Good morning. Welcome, everyone, to BrasilAgro's Fourth Quarter 2014 Results Conference Call. Today's live webcast and presentation maybe accessed through BrasilAgro's website at www.brasil-agro.com. We would like to inform you that this event is being recorded and all participants will be in a listen-only mode during the company's presentation. After BrasilAgro's remarks, there will be a question-and-answer session for analysts only. At that time, further instructions will be given. (Operator Instructions). Before proceeding, let me mention that forward-looking statements are based on the beliefs and assumptions of BrasilAgro management and on information currently available to the company. They involve risks and uncertainties because they relate to future events and therefore depend on circumstances that may or may not occur. Investors should understand that conditions related to the macroeconomic scenario, industry and other factors could also cause results to differ materially from those expressed in such forward-looking statements. Now, I’ll turn the conference over to Mr. Julio Piza, Chief Executive Officer. Sir, you may begin your conference.

Thank you. Welcome everyone to our fourth quarter 2014 conference call. If you may, we can move to Page 2 with the highlights for the year. First of all, the acquisition of 141,000 hectares in Paraguay, which we are very proud of. It’s our international expansion plan going on. Also, as we have mentioned before, the company a couple years ago entered a more stable phase in which we are selling land on a recurrent basis. So we sold our two operations; one in Paraguay, one in Brazil which was very interesting. It reinforces our investment thesis. Of course, we would want more and positively sure more will come in the short term, but we are doing it. Also, we have accomplished or obtained another 16,000 hectares of environmental permits. We’re expecting or we’re finalizing another 13,000 hectares of developed area. With that, we are reaching 100,000 hectares of developed land in the last six years. And also as part of our request we’ve been getting from investors, we’ve hired an independent appraisal company that did evaluate our portfolio reaching R$1.3 billion in value for our farms, and again a few more of that in more details. From an operational perspective, it was a mixed [feeling] (ph) year. I think real estate development growth was spectacular. The sale part is good, not bad, it’s good; could be better and will be better but it’s good. From an agricultural operation, mixed feelings. A pretty good year on [POE] (ph), a pretty good year with sugarcane; pretty good year in Paraguay; going to see the details, horrible year in Bahia and it’s part of what we do once we start developing and operating in the margins we are always more sensible to weather patterns. So before going through the details, a little…

We will now begin the question-and-answer session. (Operator Instructions). The first question comes from [Paulo Varassi with Brazil Ploro] (ph). Please go ahead.

Good afternoon, everybody. I have two questions, if I may. The first one is about the company’s partnership in Bahia. I’m talking about the one that was eliminated in June of this year. I was wondering how this decision impacts BrasilAgro’s call option to purchase the Parceria I Farm and if there is a remote possibility of re-implementing this farm into the portfolio in the future? And also if this actually changes anything regarding the Parceria II Farm. That’s the first question. And then my second question is about CapEx for 2015 and it’s basically just if you guys have a guidance that we could work with in our estimates for the year. Those are the two questions. Thank you.

Thanks. For the first question – thanks for the question, Paulo, we cancelled the Parceria we had in Bahia. It hasn’t performed to what we expected, so we cancelled the Parceria. We cancelled the option to buy the farm. It was out of money. We didn’t have our interest in pursuing that. It doesn’t change anything regarding the Parceria II which is the one in POE which has performed quite well according to the plan. So we’re excited with that one. We were not with the one in the south in Bahia, that’s the reason we cancelled it, but will have a great exposure to Bahia. It doesn’t make any sense to consider that operation. That’s the reason we cancelled. As for the CapEx for the year, we don’t have any specific guidance. What we can assume that’s in general we expect to stand on a single hectare of development between R$2,000 and R$2,500 per hectare, so you can make the calculations based on that number.

All right, thank you.

This concludes the question-and-answer session. I’ll turn it over to Mr. Julio Piza for his final considerations. Mr. Piza, you may give your final considerations now.

Thank you, everyone. As I said before, I think it’s a year to celebrate a few things such as expansion, such as a high level of development with also to be happy about keep on selling farms as we did as the third consecutive year that we are doing so and in important numbers. I’m just saying that it should be more, it will be more. From an operational perspective, we’re not pleased with Bahia. It was a tough year, but we are pleased that the portfolio is holding together and that the company even though developing a lot of land, doing all of the hard work and being very sensitive to weather issues, we continue to deliver productive EBITDA. So we are pleased with that and looking forward to another year of lots of development and perhaps new acquisitions. With that, thank you everyone for joining. I’ll see you all in the next quarter.

Thank you. This concludes today’s BrasilAgro’s fourth quarter 2014 results conference call. You may disconnect your lines at this time.