Good morning, ladies and gentlemen. At this time, we would like to welcome everyone to Cosan S/A’s Third Quarter of 2017 Results Conference Call. Today with us we have Mr. Mario Silva, CEO; Mr. Guilherme Machado, IRO; Mr. João Arthur Souza, CFO; and Mr. Phillipe Casale, Investor Relations Manager of Cosan S/A. We would like to inform you that this event is recorded. And all participants will be in a listen only mode during the Company's presentation. After the Cosan’s remarks, there will be a question-and-answer session for industry analysts. At that time, further instructions will be given. [Operator Instructions] The audio and slideshow of this presentation are available through a 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 Mr. Machado. Mr. Machado, you may begin the call.

Good morning, everyone. And welcome to Cosan S/A third quarter of 2017 results conference call. While starting the presentation, I'll talk about each business line and consolidated results. So I would like to remember shareholder movement that happened at Cosan S/A level. As already announced this through the material fact last month, Shell decided to exercise its good option it had against Cosan Limited, CZZ, dated from 2012, converting it to stake in Comgás of approximately 17% into shares of Cosan S/A season three shares. This transaction, as you know, is subjected to benefits risk commission here in Brazil CADI. And when competed, CZZ will receive 21.8 million shares of Comgás and deliver to Shell 20.3 million shares of Cosan S/A season three shares plus two cash installments. Also worth to remember that on October 10th, CZZ offered to Cosan S/A the possibility to acquire these stake in Comgás at the same conditions agreed between Shell and CZZ. This operation wise analyzes and approved by the independent Board members of Cosan on October 16th. And when proved by CADI, transactions will happen simultaneously. As a consequence, the stake of 63% that Cosan S/A holds in Comgás today will increase to almost 80%. And finally on this topic, last Tuesday, November 7th, Comgás declared dividends in total amount of R$700 million. And if the transaction and when a transaction is approved, the mentioning amount to be adjusted for the payment for Shell of this dividend. So now let’s move forward to chart number four, talking about Raízen Combustíveis’ results. In this quarter, the few markets was impacted by important events such as the tax adjustments on the main products and we saw more often price adjustments practiced by Petrobas. Additionally, we see some signs of recovery in some segment of the…

Thank you. We will now begin the question-and-answer session [Operator Instructions]. Our first question comes from Luiz Carvalho, UBS.

Just a quick one following up the Portuguese call, there we have been seeing Comgás delivering quite good results over the past, let's say, couple of quarters and even more than that. And I am wondering in lieu of the tariff acquisition, I mean on other regulated companies in the electricity sector and more recently with the same regulator than Comgás assessed hearing in São Paulo, suggests you had a quite flat, I would say, acquisition during the last -- their review. Is there any update that you can provide to us in terms of what you expect in terms of the acquisition and for the -- now that we have a new director appointed to be in charge of the tariff revision? And second question, give me some quick calculation here on Raizen Combustíveis. When we analyze for the potential gain -- stock gain, gain that you had in the quarter we’ve come something close to R$120 million, which will lead your EBITDA margin per cubit liter to close to R$117 per cubic liter. Is that something that we can look forward in terms of sustainable margins or is there any other thing that you can flag to us? Thank you.

So first talking about Comgás, and I am not trying to be creative in this answer here. What happened is that as Comgás has already stated in their earnings call, they’re waiting for the process with the agency and their official statements regarding the process of the cycle revision and which is something that we do not have any visibility when is going to happen. So the Company is prepared for additional discussions whenever the agency is prepared for that. So it's important to highlight in the sense that although we have the process being conducted by the same regulator, we understand that the totally separate discussion and business and industries are different. And I think that when we’re solicitated to join the process, we’re prepared and nothing more creative in this sense. Talking about the Raízen Combustíveis. As we have been discussing with the market, supply -- the import process by Raízen Combustíveis is part of the supply strategy now. So inventory gains and losses when it happens we consider to be normal course of the business, which is something to be honest that we cannot create a rule of thumb or create something as an average that we can guide the market. It’s going to happen when we have opportunities. And again this is going to be part of our supply strategy. So it's something that is happening in order to supply the short that we have in our network as part of the business.

Just one related to the tax increase during the quarter, and that in our calculation led to R$1 million gain, but that’s okay.

[Operator Instructions] That concludes the question-and-answer session for investors and analysts. I’ll turn the conference over to Mr. Machado to proceed with his closing statements.

Okay. I would like to thank you now for joining the call. And we talk to you guys in the next earnings conference call. Thank you.

That does conclude Cosan's third quarter of 2017 results conference call. Thank you. Have a nice day.