Suzano SA Investor Day Transcript

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

Question: Leonardo Correa - Banco BTG Pactual SA - Analyst : Good morning, everyone. Hello yeah, so first of all, thank you, Suzano, for the entire team. Thank you so much for the presentation. I think very enlightening. I have two questions. My name is Leonardo Correa from BTG Pactual. Two questions. First one for Leo. Leo, thanks for the presentation. I think the tone is quite clear, right, on the outlook. At least on my side, I think what has been surprising us over the past years in the pulp market has been all of what's happening in China. We saw if we take the consultants cash cost curve for China specifically, right, we saw big deflation over the past two, three years, right? At one-point, Chinese cash cost numbers were at $600 per ton. They've now deflated to about $480 right, which is quite a big, reduction. So I wanted to hear from you, if you think that that, we're now at a floor, you talked about wood chip costs increasing in China, and now my question to you is whether you think we, we're turning around those numbers and we're going to start seeing some inflation back in China, which I think for the market would be a positive. So that's my first question. Second one to Marcos and maybe to Bueno if he wants to chip in. Marcos, something that caught my attention in your presentation was at least I haven't, I don't remember a big message on non-core divestments, right, from Suzano. You didn't quantify anything, or you didn't give us any details on exactly what would be, let's say available for sale. Is there any business line at this point for Suzano that's less attractive, and that you would be willing to sell if you can give us any color that would be very helpful. Thank you very much.