Good afternoon. Welcome everyone to BrasilAgro’s Third Quarter 2016 Results Conference Call. Today’s live webcast and presentation may be accessed through BrasilAgro’s website at www.brasil-agro.com. We’d like to inform you that this event is recorded and all participants will be in 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. Thanks, everyone, for joining us. Let’s move into our presentation. On Page 2, highlights: net revenues on the three quarters of R$95 million; net income close R$28 million; EBITDA adjusted little over R$17 million; and also an interesting piece of news is new operating licenses in Paraguay. Before we move into the presentation, we would like to put this chart in the next page in Page 3. This is the soybean price evolution. And we have always the price in reais and the price in dollar terms. And as we started seeing 18 months ago, a decoupling between the price in reais and dollars, and even - which continues to happen. And so we have a big gap between the price in dollar terms and reais terms, because of the depreciation of the currency in Brazil, which has very important impact on farmers’ profitability and which of course helps on the operating side of the business. It does generate some financial concerns, depending on how the financial crops, but overall result is positive. On Page 4, the implication of land is that, looking into farmland prices over the last years, the rate of growth has decreased. It’s pretty much stable. Few reasons about the decrease, but I think the - I would say that the most important thing that you are seeing in the market nowadays is that very few transactions of the market, because of all the political implications of what happened - these implications of all the political scenario in Brazil and the economic downturn and all of that. The market is pretty much frozen right now, which is not many [indiscernible] very few transactions happening. The prices were somewhat resilient. But we need to see more liquidity to make sure we have the right price…

Thank you. The floor is now open for questions. [Operator Instructions] Please hold while we poll for questions. [Operator Instructions] Our first question is coming from Rodrigo Mugaburu of Morgan Stanley. You may proceed.

Thank you. Hi, Julio. Good afternoon. A question of the cattle project that you mentioned in the release, can you give some color on what kind of CapEx would that involve? Do you have any kind of targeted returns for that project? Thanks.

Rodrigo, thanks for the question. But I couldn’t understand a word. If you could speak real lower and not - voice a little on a high note, it would be helpful. Thank you.

Sure. Do you hear me better now?

Yes.

So my question was related to the cattle project that you mentioned on the release. If you can give some color on what’s the level of CapEx that will be involved in that project. How much money would you have to invest in that, and if you have any targeted returns for that project?

Okay, for the cattle project. Now I understand it. Probably in the first few months of it, it will be around R$10 million. That is the initial capital to be invested in the project. I don’t expect it to be much higher than that in a very short-term. So it should be around R$10 million for the next 6 to 12 months. And most likely part of it will be financed through the long-term [indiscernible] loans we are discussing and we’re waiting, so on a cash basis it should be very - little bit impact in our cash availability, but to put it roughly, R$10 million.

Good. Thank you.

Now, I’ll turn over to Mr. Julio Piza for final considerations. Mr. Piza, you may give your final considerations now.

Thanks, everyone, for joining us. It’s [indiscernible] quarter, given the yields and the weather in Piauí and Bahia. But by June 30, you’re going to have a better understanding of all the impact of that. We just want to get ahead of [indiscernible] and start discussing this openly. But by June 30 we’re going to have a much clear stand on exactly the implications of all these [indiscernible] and how we have positioned the company for the next cycle. So thank you very much for being with us and see you again next quarter.

Thank you. This concludes today’s BrasilAgro’s third quarter 2016 results conference call. You may disconnect your lines at this time.