Good afternoon. Welcome everyone to BrasilAgro’s Q4 2017 Results Conference Call. Today, we have with us Mr. André Guillaumon, CEO; and Mr. Gustavo Lopez, Administrative and Investor Relations Officer. We inform that the presentation is recorded and all the participants will be in the listen mode only. Next, we will begin the Q&A session exclusively for investors and analysts when further instructions will be supplied. [Operator Instruction] The audio that is being presented also simultaneously on the Internet at the website at www.brasil-agro.com, where we also have the slides. Before proceeding, we’d like to clarify that any declaration that may be made during this conference call concerning the business perspectives of BrasilAgro projections, goals are based on believes of the Company’s Board and also on 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 general economic conditions, industry conditions and other operational factors may affect the future performance of BrasilAgro and lead to results that may differ materially from those expressed in these considerations about the future. Now, we’d like to pass the floor to Mr. André Guillaumon, Chief Executive Officer, who will begin the conference. Sir, you may proceed. André Guillaumon: Good afternoon to all. Thank you very much once again for your participation. We hope to clarify the results of Q4, which is the annual closing, and we will detail some significant events. And today, we have -- we will have a longer call. We will try this annual call to translate to all of you once again the importance of the Company’s work and also the objectives of the Board during this year and how the Company reached its objectives in a clear and concise way. Thank…

Here, we’d like and we would like to continue on page 15 where we will see EBITDA and adjusted EBITDA. And here we see the results due to the harvest. And we have an efficient allocation of resources and we see here activities, like cattle-raising that we saw. We have here the numbers for the fiscal year. On the upper part of the graph, we see the EBITDA 28, gross profit of 28.925 and we believe that this is the best way of showing. We understood that we had to include all these results. Here we have the financial results. And here we have the adjusted EBITDA too. And we began, we included this part, all the numbers, they are consolidated. So, here, as I said, we arrived at this EBITDA here, 42,538. Here the income statement of the Company, you can see here the results and you can see the income statement, gross income, gross profit of the company here. We have here the sale of the farms and the results from soybean and corn R$14 million and soybean had a very good performance with a good combination of price and results, productivity. And the Company has an excellent cost control. We’re always committed to reach the numbers in our budget to be within these numbers. And we also had good results from sugarcane, you can see the results here. And 33 million from agricultural activity. We have also positive impact that came from cattle-raising. As you can see here and especially when we purchased the land, market prices were very good. Then, we have many political facts that affected the price and then, we had a loss of value as can be seen here in this activity. And also, we have the case of sugarcane. We see the…

Thank you. We’d like to begin now the Q&A session for investors and analysts. [Operator Instructions] Our first question comes from [indiscernible] from Bradesco Bank.

Good afternoon, Gustavo, André. I’d like to know more an update about Brazil’s policy to allow foreigners to buy land. As you said, the market in the state of Bahia was -- became with more liquidity. What caused this? And what is your perspective for the second half of the year? André Guillaumon: Thank you for the question -- for the two questions. The first question involves politics. We have done a follow-up of this. I can try to tell you how things were and how they are today. In terms of the ownership of land by foreigners, this evolved a lot in the first semester. We had a better situation, the market, not only the land market but the financial market as a whole. We made progress in many areas in the country. For example, in the case of airlines, land, and also the ownership of land by foreigners. In the month of April when we had many political facts, Congress became more proactive in the reforms the country is going through. And this issue of ownership of land by foreigners was left in second place because now they are dealing with the political facts and the anticorruption efforts. The government is looking for mechanism to reform, to approve some reforms, we have the labor reform and also the retirement reform. After these, we believe these other issues like ownership of land by foreign investors should come back to be voted. So, on the part of the executives of the government, they are willing -- in the government, in the ministries, they are willing to solve these issues, but they have now political and financial reforms to do before going on take it. We believe that this will happen in the second semester or maybe first semester of 2018.…

[Operator Instructions] As there are no more questions, I would like to pass the floor to our CEO for his final comments. André Guillaumon: Well, thank you very much for participating. We would like to apologize for the long explanation. This is due to satisfaction for reaching the series of objectives we had and we are very happy with these objectives and this motivates us to always raise the bar. The Company is better prepared. And I always say, we never stop looking at the three pillars, structure; process; and people. And I feel that the Company is engaged in order to deliver operational results that are consistent. So, the results in real estate will come, we are also based on operational results, both results, operational results and real estate results. The strategy of the company is clear, robust and I hope I transferred to you a clear vision of our management and how we will continue working in the next few years. Once again, we are available for any clarification that may be necessary to help you understand in a better way our Company. We are very satisfied to bring to you these results that are better than we had in the past. So, this shows consistency. And we want operational results in a recurring way. This is what the investors and shareholders and people want from this Company. So, I can tell you that the strategy is clear and we will work in the next year with focus on results, trying to balance these three pillars, purchase, sale and transformation of lands, and with this, the generation of our consistent operational results. Thank you. And I thank you once again for your participation.

BrasilAgro’s conference call is ended. We thank you for your participation. Please disconnect the lines.