Good morning, everyone. I'm Janaína. I'm from Relationship with Customers at Banco do Brasil. Our event is going to be conducted in Portuguese with simultaneous interpretation into English. You can choose three options of audio: Portuguese, English, and original. In order to start, and in order to share our numbers here, we have our CEO, Tarciana. [Foreign language] She's online, from Belém. Here in our studio, we have our CEO. [Foreign language] Our Vice-President of Agribusiness and Family Agriculture. In order to start, we have a very brief presentation of our results and numbers that we have recorded so that we will be back. We are now going to play the video. Hello, everyone. It is a satisfaction to be here with all of you from Belém. In order to be here, if you will, we have got transparency and to show you our, as we have highlighted in other opportunities, 2025, we have had some adjustments. Also, our strategy, we are going through this turbulence. It is very important to know that our resilience has allowed for us to absorb our regulatory changes that brought to us very important alterations in the way we do the credit risk. In order to talk about this, we always have the opportunity to show in practice the force and the strength of more than 120,000 employees in order to have all of this. We have started 2025 with a very positive perspective. We have had also a very atypical scenario. We deep dive into some scenarios. We also had some static and operational opportunities that we have also shared with all of you. Even though with this adverse scenario, we also have our agribusiness in order to be able to deal with the liquidity in relevant regions. More than knowing these challenges, we also engaged the construction of a very structured solution and that we also had an addition of MP 1314 or capacity to generate businesses and the net value. We have achieved BRL 26.4 billion. This is an example which is our performance. Since our performance and our reliability, considering this growth, we have this principal capital in 11.16% considering all of this. Our ambition is to reach 20% of the market participation, which is going to be pretty fair. This credit has provided a very relevant change, which is positively considering the credit and contributing for the credit and for the. It is also important to talk about the resilience of our capital, which is 11.16% considering the level that we've judged for very fair for Banco do Brasil. And BRL 17.9 billion, which has been very important. This has been very important considering the delinquency. This elevation is very important considering soybean and corn. Also, farmers who also adopted different opportunities. We also see some reflexes considering the agribusiness. This is also provided by them. They are also responding to this. In the MPs, they've reached 10% considering the interest rate. If we do not take into this account, then the liquidity would be 6%. Even though in this third quarter, we have had different businesses that impacted all of this. On October 12th, we also had this opportunity. [Foreign language] We took decisions that were responsible and to have the correction of the production. Beside it, we advanced in technology innovation and specialized relationship to offer the best experience we shared with you invest today and other opportunities. We will continue to involve all of that with the clear objective to prepare Banco do Brasil to a new cycle of growth and generate value to shareholders. We will keep strong with those values that are Banco do Brasil based. Now I'll pass the floor to our team to dialogue with the market. [Foreign language] Okay, so we return here. First, I'll pass the floor to Tarci to comment something about guidance and the first numbers of MP 1314. [Foreign language] [Foreign language] [Foreign language] [Foreign language] Good morning, Jana. Good morning. Once more, I would like to thank the presence of all the analysts here on this meeting, the press there watching. I would like to say to you about our guidance, the both reviewed line, and to talk about how currently we are renegotiating Agro on BB Regularize Agro on the MP 1314. When we look at our guidance, we brought to you two lines reviewed, the cost of the credit and adjust profit last trimester. When we talked that the guidance of profit were very bold of this year, and we reviewed, and we brought to present to the market. When we saw the first trimester, some issues appeared. I would like to share with you, we had the necessity to have a provision of BRL 1.3 billion for a specific case, big companies of retail. It is important that we have an increase on RJ that with that we had the challenge to elevate provision. At last, we got a waiting compass of the produce provider, the addition and the regulation of the law 1314. There was a process of regulation that took longer than we wait. We started to operate 24 days ago. That gave the necessity to have a higher provision and by consequence, profits provision that is lower because of those predictions. We adjust two lines, the cost of the credit we are adjusting for between BRL 5.9 billion-BRL 6.2 billion and adjust profits between BRL 18 billion-BRL 21 billion. Talking about the law in 1314 here at the bank, we have BB Regularize Agro. It is very important to show you how we are working after we are starting to operate. Until now, we have BRL 11.4 billion in loans currently on the analysis area. From that, BRL 721 billion are from supervised sources. It's important to mention that till now, we achieved BRL 5.4 billion in negotiation. Our slide is not updated. We just updated this number. We have BRL 5.4 million of approved operations. It's just like we predicted. Our focus here is to have approximately BRL 24 billion of the total of proposals. We are working to achieve it. We contact 75% of the clients. They are the constituency of that. We are reinforcing to the producers that the best way to negotiate is that MP 1314 brings the opportunity to regularize the debt in nine years. We are now analyzing and giving the deadlines according to the characteristics of the producer, the provisions of the operation, and analyzing case by case. It's interesting to mention that in this program, we are also keeping the insurance and trying to find new ones. It is very secure. I believe that it is important for you to know what is the consequence of this regularization. We have 33% in the central west region, focused on the corn and soil culture, followed by the southwest regions and the south region, 21%. What we are receiving of operation to control resource, 92% are in the south region. Jana, I pass the floor to you. I will start the Q&A session. I would like to remind you that you can make the questions in Portuguese and English. We will answer in Portuguese. Each analyst can ask just a few questions so we can give the opportunity to everyone. Renato is now here with us online. I will call him to make the first question. Good morning. Thank you for the space. Because of the change with the guidance review and the application of the results, how that impacts the recovery that you mentioned, especially in Agro for the next year, is there any change? Inside Agro, we saw that we had an increase on the first trimester and do not evolve according to predictions. That is it. Thank you. Renato, thank you for your question. Good morning to you all. First of all, the compass of provision of the states is similar to our expectation of evolution of BB Regularize Agro. You have a natural provision of those states, but the producers, they are trying to reach the bank to renegotiate. It is very likely we are strong working to that. The stage two operations would be regulated, and you have that to the next stage. Nothing changed in the perspective of weighted loss and the perspective of solution that's imposed. We read to feed the model to have those evaluations. The good news is that regardless of the renegotiation or not, those credits are provisioned according to its losses. It's related to your question. We plan to bring this issue of the lot 1314. This transition between the stage could happen the other way around. We can benefit our flow of weighted loss. Operationally, renegotiations are very related. They're achieving a patamar of daily expenses aligned with what we thought at first to reach BRL 24 billion. The challenge is to execute that so naturally those values could flow to protection of other portfolios or to accelerate our recovery. It's important to highlight that we are working strategically in two fronts. The first one, new operation, the trained. We are presenting the necessity of provision. On the second strategy, we are working the producers that have the most critical cases to revert the risk. It is important we mention that we are working in a strategic way. In 24 days, we achieve the speed of what we are waiting in 60 days. The network is focused to work the reversion of that in Agro. The trajectory of the fall of Agro, of course. We have that on the video. October was a month where the fall pressured a lot because of this waiting compass that we saw the producers for a structured solution. We got that. The performance is showing that is very good. Our challenge is to trace. We have a very high ambition to regulate the fall balance. We intend to deliver that because on the fourth trimester is a lower flow, so we can engage an inflection. Thank you, Renato. Yes, exactly. This matter of the deadline flow on the fourth trimester is lower. We have a structured solution available and traced along with our clients. We hope that it will control the flow of the fall for trimester. We have an inflection for the first trimester of 2026. Next question, Tito. Okay, thanks. Good morning, everyone. My question, I guess, is on the revised guidance. I understand the issues with the rural portfolio continue to impact results. I guess first is how much confidence do you have in the new guidance? Even looking at the implied range, right, we estimate between BRL 3 billion-BRL 6 billion in net income for Q4. It seems like things could still get worse from here. I mean, just in terms of the visibility that you have in terms of the deterioration in the agribusiness portfolio and if you may need even additional provisions from here, how much comfort do you have in that? If you can just help us understand at least when these things can stop deteriorating to some extent. I think you mentioned 1Q, maybe get better, but help us think a little bit about 4Q, just given all the uncertainty there. Thank you. Thank you, Tito. Our confidence is very high. The reason we decided to change this guidance was because we saw these producers waiting for the implementation of this Provisional Measure, the 1314. Because of that, delinquency picked up. One of the reasons we decided to revise it, probably if we decided not to revise it, we would be delivering something close to the bottom of the range of the guidance we had on the street. We tried to be more accurate in terms of how far these provision charges would go depending on how fast we are able to renegotiate with the producers, okay? We believe, we do believe we will be delivering something in line around the BRL 20 billion net profit for 2024. This would imply, how can I say, a good profit. The reason why I decided to say in the videocast that I recorded that I would not want to be firm saying that there will be an inflection point is because we saw October numbers, but as Tarci mentioned here, we are speeding up the restructuring of those loans that are defaulted with our clients. As long as we continue performing the number of the volume that you have just seen of restructuring loans in November and December, we are confident that we will be able to deliver this new guidance we are showing you, okay? Great. Thanks, Geovanne. If I can maybe just follow up, just thinking about 2026, very, very high level, right? I mean, should things begin to inflect in 1Q and you should see improvement throughout 2026, is that the best way to think about it? Yeah, we will have the chance to discuss 2026 when we disclose the full year numbers. We are still working on our budget, but definitely we're expecting for 2026 a lower volume of provisions and moving towards something close to the mid-teens ROEs, okay? Of course, it will depend on how successful we are on restructuring these loans. We will probably continue this negotiation throughout January and February, but I'm certain that once we disclose the full year numbers in February, we will have a very keen estimate regarding the guidance for 2026. Definitely, you should expect lower provisions for 2026 considering this level of BRL 60 billion we are already accounting for 2025. It's important to remember that so far we have already accounted BRL 60 billion of provisions in our P&L and in our equity book, and we are still delivering something close to BRL 20 billion of net profit. This confirms the strength of Banco do Brasil on generating revenues to protect us from this extremely difficult situation in the agribusiness. Yep. Okay. Thank you, Geovanne. Thank you, Tito. Our next question from Marcelo Mizrahi from Bradesco. Hello, guys. How are you? First of all, I'd like to congratulate you for the courage and transparency you are facing in this hard moment with a lot of commitments. We can't complain. Rita, I would like to congratulate you. Not only Banco do Brasil has the best release, the commitment is very good. Related to the questions, looking ahead, looking at this rich material that you put available, this Harvard score of curve of credits, when you look at it of individual person, MPME as the bank classifies, we saw the harvest of last year and this year. I ask, when I look at some indicators of credit that were previous, the wallet 1590 from Agro has an expectation of expectation, it calls my attention. The harvest issue, I'm concerned. In each moment, you're seeing the fold of other segments. The individual person, physical person, were affected, has to do with rural producer, but that's what it is. Those are the problems of the bank. We are talking with the people that are on agribusiness. I'd like to know from you how you're seeing the default of other segments besides Agro. The two-thirds of the bank on this dynamic. About peak of the fall in Agro in the first trimester, as I understood, I think we should have an improvement. I'd like you to talk about the default of the business people, the transparency of the governmental programs. We need to understand it. Beside it, how to think the growth of the bank wallet. We have seen the wallet this trimester has a contraction. We have the credit card as something to focus, and it has a high default. How to leave the situation that the bank are in? How do you are dealing with it? Thank you, Mizrahi. We have approached and addressed the agribusiness. It is related to our capacity of our execution, the BB. As for individuals, one third of our client base as you have mentioned, we do have a very strong path considering the products for individuals that we have, the transition considering the agribusiness change. This delinquency is related to what is coming from farmers and producers, which is different from other harvests that is different. As you have mentioned about the market that has been approaching that, delinquency is not only from farmers, it is also about the difficulty and the capacity of payment of products and producers as individuals and the bank as it is in this productive chain. This is quite strong, and we do have these additional impacts. The harvest from 2024 and 2025, they are correlated to these performances considering our customers, farmers, and producers that represents not that much for the PS, but they represent one-fourth of the delinquency considering the PS client base and also considering credit card, as you've mentioned. Here, we also have a disclaimer that there is a constantly, as you are aware of, and it is in our documents, our client base and interest rate, or the number of installments considering the operations of credit cards, they are all very low. We have this timeline and also the capacity from farmers. We also have the delinquency considering credit card. The good news is that in this specific case, delinquency, we have been controlling and we are taking some measurements, very restrictive measurements in order to reduce the risk of this client base. Even though considering this situation, we are very low considering the average delinquency considering the financial market. It is important to have this considering the client base and also having very inferior delinquency patterns and the market due to these characteristics of our client base. Having this migration considering legal and corporations, we have government programs, and it is important to be able to tell about this differentiation because the bank has a very strong role with legals. We have had a recent period and we do not have this concentration considering these due dates and this due date. We also have the payments and the harvest. The guarantee client base, it is in such a rhythm that it's quite normal in order to have this processing. We also have this in order to be able to fulfill all of this. Even though we have this delinquency and even considering the 2024 harvest, the adjustment was quite strong considering all the models. We have a very clear redirection for the receivables. With that, naturally, we will be able to have a better result for this portfolio and finding out what we see as a clearer result considering this. Perhaps this is not very strong right now and considering the harvest that you are seeing now, but when we take into consideration the short harvests, the performance is just giant. We have this very short delinquency that is less than the short. This takes a little bit of time, but we are truly confident considering this. We have delivered this very confidently and these portfolios. This is what you can expect from now on, given the quality and the origination of all of these. When you see the legal and corporations, this has got a very good impact. This is absolutely provisioned. Have we answered all the questions? Yes. It was a very specific question about legal and corporations. Okay. Yeah. Correct. Probably a bit in court. We could also take into consideration the next harvest as being in court mentioned. He is here with us. He is our pretty new Vice President, and it is really important to share this information. Mario, most part of the delinquency comes from the cost of this harvest, 2024 and 2025. We are being very rigid, but we are also very attentive, not only being very attentive, but being very effective to this. This also reflects considering the results of the rates and our expectation for the next year. Once we do have the growth, considering April to September, we will have a result considering this whole work that we have had considering the credit analysis and using our methodology of credit analysis, not only about the hiring process, but also very structured and also the farmers who have a very tough payment method, but it is pretty robust. It is important to take this into consideration. The 4.3 billion, so all the producers and farmers who were suffering considering this difficulty of cash flow and also these two actions, whether it is this new operation or this new program, we have this expectation for 2026, we will have this pretty low and it is going to be even better. Thank you very much. Thank you. Thank you so much. Okay. Our next question. The capital topic, as we saw, I would like to understand what you're seeing ahead. The 80% thinking about growing, the wallets don't grow so much. And you recently reduced your payout to 30%. How do you look ahead, the capacity to keep payout next year? Thank you. Mario, thanks so much for your question. Our commitment is with the sustainability of the results of Banco do Brasil. Considering we think that's good, we improved and revert this flow and bring our main capital over level 11. It's a great one. Have a rater. Next year, one of them as the end of CGPA, a renegotiation program of the small business. We to reduce 6% base data of that. Everything that's happening with the reduction of the recurrent results, what's happening on the Agro, that reduced the growth of the capital in an organic way. We'll keep 30% of payout for next year. Of course, depending how much we can renegotiate it and reinforce on capital, we'll evaluate the possibility to return with the results that we consider that's what Banco do Brasil delivers. We can talk about the extraordinary payments of debt. For now, that's our policy, 30% of payout. Next year, we have some severity on the capital that's come from the provision 4,966. We'll consider that. We have another prudential adjustments that will come. We are being very conservative, being sure that it's capital-based fundamental to support the growth of the wallet. Next year, we are still grow the natural person wallet, public loans, and the work loans where we are vice leaders. We are going to bring more recurrent results. Just to mention, BRL 6 billion of micro small business program, BRL 25 billion from the second phase. We returned BRL 1 billion from hybrids in July's county. The impacts that we got on the trimesters, we have BRL 4 billion ahead. Always in July. We have corporational risk phased in four years, BRL 10 billion per year. Around BRL 100 billion impacting next year. Just reminding, and Mario, it's not clear to everyone. It's important to clarify that each renegotiated real based on the law 1314, the same on the main capital basis is the same effects of CGPE. We neutralize those impacts. Currently, we have BRL 7 billion, BRL 8 billion of CGPE. It's on the ambition that we got. We will overcome or we have less capital. I'll call next question that comes from Daniel Vaz from Safra. Good morning, good morning, Tarciana. Be thankful. Thank you for the opportunity. I would like to focus on Agro, talking about the growth of the wallets, it decreased BRL 3 billion, but if you broke prorogatory and not prorogatory, and the originary drops 12. It seems that even you have this control, the renegotiation program now by the law and the BRL 4 billion of BNDES, I think that's the prorogate wallet. It's on a level that we saw in the latest year. It's a reflection of the capacity of payment of the producers. The due date that they got on the wallet prorogation, we have a decrease of the concentrated default. It's 80%. Naturally, this one is classified as stage one. It got worse concentrated. We transferred to stage three on the next trimesters. I'd like to hear from you, how do you look for the health of this prorogate wallet? And And in adding, the first trimester, if you are able somehow to talk about this wallet and saying that's going to warm up, if you are comfortable or not with this, I'm sorry, if it's going to cool up this wallet. Thank you for your question. It's a very good point. This extended wallet, when we didn't have a solution for this segment. What we are going to do, we are going to work on this wallet to be transferred to a line that's so the rural producer. This portfolio will flow for renegotiated. It will keep, but the risk of it will be reduced because it's going to be related to the capacity of payment of the producer. We are not comfortable with that. We have a portfolio that is elevated, and we need to work with it. The big difference is that now we have a solution, an adequate solution to offer to our clients. We can adequate this operation along with recovering the capacity of payment of our rural producers. To be objective, we hope to have a solution that is more effective, including to deal with the balances that are inside this portfolio. About perspective, Daniel, this portfolio is the most default one. The central point for renegotiation is this audience that was having debt with the bank because of price problems and did that for two years and via MP 1314 and understand the situation when you are going to charge only the interest rate, the expectations to put due dates on this point. This producer can restructure its payment flow. It will restructure and reduce the full important factor. Even if we have a decrease of hiring of the SAFRA plan, our expectation related to the Agro portfolio is to keep on this rate of BRL 400 billion. How are we going to do that? Part of this decrease that is happening on the new contracts is going to be done on the law. So around BRL 20 billion, BRL 24 billion, our expectation related to the free fees. So it is BRL 28 billion. Part of what we are not hiring in SAFRA, we are keeping. It is near BRL 400 billion, a little bit down or up. What tends to ensure profit on this portfolio? If I can make a follow-on on this question, do you think that this program of BRL 24 billion, you are going to ask for more line for the government? Do you think that the prorogated is BRL 60 billion? The focus is inside this pool? Two parts. These free resources do not have a limit. How much each institution is available to do it? We are dealing in 2024 as a target, but if you have space to extend it, there is no restriction. If we have more producers and you can help them to structure the payment flow, we are doing it. Regarding the controlled flow, BRL 12 billion, BRL 4.3 billion, we are working on a perspective that is very interesting. Starting in the state that is the most difficult one, that is Rio Grande do Sul, but we have BRL 4 billion. We are all being questioned about it. We are monitoring if we achieve BRL 4.3 billion. We are going to talk with your peers. For now, BRL 4.3 billion is what we have from demand. Thank you. This is very clear. Thank you. Thank you. Our next question from Yuri Fernandes. Thank you very much. Good morning, everyone. Thank you for the partnership. I would like to understand our 1314 and the first quarter. I would like to know about the due date, and I would like to know the average payment term considering that because that has to be adequated and negotiation is key. What is the measurement considering that? Because we need to increase this to 2, 5, or 10 years. I would like to understand to what extent is this going to be taken? If you could please just talk me through this. How does it work? This is in stage two or three, and how is it going to be? Just Just like this provision. Also the interest rate. How does the interest rate work on this matter? I'd like to understand a little bit better from this. Also, the agribusiness, as you've mentioned on a podcast that you had a discount and negotiation. It is clear, but what is not very clear for me is that in the fourth quarter, it is different and it's the same level considering the third quarter. The message that you were conveying, you were having this disbursement and everything might be very clear to BRL 24 million, and I would like to know more about this and the government. Why having this pretty high provision? Could you please talk me through this? This balance and all of that. Thank you very much for your question. First, we don't have any overall solution. Every case is taken into consideration. We have a technical body that takes assessments considering our customers, and we are just leveraging all these assessments considering artificial intelligence and all the modeling. We try and we identify the real need of farmers, and these assessments are then forwarded to our credit team that assesses the need of the due date, the period of time, and the cash flow considering the capacity of farmers. There is nothing single. We need to have a technical analysis, and we then find a need considering the farm in order to have a negotiation with all of us so that we take into consideration the correct measurement and also the risk management in a short and long term. We then collect the structure, the organization in order to have a sustainable solution in a long term, even though you've seen this provisioning process and what is being expected effectively. We measure the risk regardless of why this is being materialized or not. Our balance is going to be quite ready considering the future sustainability. It is also about the state. That is why we do not have an immediate effect considering the flow or the balance that is expected because we conduct the assessment. The hiring is we have 50% of operations renegotiated. That is, we have the value and we have the adjustments. We have our framework considering the credit management and risk and considering the hiring. We then take into consideration the producer and also the opportunities for the banking in the long and short term. Then producers will have these payment terms. We will have the possibility to keep operating with them and being able to have the best businesses. That is why you see places that you do not have this expectation of this reversion. Our focus here is to contain these at the liquidity flow. Once we are able to deal with this in a conservative shape, we then reevaluate the configuration of these customers. Each one of these three phases. Eventually, if we see that the producer is then clear, we naturally just have the reclassification in each and every stage, but that is according to a very rigid evaluation and assessment. Once the risk is solved, considering the agribusiness activity, we do not have this process that is immediate considering this reversal of provision. What can also happen considering this faster speed is that producers consider the capacity of their payment. If they are in stage number three, we then have this reclassification that is because of the renegotiation. These operations will then irrigate our financial margin. This is according to a very conservative analysis and having as the focus of the organization in the long term. Bittencourt, I think that he will be able to provide you more information about it. Two very important aspects are that in a year, we have the interest rate. By the next year, we will have the return of these farmers. Even considering their capacity of effective payment, it's not that it's only a one-year period of time. The second aspect that is important to highlight is that it's not only any demand that we are including in this renegotiation. We are dealing with this criterion. The timeline is every nine years. Considering the payment capacity, we are not having viability. This is the criteria. We are prioritizing the farmers who have liquidity, short liquidity. We are just seeking those who will be able to have the individual analysis and have a better capacity considering this flow. It's not that we are only going to renegotiate anyhow, but we have the timeline. The timeline, we have six or nine years. Each and every situation is being taken into consideration, considering the recovery and the generation of cash flow. These are very critical. It's important to be taken into consideration. 5.5% that were approved, almost 100% is going to be feasible. 100% is going to be formalized considering this. We also have BRL 11.4 billion. This is not going to be taken aside, but we also have the support demand, but they haven't been analyzed. These belt and this conveyor belt that we just analyzed at the VIA event. We are showing this data. 5.4% is practically effective. Once we have these rules restrictive and we have everything proper, we have the numbers. The process is going to be somewhat slow due to these requirements and the numbers. They are lower, but everything is being taken into consideration. Not to happen or what you've mentioned about the liquidity. This is not our responsibility. Thank you. Thank you, Yuri. Next question from Matheus Guimarães from XP. Hello, Janaína. Good morning. Thank you for the opportunity. We talked about Agro. It is important to talk about the natural person segment. When you look to the Excel that you published from 2014 to now, we have the highest default of the series. I would like you to comment that when you look to the portfolio growth in Agro and legal entities, we are having a decrease in the portfolio in natural personnel. I would like to understand the exception of tax income next year. What kind of comfort could you give to this moment of the default of those in 2026? Good question. It is important for you to look at the default as just a point thing. We grew in credit card in terms of volume and increase of default of credit card, and we have a contaminated effect coming from the natural person field from Agro. The waiting complex were for everything. Those negotiations are happening. Naturally, we are resolving this matter. Looking at 2026, our bet since we started to see this risk severity of the rural portfolio, we needed to focus on those lines that brought more return and spread adjustments by risk. That's what we did. It is a very good growth of natural person portfolio. The trend is to keep growing. You have minimum wage adjustments and availability that's higher. We have an opportunity to grow on those lower risk level and the lows of the workforce. BRL 11 billion, and we have BRL 11 billion now available. We have a big space to keep growing, bringing more return to the bank to help us to go through this phase, delivering results to our shareholders. We have a possibility that's important. We are segmenting inside our credit card strategy that high income where we got more results. This default we consider as normal and simple. We bet that to 2026, I'm sure it's going to be natural person portfolio. Thank you, Geovanne. It's important to reinforce that this growth of this portfolio happened because of the workers' loan. That's a line of credit that Banco do Brasil has 90% of the structure on this line. It's important to understand there's still space for growth on this workforce credit line. We'll have a share of 20%. There's a share that we understand that's more adequated to Banco do Brasil. On the other hand, in the third trimester, there's a seasonality of default on the natural person portfolio. That's a historical series. This Agro issue that Geovanne mentioned, this punctual default, this month we have November and December receiving the third payment role. Ex-Agro will be regular on this next three. Thank you. Our next question comes from Eduardo Nishio from Genial. Good morning. Once more, congratulations. Talking about the Agro issue, it was bad, it was good. And latest years were very good, and now it's passing through an adjustment. That's very strong. If you take the historical series of you, 5.3 of the fall for the segment, we never saw it. So maybe it's not 0.5, but 5.3, it's a very high number. I would like to hear from you the change that you are implementing, a structural change to have something more predictable, sustainable on the next cycles. If you could explore this point in terms of Lawrence equalization and the RJ things, how you're going to promote it to have a sustainable product. Thank you. Thank you for your question. I will start and then pass to the prince. You mentioned very well historical. We never faced a situation like this one. Last time we faced it, even like this on the agri sector, it was necessary to have a capitalization in 1994. What we are doing now at this moment, we are passing through the severe scenario for this portfolio. We learned a lesson. We are partners of agribusiness. It was important to review some of our practices. The first one, as Bittencourt mentions, the new hiring contracts is the matter of fiduciary transfer. The new titles that enter because of the agribusiness increase, they adapt in its systems, bringing this new warrant modality. Banco do Brasil is still on the traditional model based on harvest. It was very clear for us to change very quickly. One of the effects that we are facing in this moment, it's a little bit of the reduction of the release of the new harvest because the process got feedback from our clients. We have that explained to turn that in a more safe environment so we can understand the farmers. They are understanding. We depend on when you register this fiduciary transfer. At the same time, we're still having results with it. We are looking at 2026, we are going to have a soft process. If you can add something else. First, the issue of the origin as Geovanne mentioned, we have this practice of the field origin to know our clients, to understand the productive capacity and the generation of income. Parallel to that, a point that we observe, your relation with clients from lazy clients. We are very proud. Some adjustments in process where the cost of production. Another point, we are investing on the follow-up to identify the risks in a preventive way. It is leveraged by new technologies. We are connecting our historical basis of performance of agribusiness. I talked to you about it. We have cataloged that since the 1960s. With new resources via georeference and evaluations with AI, we can identify the deviation of productivity risks from the climate. With that, we can manage productivity of our clients for seeing if they can have a difficulty of payment in the future, presenting previous solutions to reduce the risks on this business. We are also investing very hard on the post-production following. We have a default related to commercialization, mainly in periods where during commercialization, there is a depression of prices, just like in the previous harvest. We need to be very aware of the stocks that we have as warrants. We can converge in incomes, and these incomes will go to the bank for payments for operations. We keep going on the process of negotiation. The bank shows its historical partnership with rural producer, launch BB Regularize Agro. That is a solution that does not exist on the market. The big solution of the negotiation of the rural producer, it's available in our support channels through BB Regularize Agro and eventually those cases where many times we don't have even the negotiation itself. It's a goal for the court. We are defending our interest because we believe that it brings an interruption of the relation and a difficulty of the activity of the producer. We are still here very strict defending our interest. Next trimester, you're going to observe that we should protocol some requirements of bankruptcy exactly so we can stabilize those processes and the ones that try to contract this mechanism in a legitimate way. Next question, Pedro Led uc from Itaú. Good morning. Thank you for the opportunity. Changing the topic about MII. 5% of increasing three to three, the components were more than 20% by part of the treasure. The clients did not grow so much. EVMs and a higher SELIC, more workdays. On the client part, via mix spreads, gerential spreads. I would like you to comment how we should see this MII line consolidated behavior for next year because we have a day risk on the natural person portfolio. It should permit decrease and the liquidity situation with SELIC decreasing a pressure on the treasury part. Just to understand how we are configurating the MII trajectory, seeing the portfolio for 2023. Thank you for your question, Leduc. We are aware. We are expecting the cohort of interesting rates. We do not believe that such a drastic reduction like the increase, and it came from our capture. We have an exposition of LCM. On the short term, this leak drops down. In a certain way, it's going to facilitate this gain of this match between pre and post capture of portfolio on this moment. That's why it's important to accelerate this generation. We are generating volumes on a spread level that's higher. To protect when this spread drops with the decrease of the interest rates. On the other hand, it's a good environment for economy and a possibility for you to expand this volume of credit. The volumetry will be important to help to support this financial margin. In terms of treasury, we took advantage of this moment of high SELIC. Our liquidity was very high. I call the change of the mix, focus of the lines of work, and those are fundamental to support this maintenance. Yeah, that's it. Thank you very much. Our next question comes from Carlos. To make your question in Portuguese, okay? We'll try English. Thank you. Also, to change the subject, can you discuss the tax rate, which was very low? It was negative this quarter. For the year, you have paid 9%. Obviously, the profitability is low and you have interest on capital. What do you expect for this year and for next year? Next, I would like to also have your comment about how much longer you will have the economic plans provisions. Thank you. Thank you, Carlos. Definitely, the reason for this low tax rate has to do with the increasing provision charges we accounted. Our profit before taxes was very low due to these incurred losses we have accounted. For this reason, we had to recognize a much higher volume of tax credits, deferred tax assets. That is why our tax rate dropped significantly, showing revenue in that particular line. We used to estimate an average tax rate around 15%. With this new regulation regarding expected losses, and given the scenario we have for the agri book, you should expect to see a different tax ratio looking forward. We do not have an estimate right now, but definitely, as long as we continue accounting higher incurred provision, incurred losses, we would have this benefit in our tax ratio because the framework has changed completely with this new regulation 4,966. Okay? Looking forward, you should expect a lower tax ratio. The second question regarding the economic plans, it is important to emphasize here that there was a recent ruling from the Supreme Court extending the time for clients to negotiate with banks, all banks, not only Banco do Brasil, regarding the economic plans. There is a due date. For the next two years, all clients must negotiate with the banks. We believe that with this new ruling from the Supreme Court, we have a final due date that will happen within two years to end, to cease this kind of provisions that we account for economic plans. That is June 2027, I think? It will be 2027. It was negotiated in 2025. We have, and this negotiation was done through the Federation of Banks because this is something that reaches all banks. Okay? It will happen 2026 up to 2027. That is when we have the final due date for all clients that were, how can I say, impacted by the economic plans, can negotiate with banks the return of their money. Okay? Again, it is until the middle of 2027, and you expect this level of provisions all the way there, or should it fall off until then? In terms of provisioning, we do not know exactly because many clients, they have already died. It is something that we are trying to figure out what is the size of these provisions. We have already reinforced some volumes, but you should expect keeping up this track in terms of provision charges. We do not expect a huge increase in that volume. Okay? Thank you. And Carlos, for this year, the effective tax rate should be on a low single digit. Okay? Thank you. [Foreign language]. Our next question comes from Gustavo. Good morning, everyone. Thank you for the opportunity to be here. I would like to get to the question that information about that there is no limit considering the renegotiation. I truly understand the funding for these negotiations. They all come, they are a relief for the improvement of the capital index, considering the KPA that you have mentioned for every real that you have negotiated. You then have an improvement considering, for instance, BRL 1.88 in the capitals. I understand that there is a limitation that they would be available. We had BRL 25 million and BRL 90 million that could be used for this program considering these provisions. I just would like to know and confirm whether this is correct, if there is any limit considering this improvement of capital via VTAs because this program, it is required to have a funding, and it is important to have this relief considering this bank capital. The second question, how would be this treatment considering the BRL 6 billion RJ and above 90 days? I truly believe that there is a different agreement considering due credits and the program of the renegotiation. I would like to understand whether these credits, whether these RJ, whether this can be renegotiated, and how would this be transitioned? How would this be or whether this, or if it is not contemplated? I would like to know considering the potential losses. Perfect, Shroden. Thank you for your question. You understood well. We have close to BRL 24 billion that we can renegotiate, and we will generate capital benefits because of the tax credit stock that we can use. It optimized the funding that also repassed in conditions to the clients. As Bittencourt mentioned, there is no limit. This funding, it is under the bank, and obviously, we are going to put in your measures of financial cost, a possibility of this funding to be able to overcome this balance. The balance could be passed. There is no limitation. What we have is a limitation of our balance of take that renegotiation to transform it in capital. That is it. We are prepared to have conditions, competitive conditions to offer to our clients doing all our RLM management so we can offer beyond BRL 24 billion as we commented at the beginning is our first target, but not only the last one. Related to judicial recovery, we have a limitation. It is not something mandatory for us to do this renegotiation inside the process of judicial recovery. What we guide our producers is that to get in contact so we can negotiate and make them leave the judicial prosecution, and then they can adhere to the conditions of the law. We are not offering to problematic loans. We are offering to the producers that want to have payment capacity and sustainability of their activity on a long term. Bittencourt, if you can complement three topics, we have cases of producers that having a judicial prosecution, how they can leave that and renegotiate inside the bank. Those are a specific case. This gain of capital is for the free resources, controlled resources not be applied. Related to it, the monetary board established, you just can use their own resources of the bank, but there is an expectation in the next days we will have RCA resources. It extended the resource and a lower resource. One aspect from the free resources, 30% of those operations that were approved are post-fixed fees. It is not common rural credit, but it is a partner of rural producer. The bank put this opportunity so it can contract with a prefixed fee or a variable one linked to CDI. This BRL 35.4 billion are for this model. It can control that in a more effective way, and it shows to the producer that this expectation of the reduction of CDI fee will give to the producer, contributing so they can have a capacity of payment on the next year. We are working on a long-term overview of a partnership. Just to finish, today, this portfolio has 75% of provisions. Very adequate to the loss estimates that we have. Those producers in RJ that are willing to negotiate with us, we have open doors to adhere to the new Provisional Measure. Remembering that we had a big elevation of RJ going to BRL 6.6 billion in a trimester, and the guidance review was this one. It had an increase. It was BRL 1.2 billion, BRL 1.3 billion. We are building this coverage level because of the risk and the time that those operations took to be defined and decided. To conclude, those operations, their recent judicial recover, they do not have a plan, prove the plan. They go to a default, and the weighted loss is very high. We make an additional provision as a prevention. Follow-up, we are in the middle of November. We have an indication to show how the number of judicial recovery are and how it is going to be. It's still increasing, but we are expecting a cooling because of the availability of the law. We are investing on negotiation, and we talk with the market. It's not different on other banks because with this solution, we have a powerful tool to offer to our clients so we can solve the negotiation in the business, the commercial negotiation way. Going to the end of our live, our last question from Nicolas Riva from Bank of America. I have a question on your presence in the international bond market. In October, you called the last 81 that you had in the global market, but you still have a number of senior bonds outstanding maturities in the next few years. I wanted to ask you about your plans to keep a presence or not in the international bond market and your plans regarding the refinancing of these senior bonds. Thanks. Thanks, Nicolas. We do plan to continue touching the international markets. The reason for calling the AT1 is because we have now a new kind of funding here domestically that is cheaper. That is the reason we decided just to reduce our interest costs in terms of our funding. Okay? We do aim at continuing this relationship, especially in the senior front. For now, we do not see any new issues happening. Okay? Okay. Thanks very much, Joan. Okay. Bom. We finish here a Q&A session. In September of this year, we had our Investor Day. It happened in New York, and it was a reinforce of our commitment with transparency. Here, to reinforce even more commitment and to get close to the capital markets, we have this live with APIMEC, and I have here with me Ms. Lucy Sousa, the President of APIMEC that is going to deliver the seal of conformity. Lucy. The Vice President's Director, Janaína, our eye professional, my colleagues, analysts, investors. It is with great satisfaction that APIMEC, the leader, does award seal, 31 years of recurrent meetings in the hybrid or online format. We highlighted during the spirit transparency, the continuity of information and the partnership and the support of our association and the analysts and the other professionals of investment. Congratulations to you. Thank you. It is an award for attendance. It is an APIMEC award, 31 years in which we have our meetings, and I believe the important work of APIMEC. Thank you to your team that makes APIMEC such an important association in the capital market. It is spectacular work. Thank you, and we are very proud to receive this award. Thank you, Tarciana. Wish you a lot of success in Belém and all the professionals of Banco do Brasil and shareholders. Thank you. Thank you, guys. We conclude our live, and I am available, the team's available for any additional clarification and see you soon. Thank you, guys. Thank you.