Good afternoon. Welcome to BrasilAgro's Third Quarter 2017 Results Conference Call. Today with us we have Mr. André Guillaumon, CEO, and Mr. Gustavo Javier, Administrative Officer and Investor Relations Officer. We inform that today's webcast is recorded and all the participants will be here into teleconference during the presentation of the Company. Next, we will begin the Q&A session. [Operator Instruction] The audio is being presented simultaneously on the internet at www.brasil-agro.com, where you can also find the slide and the PowerPoint presentation. 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. Thus also based on our information currently available, they involve risks and uncertainties because they refer to future events and therefore depend on circumstances that may or may not occur. Investors should understand that conditions related to macroeconomic scenario, industry and other factors may affect the future performance of BrasilAgro and lead to results that may differ materially from those expressed in these future considerations. Now, we'd like to turn the conference over to Mr. André Guillaumon, CEO, who will begin the presentation. Mr. André, you have the floor. André Guillaumon: Well, good afternoon, thank you very much for your presence. We will use the same lines that we have used in the last call for results bringing accounting information that was relevant during this period. I'd like to call your attention Q4 highlights that happened in this quarter, we ended with a net revenue of R$77.7 million and this with a net income of R$6.1 million and year-to-date nine months. And to highlight that we already informed through material fact that it's a good opportunity to be with you and to be available also to clarify the business, and also…

Thank you, André. Thank you to the participants to be with us. And let's go to Page 11, EBITDA and adjusted EBITDA. Here we present to – we have the upper parts and we have the adjusted, we understand this is the best way to demonstrate the results. We have the inclusion of results, and including the sale, and also EBITDA until then it was not consolidated, now we are beginning to have consolidated results. And by June 30, we will conclude this and part of this we have also on December 31, we have defined to have a new company where we will transfer some assets, especially cattle raising, land and inputs, and thus we'll have consolidated numbers. Now, we continue with the properties and other assets. And by June 30, we believe we will conclude these plans. We considered the operational EBITDA and it was recorded here and now we included in this table. Now, we looking at the nine months, we have here on the upper table, we have R$241 million and it's important to highlight that we had a gross profit of R$18.9 million, and this includes all the effect. And later, we still have the risk of not being able to sell as well as we would like. So, we took a picture of this on March 31, estimating quantities and also estimating price of sales. And we got to a value as a result of a discount rate and for this year we – it is year embraced it with positive harvest and you can see on the lower table where – as of the harvest that is being concluded. It is progress the harvest. We will have this better result. Certainly, we have an adjusted results of R$12 million. This EBITDA on June…

We will now begin the Q&A session only for Investors and Analyst. [Operator Instructions] The first question comes from Juan Pedro Suarez from Bradesco Bank. Mr. Jean you may proceed.

Good afternoon. Gustavo, André, I have two questions. In reality, first I'd like to understand better, this partner shipping the state of [indiscernible] and whether you've seen increases. I'd like to know your condition, also if you could talk more about the sugarcane operation in Midwest? We have talked to some companies and we see that the climate is more dry, so I'd like you to talk about the productivity in Q2 of the drought? André Guillaumon: Sure. Thank you for the question. These are basically three questions. I will try to talk about the partnership and then the climate and sugarcane in the Midwest. First question partnership. What is this partnership, what are the objectives of this partnership? This was an asset 25,000 of hectares of arable land and the company bought 10,000, and we made a partnership contract in the remaining 15,000 hectares. What we have? We have a partnership to supply sugarcane with Agroceres which is based on the important economic. We have irrigation cost. We have a partnership with Agroceres where we have a premium on the price of sugar cane and an important point there as a result of the geographic location. It's anhydrous alcohol, so there is an additional gain, a region that has hydrated anhydrous alcohol. So, it's a partnership with volumes that will grow as the years go by. This year 850,000 tons and it will reach 1 million, close to 1.2 million tons of sugarcane in this unit in the future. If prices were there is a premium because of our additional cost of irrigation. But it's a very productive farm. Lot of soleus, very structured land, earth and we are using the – we are using the techniques that we use in the Midwest. You are invited to get to…

Thank you. Also a follow-up question. This – what is the renovation rate in the sugarcane plantations? André Guillaumon: Well, the average age of our sugarcane, I will talk about the Midwest. We have two operational units at [indiscernible], so as I mentioned these are very fertile plateau areas 4.2 in one, and average age of 4 in the other. If you ask me the ITO, the ITO programazation of 20% a year, that would be the ITO. Why don't we do this? Because we have the good surprise, the areas in plateau had good performance. When you plan it gives more production during the first, second third fourth year and we've seen that in the plateau areas in the Midwest even in Northeast, we have a drop in productivity that is lower than in other areas. So, we still have many benefits to continue with the plantations for six, seven years. We have some with eight cuts, eight harvest with a good productivity. So, our drive to reform is not age, but the productivity. One productivity goes low to 60 tons, than we began to really renew the plantation.

Okay. Thank you.

[Operator Instructions] There are no more questions. Now we pass the floor to Mr. André Guillaumon for his final comment. André Guillaumon: Well I'd like to thank you all. Thank you, Juan for the questions. We hope you have clarified to you. We will be here for our Annual Presentation and I believe that the company will delivery very robust and consistent results this year both in terms of acquisitions, this is proven and also in terms of sales of assets and in parallel to this also a restructuring that was done in the operational part allowing us to have cultures that will decrease volatility, crops that decrease volatility and basically through capital raising and leasing in the northeastern area. Sure, the Company will continue with its aim to deliver results, will continue working to purchase assets and also the sale when we believe it's the time to divest. Thank you for this opportunity and we're available through our area for Investor Relations. Thank you

The teleconference of BrasilAgro is now concluded. We thank you for your participation.