EBITDA Considerations

The administration of the Company believes that the EBITDA is an alternative to assess its operational performance and it allows comparison to the operating performance of other companies in the same industry and other industries. Although the EBITDA does not provide, according to the Brazilian Accounting Principles (BR GAAP) or the U.S. Accounting Principles (US GAAP), measures of the operational cash flows, it may be differently defined and calculated by other companies and businesses.