registration of judicial measure; and (iii) express disagreement, upon request to the institution that registered the respective data in the SCR. This authorization extends to institutions able to consult the SCR and that acquire or express interest in acquiring or receiving as collateral, in whole or in part, credit operations under the responsibility of the Assignor. The Assignor ratifies any consultation made previously.

**6.2.2.** The Assignor authorizes the Assignee to provide, at any time, to the databases established for the formation of credit history (SERASA, SCPC, Bureau of Positive Records and others), any and all information that is part of the history of credit, loan and financing operations with the Assignor, including that information related to the performance.

**6.3.** Any and all burdens of all taxes, contributions and other charges due due to the transaction object of this Agreement will be borne by the taxpayer as defined in the tax law, under the terms of the applicable legislation.

**6.4.** No omission or delay by the Parties in exercising their rights, powers or privileges under this Agreement, nor any agreement between the Assignee and the Assignor, shall operate as a waiver of the same, nor shall the exercise of any right, power or privilege under this Agreement prevent any further or further exercise thereof, or the exercise of any other right, power or privilege.

**6.5.** It is hereby agreed that the terms and conditions of this Agreement will be kept confidential by the Parties. It is forbidden for any of the Parties to inform third parties, including the Debtor(s) of the Assigned Installments, the terms and conditions of this assignment, in particular the amount related to it.

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**6.6.** For all purposes and purposes of this Agreement, any communication, request or other notice required or permitted hereunder, or associated with it, shall only be valid if in writing and delivered with acknowledgment of receipt, whether by e-mail or mail, addressed to the addresses of the Parties, set forth in the preamble to this Agreement.

**6.7.** This Agreement or any of its provisions, Annexes or documents to be provided under this Agreement may not be amended, modified, waived, released or terminated orally, but only by written instrument signed by all Parties.

**6.8.** In the event that one or more provisions contained in this Agreement become invalid, illegal or unenforceable in any respect, the validity, legitimacy or enforceability of the remaining provisions contained herein shall not be affected by the same.

**6.9.** This Agreement is irrevocable and irreversible, binding the Parties and their successors in any capacity.

**6.10.** This Agreement fully includes the agreement between the Parties with respect to the subject matter hereof and suspends all prior written statements, memorandums and agreements with respect to such subject matter.

**6.11.** This Agreement, and any annexes, accessories and/or instruments related to it, as applicable, includes the Assignee's Privacy Policy, available for consultation at www.picpay.com.br.

**6.12.** The Parties agree and expressly agree with the possibility of electronic signature of this Agreement and any annexes, accessories and/or instruments related to this Agreement, including amendments, in accordance with security, authenticity and certification rules established by Comprova.com Informática Ltda. – DocuSign and/or another reputable and renowned company in the market, provided that it has been previously approved by the Assignee, and expressly recognize, for all intents and purposes, that such signatures are valid, effective and sufficient to prove the authorship, authenticity, integrity, availability and legal validity of these documents, and there is no doubt in relation to the conditions and other obligations established. Therefore, once the possibility of electronic signature of the documents is agreed, pursuant to paragraph 2 of article 10 of MP 2,200-2/01, the Parties expressly agree and agree that such documents are fully accepted, valid and may be admitted as evidence by the Judiciary for all necessary purposes, even if they have not been signed and/or formalized with certificates issued by the ICP (*Infra-Estrutura de Chaves Públicas Brasileiras – ICP – Brasil*).

**6.13.** To settle any disputes arising from this Agreement, the Parties elect the Court of the City of São Paulo, to the exclusion of any other, however privileged it may be.

IN WITNESS WHEREOF, the Parties have executed this instrument, electronically, in the presence of the two (2) witnesses below.

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|:---|:---|
| São Paulo, December 10, 2025. | São Paulo, December 10, 2025. |
| /s/ Marcelo Zanatta Estevam | /s/ Marcelo Zanatta Estevam |
| **J&F S.A.** | **J&F S.A.** |
| /s/ Thiago Daniel; Renata Baiense de Paiva Greco | /s/ Thiago Daniel; Renata Baiense de Paiva Greco |
| **PICPAY BANK – BANCO MÚLTIPLO S.A.** | **PICPAY BANK – BANCO MÚLTIPLO S.A.** |
| **Witnesses:** | **Witnesses:** |
| 1. | /s/ Leonardo de Alencar Carvalho Santos |
| Name: Leonardo de Alencar Carvalho Santos | Name: Leonardo de Alencar Carvalho Santos |
| CPF: | CPF: |
| 2. |  |
| Name: | Name: |
| CPF: | CPF: |

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**ANNEX I – CHARACTERISTICS OF THE ASSIGNED INSTALLMENTS**

[Omitted pursuant to Item 601(a)(5) of Regulation S-K]

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## Exhibit 10.24

**Exhibit 10.24**

**Free English Translation**

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| &nbsp;&nbsp;**1. ASSIGNEE** | &nbsp;&nbsp;**1. ASSIGNEE** |
| &nbsp;&nbsp;**PICPAY BANK – BANCO MÚLTIPLO S.A.**, a private legal entity, registered with CNPJ/MF No. 09.516.419/0001-75, headquartered at Avenida Manuel Bandeira, No. 291, Atlas Office Park Condominium, Block A, 1st Floor – Offices 22 and 23, 2nd Floor and Block B, 3rd Floor – Offices 43 and 44, Vila Leopoldina, Municipality of São Paulo, State of São Paulo, Zip Code 05317-020 | &nbsp;&nbsp;**PICPAY BANK – BANCO MÚLTIPLO S.A.**, a private legal entity, registered with CNPJ/MF No. 09.516.419/0001-75, headquartered at Avenida Manuel Bandeira, No. 291, Atlas Office Park Condominium, Block A, 1st Floor – Offices 22 and 23, 2nd Floor and Block B, 3rd Floor – Offices 43 and 44, Vila Leopoldina, Municipality of São Paulo, State of São Paulo, Zip Code 05317-020 |
| &nbsp;&nbsp;**2. ASSIGNOR** | &nbsp;&nbsp;**2. ASSIGNOR** |
| &nbsp;&nbsp;2.1. Corporate Name: J&F S.A, hereby represented in accordance with its corporate acts, including its headquarters and branches | &nbsp;&nbsp;2.1. Corporate Name: J&F S.A, hereby represented in accordance with its corporate acts, including its headquarters and branches |
| &nbsp;&nbsp;2.2. CNPJs:<br> 00.350.763/0001-62 (for headquarters) and 00.350.763/0020-25 (for its branch) | &nbsp;&nbsp;2.2. CNPJs:<br> 00.350.763/0001-62 (for headquarters) and 00.350.763/0020-25 (for its branch) |
| &nbsp;&nbsp;2.3. Address: Avenida Marginal Direita do Tietê, No. 500, São Paulo, SP | &nbsp;&nbsp;2.3. Address: Avenida Marginal Direita do Tietê, No. 500, São Paulo, SP |
| &nbsp;&nbsp;2.4. E-mail: | &nbsp;&nbsp;2.4. E-mail: |
| &nbsp;&nbsp;2.5. Current Account (CNPJ Branch): 500000329-0 – Branch: 0001-9- Bank 212 | &nbsp;&nbsp;2.5. Current Account (CNPJ Branch): 500000329-0 – Branch: 0001-9- Bank 212 |
| &nbsp;&nbsp;2.6. Restricted Current Account (CNPJ Branch): 500000617-6 – Branch: 0001-9 - Bank 212 ("Account for the Settlement of Assigned Installments") | &nbsp;&nbsp;2.6. Restricted Current Account (CNPJ Branch): 500000617-6 – Branch: 0001-9 - Bank 212 ("Account for the Settlement of Assigned Installments") |
| &nbsp;&nbsp;**3. DRAWEE** | &nbsp;&nbsp;**3. DRAWEE** |
| &nbsp;&nbsp;3.1. CCEE – Electric Energy Trading Chamber, through which they acquired the right to use part of the electricity and associated power to be made available by the plants, as provided for in the CER contracts. | &nbsp;&nbsp;3.1. CCEE – Electric Energy Trading Chamber, through which they acquired the right to use part of the electricity and associated power to be made available by the plants, as provided for in the CER contracts. |
| &nbsp;&nbsp;**4. OBJECT OF THE CREDIT ASSIGNMENT ("ASSIGNED INSTALLMENTS")** | &nbsp;&nbsp;**4. OBJECT OF THE CREDIT ASSIGNMENT ("ASSIGNED INSTALLMENTS")** |
| &nbsp;&nbsp;Credit Rights held by the ASSIGNOR, corresponding to the pecuniary obligations related to the Monthly Fixed Installment, of the reference months and CER contracts indicated in Annex I ("Assigned Installments"), which arise from and are provided for in the respective "Reserve Energy Contracts ("CER") by Availability ("CER"), copies of which are part of this and are described in Annex I. | &nbsp;&nbsp;Credit Rights held by the ASSIGNOR, corresponding to the pecuniary obligations related to the Monthly Fixed Installment, of the reference months and CER contracts indicated in Annex I ("Assigned Installments"), which arise from and are provided for in the respective "Reserve Energy Contracts ("CER") by Availability ("CER"), copies of which are part of this and are described in Annex I. |
| &nbsp;&nbsp;**5. CHARACTERISTICS OF THE CREDIT ASSIGNMENT** | &nbsp;&nbsp;**5. CHARACTERISTICS OF THE CREDIT ASSIGNMENT** |
| &nbsp;&nbsp;5.1. Estimated date for credit: 12/19/2025 | &nbsp;&nbsp;5.1. Estimated date for credit: 12/19/2025 |
| &nbsp;&nbsp;5.2. Total Value of the Assigned Installments: R$375,654,279.14 | &nbsp;&nbsp;5.2. Total Value of the Assigned Installments: R$375,654,279.14 |
| &nbsp;&nbsp;5.3. Discount Rate: 19.1103% p.a. | &nbsp;&nbsp;5.3. Discount Rate: 19.1103% p.a. |
| &nbsp;&nbsp;5.4. Total Acquisition Value of the Assigned Installments: R$325,204,281.45 | &nbsp;&nbsp;5.4. Total Acquisition Value of the Assigned Installments: R$325,204,281.45 |
| &nbsp;&nbsp;5.5. Current Account for Credit of the Total Acquisition Value of Assigned Installments | &nbsp;&nbsp;5.5. Current Account for Credit of the Total Acquisition Value of Assigned Installments |
| &nbsp;&nbsp;5.5.1. Holder: J&F S.A. | &nbsp;&nbsp;5.5.3. Account: 500000329-0 - Branch: 0001-9- Bank 212 |

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| &nbsp;&nbsp;**6. COLLECTION OF THE ASSIGNED INSTALLMENTS:** as provided for in Clause 1.5.1. below | &nbsp;&nbsp;**6. COLLECTION OF THE ASSIGNED INSTALLMENTS:** as provided for in Clause 1.5.1. below | &nbsp;&nbsp;**6. COLLECTION OF THE ASSIGNED INSTALLMENTS:** as provided for in Clause 1.5.1. below |
| &nbsp;&nbsp;[ ] Assignor | &nbsp;&nbsp;[ ] Assignor | &nbsp;&nbsp;[ ] Assignor |
| &nbsp;&nbsp;[ x ] Assignee | &nbsp;&nbsp;[ x ] Assignee | &nbsp;&nbsp;[ x ] Assignee |
| &nbsp;&nbsp;**7. DEPOSITARY** | &nbsp;&nbsp;**7. DEPOSITARY** | &nbsp;&nbsp;**7. DEPOSITARY** |
| &nbsp;&nbsp;7.1. Name: | &nbsp;&nbsp;7.2. CPF: | &nbsp;&nbsp;7.3. RG: |
| &nbsp;&nbsp;7.4. Nationality: |  | &nbsp;&nbsp;7.5. Profession: |
| &nbsp;&nbsp;7.6. Address: |  | &nbsp;&nbsp;7.7. ZIP Code: |

---

**Terms and Definitions:**

● ANEEL: National Electric Energy Agency (*Agência Nacional de Energia Elétrica*).

● Reserve Energy Contracts ("CER").

● Escrow Account – Current Account held by J&F S/A, held with Banco do Brasil under No. 60847-5, Ag. 1893-7, with exclusive handling by Banco do Brasil, and which receives the receivables paid by the CCEE, as a result of the acquisition and/or use of thermoelectric energy or gas ("Drawee"), according to the rules and conditions established in the Escrow Account Management Agreement, Payment Account and Other Covenants of 02/28/2019 entered into by and between Petróleo Brasileiro S.A ("Petrobras"), Companhia de Gás do Amazonas ("Cigás"), Amazonas Geração e Transmissão de Energia S.A. ("Amazonas GT"), Centrais Elétricas Brasileiras S.A. ("Eletrobrás") and Banco do Brasil S.A ("Banco do Brasil"), and subsequent amendments (ESCROW ACCOUNT AGREEMENT), a copy of which forms an integral part of this instrument.

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● Settlement
 Account of the Assigned Installments: Restricted Transaction Current Account held by J&F
 S.A. maintained with Banco Original S.A., to which the surplus balances will henceforth be
 transferred by Banco do Brasil S.A., after payments made to Cigás and Petrobrás,
 according to the conditions set forth in the ESCROW ACCOUNT AGREEMENT.

● Bidding
 Process: Bidding process for contracting concessions and authorizations for generation and
 for the purchase and sale of energy governed by a specific notice and its related documents,
 under the terms of Law 10.848 of 2004, applicable legislation, normative resolutions and
 ANEEL ordinances.

● Reference
 Month: corresponds to the month of energy supply.

● Monthly
 Fixed Installment: corresponds to the monthly rate of Fixed Revenue.

● Fixed
 Revenue: corresponds to the annual remuneration of each power plant, expressed in reais per
 year and with the value indicated in the CER contract, updated according to the index indicated
 therein, which includes, among others: (i) cost and remuneration of the investment (internal
 rate of return); (ii) costs of connection and use of the distribution and transmission system;
 (iii) costs arising from fuel consumption and the operation and maintenance of the plants
 corresponding to the declaration of inflexibility provided for in the CER; (iv) insurance
 costs and guarantees of the plants and the financial commitments of the ASSIGNOR; and (v)
 taxes and direct and indirect charges necessary for the execution of the object of the CER.

● Drawee:
 CCEE, through which it acquired the right to use part of the electricity and associated power
 to be made available by the plants, as provided for in the CER contracts.

● Seller:
 holder of a concession, permission or authorization for the generation, commercialization
 or import of energy negotiated in the Bidding Process.

The above-qualified Parties have agreed upon each other, the execution of this Agreement for the Assignment of Credit without Co-obligation ("Agreement"), in accordance with the provisions of the following clauses and conditions:

**FIRST CLAUSE – CREDIT ASSIGNMENT**

**1.1.** By this instrument and in the best form of law, based on articles 286 to 298 of the Brazilian Civil Code (Law No. 10,406, of January 10, 2002), the Assignor assigns to the Assignee, as in fact assigned, <u>without co-obligation</u>, irrevocably and irreversibly, the Assigned Installments, as described and identified in Item 4 of the Preamble and Annex I, as well as all the accessory rights and guarantees that are guaranteed to you in relation to the Assigned Installment.

**1.2.** The assignment of the Assigned Installments will be considered perfect and terminated with the execution of this Agreement, regardless of any other formality, being certain and agreed between the Parties that the financial transactions of the Assignor's Power Generation Plants are centralized in the CNPJ of its Branch, with the CNPJ number indicated in Item [2] of the Preamble. Thus, as of this date, the Assignee will be the sole and legitimate owner and holder of any and all rights and obligations arising from the Assigned Installments.

**1.3.** In the event of non-existence, irregularity, invalidity, untruthfulness, illegitimacy or unenforceability of any of the Assigned Installments for any reason, including in the event of termination of the "CER", decharacterizing the respective installments due from the assignment of credit object of this Agreement, the Assignor shall refund to the Assignee, within three (3) business days from the date of said mischaracterization, the Acquisition Value of the Assigned Installments whose assignment was uncharacterized, paid by the Assignee to the Assignor, duly added:

(i) "remunerative
 interest" corresponding to the discount rate effectively applied by the Assignee for
 payment of the Acquisition Value of the Assigned Installments, calculated based on the Discount
 Rate indicated in the Assignment Agreement, applied (a) during the period elapsed between
 the date of payment of the Acquisition Value of the Assigned Installments by the Assignee
 and the date of decharacterization of the respective Assigned Installment; or (b) in the
 event that the decharacterization occurs after the maturity of the respective Assigned Installment,
 the compensatory interest will be applied in the period between the date of payment of the
 Acquisition Value of the Assigned Installments by the Assignee and the due date of the respective
 Assigned Installment, which will be added to the charges provided for in Clause 1.4. infra;
 and

(ii) other

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**1.3.1.** In addition to the mischaracterization mentioned in Clause 1.3. above, the following will be considered hypotheses of mischaracterization of the respective assigned installments, subjecting the Assignor to the penalties provided for in said clause:

a) the
 compensation, in whole or in part, made by the Drawee with the funds that should be paid
 to the Assignee as a result of this assignment;

b) the
 failure to comply with any obligation assumed by the Assignor in this instrument, as well
 as in any other contractual instrument entered into with the Assignee, which regulates the
 assignment of credits to the Assignee;

c) the
 failure to present by the Assignor, when requested by the Assignee, the documents that instrumentalize
 the credit arising from the Assigned Installments, including for the purpose of collecting
 the amounts defaulted by the Drawee;

d) the
 occurrence of any commercial or judicial dispute between the Assignor and the Drawee, which
 makes the Assignor's credit unenforceable;

e) if
 the timely payment of the Installments Assigned by the Drawee is not made due to allegations
 of defects, defects or non-existence of the underlying legal transaction, or if the Drawee
 opposes exceptions under the terms of article 294 of the Civil Code;

f) if
 any Assigned Installment is claimed by third parties who claim to be the owners of the property,
 encumbrances, encumbrances or charges constituted on such credit;

g) if
 it is verified, at any time by the Assignee, that the assignment of the Assigned Installments
 constitutes fraud against creditors, fraud in the execution, or fraud in the tax enforcement
 or even bankruptcy fraud;

h) if
 any statement made by the Assignor under this Agreement is false or incorrect;

i) if
 the Assigned Installments have their value reduced due to the Assignor's fault or willful
 misconduct, including cases arising from any discounts given to the Drawee, or even obligations
 arising from non-compliance with the CER;

j) if
 the respective Invoices/Bills are not presented to the Drawees by the Assignor at least five
 (5) business days prior to the date of the first maturity, as indicated in item "B"
 of Annex I;

k) if
 the ownership and/or authorizations of the competent bodies to the Assignor for the commercialization
 of electricity, as the object of the CER contract, are suspended, revoked and/or interrupted
 in any way;

l) in
 the event that the Assigned Installments have their characteristics (such as maturity, number,
 date of issue, value, etc.) modified, for any reason, including by commercial agreement between
 the Assignor and the Drawee of the Assigned Installments, in relation to the characteristics
 informed by the Assignor to the Assignee under the terms of this credit assignment transaction,
 subject to the provisions set forth herein;

m) if
 an obstacle of any nature is identified that may alter the characteristics or even the legal
 nature of this assignment, and causes, in any way, financial and/or accounting impacts to
 the detriment of the Assignee, which prevents the receipt of the amounts corresponding to
 the Assigned Installments.

**1.3.1.1.** In the cases of decharacterization provided for in this Agreement, including those provided for in clauses 1.3. and 1.3.1. above, the Assignee may, at its sole discretion, after analyzing the economic, legal, commercial and financial impacts and risks, consider as mischaracterized (i) all outstanding Assigned Installments; or (ii) all outstanding installments of the credit rights assigned exclusively to the respective CER contract for which the situation was verified; or (iii) only the assigned installment for which the situation was verified.

**1.4.** If the Assignor does not punctually comply with any of the obligations contained in this Agreement, especially those related to the payment or restitution of amounts, the Assignor will be in arrears, regardless of any notification or communication to this effect, and the Assignor will be obliged to pay the Assignee the defaulted amounts, duly plus:

(i) remunerative
 interest, as defined in clause 1.3;

(ii) default
 interest of 1% (one percent) per month, calculated pro rata die, applicable from the date
 of maturity of the Credits until the date of effective payment by the Assignor;

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(iii) a
 non-compensatory late payment fine of 2% (two percent), due only as of the tenth day of the
 maturity of the obligation, calculated on the amount of the outstanding balance verified
 on the date of effective payment; and

(iv) expenses
 incurred as a result of the respective collection.

**1.5.** The Assignor undertakes, whenever requested by the Assignee, when issuing the invoices/invoices for payment of the Drawees, to send a copy of these documents to the Assignee, demonstrating and indicating the Amount of the Monthly Fixed Installment, observing the provisions of the ESCROW ACCOUNT AGREEMENT.

**1.6.** The Parties agree that the amounts arising from the Assigned Installments shall be credited by Banco do Brasil as soon as received, to the Restricted Transaction Current Account held by the Assignor, as indicated in Item 2 – ("Settlement Account of the Assigned Installments"), being certain that the settlement of the assigned installments will occur within three (3) business days of the due date indicated in Annex I, subject to the provisions of clause 1.6.1. below.

**1.6.1.** Once the credit has been made by Banco do Brasil, pursuant to clause 1.6. above, and the due settlement of the overdue Assigned Installments has occurred, the Assignee is obliged to transfer, within one (1) business day from said settlement, any excess amounts to the Assignor's current account, indicated in Item 2.

**1.6.2.** The responsibility for the collection of the Assigned Installments is that defined in Item 6 of the Preamble. In the event of collection carried out by the Assignor, the Assignee, hereby, appoints and appoints the Assignor as his attorney-in-fact, for the sole and special purpose of carrying out the extrajudicial collection of the credits arising from the Installments Assigned to the Drawee, to receive them and give discharge. Upon receipt of such credits, the Assignor shall immediately transfer them to the Assignee. The power of attorney herein granted by the Assignee shall be exercised by the Assignor free of charge, and sub-establishment is prohibited.

**1.6.3.** The Assignor also authorizes the Assignee, irrevocably and irreversibly, to make the debits in its Current Account, as indicated in Items 2 and 5, referring to the amounts arising from the credits of the Assigned Installments, according to clause 1.6., as well as those eventually arising from this Agreement.

**CLAUSE TWO – PRICE**

**2.1.** The total price of this assignment, which must be paid by the Assignee to the Assignor, is the one set out in Item 5 ("Acquisition Value of the Assigned Installments" and "Acquisition Value"), calculated based on the Total Value of the Assigned Installments, applied to the Discount Rate indicated therein *pro rata temporis*. The settlement of the assignment price will take place automatically with the credit of the Acquisition Value of the Assigned Installments in the Current Account indicated in Item 5 of the Preamble.

**CLAUSE THREE – TERM**

**3.1.** This Agreement is valid for an indefinite period and until the full fulfillment of all obligations of the Parties, and neither Party may terminate and/or assign this Agreement, except with the express and prior consent of the other Party.

**CLAUSE FOUR – REPRESENTATIONS AND WARRANTIES**

**4.1.** The Parties, individually, represent and warrant, for all legal purposes and effects, that:

(a) they
 are duly constituted and in regular operation, in accordance with Brazilian laws;

(b) are
 duly authorized to enter into this Agreement and to comply with the obligations set forth
 herein, having met all legal and corporate requirements necessary for this purpose;

(c) the
 execution of this Agreement and the fulfillment of the obligations set forth herein do not
 infringe any obligation previously assumed;

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(d) this
 Agreement constitutes a legal, valid and enforceable obligation, enforceable in accordance
 with its terms and conditions, which have been duly authorized by its competent corporate
 bodies; and

(e) have
 knowledge and had access to all the documentation regarding the Assigned Installments.

**4.2.** The Parties mutually and expressly declare that this Agreement was entered into respecting the principles of probity and good faith, by free, conscious and firm manifestation of the Parties' will and in a perfect relationship of equity. The Parties expressly acknowledge that: (a) full compliance with the obligations set forth in this Agreement is of fundamental importance for the achievement of the objectives of both parties, in view of the bases of the contracted business; and, (b) the terms and conditions of the obligations agreed herein are fair and reasonable, including from the point of view of the rights of the Parties.

**4.3.** The Assignor further represents and warrants to the Assignee, for all the purposes of the law, that:

(a) the
Assigned Installments were duly formalized and represent debts due by the Drawee;

(b) the
Assignor is the holder and legitimate holder of the rights to receive the Assigned Installments, object of this assignment, which was
not subject to another sale, commitment to sale and/or encumbrance;

(c) the
Assigned Installments are free and clear of any liens, liens, attachments, sequestrations, claims or restrictions of any nature, which,
in any way, may hinder the assignment and full exercise, by the Assignee, of the prerogatives arising from the ownership of the Assigned
Installments;

(d) on
the Assigned Installments there is no lawsuit based on collateral law;

(e) there
is no impediment, in any contract, instrument or document to which it is a party, that prohibits or restricts the assignment of the Assigned
Installments under this Agreement;

(f) has
the proper ownership and authorizations of the competent bodies for the commercialization of electricity object of the CER;

(g) the
execution of this Agreement and the assumption and fulfillment of the obligations arising therefrom do not or will cause, directly or
indirectly, the breach, in whole or in part, of (a) any contracts, of any nature; (b) any obligations of the Assignor to third parties;

(h) of
any legal, regulatory or associative or self-regulatory entity to which it is subject or to which any of the rights or assets owned by
it are subject; and/or (d) of any order, decision, even if injunction, judicial, administrative, arbitral or originating from an associative
or self-regulatory entity that affects it or that affects any of the rights or assets owned by it;

(i) the
instruments from which the Assigned Installments arise were duly entered into by its parties and are in force, and there has been, to
date, no (a) execution of any amendment to its terms and conditions; and/or (b) judicial, extrajudicial, administrative or arbitration
measures aimed at the early termination, resolution or annulment of such contracts;

(j) the
Assigned Installments are not or have not been the subject of (a) any judicial, extrajudicial, administrative or arbitration dispute;
(b) of any type of renegotiation, agreement or transaction; (c) any other act that may make it impossible for the Assignee to fully exercise
the rights herein assigned; and/or (d) any compensation;

(k) it
is not in a state of insolvency and the assignment of the Assigned Installments under this Agreement does not result in its insolvency
and does not affect its ability to honor its obligations, including those arising from lawsuits, administrative or arbitration proceedings
or proceedings with associative or self-regulatory entities in progress;

(l) the
assignment of the Assigned Installments is not being carried out in (a) fraud against creditors; (b) fraud in the execution; and/or (c)
tax foreclosure fraud;

(m) there
is no lawsuit, administrative, arbitral or associative or self-regulatory entity proceeding, inquiry or other type of government investigation
that may cause a material adverse impact on its financial, operational or operational condition or activities;

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(n) are
fully in compliance with all their obligations assumed under the instruments from which the Assigned Installments arise;

(o) there
was no hypothesis capable of giving rise to a decrease in the value of the Assigned Installments;

(p) the
Drawee and/or third parties do not have any right against the Assignor that may give rise to the claim of compensation and/or other form
of extinction or reduction and/or the change of condition of payment of the Assigned Installments, and/or that may prevent or delay the
receipt of the Assigned Installments by the Assignee or reduce their value;

(q) that
they are obliged, irrevocably and irreversibly, to comply in full with any and all obligations assumed in the CER.

**4.4.** If the Assignee is responsible for the notarial records necessary for the effective constitution of the guarantees, it is certain and agreed that the Assignor hereby authorizes the Assignee to debit his Current Account, as indicated in Item 6 above, of the amount of the registration incurred by the Assignee, as well as all expenses and costs incurred for its realization, including with third parties eventually hired by the Assignee. The Assignor also undertakes to maintain a sufficient balance to cover such debit(s) in its Current Account.

**4.4.1.** It is hereby agreed between the Parties that, in the event of the existence of any guarantee of performance by the Drawees, arising from the CER contract, the Assignee will be subrogated by operation of law to said guarantee, irrevocably and irreversibly, in the proportion corresponding to the defaulted amount, which is why the Assignor is hereby obliged to: (i) execute said guarantee, if the drawee's default is verified; and (ii) pass on your product immediately upon receipt, applying, when applicable, the provisions of clause 1.6.2.

**4.5.** The Assignor declares for all intents and purposes, under penalty of the law, that he holds possession of the contracts, invoices, invoices and other documents that instrumentalize the credits arising from the Assigned Installments, and that such documents will remain in the possession of the depositary indicated in Item 7 of the Preamble, who undertakes: (i) to ensure their safekeeping and conservation; and (ii) to present them to the Assignee when requested, within forty-eight (48) hours from the request to this effect.

**4.6.** The Assignor is responsible for any losses or damages proven to have been suffered by the Drawee of the Assigned Installments, as a result of undue or excessive collection, provided that the Assignee has used, for the purpose of collecting the credits arising from the Assigned Installments, the information and other documents provided by the Assignor under this Agreement. In the event that the Assignee bears such damages, the Assignor undertakes to reimburse the Assignee, within a maximum period of five (5) days from the notice sent to him, accompanied by the respective proof of the amounts disbursed by the Assignee.

**4.7.** The Assignor declares and undertakes not to use, directly or indirectly, the resources made available to it under this Agreement for the practice of unlawful acts provided for in Law 12.846/2013 and related legislation or for the practice of acts that violate national or foreign public property, against the principles of public administration or against the international commitments assumed by Brazil.

**4.8.** The Assignor, on behalf of itself and its administrators, employees, agents and service providers, declares that (i) it conducts its business practices ethically and in accordance with the applicable legal precepts; (ii) repudiates and does not allow any action that may constitute an injurious act under the terms of Law No. 12,846/2013 and related legislation; (iii) it has governance in place aimed at preventing and detecting violations of the anti-corruption rules and the requirements established in this Agreement; and (iv) promptly notify the Assignee if it becomes aware of or suspects any conduct that constitutes or may constitute bribery or corruption in connection with the dealing, conclusion or performance of this Agreement, and hereby declares that it has not and will not make any payment, or provide or provide benefits or advantages to any governmental authorities, or consultants, representatives, partners or third parties linked to them, with the purpose of influencing any act or decision of the public administration or ensuring any undue advantage, obtaining or preventing business or obtaining any undue benefit.

**4.9.** The Assignor undertakes to (i) keep its addresses and other registration data updated with the Assignee; and (ii) not to close any checking account directly or indirectly related to the fulfillment of the obligations assumed by it under this Agreement.

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**CLAUSE FIVE – SOCIAL AND ENVIRONMENTAL RESPONSIBILITY**

**5.1.** The Assignor hereby declares under penalty of civil and criminal liability, that:

a) is
in compliance with all its socio-environmental and/or agroecological duties and obligations;

b) fully
complies, under the terms of the relevant socio-environmental legislation and regulations: (i) all rules, criteria and standards established
by the National Council for the Environment (*Conselho Nacional do Meio Ambiente*, or CONAMA); (ii) all the rules, criteria and
standards established for the agroecological zoning pertinent to the activities developed by them; and (iii) all the requirements and
conditions established by the competent authority(ies) for obtaining and maintaining the environmental license(s) pertinent to the activities,
projects and/or undertakings developed by them;

c) does
not use, under any circumstances, slave labor (or in similar conditions) and/or child labor;

d) its
employees are working in conditions appropriate to the assigned function and in accordance with the Labor and Social Security Laws.

**SIXTH CLAUSE – GENERAL PROVISIONS**

**6.1.** Oral and written communication between the Parties shall be made exclusively through the representatives of each of them, listed below, at the respective addresses indicated therein and may be made by means of registered letters, *e-mail* or any other form previously approved by the Assignee and agreed upon between the Parties.

By the Assignor: J&F S.A

Attn:

E-mail: gestão.financeira@ambarenergia.com.br

Address: Avenida Marginal Direita do Tietê, nº 500, São Paulo - SP - CEP: 05118-000

Phone: 11-3668-1095

By the Assignee: PICPAY BANK – BANCO MÚLTIPLO S.A.,

Attn: Mrs. Carlos Fernando Ferreira de Sousa

Email: carlos.sousa@picpay.com

Address: Av. Manuel Bandeira, nº 291, São Paulo – SP – CEP 05317-020

Phone: 11-99479-6895

**6.2.** The Assignor authorizes the Assignee: (i) to consult and/or provide to the Central Bank of Brazil (BACEN) information on the amount of overdue and overdue debts, co-obligations assumed and guarantees provided, to integrate the SCR and provide information for the monitoring and inspection of credit in the financial system; (ii) to exchange information between institutions authorized to operate by BACEN on (a) the amount of responsibility of its customers in credit operations and (b) any indication or attempt of fraud identified that refers to the Assignor, with the purpose of subsidizing the procedures and controls for the prevention of fraud.

**6.2.1.** The Assignor is aware that it may (i) consult the SCR data through the Registrato - Extract of the Information Registry (*Extrato do Registro de Informações*), on the BACEN website or through the public service centers; (ii) request, in case of divergence, correction, exclusion or registration of judicial measure; and (iii) express disagreement, upon request to the institution that registered the respective data in the SCR. This authorization extends to institutions able to consult the SCR and that acquire or express interest in acquiring or receiving as collateral, in whole or in part, credit operations under the responsibility of the Assignor. The Assignor ratifies any consultation made previously.

**6.2.2.** The Assignor authorizes the Assignee to provide, at any time, to the databases established for the formation of credit history (SERASA, SCPC, Bureau of Positive Records and others), any and all information that is part of the history of credit, loan and financing operations with the Assignor, including that information related to the performance.

**6.3.** Any and all burdens of all taxes, contributions and other charges due due to the transaction object of this Agreement will be borne by the taxpayer as defined in the tax law, under the terms of the applicable legislation.

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**6.4.** No omission or delay by the Parties in exercising their rights, powers or privileges under this Agreement, nor any agreement between the Assignee and the Assignor, shall operate as a waiver of the same, nor shall the exercise of any right, power or privilege under this Agreement prevent any further or further exercise thereof, or the exercise of any other right, power or privilege.

**6.5.** It is hereby agreed that the terms and conditions of this Agreement will be kept confidential by the Parties. It is forbidden for any of the Parties to inform third parties, including the Debtor(s) of the Assigned Installments, the terms and conditions of this assignment, in particular the amount related to it.

**6.6.** For all purposes and purposes of this Agreement, any communication, request or other notice required or permitted hereunder, or associated with it, shall only be valid if in writing and delivered with acknowledgment of receipt, whether by e-mail or mail, addressed to the addresses of the Parties, set forth in the preamble to this Agreement.

**6.7.** This Agreement or any of its provisions, Annexes or documents to be provided under this Agreement may not be amended, modified, waived, released or terminated orally, but only by written instrument signed by all Parties.

**6.8.** In the event that one or more provisions contained in this Agreement become invalid, illegal or unenforceable in any respect, the validity, legitimacy or enforceability of the remaining provisions contained herein shall not be affected by the same.

**6.9.** This Agreement is irrevocable and irreversible, binding the Parties and their successors in any capacity.

**6.10.** This Agreement fully includes the agreement between the Parties with respect to the subject matter hereof and suspends all prior written statements, memorandums and agreements with respect to such subject matter.

**6.11.** This Agreement, and any annexes, accessories and/or instruments related to it, as applicable, includes the Assignee's Privacy Policy, available for consultation at www.picpay.com.br.

**6.12.** The Parties agree and expressly agree with the possibility of electronic signature of this Agreement and any annexes, accessories and/or instruments related to this Agreement, including amendments, in accordance with security, authenticity and certification rules established by Comprova.com Informática Ltda. – DocuSign and/or another reputable and renowned company in the market, provided that it has been previously approved by the Assignee, and expressly recognize, for all intents and purposes, that such signatures are valid, effective and sufficient to prove the authorship, authenticity, integrity, availability and legal validity of these documents, and there is no doubt in relation to the conditions and other obligations established. Therefore, once the possibility of electronic signature of the documents is agreed, pursuant to paragraph 2 of article 10 of MP 2,200-2/01, the Parties expressly agree and agree that such documents are fully accepted, valid and may be admitted as evidence by the Judiciary for all necessary purposes, even if they have not been signed and/or formalized with certificates issued by the ICP (*Infra-Estrutura de Chaves Públicas Brasileiras – ICP – Brasil*).

**6.13.** To settle any disputes arising from this Agreement, the Parties elect the Court of the District of São Paulo, to the exclusion of any other, however privileged it may be.

IN WITNESS WHEREOF, the Parties have executed this instrument, electronically, in the presence of the two (2) witnesses below.

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| |
|:---|
| São Paulo, December 19, 2025. |
| /s/ Marcelo Zanatta Estevam |
| **J&F S.A.** |
| /s/ Thiago Daniel; Renata Baiense de Paiva Greco |
| **PICPAY BANK – BANCO MÚLTIPLO S.A.** |

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**Witnesses**:

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|:---|:---|:---|:---|:---|:---|
| 1. | /s/ Leonardo de Alencar Carvalho Santos | /s/ Leonardo de Alencar Carvalho Santos | 2. | /s/ Carlos Fernando Ferreira de Sousa | /s/ Carlos Fernando Ferreira de Sousa |
|  | Name: | Leonardo de Alencar Carvalho Santos |  | Name: | Carlos Fernando Ferreira de Sousa |
|  | CPF: |  |  | CPF: |  |

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**ANNEX I – CHARACTERISTICS OF THE ASSIGNED INSTALLMENTS**

[Omitted pursuant to Item 601(a)(5) of Regulation S-K]

## Exhibit 21.1

**Exhibit 21.1**

**Subsidiaries of the Registrant**

---

| | | |
|:---|:---|:---|
| **#** | **Name** | **Jurisdiction of <br> Incorporation or<br> Organization** |
| 1 | PicS Ltd. | Cayman |
| 2 | PicS Holding Ltda. | Brazil |
| 3 | PicPay Instituição de Pagamento S.A. | Brazil |
| 4 | PicPay Bank – Banco Múltiplo S.A. | Brazil |
| 5 | Crednovo Sociedade de Empréstimo Entre Pessoas S.A. | Brazil |
| 6 | PicPay Invest Distribuidora de Títulos e Valores Mobiliários Ltda. | Brazil |
| 7 | Guiabolso Correspondente Bancário e Serviços Ltda. | Brazil |
| 8 | Guiabolso Pagamentos Ltda. | Brazil |
| 9 | BX Negócios Inteligentes Ltda. | Brazil |
| 10 | Fundo de Investimentos em Direitos Creditórios Não- Padronizados PicPay I | Brazil |
| 11 | Fundo de Investimentos em Direitos Creditórios PicPay FGTS | Brazil |
| 12 | PicPay Participações e Investimentos Ltda. | Brazil |
| 13 | Nosso Time iGaming S.A. | Brazil |
| 14 | PicPay Holding Ltda. | Brazil |
| 15 | Zem Collection Ltda. | Brazil |
| 16 | FIDC Somacred Vega Sicilia Assistência Financeira | Brazil |

---

## Exhibit 23.1

**Exhibit 23.1**

**Consent of Independent Registered Public Accounting Firm**

We consent to the use of our report dated December 05, 2025, with respect to the consolidated financial statements of PicPay Holdings Netherlands B.V., included herein and to the reference to our firm under the heading "Experts" in the prospectus.

/s/ KPMG Auditores Independentes Ltda.

KPMG Auditores Independentes Ltda.

São Paulo – SP - Brazil

January 5, 2026

## Ex-Filing

?xml version='1.0' encoding='ASCII'? Filing Fee Exhibit

**Ex-Filing Fees**

**CALCULATION OF FILING FEE TABLES**

**F-1**

**Picpay Holdings Netherlands B.V.**

**Table 1: Newly Registered and Carry Forward Securities**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Line Item Type** | **Security Type** | **Security Class Title** | **Notes** | **Fee Calculation<br> Rule** | **Amount Registered** | **Proposed Maximum Offering<br> Price Per Unit** | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee** |
| *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* |
| Fees to be Paid | Equity | Class A common shares, par value of euro0.01 per share | (1) | 457(o) | 0 | $0.00 | $100000000.00 | 0.0001381 | $13810.00 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $100000000.00 |  | 13810.00 |
| Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: |  |  |  |
| Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: |  |  | 0.00 |
| Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: |  |  | $13810.00 |

---

**__________________________________________ Offering Note(s)**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(o) under the Securities Act of 1933, as amended. Includes the aggregate offering price of additional shares that the underwriters have the option to purchase from the registrant, if any.