AUDITORS’ REPORT INSTITUTO BLACK JAGUAR

Independent auditors’ report on the financial statements

(Free translation from the original issued in Portuguese. In the event of discrepancies, the Portugues language version prevails. See Note 13 to the financial statements.)

To the Management of Instituto Black Jaguar São Paulo - SP

Qualified opinion on the financial statements

We audited the financial statements of Instituto Black Jaguar (“Institute”), which comprise the balance sheet as of December 31, 2022 and the related statements of income, comprehensive income, changes in equity and cash flows for the year ended on that date, as well as the summary of significant accounting practices and other explanatory notes.

In our opinion, except for the effects of the matter described in the following section “Basis for a qualified opinion on the financial statements”, the financial statements referred to above fairly present, in all material respects, the equity and financial position of Instituto Black Jaguar as of December 31, 2022, the performance of its operations and its cash flows for the year ended on that date, in accordance with the practices adopted in Brazil applicable to small and medium-sized companies (NBC TG 1000 (R1)) and not-for-profit entities s (ITG 2002 (R1)).

Basis for qualified opinion on the financial statements

As presented in Note 12.2, the Institute contracted service providers to carry out activities related to its operation, however, no provision was made to cover possible disbursements or contingencies associated with this matter. Consequently, the liabilities were lower and shareholders’ equity and income for the year were higher by approximately R$957 thousand (R$616 thousand in 2021), relative to the estimated risk to which the Association is exposed.

Our audit was conducted in accordance with Brazilian and international auditing standards. Our responsibilities under these standards are described in the following section entitled “Auditor Responsibilities for the Audit of Financial Statements”. We are independent from the Institute in accordance with the relevant ethical principles set forth in the Code of Professional Ethics for Accountants and in the professional standards issued by the Federal Accounting Council - CFC, and we comply with other ethical responsibilities in accordance with these standards.

We believe that the audit evidence obtained is sufficient and appropriate to provide a basis for our qualified opinion.

Emphasis of matter

As commented in Explanatory Note No. 4.5, the Institute has legal support for non-payment of the ITCMD (Causa Mortis and Donations Transfer Tax) levied on donations received, and must make a formal request for this exemption to SIMA - Secretariat for the Environment and to SEFAZSecretariat of State for Finance.

For donations received during the 2022 financial year, the formal procedures were in progress, where the Institute estimates that their approval will occur during the 2023 financial year. Our opinion is not qualified on this matter.

Management’s Responsibility for the Financial Statements

The Institute’s Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting practices adopted in Brazil applicable to small and medium-sized companies (NBC TG 1000 (R1)) and not-for-profit entities (ITG 2002 (R1)), and for the internal controls it has determined to be necessary to allow the preparation of these financial statements free from material misstatement, whether caused by fraud or error.

In preparing the financial statements, Management is responsible for assessing the Institute’s ability to continue operating, disclosing, when applicable, matters related to its operational continuity and the use of this accounting basis in the preparation of the financial statements, unless Management intends to liquidate the Institute or cease its operations, or has no realistic alternative to avoid the closure of operations.

Auditor’s Responsibilities for Auditing the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements are free from material misstatement, whether caused by fraud or error, and to issue an auditor’s report containing our opinion. Reasonable security is a high level of security, but not a guarantee that the audit carried out in accordance with Brazilian and international auditing standards always detects any material misstatements that exist. Misstatements may arise from fraud or error and are considered material when, individually or jointly, they could influence, within a reasonable perspective, the economic decisions of users taken based on said financial statements.

Auditor’s Responsibilities for Auditing the Financial Statements--Continued

As part of the audit performed in accordance with Brazilian and international auditing standards, we exercise professional judgment and maintain professional skepticism throughout the audit. Furthermore:

• We identified and assessed the risks of material misstatement in the financial statements, whether caused by fraud or error, planned and performed audit procedures in response to such risks, and obtained sufficient appropriate audit evidence to support our opinion. The risk of not detecting a material misstatement resulting from fraud is greater than that arising from error, as fraud can involve circumventing internal controls, collusion, forgery, omission or intentional misrepresentation;

• We have obtained an understanding of the internal controls relevant to the audit in order to plan audit procedures appropriate to the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Institute’s internal controls;

• We evaluated the adequacy of the accounting policies used and the reasonableness of the accounting estimates and related disclosures made by Management;

• We conclude on the adequacy of the use, by Management, of the going concern basis of accounting and, based on the audit evidence obtained, whether there is material uncertainty regarding events or conditions that may raise significant doubt regarding the Institute’s ability to continue as a going concern. If we conclude that significant uncertainty exists, we must draw attention in our auditor’s report to the related disclosures in the financial statements or include a modification in our opinion if the disclosures are inadequate. Our conclusions are based on audit evidence obtained up to the date of our report. However, future events or conditions may lead the Institute to no longer remain in operational continuity;

• We evaluated the general presentation, structure and content of the statements financial statements, including disclosures, and whether the financial statements represent the related transactions and events in a manner consistent with the purpose of fair presentation.

We communicate with Management regarding, among other things, the planned scope, timing of the audit and significant audit findings, including any significant deficiencies in internal controls that we identify during our work.

São Paulo, July 20, 2023.