Good afternoon. We'd like to welcome you to BrasilAgro’s Q3 2018 Results Conference Call. Today, we have with us Mr. André Guillaumon, CEO; and Mr. Gustavo Lopez, Administrative Officer and Investor Relations Officer. Today's live webcast and presentation may be accessed through BrasilAgro’s website. Next, we will begin the Q&A session exclusively for investors and analysts when further instructions will be supplied. [Operator Instructions] The audio is being presented on the Internet through www.brasil-agro.com, where you will also find the slides and PowerPoint presentation. Before proceeding let me mention that forward-looking statements are based on the beliefs and assumptions of BrasilAgro’s management and on the 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 general economic conditions, industry conditions and other operational factors may affect the future performance of BrasilAgro conduct Q results that will differ materially from those expressed here. Now, I'll turn the conference over to Mr. André Guillaumon, CEO, who will begin the presentation. Sir, you have the floor. André Guillaumon: Good afternoon. It's a great pleasure once again to be here in Q3 talking to you about the results of the company due to a strategy at all levels in the company and this work has been helping the company to have expressive and recurrent results in the last years. So, we hope that this work will continue concerning the company's strategy and the clear objectives. So, once again, it’s a great satisfaction to share with you our time and to be totally available for questions at the end of the presentation to clarify the way we work and the objectives we have for this year and we will be talking about Q3…

Good afternoon. We’d like to continue on Page 10. We – so this is to – this is a joint venture. We had with parents Cresud an Argentinian company of farm where we saw a lot of potential for cash generation and also land appraisal in the long-term. We believed in this project. The results during the first years were excellent. This year too we see this trend excellent results. And we wanted to increase the rhythm of development. And we decided to separate from the part. First we’re trying to sell. And with the sale of this farm, and we decided to form true blocks where we were producing 7,000 hectares and we have another 7,000 ready to plant next year. When we began the separation, we declined that we would use a new company that we created as to end the joint venture. And on the February 9 this year, we transferred the assets. So here you can see, there is no payment involved. And we have a mandate to recognize this in our numbers through the fair price of these assets. This generated a result of R$5 million between the accounting value that we had and market value. Additionally, this investment was made in 2012. And this represented whereas R$78 million. And this investments that had been made in the U.S. dollars at the exchange rate of R$2 and it continued to appreciate the value rose the exchange rate also went up. And we – at the time that we recognized this new operation. We had R$30 million and we considered it as a result of the operation. This transaction R$35 million have impact in the results. And we recognize this month. It’s important to mention that all our properties are there at cost value and we…

Thank you. Now, we’d like to begin the Q&A session only for Investors and Analysts. [Operator Instructions] The first question comes from [indiscernible] from Bradesco.

Good afternoon. Thank you. If you could share with us the price of corn, we see production dropping, unfavorable climate. Do you believe the price has already reached a good point. André Guillaumon: I will try to talk about demand well. We have – we know that Brazil has two-thirds of the volume of corn is produced in the second phase and third in the first phase of – so we begin to plant the second part in October, so when you plant the first wave – when you wait and you delay the first phase you also delay the second phase of the planting. So then in the delay of the second, we have the beginning of the dry season, less sunshine and also less rainfall. This is what we had in December and we expected a reduction due to the delay in begin the plantation. So the Brazilian harvest, we're talking about a harvest of R$90 million, this was reviewed to R$85 million. Some agencies talking about R$82 million. So know that the second phase we won't have a reduction, and also this affects our parity for exports Brazilian corn is becoming interesting abroad. So last year we had 90 million, 33 million to 35 million tons were exported, of the 90 and this year we have between 6 million to 10 million tons left. Chile we have an export parity that is more interesting. So we should be exporting more because of the exchange rate, and a third pillar that regulates the offer, which is the consumption of neat. We have seen an improvement in the economy and therefore this represents an increase in the consumption of beef and also poultry chicken we have some challenges in terms of sanitation and this we have sanitary barriers. So…

now I’d like to pass the floor to Mr. André Guillaumon for his final comments. André Guillaumon: Well, once again, I’d like to thank you all on behalf of our company’s team. We have a strong commitment on the part of the company and its employees, who in terms of being an innovative company looking for strategies that will bring recurring increases in the real estate value and also without forgetting the important thing, which is cash generation and the operational results. So, it’s not enough to have good results one year, but not have recurring results. We want recurring good results and thus we have been looking at each project with greater visibility with constant surge for an EBITDA, a robust result and it has arrived. We hope that year-after-year, we will have these numbers. So, we’re not here to have good results one year and then not anymore. We have leased, the market lease contracts are five years. So, the decision-making and strategies are here to increase the Ebitda and they’re all in mid and long-term. So yes, we want to have a company to deliver recurring strong recurring results, and we also have again excellent results in terms of land value, real estate results, always looking at the results with balance. Our generation of results should be balanced and this is what makes us different from the other companies. We’re not looking only at operational results, nor all the results in real estate, so our management is here to increase the growth and the generation of results for the company. thank you very much and once again, thank you for participating and we are – we continue available with our Investor Relations team. please, if you need any further clarification, talk to us. thank you.

So we’d like this. We conclude today’s conference call for BrasilAgro. Thank you.