Good afternoon everyone, and welcome to Cresud's Third Quarter of 2016 Results Conference Call. Today's live webcast, both audio and slide show may be accessed through the company's Investor Relations website at www.cresud.com.ar/ir, by clicking on 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] 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. All projections 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. Now I'll turn the call over to Mr. Alejandro Elsztain, Chief Executive Officer. Please go ahead, sir.

Thank you very much. Good afternoon everybody. We are beginning the highlights for the nine months period of 2016, and if you go to page number two we can understand, and there is a big change in our balance sheet. Since this quarter we started to consolidate the results of our investment of our subsidiary IRSA in IDBD, our company in Israel. So Matias later will explain how we are explaining and to make it easier to analysts and to investors these numbers. Here in the three first lines the revenues, operating income and net income will be divided to make it - to explain the Argentine business center separating to the Israel business center. So revenues grew up to ARS 21 billion pesos. From those ARS 5 billion are coming from Argentina, argibusiness, and Argentina urban business center, both a combination of agribusiness and the urban. In the case of the operating income we achieved a positive number of ARS 3.4 billion and this is ARS 2.6 billion coming from our agribusiness and Argentina urban business center and the rest from Israel. And at the net income we have the loss of ARS 1.5 billion. From the loss we see there is a small loss in Argentina from Argentina business center argibusiness of ARS 300 million, almost ARS 300 million and the rest comes from Israel. And to the Cresud shareholders the growth of ARS 936 million comparing to a loss of last year of half of nine month 2015. And if you go down to the details about the agribusiness, as you already now know, the government entered to - in December directly and changed many measures and improved the sector situation a lot. And the low commodity prices are fixed but now we've recovery on the prices…

Thank you Alejandro. Good afternoon everyone. Today I am going to talk about this quarter production focus, livestock, commodity price levels and regional climate conditions. Let's go to slide five, Argentina's total soybean production for current campaign has reached about 56 million tons, 10% below than the last campaign due to the bad weather condition last month making losses in area and units. Regarding corn, production is stagnated at 27 million tons in the current campaign, a number which has been similar for the last three campaigns. Sorghum production in Brazil continued its upward trend to 100 million tons. Corn productions decreased by 5% due to suffering of decreased area and units, reaching 81 million tons. Regarding the 2016 and 2017 campaign in United States, the corn planting area is expected to increase by 4% as well as soybean is expected to decrease by 1%. Both corn and soybean in United States keep on their highest production levels reaching 356 million tons in corn and 103 million tons in soybeans. As consequence of this good production in soybean and corn we can see in this slide how world stocks in these grain increased during the last three campaign. In soybean global stock grew from 21% to 28% and corn global stock increased from 15% to 22%. Let’s move to the slide six, low commodity price but recovering. These [indiscernible] low stock reflect directly on this low price. The graph show how soybean price had decreased 6.4% in the last year and the corn one 6.8% [ph] in the last year. However in the last month the harvest has been delayed due to the heavy rains in Argentina, resulting in decrease of 5 million tons in the soybean production. So price have peaked 16.1% in the soybean and 9.4% in corn.…

Thank you, Carlos. Good afternoon everybody. So going to page eight, here the description of our investment in IRSA. Remember that we control IRSA with 63.4% stake. IRSA is the leading real estate company for Argentina. The main highlights of IRSA for this period for us like Alejandro mentioned we started to consolidate IDB. So now when you analyze revenues as well in year in Cresud you will have the fact of IDB inside. So we will maintain the breakdown in different business segments to make easier the analysis. So revenues amounted to ARS 19.7 billion. From those ARS 3.2 million came from Argentina business center and the rest from Israel. The EBITDA achieved ARS 4.3 billion. From those ARS 2.5 million came from Argentina business center. IRSA generated gains from sales of investment properties in this period from Ps 1.1 billion. There was some disposals of office buildings at the level of IRSA. And then regarding IRSA commercial properties where IRSA has 94.74% results were very good. Tenant sales keep growing for the period, 36.3%, 30% same-store sale, so occupancy very high, 98.6%. EBITDA growing by 34.7%; EBITDA margin very good levels of 77%. The same in offices; occupancy higher at 94%, stable in prices in dollar terms. Remember that we have devaluation in Argentina for round 60% and prices in dollars remain stable. EBITDA increased 80% in the nine months period. Regarding IDB, IRSA increased to 68.3% stake and did a major event that we financed or we structure our tender for obligation in a better condition for IRSA. So now IRSA fulfill 100% of the obligations in IRSA. We changed the tender offer that was mainly to our acquired shares at 8 shekels per share. We changed for a price of 2.45, 1.25 in cash, 1.20 in…

Thank you very much. We are closing the quarter that is reflecting a much better environment to our country. The measures to the sector are improving, the margins and the liquidity for the market indicate of the improvement in real estate. There are much more players now asking and searching for funds. So this really becoming much profitable and much more interesting for investors local and foreign investors. Argentina with the holdout results we were able to achieve our first bond, corporate bond that we did at the IRSA commercial properties level and this allows the companies of the country to improve the situation, financial situation and to look for the international capital markets. We were very dynamic on the urban rental and that was very positive number and a very good improve on the numbers on very good level of occupancy. Now we are launching lot of projects in the regions. So this is a much better environment for the region. So we thank very much to the investors and we see you next quarter at our annual results. Have a very good and a very good weekend. Thank you very much.

Thank you. This concludes today's presentation. You may now disconnect your lines at this time. Have a great day.