Good morning everyone. And welcome to Cresud’s Fourth Quarter 2012 Results Conference Call. Today’s live webcast both audio and slideshow maybe accessed through Company’s Investor Relations website at www.cresud.com.ar/ir by clicking the banner teleconference. The following presentation and the earnings release issued last week are also available for download on the company’s website. After management’s remarks there will be a question-and-answer session for analysts and investors. At that time further instruction will be given. (Operator Instructions). You will have also the possibility of sending a question via webcast by clicking on the question to host tool. Before we begin, I would like to remind you that this call is being recorded. And that information discussed today may include forward looking statements regarding the company’s financial and operating performance. Our projects are subject to risks and uncertainties and actual results may differ materially. Please refer to the detailed note in the company’s earnings release regarding forward-looking statements. I would now turn the call over to Mr. Alejandro Elsztain, Chief Executive Officer of Cresud. Please go ahead sir.

Good morning everybody. Today we are summarizing our fiscal year 2012. And we’re going to begin in page number two, with the main highlights of the year. The operating income of this year totaled 654 million pesos, 10% lower than last year. The severe drought affected our core agricultural areas in South America, mainly in Argentina and Brazil and probably the combination of such drought that first came to South America and later came to the States we’re going to see later, made a big change on prices of the commodities that is not reflected in this fiscal year 2012. The lower operating income, because of this came brought to this partnership is mainly explained by this drought, and that levered the result from our beef cattle and feed loss segment and the losses from holding and derivative in BrazilAgro. But these are going to be recovered next fiscal year. We are going to explain you later that some affects of those hedges are affecting these existing balance sheets too. The result was offset by a 27% year to year increase in the operating income from our real-estate segment, coming from ISA and Alto Palermo Banco de Crédito. The net income for this fiscal year 2012 was 78 million pesos. The production grew by 153% reflecting the consolidation of BrazilAgro. The beef cattle segment increased 76% in production result, thanks to the 38% increase in beef production and the higher market prices. Our concerned milk production, it produces 16.6 million pesos reaching an output of 21 liters per day a cow, 12% higher than last year. This partnership (inaudible) in BrazilAgro to almost 40% and our safety in meat stuff reaching 64%. We paid a cash dividend of 64 million pesos, and as we gave a dividend here of 2.6%. So, I will introduce to Carlos Blousson, our General Manager of Argentina, Bolivia and Paraguay.

Thank you Alejandro, good morning everybody. Let’s go to slide three. Here you can see the nearby revolution during the last year in America. On the left, Argentina Brazil experienced overall conditions during the last fiscal, which reduced dramatically soybean and corn production. North America also suffered a similar dry condition which affected productions compared for the next fiscal. On the next slide, we can see the utilization and see further South. On the top of the slide, you can see what happened to Argentina and Brazil. In Argentina, corn production reduced 24%, and soybean productions reduced 23% and in Brazil affected 4.7% of corn productions and sample sales of soybean production. On the bottom you can see the drought affecting the major states, which produce corn production 27.5% at 103 million tons and soybean production was 18% and 16 million tons. This slide shows how the condition mentions the poor affect grain price. Soybean price increased 73% in the last nine months. Corn and wheat price increased 52% and 112% respectively. On the graph, in the note, we can see that while grain price increased, it’s still meat price remaining stable during the same period. Rice basically shows the fiscal season for 2012 a 12% in consolidated procedures and corn 51% in consolidated procedures. The well known rice is sold at basic price the start will be seen well this past year. In page number seven, you can see the area and the gross production, the evolution of the company since fiscal year 2008, last year we closed 205,000 exits, the country’s breakdown Argentina being the largest of 108,000, 65,000 Brazil, 24,000 Bolivia and 8,000 Paraguay. We are extending the growth of almost 4% for next year, maybe in (inaudible). And this is the combination of all land, 150,000…

Thank you very much Carlos, good morning everyone. If we move to page 12, here we have the evolution of our income statement. As Alejandro and Carlos described, this was a challenging year for agriculture in the region. And when you compare the net income of our current fiscal year compared with the previous one, we see a liquid of around 140 million pesos from 221 million pesos last year to 78 million pesos this year. The main driver for this decrease, are mainly our decreasing our operating income of 72.6 million pesos. The breakdown inside the break in income, we have different impacts. First, from our agricultural operation, we saw an increase of 190 million pesos, explaining my different drivers. The first one is the impact on yields of the growth that affected the reason mainly the operations in Brazil, and some parts of we ran from third parties in Argentina. The second driver is some hedge activities as we close before June 30, 2012, that are related to the new campaign, and probably we’ll see that recur of those negative impact in the next quarter that affected in this fiscal year of 50 million pesos. The third affect is the consolidation of BrazilAgro. We see a – not very good, we saw inward of consolidation in revenues and in production due to the growth in Brazil, but we are receiving all the administrative expenses on our cost. So that affect impact of our 172 million pesos in this fiscal year. So, with this affect, we conclude this year with a negative impact in the operating result of around 180 million pesos. Then, regarding sales support, we have an increase of 12 million pesos compared with a result of – we recognized it last year. And mainly are because…

(Operator Instructions). Your first question comes from the line of Pedro Richards from Raymond James. Pedro Richards – Raymond James: Hi, thanks for the call. My first question is regarding the IFRS immigration. When you talk about Matias, the 700 million pesos seen back in goodwill, how much comes from the rich payment of the value in the sake of EBITDA in BrazilAgro and how much if this is the case, comes from the repayment of value of nominal portfolio? Thanks.

Thank you Pedro. A 400 million pesos gain from EBITDA, the acquisition of Alto Palermo. And 300 million pesos came from BrazilAgro and the acquisition of shares of ease of progresses. Pedro Richards – Raymond James: And what would be the impact of IFRS with familiar portfolio at the book value of their land?

You know, Pedro that we have an option to keep valuing our portfolio at book value. The is the vision of the company so we will keep showing the book value of our properties, at book value at (inaudible) plus CapEx. What we have to include starting in the next quarter is a note in our financial statement with an estimation from the management of the fair market value of the portfolio. So, we have to include that in the next quarter. Pedro Richards – Raymond James: Thanks, thanks Matias. And a follow-up question to Alejandro or Carlos maybe, regarding the fair land market in Argentina, which has been the impact so far from your experience after the foreign currency restrictions in the Argentine Fair land market in terms of transactions and prices and do you see in the rest of the regions in terms of fair land value? Thanks.

There are very few operations on the market. And these that that the term market is not public but the real estate is ruled by real estate, and suddenly these restrictions on dollars will affect because of the size of the operations in the farming industry. But after now, that I think there is a gap between the options on the right. So, these offers are not very close today I think. But some analysts are expecting some drops in dollars but in the foreign dollars. So, in pesos that is in the case of research much higher prices. But there are very, very few operations recent operations in the market. And the market is thinking very close to go. We have to calculate and decide that the prices they cross keeps much higher because of drought in the United States. So, that is breaking for higher prices again, because of that new margin for next campaign. So it’s under consideration, I think there are going to be some articles about prices around this weekend. I was talking to the brokers of the market of Argentina they are expecting some small drops there, talking about the 5% to 10% in dollars. Not the formal dollars. So, this is kind of expectation for the market. Pedro Richards – Raymond James: Okay, thanks a lot Alejandro.

Your next question comes from the line of Tom Fryer with Total Charity Wealth. Tom Fryer – Total Charity Wealth: Hello, I had a question on your operations in Paraguay. We noticed that you’re expanding there but the soybean yields appear to be low. Is this due to lack of rainfall or is it a soil fertility problem. And if it’s lack of rainfall, had you, is irrigation an alternative?

No, this was not a very drought here in Paraguay. It was normal here in number of millimeters a year. Not a rigid area, this area where we are, it’s enough water on the ground to irrigate. We’re seeing that affected some but not very much in the yields, because it was a positive comparing to – that comes from their land. So, we’re developing land from zero to crop. And the main explanation was there is not enough crop that covers the land. So, a portion of the rain doesn’t stay on the land. So, we are increasing year to year, we increase like 15% of the coverage of the crops that covers the land. So, affected from the yield that we were expecting of 16 quintals to 14 quintals in Paraguay so that needs to mature the land, we have to keep growing more cereals. And when you put cereals, you put more coverage to the land and you can resist more the drought in that region. So, we are growing year to year in yields. Last year, do you remember, Carlos, what was yield of Paraguay in Soybean? For nine something like that. Last year, the average yield of the area, over nine and this year I think it was one per four. So, it was a big gain comparing year to year but we are beginning from zero. This was a natural quality and becoming agriculture area. Tom Fryer – Total Charity Wealth: Okay, thank you.

Your next question comes from the line of (inaudible) with HSBC.

Hi, good morning gentlemen. Quick question in the same land evaluation, it seems in Argentina, clearly land market has slowed down significantly and valuations are probably going to be or already being affected. In Brazil, how do you see when the evolution of the legislation to address a concern behind foreign ownership of land. How do you see that playing out in the next six to 12 months?

It starts to produce because this we would talk many times Pedro. And everybody still is very optimistic on the situation coming to Brazil. There were a lot of comments of analysts that companies like BrazilAgro will be turning to buy. But really didn’t change, that didn’t change. The price of the land is very thin and local enough field to buy. And so, we are seeing the evaluations of brokers and analyst about the price increase year to year shows a very fair market. In older Brazil, it’s a market that calculates number of bags soybeans per hectare and the price of the bag has increased a lot. So, we are increasing the yield. So, the combination of developing lands that comes from there to a big production, with bigger prices of the sacks is increasing the price of the land. And their operators, there are more operations done each year. And found a big growth in price in real. But the legislation didn’t change, everybody is waiting for that approval but nothing has changed.

Thank you.

(Operator Instructions). And there are no questions at this time. And this concludes the question-and-answer session. At this time I would like to turn the floor back to Mr. Alejandro Elsztain for any closing remarks.

We are closing the year where crops have bad yields in South America. We have some good news that the listing of our company that in many other cases were very negative, in our case where it’s more positive. We have but not to make a negative number. We have very good perspectives of prices. We tunnel the results we show in our balance sheet didn’t reflect some crops that came delayed, I mean, the 30 June, we had some corn and some sugarcane who came very recent after that. So this results are going to be reflected on the 30 December. So, we will fetch a very good yield because of the price of activities, because of prices of the crops, because of the prices of the lands, we are going to keep doing more development for next year if it’s bringing up good results. And we are still keeping our historical prices of the (inaudible) when we show our debt at fixed in price. So, the balance sheet are showing some of the pictures, not this, not the whole picture. So, we are very positive for next campaign. We thank you very much. And we expect to see you in the results of the September 2013. Thank you very much and have a very good day. Bye-bye.

Thank you. This does conclude today’s presentation. You may disconnect your line at this time. And have a nice day.