Good afternoon, everyone. For the ones that are here, thank you again for joining us in our beautiful plant of Guaíba. It's been a long morning. We have walked and we have learned about the project. Now, the idea is to have a presentation of our strategy, what we have been doing in the last year. For that, Francisco Ruiz-Tagle, CEO of the company, is joining us. Also, Raimundo Varela, who is the CEO of the Pulp division, is here. Nicolás Gordon, he's responsible for the sustainable activities for the company. Also, Jorge Valdivieso here, he's Chief of Development of the Softys division, and myself will be presenting. For the ones that are joining us from the webcast, welcome all, and thank you for joining us as well. With that, I will leave the word to Francisco, and we'll have a almost 2-hour presentation, okay? It's a long and heavy presentation. At the end, the idea is to have 30 minutes for Q&A. Because the presentation is long and has a lot of information, we rather have all the questions at the end, because otherwise we will not get there with all the material and the news we have for you. Thank you and Francisco. Thank you very much, Fernando. It's a pleasure for me to have all of you here today. Thank you very much. I believe this is a great opportunity for you to have a nice view about what CMPC is doing, about this mill. I would say that Brazil has been a very important target for us, so it is very nice to meet all of you here today, huh? My idea is to have a presentation of about 20 minutes. I like to explain you a little bit about our strategy. I will not go deeply in my presentation about the businesses. You will have a presentation then with my team to speak a little bit about in a deeply way about our businesses. Let us start first with the first slides I wanted to show you had to be with the economic value of the company. Just to mention you, this is for you to have an idea what was the place we were in the year 2018. We decided, you know, to in term of economic value of the company, start to create in value. The other dots, green dots, are really competitor of CMPC around the world. I'm not mentioning them here. Just to show you where we were in the 15th percentile at that time. It has a lot to be with the start of the Guaíba mill, that it was a great investment for CMPC, that it created some, you know, not very good return on the investment we had at that time. Our target is going to the other to there, you know. Just to show you that what has been happening with CMPC, and now we are in the thirteenth tile. It has a lot to be with the operational excellence that we have been working on, and also with the result of our projects, operational continuity, and of course, also with the situation that we are having now with the businesses. We have wood prices in general, wood volumes in every of our businesses. We are now, I would say, being successful in some way, advancing through this curve. Some achievements. Well actually, we decided to be, as it says there, a world-class in operational excellence. We started really a very strong work on the year 2017, trying to improve, you know, the OEE in every of our mill. We have really an important amount of money invested in capital expenditure here. It means that we need to get very good returns on that. We have been working really, and a very high standards in operational excellence. We do benchmarks every time. This is the way we're working today. Closer and closer to our customers. Again, here we have been, you know, strengthening our international offices. We have been, you know, creating some international offices. I will mention then that. This is a very important thing. In organic and organic growth and to be really perfect, to get really perfect execution in our projects. This kind of industries, since you have, the investments are really important, when you don't have a very good project, we don't have a very good start, startup, it affected you a lot in terms of profitability. It's very important, you know, the execution of the project. We created a P&L division, this is corporate for all the countries. We have been working in placing people at the center in talent. I will mention a little bit about that at the end of the presentation. Also, sustainability has been a center for us. I mean, it's a priority, it's absolute priority for CMPC. We have a lot of challenges. We created goals, very concrete goals. We established, you know, years when we should be meeting those goals, very clear on that. Innovation also, we created again, a dedicated team and special VP of innovation that is reporting to me. It was in 2019, we have been really focusing a lot of efforts, again, in innovation. What... Some of the results of the operational excellence. Basically here, I wanted to remark two things. One, the OEE and different operation, Biopackaging, pulp, cellulose, Softys. You can see that OEE has improved in all of them, and this is something working very hardly in that. The other thing we are, you know, we want to be the state-of-the-art in accident, so that this, as you see the frequency rate in accident, again, improving in any of our operations. All of our operations are improving on that. Just wanted to mention that. Some organic and inorganic growth to mention. Well, something that is very important today is here. We are adding 350,000 tons of extra pulp. It means that this mill will be close to 2.35 million tons a year. We also in this project, this is an essential part of the decision when we decided to go ahead with this project, is the sustainability improvements we have here. We are eliminating a coal boiler that is crucial for the reduction of emission of CO2 from this mill. Very well connected with the goal that we defined for the year 2030, that is, you know, to reduce in 50% our emissions of Scope 1 and 2. This is very important advance in that. Reducing, and also the decreasing the water use of the mill. This is another very important topic for us. The water usage has been really reduced during the last year. We will continue with that. On Niuform, a joint venture, we are adding CLT, which is a special product built made by wood. We decided also as a strategic definition for the company to be really involved and deeply involved in the construction, wood construction in the future. Sack Kraft expansion, we acquired Iguaçu Celulose e Papel S.A. here in Brazil. This, we have mills in the state of Paraná and Santa Catarina. This is very important because we're adding capacity in pulp, in paper, and of course, in conversion of paper sacks. This is a very important, you know, step in the strategy of CMPC in terms of being more important in the core business. One of them is the packaging. In M&A, Softys also has done important acquisition during the last three years. Very important acquisitions. One is SEPAC in the state of Paraná, a tissue mill in the town called Mallet. With that acquisition, our part market share go to 20% in the year 2019. With acquisition of Carta Fabril this year, we probably will be close to 28% of market share in the tissue business in Brazil. This is also very important. We decided to be an important player here and we are now the biggest player in this industry. We also have personal care and so now definition, the definition here is to continue consolidating what we have done here. Again, we, of course, we see some opportunities, you know, interesting for us, but mainly concentrated in consolidation of what we have done. In Mexico, Mabe. Mabe is a company that was used to be owned by, or it is owned actually by Ontex. We defined acquisition, we agreed acquisition with them in a process of acquiring it with the local authorities, etc. This is very important because we are a player in the tissue business in Mexico, and we do not have till now an important position in personal care, in baby diapers, adult diapers, etc. With this acquisition, we are entering this market. We now have a very nice portfolio in Brazil, in Mexico, where we are participating with 30% of market share in personal care, which is really important. We have also the tissue business. Some examples of international office. We have a very important office in Hamburg. We acquired actually a participation of a trader that used to work for us, and we acquired this company in Hamburg. It was 2 years ago. We inaugurated that a couple of weeks ago in Europe. Because of the pandemic, we couldn't do it before. Just to transmit you what is important here, we have an office there, really professional, with more than 20 people. All of them Europeans, you know, from different countries, mainly from Germany. From there, we, our goal, you know, is to be really much closer compared with where we have done in the past with the customers, especially with the end consumers. In Shanghai, same thing, we have a commercial office there. Just mentioning this because we are really in a very strong way to be closer to our markets and to understand our markets. Yeah, I mentioned of FiberPlace, which is a digital place for trading, in this case, Biopackaging. We also have an initiative on that. Digital, closer to customers, is also really part of our next steps. We are what we have done now, really. Innovation also. We created, I said, as I said before, in the innovation division in 2019. We established formally an office in Finland, in Helsinki, now. This is an office we are really excited about that because the office is in Aalto University in Helsinki. We have a place there, it's exactly, it's a place just to create innovations, to create new things. We have a joint venture with a company called Nordic Bioproducts, that is basically concentrated in creating textile fibers, a textile face based on natural fibers. We are now working closely with them, you know, and in that sense, trying to actually find different uses for the pulp. Well, sustainable construction, plastic replacement, Zero Waste Sack. We have different, really concrete initiatives in place. The Zero Waste Sacks, for instance, is already in the market. For you to understand what is this, is a paper sack that you where you put some construction material or cement, for instance. You don't need to take out the bag when you use it. Just, you know, the bag and the cement mix and are part of the construction process, and you don't need to take out the paper, you know? It's always hard to dispose, you know, the paper bags. This is very interesting. Just as an example. Well, ventures, we created our CMPC Ventures with lot of initiative there, Strong by Form, Biocomposite, Nordic Bioproducts, I already mentioned, Textile Fiber. Boxia, I said, this kind of a digital place. Partnership with several university. I give some examples with Aalto University, Universidad de Concepción, Universidad Católica in Chile, and with KTH in Sweden. We have a lot of different connections because we are really convinced about, you know, the connection with the academy here and also with the initiatives that the government has in any of the countries that where we are participating now. Digital analytics, you know, very important for us. Well, creation of our P&O, you know, we have been working, also advancing in diversity and inclusion. Yeah. We have very concrete targets for women in CMPC, 25% by the year 2025. We are coming from 15%, around that. We have a big challenge, I would say, mainly on the operational side. We see a lot of room for doing that. There are no problem at all for women here. I'd say more a cultural thing. Probably in Brazil, we are better compared to Chile. You see more women here. Still room for that. We are going in a very successful way. Same thing for leadership position for women. We are trying to find 30% target for the year 2020 and 2025. Probably today, we are close to 20, bit low than 20. If you see what is happening with women in the company when you see the people that is entering the company now, starting with the company now, the percentage of women have been, you know, increasing dramatically in the last years. This is also good. I would say also the women are much more open to work in some supposedly hard work, you know, part of the company that mainly connected with the mills. Today everything is really automation is everywhere, machines is everywhere, so it's a very good opportunity for everybody, you know, women or men. It's good. In talent, we're mapping, we are developing plans for the leaders of the company, very concrete. One open learning ecosystem. In general, a very important, you know, definition for us. In terms of sustainability, again, we have a special area of sustainability. You will see a presentation. I will not go deeply in this because you'll see a very complete presentation on that. A very... My message here is we are focusing especially in that, in that area. We are absolutely convinced that the sustainability is crucial for the life of this company. We already lived 102 years. In the past, we want to live 100 more years. We see this company being a leader in terms of sustainability. This is the definition of the board. We have a sustainable committee where some members of the board are participating. The main managers of the company participate there. We are really following really closely in a very close way all the goals we have defined for the company in terms of conservation, emission, water, waste. Advancing a lot in that. They said Sorry. Video we are seeing now. [Foreign language] We actually work during the last year and in our study for the year 2030, we spend, I would say, several months, and these trends that you have seen today here in the screen were really, I would say, studies. We spend a lot of time with different customer trying to understand in a better way the future. Some of them seems like they're obvious, but not everything is obvious here. We defined these clear five trends for finally, you know, writing our strategy and the definition that we want for the company, and we presented that to the board. has been a topic of a really deep discussion. Just to summarize that, sustainability and different, you know, aspects. The digital transformation, you know, we are working a lot of specialized people on that. Society is increasingly demanding. We want to be a factor for development of the community and the society responding also to the more, you know, demanding aspects they have been doing on us. Also a high standards for our services. You know, delivery, we see an interesting opportunity for our packaging division there. We already have been increasing our development in that. In the case of a hygienic, you know, hygienic, in general, Softys has done a great job on that. I would say that, again, we see a lot of opportunity, the change in the behavior of the people. We probably behave differently today. We have been adding in our own operation many different, you know, changes, and we are seeing that in many, you know, users in our markets. Well, the connection with the nature is also important here. We have forest, not only here, but in Chile and Argentina, and we also are, you know, opening them for the society and trying to create a closer contact with the people through our forests. Well, finally, customers, as I've already talked about that. We've been trying to be really closer with them. Finally, just to comment that the, well, strength, CMPC, we have the opportunity, you know, sustainable products, strengthening part due to greater demand, especially in tissue and packaging. We see there, you know, we see that like with tissue, you know, in our markets in Asia and Europe, how tissue continue growing. It's a very important business for everybody because of already I mentioned the hygienic, you know, interest of the people, packaging. Well, sustainable construction, summarizing, packaging and personal care and tissue products, minimizing the use of plastic innovation also, crucial for us. Yeah, I also want to very quickly mention to you that we have been working in the culture of the company. We understand perfectly that we have to change the way we are doing things. We started this year in March. A deep analysis. Well, actually it was a year ago with the first diagnosis, and review of about who we are in the company, what the people want with the company, our people, you know, being, feeling okay and represented by our values. We have been working with the first, with a group of 50 leaders of the company in revisiting, you know, the values of the company, what we want for the future. We work on the purpose. We created a new manifesto. We defined, you know, the main, you know, values, the values of the company, where we are strong, where we are weak, etc. We have been doing a very nice work on that, now working on transmitting this to the whole organization. Sometimes we also visited some very good companies in the world, in Europe and the U.S. and in Latin America for seeing, you know, modern ways of working. In terms of seeing them, the way they are reorganized their operations, all companies have been changing. We are more or less doing the same thing. It's hard sometimes to transmit what you feel with this, all this initiative, but it has been really a nice job for the company. I see many people very enthusiastic about this. Well, the purpose, our essence, we are nature, come from nature. This is very important this, in the, in this industry, natural fiber, in general. We create a natural fiber for a better future. This is very important because natural fiber is just not for now. We are really concentrated in the future. We are putting a lot of efforts in definitions for the company looking to the year 2050, some of them, some of the initiatives, some of them are 40. This is a kind of a activity where you have to plant trees. You cut them in between the 10 years and 22 years, depending on what the species is. This is, it is very important to define very well what you want for your next at least 20 years. Summarizing my last slide here, this is our map for the future. This is the way for the future. Here are our pillars, sustainability, growth and innovation, customer competitiveness. I didn't mention that, we also defined to be really a competitive company and working on that. We started some years ago, we have some results, we want to be P10. We defined to be in the percentage 10 as a leading company in terms of cost, in terms of integrally speaking. We are doing benchmark with the best, you know, practices in the world. This is a very crucial definition for the company. We do not want to have only the advantages being Latin American with the fiber here that grows quickly. It's good eucalyptus in Brazil is the best, and pine is good, Chile, I don't know. What we want to be the best in what we can improve and what we can really compare with our, you know, competitors. It's not just the fiber, it's the way we make our products. It's the way we form people here. The way we organize our teams. It's the way we sell our products. There are several things that we're trying to. We started, you know, measuring them. Talent, you know, is also the other pillar of CMPC. Well, this is what I wanted to transmit you now, bit quick, but well you have the presentation, but this is more or less a big picture. Now, Nicolás Gordon will speak a little bit with you about sustainability. I will share with you, please, Nicolás. Thank you, Francisco, and good afternoon, everybody. I will speak to you very briefly about and more in detail into what we're doing as a company in our sustainability strategy. As Francisco mentioned, it's one of the pillars of our strategy. I think overall, in the last decade, in the last few years, we see companies move from, you know, CSR programs and these marketing sort of targeted sustainability initiatives to really having this as a core of the business, and particularly in our business, because of where our resources come from and where our products end up in pretty much every continent in the world. These aspects are increasingly more and more relevant for companies. In the revised strategy, we have committed to maintaining some of the leading positions that we have globally in terms of sustainability. We have been named for two years in a row as the top three company in the world when it comes to ESG matters by the Dow Jones Sustainability Index. Today, we are listed in three of the four indexes of the family of indices from S&P. The formerly known Carbon Disclosure Project, CDP, we've been listed in their A list for a number of years now, which is really a small group of companies globally in our climate change, in our water efficiency and deforestation practices. We really want to drive all other, you know, reporting agencies and indices such as MSCI, Sustainalytics, both of those strong in the U.S., and other that are very strong in Europe, such as FTSE4Good, the indices in the UK and the Moody's Vigeo Eiris ESG index. We really want to make sure that across different indices, we are really coming out strong as one of the leading companies in our sector. When it comes to environmental indicators, we've enhanced, I think, our climate change commitments with a net zero emissions by 2040. This really positions us as one of, you know, a handful of companies in our sector at least, that are committing by 2040 to net zero emissions. I'll speak a little bit more to that in one of the next few slides. We want to really track our products and how circular they are and make sure that we're contributing not only through our operations, but also through our products. With water and waste we have goals for 2025. These are very ambitious goals that are really around the corner, but we want to make sure that we deliver by 2025. We will be, of course, announcing probably that same year what our plan is for the following 5 years or the following 10 years in those senses. We also mentioned it, we have in one of the videos, we have a conservation biodiversity strategy will be launched very soon, hopefully in the next month or so. That really will, I think establish, our view on nature, on how, conservation areas and biodiversity are really promoters of healthy working forests and importance for communities and importance for our future as a company, whether it's in our forest, in Argentina and Chile or Brazil, for our operations, the health of the forest and, how we can become, you know, a nature positive company and deliver positive impact to our activities. When it comes to the communities that surround us, we're very recently established an alliance with a center in a university in Chile to develop this indices, the human wellbeing, territorial human wellbeing indices, which will allow us to really map not only the impact of individual projects that we do with communities, but the overall effect of a number of social projects that are happening within a territory. We really want to move from that idea of measuring number of beneficiaries or amount that we have invested in social projects to actually measure impact. I believe we'll be one of the first companies in our sector to do so. In parallel, we will continue with a survey that we have been doing for the last 4 or 5 years, which is perception survey. We really want to make sure that the people in our communities feel that those impacts that we're measuring through the tool are things that they're living and they're perceiving in their daily lives and vice versa. Perception with no impact at the end of the day is not good as well. We want to make sure that these two elements are working in conjunction. Now, I mentioned briefly about our emissions goal. I think it was in one of the slides that Francisco showed, but we were just last week granted the official validation of our emissions targets by SBTi, Science Based Targets Initiative. This is really the gold standard when it comes to corporate goals around climate action, and we have been validated for our Scope 1 and Scope 2 emissions. These are direct and indirect emissions. By 2030, this is a 50% reduction, and this is aligned with 1.5 degrees Celsius. We are aligned with the high standard of the parties of the UN Climate councils and the conversations that we've heard in the media over the last couple weeks at COP27 in Egypt really strengthened our position. I think that we are really aiming at that level that even as states and parties, they haven't yet come to an agreement. When it comes to Scope 3 emissions, this is something new. We've just announced... This is actually a 37.5 reduction of our Scope 3 emissions. This is of two-thirds of our Scope 3 emissions. This is a 2035 goal for Scope 3 emissions. Just to give you an idea, there's few companies in the world really that are reporting entirely their Scope 3 emissions. I think what's interesting here is that we will have to start working with suppliers and clients and the value chain up and downstream to really understand better the source of those emissions and really take, in partnership with these groups, those actions that will deliver lower emissions across the value chain. We want to make sure that our products, and not only the products that exist today, but the products that we will deliver in the next decade are either recyclable or reusable or compostable or zero waste like, such as the Zero Waste Sack that we were showing for cement industry by 2030. There's a challenge here in not only harnessing the power of natural fibers, but those solutions that will come to replace, you know, those perhaps fossil fuel-based solutions also will have to have these components. We want to make sure that everything that we put in the market is circular as well. Our water goal is a reduction of 25%. Our industrial water use is an intensity goal. The BioCMPC and the Guaíba project that we have visited today will be a strong contributor to that goal, which is a very, again, ambitious goal that's around the corner by 2025. The BioCMPC project will deliver a strong contribution to that reduction within our company. I would say here, we have a number of other initiatives such as the development of a shadow price, an internal shadow price that we use for decision-making within the company, and also making sure that projects are not only implemented where it's, let's say, most economically feasible, but also where the climate data and those future scenarios on droughts are showing us that we should put a priority. We want to be a zero waste industrial waste company by 2025. The best example of that is our partnership with Vida here in Guaíba, where we are pretty much reusing everything that comes out of the mill. As I mentioned before, our conservation biodiversity strategy that will really expand on what is happening in these areas of conservation and protection. We are aiming to have something around 430,000 hectares between Chile, Argentina, and Chile by 2030 that are gonna be targeting those objectives. Yeah. We wanna connect with third parties. We don't live within, you know, a disconnected environment. Biodiversity corridors and everything that's going around us is also important is coming within the goal. Just a quick graphic of what we're talking about when we talk about net zero. We do have our Scope 1 and Scope 2 goal by 2030. These are the emissions that you see in yellow. It's interesting to see that in green, we have those emissions that have to do with Scope 3. Our value chain emissions actually respond to 80% of a global footprint of the company. We are not including any of the carbon removals from the forest or any of the carbon storage within our products that should be on the negative side of the curve. That is because the protocols today do not exist yet to measure this and be reported by companies, but they are in development, and we will have them in the next couple of years. Visually, what we're trying to say is that we will reduce, along with those goals that we've established, our emissions by 2040, and our potential of capture and removals through our forest will be at least as great as those residual emissions that we will have by that year, which will allow us to become a net zero company by that year. I also mentioned this earlier. It has to do with our products. Not everything is our operations. In our products today, within the family of wood and pulp, in our packaging division, Sack Kraft, Boxboard, and corrugated, today, we do have a high circularity index with 100% within pulp, with 100% within our wood-based products. In Sack Kraft, we have a challenge with those barriers that have to do with moisture, particularly, where today still the solutions have some fraction of plastic, and we are working with innovation to really get rid of those, find the new, you know, products that will deliver those solutions. Again, these are the products that we see today. The challenge here is not only getting to 100%, but we want to make sure also that the new products that come into the market are delivering these attributes as well. When it comes to water, this is a sample of what's been going on in our company. I think we were challenged in 2018, 2019 and 2020 to really do all the studies and understand where we could find the best opportunities to deliver that, those reductions in our water intensity. Those projects are coming live. Those projects are being implemented. We will find the initiatives and hopefully what we need to reach our goal by 2025 in the next year. 2023, 2024 and 2025 will be absolutely key within operations, closing, you know, open circuits and using innovation, best operational practices as well. Best is absolutely a crucial program within our company to deliver those water efficiencies that we're looking for. This means that we are able to grow, this means that we're able to produce more tons of product, put it into the market, but that's decoupled from the need of new water sources. We want to decouple growth from the need of new water. As I mentioned, when it comes to sort of social development in the communities that surround us, which are quite large when we combine our forestry base and our industrial presence, that we want to make sure that this is a long-term commitment with the communities that surround us. When we talk about impact, we're actually measuring impact, and again, not just how much has been invested or how many beneficiaries we have of our projects. We want to make sure that at a territorial level is produced in the perception of a sector in a company that really delivers shared value and where people can engage with our sector or within other sectors and share territories that really are improving in the quality of life of people. This is an example of a program that Softys, our tissue business unit, has developed over the last year. It has to do with bringing water access really to people in need, benefiting something like 1,600 people so far through almost 100 projects of water, where it has to do with bringing really water solutions and to bring sanitary solutions to people that do not have them, within different places in Latin America and with help of the NGO TECHO. Lastly, I wanna finish with just a number of different milestones in the last year. As I mentioned earlier, we had really, really strong ratings with CDP. We are hoping to get our results in the next two weeks for this year's disclosure round. We were already A-listed in climate change and A-listed in forests. Just to give you an example, there's typically 2,000, 3,000 companies re-responding and disclosing to forests and only a handful, less than 20 companies get an A-list. It's a really, really small percentage of companies that actually meet that A-listing in CDP. I just read this morning that the Biden administration is gonna make every supplier of the government mandatory to report through CDP to the government if they wanna be suppliers of the government. This is really interesting to see how not only companies are increasingly, you know, expected to disclose on their performance, but this is gonna start being part of the regulation as well. I mentioned also our rating in the Dow Jones Sustainability Indices. We were also listed within their yearbook last year, we were listed as the global industry mover for the forest and paper sector for 2021. Just a few weeks ago, Francisco was named a board member in the WBCSD, the World Business Council for Sustainable Development. This is a milestone for us, he is the first Latin American CEO to sit on the board of WBCSD. This is a group of 230 leading companies, global companies within all sectors in the world that are trying to push sustainability as a smart way of doing business and as a responsibility of global businesses today. I mentioned Science Based Targets and that validation. That really puts us, again, as the first pulp and paper company in Latin America to receive validation for Scope 3 emissions and also goals that are aligned with 1.5 degrees Celsius. Only a handful of companies that have been validated in the world in our sector. In a couple weeks, we will have the procurement day back in Santiago. Amongst the things that we will be talking to strategic suppliers of our company, global suppliers of our company, is really start engaging in that conversation around first and foremost, GHG emissions. Very likely that in the next couple years, we're gonna expand this into water use, into other practices within the value chain that allow our company, but also those relationships, those business relationships and the performance of our suppliers, in some cases, companies that are even bigger than our company, to really work jointly in improving the footprint of the value chain. When we talk to clients and end consumers, really it's the entire footprint upstream of products that they care, and that means that we have a responsibility as value chain members to really drive that conversation. We will begin that conversation with our, with our key suppliers in disclosing the carbon emissions and then working together to see how we can figure out through electromobility and through a number of other things, how we can really reduce those footprints. A lot of what we do gets disclosed through our integrated reports. This year, very proudly, we can say we received a number of different awards around the globe for the quality of our disclosures and also the balance and the information. We're typically talking about those things where we think we're doing well, but we're also very open about those things where we still have challenges, and we like to tell the story about how we are gonna meet those challenges and what we're gonna do in the next couple years to close those gaps. I'll end my presentation with another good news, which was the issuance of our eighth instrument of green debt. We issued for the second time in Chile, a green bond for roughly $250 million. I'm sorry. This totals $2,200 million in green financing for our company. We had great response from the markets. Huge demand, excellent rates. I think that's a sign that, our company is really a trusted, you know, partner when it comes to sustainable financing in our sector and in our region. I'll leave it with that, and I think, it's Fernando. Thank you, Nicolás. Well, thanks. Trees are the root of our competitive advantage, and of course, everything start with the fiber. One of the discussions we had during this strategic 2030 construction was the best way of taking advantage of that fiber. The idea is to tell you why we are growing on each of the businesses where we are participating. In Biopackaging, and I'm speaking here on behalf of Jorge Navarrete, the CEO of this division. He's in Europe now, right now with visiting some customers. Specifically in the Sack Kraft business, why we wanna grow here? When you're thinking long fiber, we believe this is one of the best way of taking advantage of the, of the long fiber of the pulp long fiber. Why is that? This is a $7 billion business. Today, less than 30% of the paper sacks of the global sacks are paper-based. More than 70% of the paper of the sacks are made with plastic. We do see a great opportunity for growth here. We have seen a strong growth in the past years. We believe this growth will continue. As part of that, we as part of this strategy, we acquire Iguaçu in April. We took control of that company. We are integrating Iguaçu as part of our Biopackaging division. We are very happy what we have found. Now, of course, when you buy a company, you do a due diligence and all that, but when you take control, you learn the reality, and we are very happy. We found great people, a great team, and a passionate team about this business. Today, with this business, we became the second largest paper sack producer in the world. Today, we have operations in Brazil, in Argentina, in Chile, in Peru and Mexico, and we are serving different industries. As Nicolás mentioned, we have big challenges here. If we wanna grow, if we wanna replace other packaging solutions, we need to solve some issues. One of the issues is barriers. We need barriers in order to protect the packaging from the product. If you have moisture on the product or if you have fat on the product, like in a pet food packaging, you need to protect the packaging from the product. You also need barriers from the outside to protect the product from the environment. We are working on natural barriers, and we are investing money in order to develop that technology. If when that technology comes, we'll have a great opportunity for growth. In this business specifically, it's very important to be integrated. When you are integrated, you can start developing product together with your customers from the forest to the final product, the packaging. That's why we believe Iguaçu was such an opportunity from the forest, the pulp, the paper, and the paper conversion into paper sacks. In general, this is a business that has a very interesting return on investment. We have seen an average in CMPC, when you look at it in an integrated basis, of about 12%, which with long-term prices, is very good as it's aligned with our strategy. In boxboard, this is an opportunity for short fiber. We believe this is a great way of taking advantage of our competitiveness in the short fiber business. This is also a packaging that is growing. It's growing above 4% when you look at long periods. In the last couple of years, the growth has been much more than this. Today, there's lack of this Folding Boxboard product and there's no capacity. Even though there are projects that have been announced in different parts of the world, those projects cannot attend the demand that is coming and that is foreseen. We see a great opportunity for this business. Again, return on investment on this business is about 12%, and it's a great hedge for pulp. Prices in Boxboard are much more stable because you build long-term relationship with your customers. Therefore, when you have high pulp prices, the margins are reduced. On the other hand, when you have low pulp prices and our pulp division is hit but by lower margins, in this business, we have better margins. Corrugated boxes. We saw the trends and of course, delivery has been a big issue during the pandemic and we saw that in all countries, today, more in developed economies, but also in developing countries, we see that delivery is very important and corrugated business is very important there. We have a strong operation in Chile. We have today about 37% of market share there. We have a strong plan to be more profitable in the business to recover some of the market share we lose with the fire we had at our paper plant in Chile in March. That plant is back in operation again since September. We have a very strong plan in order to continue to improve our results of this business in Chile. So far, we don't have plans to grow outside of Chile with this business. Corrugated boxes don't travel very well. You are transporting basically air, so you have to be local. Today we are basically focused on the Chilean market, where there's a lot of demand for this kind of boxes because of our important Chilean exports, fruit exports, wine exports, salmon exports. And with our operations, we can serve very well all those industries. Raimundo. Thank you, Fernando. I will talk to you a little bit about the growth in our wood products business as well as in pulp. In wood products, we want to grow. This is a, it's a very large market. As Francisco mentioned, there is a trend, a relevant trend for sustainable construction, no? Wood is key. It's a key solution for that. Wood captures carbon and keep it stored for many, many years. These days, with the technologies like the engineering wood products, with-within that, you have CLT and LVL, you know, within those, you can build high-rise buildings, you know, made out of wood, something that was very difficult to do a few years ago. The timber market is huge. It's $140 billion worth in the world, and 360 million cubic meters. It's extremely relevant. The estimated growth for the wood construction, for construction in wood, is 14% per year. It's huge growth. In that particular segment, the construction market grows much, much lower, but the sustainable construction much higher. We have been quite profitable in our wood product business in the last few years, not only because of the prices. I mean, the prices of course help, but even in 2020, when prices were not that good, we have improved our profitability, and we are more or less with a ROIC of about 14%. As I said, wood construction in wood can replace materials that are non-renewables, you know, like steel and cement. Another reason why we want to grow in wood is because our fiber is of very high quality and is very competitive in cost. We also have a diversified customer base with global presence, long-term relationship, and also a presence in the retail sector in different countries and continents, including Chile, the US, Europe, Australia and the UK. Moving to pulp. We want to grow in pulp because it's a very relevant market. Also with pulp, we can replace plastic, both directly in our Biopackaging business, but also indirectly through all our customers worldwide. It's a very large market. The market pulp, you know, with 68 million tons of market. It's a mature market, but it's healthy. It grows at about 1.4% a year, which is good growth for a mature market. We have been profitable in the last two years with a average ROIC of almost 19%. In the last two years because of prices, but I think in 2020, when prices were lower, we were also relatively profitable. As we have been improving in our operational excellence and also in our customers' interaction. As I said, pulp is very important for plastics substitution. We aim to keep growing alongside our customers. We don't grow just for the sake of it. We don't plan to be the largest one, but we do want to be the best pulp supplier worldwide. As you visit today, we have been growing here in this mill with this BioCMPC project that, besides additional tonnage, bring us advantages in efficiencies in terms of cost and also in our sustainability efforts. We reduce water usage and CO2 emissions. For all of this, we need fiber. We need forests. Yeah? In forests, we have a few challenges. One is to maintain all of our operational continuity by supplying our industrial plants. We have also been working with operational excellence in forests to reduce or control our costs and gain competitiveness, no? With this aim to be what we call P10 or percentile 10 in competitiveness. We have also been, in the last few years, making a big, and we will deepen that effort to connect better our forests with our mills in terms of the specification that we need from our wood chips, no? How is that to connected with our mill. In this particular mill here, we can make big improvements on that particular connection. We are sure that we can do that the same in all our mills. Of course, we want to grow, and we are growing our forest base, and we plan to keep growing our forest base, particularly in Brazil, you know, in Rio Grande do Sul, to plan our future industrial growth. To accelerate internal capacity, we will build a technology and innovation center, yeah, that takes applied innovation from seed to paper. We have recently hired one very senior person that will lead this effort. For the first time, we will connect our innovation efforts from the seed to the paper to our customers. This will strengthen our R&D capabilities. We are already becoming, but we will become even a better partner for our customers for their developments. As you know, for replacing plastic, there are many efforts for the barriers, you know, for the paper to be used for food applications, for flexible packaging, et cetera. We also want to strengthen our disruptive innovation with products such as tall oil and lignin. Francisco mentioned about CMPC Ventures. That's also very relevant for us. We plan to run our Scandinavian office and look for opportunities as well in other countries. This make us part of an ecosystem that we were not part before. We're very excited about this, and we believe that will bring us good opportunities. Within this, we have also built a more agile government for our innovations. Now I will pass to Jorge, who will explain the growth in Softys. Thank you, Raimundo. Hello to everyone. In Softys, next one. In Softys, we believe that the hygiene and personal care business has very strong fundamentals, which we can see here in this chart. When we analyze the potential growth of the hygiene personal care products in Latin America, where Softys operates, we immediately contrast it with more mature and developed markets, and such as the U.S. or Europe. What we can observe here is that there's plenty of room to reach the levels of penetration and usage of products present in those markets. For example, when we compare the average consumption of tissue in Latin America of 5.6 kilograms per person a year, we can observe we're still one-third of what is currently consumed in the U.S. Baby diapers is no different, since although less babies are born every year, the low levels of penetration in Latam are still way behind mature markets. Furthermore, the most iconic example of low penetration for Softys categories is incontinence or adult care, since these types of products have not entered as strong as in other geographies yet, since there is an age range that has not started to use this product as strong as in other geographies, because incontinence is a taboo or recognizing that the condition is more frequent situation than thought. Some subcategories of incontinence, which are like the light incontinence or more comfortable adult pants, are getting more and more traction. Beside volumes, there are strong fundamentals to think that prices via premiumization, that was one of the trends that we saw on this video of the products will leverage even further the top line of the companies in the sector. Given the favorable fundamentals of the business shown in the previous slide, Softys has committed very significant resources in expanding its capacity where needed. In that regard, we have invested more than $380 million over the past five years, not only in tissue but also in personal care in Peru, Brazil, Argentina, and Mexico. As a result of this continuous deployment of capital, we have been able, for example, to reach more than 10% market share organically in baby diapers in Brazil. Besides this commitment towards growth, we are cautiously disciplined and focused in delivering our projects in time, cost, and scope to meet the economic return and of the business cases we recommend. Currently, we have announced a new paper mill in Mexico to continue strengthening our position in the tissue market. Thank you. Not only organic growth has been a part of Softys agenda, but also M&A has played a key role in Softys evolution these years. In 2018, we set up and publicly announced a clear goal to grow in two countries that represent almost two-thirds of the hygiene and personal care market in Latin America, and where Softys did not have a strong presence yet, Brazil and Mexico. In 2019, we closed the acquisition of Sepac, a leading tissue paper player in Brazil that turned Softys into market leader in the country. SEPAC has not only a very attractive business model, but also best industry practices, which have been exported around Softys from Mexico to Chile. In 2021, we continued our path towards consolidating our leadership in Brazil with the acquisition of Carta Fabril, one of the industry leaders in Rio de Janeiro with its Cotton brand, combining a strong consumer tissue business with an emerging personal care business in baby, feminine, adult, and wet wipes. Most recently, we announced an agreement with the Belgian group Ontex to acquire part of its Mexican business, which will allow us to create a new company complementing our presence in the tissue space with a 30% market share in baby and adult care. We feel pleased of having delivered this relevant piece or part of the Softys strategy, which will allow us to play with a more robust and strong position in Brazil and Mexico. Well, now, after all this inorganic growth, we are totally focused on integrating these companies to the ones we had before, this M&A wave in Brazil and in Mexico. Why are these integration processes so important? We need to capture the strong synergies we evaluated in each of the acquisitions and deliver the investment thesis behind them. In Brazil, we have almost 30% market share in tissue and a growing position in diapers. We have found very important synergies in go-to-market, production footprint, procurement, and commercial aspects that we have already delivered with SEPAC and that will continue to be captured with the integration of Carta Fabril. We have found great talent and know-how in SEPAC and Carta Fabril, and we are leveraging this to strengthen our leadership in the country. Carta Fabril has two very well-positioned sites, which will improve our cost position to serve the Brazilian regions. Well, the story in Mexico is different. Softys has been building a strong presence in the tissue space since 2006 when we entered the market. Growing, but growing our presence in personal care in Mexico and Latin America as well, has always been a strategic goal for Softys. Therefore, we started pursuing this transaction with Ontex a long time ago, especially for the very relevant and important shares they have not only in baby diapers, but also in incontinence or adult care, with 33% of the Mexican market. This transaction will allow us to break the threshold of $1 billion sales in Latin America in personal care, positioning Softys as the second-largest player in Latin America, and number one in tissue from Mexico to Chile on aggregate. From a Mexican point of view, this transaction is a transformational one, since we will combine two large scale businesses, one in tissue and the other one in personal care. We will be able to unlock lots of value in go-to-market, the channel, and brand portfolio synergies of these two categories or business unit operating together. We will become a one-stop shop to our clients across the country, improving our offer and relationship with them. At the same time, Softys Mexico will become one of the most important subsidiaries for Softys, with more than $800 million in sales. The Puebla plant, which is within the perimeter of this transaction, is very close to where the highest consumption of the country is concentrated, allowing us to minimize our distance to serve our clients. Yes. Thank you. I'll explain a little bit about our customers pillars, no? All pillars are very important, there's no doubt that without customers, all of this effort will not be worth it. To meet our customer needs, we have defined 5 strategic priorities. I will explain 4 of them that apply very much to pulp wood products and Biopackaging, Jorge will explain the last one that is mainly focused on Softys. The first one is to customer proximity and support capabilities to streamline our processes, no? Related to customers. Here, the metric is what we call the NPS, no? It's a well-known metric, the Net Promoter Score, we have put ourself on an ambitious goal of being above 85 points. Here, we have to do this. We are developing and we're strengthening our commercial offices in the main markets to boost proximity to customers. When I said proximity, I mean, we see that the customers today are demanding. They want to connect not only on the commercial side and the logistics side, which is quite obvious, but also in the sustainability aspect, to connect their sustainability goals with our efforts in innovation aspects also, that's extremely important. We have also deepening the technical expert role to develop products together with our customers, and we have been succeeding on that lately. In that sense as well, the second metric is to or mission, is to have 10% of our sales coming from innovation products. Those have to be very aligned with our customers' needs. For that, we are using our international presence and our technical expertise to co-develop products with our customers, and we already have several examples. In Biopackaging, for example, the Zero Waste Sack. In wood products, we have developed several plywood applications that are able to be used outside. In pulp also, we are developing different grades with different brightness or with different strength for different market segments. Another extremely important aspect of our customers is of course the deliveries on time and in full. We are putting ourself a goal of being above 90% on the OTIF index. For this, we have also promoting a digital, I would say, transformation or using digital tools in order to facilitate this task. We are developing a platform called FiberPlace, which is gonna work for all our businesses, and where customer will be able to track their shipments and also track all their orders with the different qualities. They can track also our commitment with the OTIF index. Another very important metric is, of course, the margin. We are putting ourself a goal of improving our margin by between 3-4 points by diversifying geographically, you know, customer segmentation, and also by growing in developed markets, in those niche segments where we can obtain better margins. This is very much applicable to our Biopackaging business, our wood products business, and it's to some extent also in pulp. Now, Jorge will explain the pillar, the fifth pillar for Celulosa. Thank you, Raimundo. Well, we have this goal of 17% of total net sales for e-commerce. In recent years, we have been able to see how the world is changing at a surprising speed, especially in the fields related with the digital world. Due to COVID-19 pandemic and its lockdowns, consumptions through these digital channels grew very, very fast all around the world, also in Latin America. Besides, we have been able to capture some of this growth. We want to promote it even more. That being said, one of our objectives is this for 70% of net sales for 2025. As of today, our teams have done an amazing job carrying out projects in both business to business and business to consumer channels. For the first case, we have solid platforms which have allowed us to reduce friction in coordination with our customers. While B2C side, we have digital stores in practically all countries where we have presence. During the pandemic, we launched our D2C platforms in Chile, in Brazil, and different parts in Latin America. We're strongly committed to this objective, as we believe that it's the way to get to know better our clients and find those behavior patterns and thus, to be able to reach them with better products and solutions. Thank you, Jorge. Let's talk a little bit about the pulp market. During this year, the pulp prices have reached high levels, historical levels. Many other commodities have done the same. Commodities tend to be somehow correlated because they depend, to some extent, in macroeconomic situations or performance. The context that we have lived during this year, a lot has to do with supply disruption because of problems at mills, unexpected downtime, but also because of logistics situations, no? The charts here on the left shows the global schedule reliability, and you can see that in the years 18 and 19, no, the blue and the orange lines, the reliability was 80% more or less, no? During the last two years, 2021, we went down to about 40%, 35%, 40%. The reliability has been really a disaster. Not bad, it has been terrible. This is global reliability. As a consequence of this, I mean, we're, we are paying the price in terms of inflation in many products, but also some of the products are somehow delayed in ports, either origin ports or in transshipment locations or destination ports. The second chart is the average delays for vessels arrivals to load. You can, as you can see also the blue and orange line in the right is. It used to be only four days of delay, and then we reach levels about eight days of delay. It's doubled. That's a disaster for ports, no? This has improved marginally. We are down to 6 days, but it's still far from the normal levels. In both reliability and in delays, in both cases, things are starting to normalize, but still they're far from what we would call normal levels, no? Pre-pandemic levels. In terms of the unplanned downtime, this is just only talking about pulp, market pulp. 2022 has seen a huge amount of downtime. The normal level is about 1.4 million tons, and this year we have seen about 2 million tons of unplanned downtime. That's very high. With all things happening around the world, it's very difficult to predict what will happen next year. There's no doubt that 2 million tons has been a big number. Talking a little bit about China. This is the Chinese prices for eucalyptus. For hardwood on orange and for softwood on blue. The prices have increased quite a lot during this year, and more or less, they have been stable in the last few months. Softwood has dropped about $30-$40, and hardwood has not dropped yet. We are seeing some concerns in the Chinese economy, as you all know, related in many cases related to the internal demand because of COVID restrictions. A big question mark for all of us is when the Chinese economy will open, no? When they will normalize. To be honest, we don't know, no? We wish to know, but I think that's a big question for everyone. This second page shows the Chinese paper prices for the different grades on the top. As you can see, some grades, like tissue, have been able to pass the price increases into the market without major problems. Some other grades have also been able to pass, but with some more difficulties. Here, I think some of the relevant part has been that the Chinese were for quite a long time, they were unable to export. They couldn't export because the freight was absolutely not affordable. No, they couldn't actually pay the freight to bring the products in the world. That lately has been coming to normalize. Now, now they are starting to export. Still their mills are running at about maybe 65% or 70% capacity. If China do open, or when China do open and the economy, people is able to consume normally and get out of their houses, no. We believe there could be a positive surprise. Because as I said, the mills are running at 65%, 70% capacity. They do have capacity to run much higher. In the other side of the world, in Europe, demand has been very positive throughout the whole year. Paper demand, you will see in the next one when we talk about the shipments. As a consequence of that, prices for both fibers have been much higher than in China throughout the year. Particularly in the last few months. In the last weeks, we have seen some weakness. I think there are some segments, and décor paper is one of them, that are seeing a very different context. There are some concerns, no? I think energy prices, no, and gas prices in particular has been extremely high and is a big concern. Still, I think European prices are high, but the economy is seeing clearly some clouds. Talking about shipments, the chart on the left shows the global shipments for pulp this year. As you can see, China, which is the first one on the left, has import 2.3 million tons less than last year. In the other hand, Western Europe has imported 6.5 million tons more than last year. This has huge swing between China and Europe. Many of that has to do with the fact that the Chinese couldn't export, well, for what I explained. Therefore, the Europeans have all their mills running at full. I mean, I think everybody sold more pulp into Europe than what they thought at higher prices and has to do with that. Of course, now is getting more normal. Chinese have been exporting paper lately. The Europeans have now, they have competition again, and they're losing business to the Chinese somehow. This is more or less starting to get normalized. In the other chart on the right is the stock of wood pulp in European port. This is as a very relevant indicator. If you can see, the stocks have been quite low. One of the reasons why prices of pulp have not dropped is because the stocks are still relatively low in the ports. Availability is tight. The market still feels very tight. What to expect in the next few years, talking about growth, we think that the market for pulp will grow between 2021 and 2030, it's gonna grow about 12 million tons. Yeah, 12 million tons of growth. The market, which is about 62 million tons, was 62 million tons in 2021, will reach about 74 million tons in 2030. Out of this growth, 9.3 million tons will be hardwood. That represent about 78% of the growth. 2.6 million will be softwood. Out of that 2.6 million tons of softwood is about 1 million or 1.2 million tons, which is fluff, which is also a market that grows. It's a, it's a smaller market, but it's growing rapidly. In terms of the segments and how that will behave, those 12 million tons will grow mainly in tissue. As you can see, the tissue segment will move from 41% of the share of the market in 2021 to about 49% in 2030. Relevant growth in tissue. Relevant growth also in specialties. There's a 1% growth, but in a market that's growing 12 million tons, it's relevant. Boxboard is also growing because of the trends that we saw and what Fernando explained on our Biopackaging business and strategy. On the other hand, printing and writing continue to decline. That segment that represent 21% of the market in 2021, we believe will represent 11% in 2030. Okay? That's of course, overall, for the market, that's less demand, but on the other hand, it's less raw materials for the paper making. Because tissue papers in the U.S. and in Europe, also in Latin America, they use in their mix a relevant amount of recovered fiber. Every day, they have less fiber, less recovered fiber availability because of the printing and writing decline. That means that the tissue producers are and will have to buy more virgin fiber in the next years. The key takeaways from the market short-term are uncertainties. Like we talk about China, we talk about the... Well, we haven't talked, but the world without a doubt is a big uncertainty that's creating some clouds in the economy. Unplanned downtime is also a big doubt, what will happen with that. There's some positive trends in the post-COVID areas. We talk about e-commerce would affect possibly the board segment. We talk about printing and writing and the availability of recovered fiber. We talk about the growth of the margin as a whole, of the market as a whole. Another relevant takeaway is that the marginal cost for producing pulp has gone up rapidly, no? I think for all of us pulp producers, the costs have gone up because of chemicals, because of wood. There's quite a relevant fiber war around the world. And this in part is because of the mills, integrated pulp and paper mills that have been built in Asia. These people, they build these big mills, then they have to find the wood chips to import, you know. Every day, every year, they have to import huge amounts of wood chips, increases the amount of wood chips, the availability of wood chip in the world has declined. Vietnam is exporting less wood chips. Australia is exporting less wood chips. Chile is exporting less wood chips because of the MAPA project. The marginal cost for producing pulp maybe 2 years ago was about $450 CNF China for hardwood is now about $600 or $620 CNF China. There's a big change in the marginal cost. Okay. That's for my part, I pass to Fernando to talk about competitiveness. Thank you very much, Raimundo and Jorge. In 2018, actually late 2017, we started implementing lean manufacturing in our operations, specifically in the pulp division. That program has evolved. Today we have a purpose, we have a strategy. Under this umbrella, we have worked in a new way of working. We have organized ourselves in a different way, and we have worked, as Francisco mentioned, on the evolution of our culture. Everything put together is what we call BEST 4.0. BEST was the original program of implementing lean. BEST 4.0, it puts together all these, all this, and is the new way of working for CMPC. With this, we have set a goal that, as Francisco mentioned, to be P10. What we mean by being P10, we wanna be in the first 10 percentile in terms of competitiveness. Okay? But this has a catch. We not just wanna be in the 10% of more efficient. We already are there if we consider our competitive advantage in the forest, and also if we consider our competitive advantage for having state-of-the-art operations. We wanna be in the 10% more efficient operations, leaving outside the forest. Considering then everyone is buying the wood at the same price, but also that we have all the same technology. Guaíba II, which is one of the most efficient mills, will not compare with all the mills in the world. No. It will compare with the newest mills in the world, and we wanna be the top on that class. On the other hand, Guaíba I, a mill that was built in the 1970s, will have to compare with older mills and plants. We wanna be the catch is we wanna be very aggressive on being excellent from end to end, and not only take advantage of our forest competitive advantage. Trees grow faster in the southern hemisphere. We don't wanna subsidize our industrial operations with that, let's say, cheap fiber. How we're gonna do this? We have 3 main pillars. The first one is operational excellence, the second one is optimizing our purchases, and the third one is building a more agile administrative processes through all the operation and the company. I'm sorry. We have specific metrics for this. In operational excellence, we want to have an OEI of above 55. This is a way of measuring how we are, we have implemented lean. In purchases, we want to have a GPE of 3 points. This is Global Procurement Excellence. It's a global known indicator that shows the maturity of your purchases program. Finally, in administrative processes, we want to have SLA, so Service Level Agreement. Thank you very much. Service Level Agreement with our operations, we make sure that we are agile and we allow the excellence and the procurement and all the operations from end to end to be efficient. Today we have a sample of this. We visited our innovation room in Pulp. In order to be efficient in our operation, we need to bring data. We are working on the mill of the future. We wanna leverage our operations on digitalization. We manage in these facilities, thousand and thousand of data and if we don't put artificial intelligence, advanced analytics, we cannot take advantage of that. We wanna bring the information to the operators, to the maintenance crew that is in the ground, so they have all the information on their hand on a tablet, so they can perform their work in a better way. If they have more information on their hand to do their job in a better way to make more efficient decisions. Sometimes these big companies are very hierarchical, we wanna delegate, we wanna transfer the responsibility to operators, the one that really knows what is going on in the ground. For that, they need the data. With data and information and experience, the training, they can be accountable for what they are doing. In Global Procurement Excellence, we have been working, we have been measuring where we are today. In general, when you think in car making company, they are the top in the world in procurement. We want to reach that kind of level, and we are working heavily with our team in training, but also with our operations, because this is a work that has to be done forehands. It's not just a procurement team doing better purchases. We need to work with the operations to improve the results. In the administrative processes, we want to be agile, we want to be close to the operations. We have been working on what we call one company, one team. We have a unique team that operates through all the company in all the countries where we can leverage digitalization, best practices, and we can serve better the operations, so the operation can perform at their best. Finally, in Softys, as you know, you have been following CMPC's result, Softys has been hit heavily the last year because of high raw materials. Pulp prices, but also other important raw materials in the personal care business. Softys has been working also on their own efficiencies. They build this Softys MAS program with 10 very strong and concrete initiatives, where more than 150 people is directly involved on this, with important initiatives as regional sourcing, using different mix of fibers, revenue management, digitalization, transformation, and supply chain, improving logistics. We have a very concrete plan in order to improve the returns on the tissue business, and not only waiting for the pulp prices to decline. We are very committed to be very competitive. As I said before, to be P10, without considering our forest and fiber competitive advantage and the technology of our operations. Francisco. Last but not least, it was hard to talk about talent without knowing everything else. So, uh... Yes. We've mentioned a lot of different things that we are working on. I believe that we have a very demanding strategy for the next 8, 7 years. Every business has a lot to do, several things to change. We have to modernize, you know, ways of operating. What we are really sure is we need to. Nothing is possible without the right talent here. Just finishing commenting you that, we have mentioned operational excellence, we have mentioned leadership and talent. We have mentioned different aspect with collaborators. I want to be really concrete mentioning you what we have done until now, what is in progress. For instance, in operational excellence, we already trained in. This is in the best universities. We have a lot of things to do with the Universidad de Concepción, which is a great university in the south of Chile, and it's in the area where we have our operations. We prepare 367 employees, this is an example, in BEST. BEST is our. The program we have in CMPC, in all CMPC, for improving our, you know, way of doing things. We have prepared more than 2,000 people in management. We also sent some people really well-defined for being prepared in data scientists. Data science, and so we have already 75 people working on that. All the, our program of advanced analytics is now in progress. We also defined 2 years ago to the creation of, actually, an education institute where we concrete a partnership with Universidad Católica. We already built, actually. It started the operation, Duoc UC. Duoc UC is an institute, a very well-known institute in Chile, it will be located in Nacimiento, which is a place. It's a good place for being arrived from different point of areas, it will give the people in this area the opportunity to be educated in different careers without leaving their cities. This is one of the problem we have in Chile. They have to move to Concepción or to Santiago, to other big cities. It is expensive for those families. Now we have practically a kind of a university there. It's a professional institute where we will practice dual education. It means also that we want to be involved in that process. It will impact a lot that area. Well, in Brazil, technical training, talent and leadership, we have mapped 100% of leadership roles. This is crucial because, you know, when you start being more professional, being here in different countries. The roles has been really well-defined. Key positions and succession plans also in progress. This is also really something that's a priority for us. I mentioned, already mentioned the culture evolution that we are working on with the. We started with 50 leaders, and we will continue with the rest of the organization. In terms of collaborators, we have a program called Beyond. Beyond is a program that we created in the middle of the pandemic. Well, probably it was more in the, at the beginning of the pandemic, where we wanted to invite the people to really see the future, not to be, you know, confused in what was happening in that time with the pandemic, and everybody was really concerned about the pandemic. Every movement connected with the pandemic. We said, "No, we want to put our attention in the future." We created this program, Beyond, and we invited many people to be part of this. There is a position. They are called ambassadors. Actually, it is really impressive how the people was interested in the future innovation, look into the future, how we can take the company to the future. We have received several 1,000 of ideas about that. Well, like, of course, Climate Survey we have and the ecosystem connected with the people also. We are participating in LinkedIn, Coursera, et cetera. Some KBS, some KPIs in our program in excellence and operational excellence base. We have many leaders today prepared for running the company through the best standards in the world. We compare many of our standards really with the best practices like the Scandinavian practices, the Canadian practices, some of the very good Brazilian practices. This country is very. It's also a very impressive country in some of the assets we are working on. Lean management also. I mean, many people prepare on that. Nobody wasn't prepared, formally prepared. Now we have more than 2,000 people. Diversity rank coming where we have decided to go. The ambassador already mentioned. In general, you see there are many things that we are working on, and we will see the very good results in the near future. We already have seen some, but I'm very convinced about the future of this company is really nice. Finally, to finish, this is just a summary. To develop the talent, I say keep peoples at the center, prepare talent to grow, I already mentioned. This definition that will be that will allow us to transform the company in terms of agility and horizontality. Some mentioned Fernando before. This is an old company, kind of a very traditional company, in some way hierarchical, very hierarchical company in the past. Today, it's changing. But it was. For instance, the hierarchy of this company has been observed when we did this cultural discussion with the specialists. Of course, we want to move to a very, much more horizontal company, and it means agility, and of course, it will impact the organization in some aspects. This is the reason why I want to mention that. I see CMPC really moving very well to the future and changing with an open-minded, I would say, attitude, huh? Again, this is a process and probably some of the people that have been with us for many, many years are having some problems changing some aspects, but I would say in general, working very well. Just to close, again, those are our pillars. This is what, for us, very important for you to keep this in your mind. This is a result of really a deep, deep work. Behind those titles are many ideas, activities, proposals, projects, et cetera. We are measuring them. Growth and innovation. Growth meaning organic, inorganic. Innovation meaning, you know, we are really conscious about that innovation is crucial for getting our strategy, for changing, for getting our sustainable goals, et cetera. We are really strengthening the innovation area, we will invest money on that. In the future, hopefully we have an institute for innovation in the company. This is what we want. Customers, again, we have talked about customers really in the center, but measuring that competitiveness, again, P10, percentile 10, is something that we challenge we have. When we talk about P10, it's not cost, just cost. It's not just volume. It's, we have to measure some other aspects that are connected with our operation in general. This is again, we are building this and, I'm very confident about our success in that. Talent already mentioned. And sustainability, we have talked a lot about sustainability. This is what we wanted to present to you today. We will have 30 minutes for questions, more or less, if you wanna have some with our team, with my team here, we can answer that. Thank you very much for taking the time for seeing the presentation and, of course, open for answering or clarifying or receiving your comments or suggestions, whatever you want. Thank you very much. We will have sharp 5 minutes break, and we will continue with the Q&A. If someone wanna go to the washroom, get a coffee, water, in 5 minutes, we'll start with the Q&A. Thanks. Please, if you can have a seat, please. There are some of you that have an important commitment in 20 minutes, so we wanna be respectful of that. Well, thank you very much. Hopefully during the day, the visit, you could learn more about our operations. Now with the presentation to learn about our strategy, but also probably more important to see how proud and how happy we are with this project, with the company and with the future of the company. Now we would like to open the floor for questions. You can direct your question to anyone and we'll be happy to answer that. Please raise your hand, if you have any question. I'll hand over the microphone. We need the mic so people that is on the streaming can hear us. All right. Thank you so much for the presentation and all the great detail that you shared. I'm Isabella from Bradesco. I have a couple of questions on my end. First on, you know, thinking about CMPC 5, 10 years from now, you mentioned a lot of different initiatives that you're carrying out in terms of growth, in terms of different markets that you can expand to. You highlighted in different parts of the presentation about wood-based construction, and you have the JV with Niuform. I'm not sure if that's how you pronounce it, on CLT. I'm just wondering, you know, thinking about the different avenues for growth, where do you see the company and especially into the new business? You mentioned textiles as well. Do you see, you know, pulp, you know, decreasing the importance from the perspective of the overall company? That's the first question. The second question on tissue and also on growth, you mentioned that you wanna focus right now on consolidating all of the M&A that you did recently. If you could mention opportunities that you see in terms of expanding your footprint both in Brazil and in Mexico. Opportunities that you still see that could happen or even organic growth or for now, you don't, you know, you're just really focusing on consolidating and capturing all the synergies. Those are my questions. Thank you. I can take the first one. Thank you. I think we plan to grow in several of our businesses all together. I don't think that pulp will lose relevance respect to the other ones. That we'll grow. We want to grow in pulp. As we said, we are growing the forest base here in Brazil. I mean, pulp prices of course, are huge, and they're more long-term, so they take a bit more time. But we are now, right now expanding this mill. Then we see growth in the wood construction. The relative size of that is still small. Now we're happy with the joint venture in New-Indy Containerboard, and we have plans to grow in that segment, potentially in other geographies, like in the U.S. In the value packaging world as well, I think as we mentioned, we see very good opportunities to grow in Sack Kraft, and in Boxboard as well in the in developed countries, no? With more value-added products. The second question, I think Jorge will take. Yes. Hello. Regarding more in organic growth for Softys, I would say that, as I mentioned during the presentation, our actual focus is totally on the integration of the last acquisitions in Brazil and Mexico. We have plenty of work to do there to ensure to capture the synergies and deliver the investment thesis. Nevertheless, obviously, we are always ready to evaluate new opportunities as they may appear. I would say more on a reactive way rather than proactively. Yeah, to focus on integration for now. Mm-hmm. Thank you. This is for Raimundo regarding what you mentioned about expecting the unplanned stoppages remaining high, probably, except for wood chip availability and maybe strike activity. What other factors do you think will drive those stoppages? Do you think the hardwood market or softwood market will be more affected going forward? I think one factor has been affecting, and I don't think will disappear is climate change, and the effect that that has had. Now, you know, one of the Spanish mills have to stop for several months because of lack of water. I think that situation could be repeated in other parts of the world. I think age of mills is also an issue. I think in especially in North America, I think the U.S. and Canada, but also somehow in Europe, mills are very old. No? I think we have seen catastrophic failures in some of those mills, and that, I don't think that we can discard it, no? I think it still is part of the equation. Yeah, I think I again, besides what we mentioned, I think, climate change and catastrophic events related to age of the assets. Any other questions? Thank you. Well, my first question has to do with the target that you mentioned during the presentation regarding the EBITDA margin expansion of 340 basis point by 2025. I would like to understand what are the main sources of... that explains that margin expansions. Are growth revenues or growth and innovation? What are the divisions that could explain that margin expansion in the future? Well, I would say it's Sí. Sí. It is a combination. It has a lot to do with our operation, our operational program, excellence operational program. It means that we are taking much more advantage of our assets, using them in a much more efficient way. It has to do also with some projection that we have in Brazil, where we have the possibility to have some better costs, especially on the forest side. Also, we are seeing possibilities in the Biopackaging business. We see an important room for growing there, especially in some of the products we have. Boxboard is a very interesting business, and it's growing importantly, especially even during this period where the demand in general of some products are going down. We have been seeing boxboard very stable. Even, and also considering that we, what the Softys is doing. Softys is growing in a very, I would say key market for CMPC. We defined years ago that Brazil is a necessary market for us and Mexico and I would say the plants have been successful in terms of that we acquired interesting companies for growing in those countries for investing. We are integrating them. As Jorge said before, but I see opportunities for improving those businesses with good brand names. In general terms, I would say that we have calculated that there is some room for improvement in terms of margins because of this combination of things. If I made a follow-up question on pulp and the markets. You mentioned that there's a lot of uncertainty in terms of demand, and particularly, well, in Europe, there could be demand destruction eventually. China, do you think there could be an offset due to easing zero COVID policies? Do you think that would be an offsetting factor, or wouldn't it be enough if things really turn south in Europe in terms of demand? Yeah, I think the easing of the COVID restriction is relevant, I think. The base case, I think that most analysts is using, and we're following that, is that China will kind of ease starting Q2 next year. If that is delayed, then I would think the economy will be slower for longer time, and then the demand will probably be affected. That's the base case that the analysts are using. I have another question from the audience. Since you are all thinking more questions. What is going to be the commercial strategy for the incremental volumes of the BioCMPC project? Yeah. I think we have a good customer base, very diversified around the world. For the moment, we don't have to be chasing new customers. We're always open to new customers. In general, we are seeing good demand. I think we believe we can place that volume within our existing customer base, you know, following our strategy, you know, which is follow very diversify between segments and also between geographies. Everything very, very clear. Thank you very much for your questions, for your comments, and we really appreciate the opportunity we had this time with you. We are really happy about you visiting this mill. Hopefully, you will have the opportunity to visit the mill with the project, you know, finished. Unfortunately, there's a lot of different movements around the mill today. It's not probably very clean, some areas, in terms of having, there are some operation of constructions and movements of machinery there. Just to mention you that for us, it was really interesting this, all this year because it's not easy. We talked a little bit yesterday about that. You see those projects are really spread out the mill. it's not just in a particular place of the mill, so it's not easy to, you know, run them to build, affecting many areas of the mill without affecting the normal production of the plant. It's a big challenge. We have been really, I would say, successful in doing that. We still have a year ahead of us for finishing this. probably this year, we could have a record year in terms of production for this mill without affecting people, without affecting the community. Well, all these movements, you know, more than 3,000 people have come here and for the construction process. Just to mention that. Sorry because we have a lot of movements. It's important for us that you see also a construction. Thank you very much. Just to finish, I would like to thank Mauricio and all the team of the plant for producing this. Especially with all the work they have outside, doing this was not that easy. Mauricio, I see Sharon over there. Thank you very much for doing all this, for your help and for being so welcome. Thank you very much, and thank you all for joining us. It is great to share what we are doing and what we are doing specifically here at the plant. Thank you all, and hopefully we'll have a good match later. Thank you.