Klabin SA To Host Klabin Day Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Marcio Filho - Goldman Sachs - Analyst : I am Marcio Farid Filho from Goldman Sachs. Gaby, congratulations on your new role. Good luck. And I have two questions. I think, of course, the discussion about CapEx and cost was pretty relevant to Klabin. You have already given us many details. And I think two things that I would like for you to elaborate on are on the perspective about CapEx. We can see that there is a stabilization over the next few years that considers a relevant deflation. Even if we consider what is already embedded as operational continuity, we already know that Klabin is growing bigger. So considering the inflation in theory, we would have to -- in theory, we would have to increase the CapEx. So what do you -- could you please elaborate on this nominal deflation on the assets for the next few years, especially to get to the BRL2 billion. We already know that every year, Klabin brings new projects including to increase competitiveness. So if you could just please elaborate on the CapEx for the next couple of years, of course, you have already detailed, but for the future, at least.And the other point is about the cost you have already shown that this gain in inflation. I think even the purchase of the Arauco forest, it's already contributed to that. So in nominal terms, of course, keeping it flat that could still be a great achievement. But of course, we could also have the nominal gains. So have you already reached full potential of the acquisitions that you made? And what do you believe it is going to look like in the future, especially considering that part of this gain came from selling some of your forests. So how relevant is the forest sale going to be in the next years, especially to bring better operational costs? Yes, especially even more so about lands than forest itself.