Ultrapar Participacoes S.A. (New) American Depositary Shares (Each representing one Common Share)

Good morning and thank you for holding. Welcome to UltraPAR's third quarter 2020 results conference call. There's also a simultaneous webcast that may be accessed through UltraPAR's website at ri.ultra.com.br and the MZIQ platform. This conference call will have Mr. Frederico Curado, Chief Executive Officer, and Mr. Rodrigo Pizzinatto, CFO in Investor Relations, together with other executives of Ultrapar. We'd like to inform you that this event is being recorded and all participants will be in listen-only mode during the company's presentation. After the company's remarks are completed, there will be a question and answer session. At that time, further instructions will be given. Should any participant need assistance during this call, please dial star zero to reach the operator. We'd like to remind you that questions which will be answered during the Q&A session may be posted in advance in the webcast. A replay of this call will be available right after it closes for one week. Before proceeding, let me mention that forward-looking statements that may be made during this conference on the company's business perspectives, projections, and financial and operational goals are beliefs and assumptions of Ultrabars management and are based on information currently available to the company. Future considerations involve risks, uncertainties, and assumptions because they relate to the future and therefore depend on circumstances that may or may not occur. Investors should understand that general economic conditions, industry conditions, and other operating factors could also affect the future results of UltraPAR and could cause results to differ materially from those expressed in these forward-looking statements. Now, I'll turn the conference over to Mr. Frederico Curado who will begin the conference. Mr. Curado, you may proceed.

Good morning, everyone. Thank you for attending our quarterly call. and all of our businesses presenting good operational and financial performance. Our companies have demonstrated great competence in management of its operations during the crisis, both from the point of view of the safety of our people, but also the service to customers and consumers. So we have had so far 744 confirmed cases of COVID since the beginning of the pandemic, of which 720 have already recovered and have returned to work, and the balance of fundamentally fulfilling the expected quarantine period of about two weeks. So I think that proves that our security protocols have proven very, very effective, and as economic activity recovers, our businesses have had agility and seized opportunities. including resuming investments that were on hold until greater clarity of the economic scenario. Well, all of that, of course, with the usual financial discipline, and that can be proven by our cash performance year-to-date, allowing us to reduce the leverage of our debt by 14 base points in the quarter. Now, briefly commenting on the businesses, starting with Ultragas, They had another great quarter, historical record, volume recovery in bulk customers. This is a small and medium-sized enterprises, but also sustained margins in both segments, bulk and households. Ipiranga, on the other hand, also experienced a good recovery of volumes and margins, and it would actually have been even better if it were not for the margins of ethanol, which are still under pressure. Extra Pharma is on track on its continuous improvement process. Another good quarterly result, by the way, the best since we acquired the company in 2014. And Occitano, also another great quarter with the recovery of those sectors that had suffered the most from the crisis. So in addition, of course, the company has benefited from the devalued exchange rate and managed to sustain a healthy level of margins.

Finally, Ultra Cargo,