Telecomunicações Brasileiras S.A. - TELEBRÁS Reports Earnings Results for the Full Year Ended December 31, 2020

Telecomunicacoes Brasileiras SA Telebras is a Brazil-based holding company engaged in the telecommunications sector. The Company controlled a number of concessionaires of public telecommunications services until May 22, 1998. After a split up of the Company into 12 parts, it no longer had operating revenue-generating assets. On May 13, 2010, the Company began its organizational restructuring. In the fiscal year 2011, the Company was involved in the implementation of projects related to the support of the operations of Programa Nacional de Banda Larga (National Broadband Program), which aims to popularize the provision of broadband Internet access by the year 2014. As of December 31, 2011, the Company was controlled by Ministry of Communications of the Brazilian Federal Government, which held 89.88% of ordinary shares in the Company and 72.67% of the total capital.