During 2022 ARAUCO operated in an uncertain local and global context. A war in Europe, tensions between the great powers, rising inflation everywhere and a still latent pan- demic, without being able to fully restore normality. An ins- titutional review was taking place in Chile, which involved discussing significant reforms, such as the tax system and the pension system. We hope that agreements will eventua- lly prevail that will ensure that social improvements will be compatible with measures to encourage savings and invest- ment, which are fundamental for the future of our country. Overall, 2022 was a challenging year for ARAUCO and its businesses. We are facing a difficult period that reinforces the importance of approaching our business with a broad perspective that combines market knowledge, stakeholder engagement, shared value creation and decisive environ- mental management. As these are fundamental issues for society and they form part of our Company’s management and vision. ARAUCO understands the importance of its business in the current global context. The sustainable development of our business contributes to mitigating the effects of climate change and responds to people’s demands to positively affect their quality of life. This conviction drove us to progress with our purpose and commitments during 2022. We commissioned MAPA, the largest investment project in our history, which will increa- se our pulp production capacity and strengthen our competiti- veness and leadership in global markets.