EBITDA

It means income before net financial expenses, income and social contribution taxes, depreciation and amortization. EBITDA is used as a performance measurement attributed by the Company Management and it is not a Brazilian or the U.S. GAAP measurement, additionally it does not represent cash flows for the periods presented and should not be considered alternatives to net income as an indicator of Eucatex’s operating performance or as an alternative to cash flows as an indicator of liquidity.