In 3Q19, capital investments totaled R$1,593 million, 2% lower than in 3Q18, mainly due to lower spending on expansion and modernization. Compared to 2Q19, the increase was mostly due to higher expenses with forest maintenance. Investments in Land and Forests totaled R$541 million and aimed at capturing gains from current operations, as well as creating alternatives for business growth.

For 2019, the Company has revised the total estimated Capex from R$ 5.9 billion to R$ 5.7 billion. The reduction in the guidance reflects the same expenditures with forestry resulting from the lower volume of harvested wood due to lower production volume in 2019, as well as the Company’s financial discipline to manage its leverage by reducing R$500 million in the lines of Sustaining and Land and Forestry capex.

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