Good morning ladies and gentlemen. At this time, we would like to welcome everyone to Cosan’s Second Quarter of 2017 Results Conference Call. Today with us we have Mr. Mario Silva, CEO; Mrs. Paula Kovarsky, IRO; Mr. Joao Arthur Souza, CFO and Mr. Phillipe Casale, Investor Relations Manager of Cosan SA. We would like to inform you that this event is recorded. [Operator Instructions] The audio and slideshow of this presentation are available through live webcast at ir.cosan.com.br. The slides can also be downloaded from the webcast platform. Before proceeding, let me mention that forward-looking statements will be made under the Safe Harbor of the Securities Litigation Reform Act of 1996. Forward-looking statements are based on the beliefs and assumptions of Cosan’s management and on information currently available to the company. They involve risks, uncertainties and assumptions because they relate to future events and therefore depend on circumstances that may or may not occur in the future. Investors should understand that general economic conditions, industry conditions and other operating factors could also affect the future results of Cosan and could cause results to differ materially from those expressed in such forward-looking statements. Now, I’ll turn the conference over to Mrs. Paula. Mrs. Paula, you may begin your presentation.

Good morning everyone and welcome to go Cosan SA’s second quarter of 2017 results conference call. As usual I’ll start the presentation by talking about each business line and then the consolidated results. This quarter however, we’ll go straight to slide number 4 to talk about Raízen Energia as the explanation on this crops dynamics and impact on ethanol prices will help us understand Raízen Combustíveis results. Let's go over to slide 4. Second quarter of 2017 set Raízen’s 2017/2018 crop year, that’s the startup of the crop year. We crushed 19.2 million tons of sugarcane down 14% year-on-year. It is worth mentioning that the harvest was anticipated to March in the 2016/2017 crop year, due to the availability of cane less in the field during the intercrop. So, while we started the crop, back in April 2016 production was already at full steam, which is atypical. This year instead a higher range for volume delayed crushing, especially if we compare to last year's strong basis of comparison. This delay will not compromise our target of reaching the high end of the guidance range in terms of crushing, which is nearly 63 million tons. Even if we have to crush again until Christmas and shorten the intercrop a bit. But this year it was 81 tons of cane per hectare in the second quarter of 2017 versus $92 tons of cane per hectare in the second quarter of 2016. When cane was available, but not processed as I already mentioned. The average TRS in the water stood at 124 kilos per ton, up 2% year-on-year supported by investments in cane treatment. Raízen remains focused in maximizing sugar and the mix in the early crop reached 57% of sugar versus 55% in the second quarter of 2016. Raízen analyzes the profitability…

[Operator Instructions] Thank you. This concludes today's question-and-answer session. I would like to invite Mrs. Paula Kovarsky to proceed with the closing statements. Please go ahead.

Well thank you all and see you next quarter.