Fibria practices and values transparency in all its relationships. At events held annually with investors and shareholders from Brazil and abroad, we reinforce our commitment to sharing the risks, challenges, and opportunities of our business. Difficult and fundamental issues for the future of the forestry-based industry, including climate change, water, and the carbon market, are increasingly gaining ground in these meetings.

Even in the face of the adverse conditions in the year, aggravated by the difficult political scenario in the country, we maintained the dialogue and transparency with our shareholders and investors in events such as the Investor Tour, in which we discussed the future of the pulp market, and on Fibria Day, held annually in New York for analysts and investors around the world.

We ended 2016 with net income of BRL 1,664 million. We have sufficient cash flow and credit lines to complete the expansion of Três Lagoas, Mato Grosso do Sul, and settle all debt amortizations by the end of 2019, without mentioning free cash flow generation. An even more favorable condition is Fibria being listed in the main sustainability indices, such as the Dow Jones Sustainability Index and BM&FBOVESPA's ISE, positive signals for the global market. A company that respects society and the environment also respects its investors and shareholders, and is less exposed to risks.