The adjusted EBITDA is the indicator used by the Company’s Management to assess the performance of the various segments and its capacity to generate operating cash flow. It comprises net income less the net financial result, income and social contribution taxes, depreciation and amortization, equity income and other operating revenues (expenses). Although it is used to measure the segments, it is not recognized by IFRS or Brazilian accounting practices, nor does it have a standard definition so it may not be comparable to similar indicators disclosed by other companies.