Good morning, everyone, and welcome to Cresud's First Quarter 2018 Results Conference Call. Today's live webcast, both audio and slide show, maybe accessed through 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 website. After management’s remarks, there will be a question-and-answer session for analysts and investors. At that time, further instructions 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. I would now like to turn the call over to Mr. Alejandro Elsztain, Chief Executive Officer. Please go ahead, sir.

Good morning, everybody. We are beginning our first quarter 2018 conference call. And as we begin on the Page Number 2, we can see the main event for the quarter mentioning the agribusiness side, we see that we begun the balance sheet with one important thing in Argentina. I think, this is the biggest selling site in the Argentina in the past, $19 million, a farm sold last year and will be – the profit of this operation will be registered during this last fourth quarter. In the other side, we are planning to develop 4,500 hectares in the region, mainly in Argentina and Paraguay. Brazil is not developing this balance sheet. It's incorporating like 4,000 hectares of last year's development and not doing new ones in this balance sheet. In the farming activity, we have – the conditions of the climate up today are good. We are in our springs and good quality season for plantation of the summer crops. So up till now, everything is quiet. We are planting almost 200,000 hectares in the region, comparable to last year numbers. And in the other things, recent sale, we did, we have a company called Futuros y Opciones. Cresud is the owner of the – almost 60% of the shares of this company. And then recently, all of the farmlands, Cresud included sold. We sold 9.5% of the company. We stay with 50.1% of the shares of this company. We sold the 9% for $3 million. We had a very good result on that. We are going to explain later about this transaction. About the urban properties in Argentina, the EBITDA from the rental segments grew almost 26% compared to last year numbers. Occupancy reached 98.8% in malls, 96% in offices, 68% in hotels portfolio occupancy. About the Israel…

Thank you, Alejandro. Hello, everybody. Let's go to Page Number 4. As Alejandro said before, during the first quarter of the fiscal year, we consummated the sale of La Esmeralda farms in the province of Santa Fe for $19 million. The deposit will be recorded in the fourth quarter of the fiscal year with sign of the deed. Let's move to the next page. Let's begin with talking about the production forecast and with global lift ups. As you can see in the bar graph regarding soybean productions in this country, Argentina, it has accelerated up 57 million tonnes. In comparison with the last year as far as the risk area and it’s surrounding. Currently, we are started with season and the conditions are positive. Talking about corn productions. It has improved a little bit increasing by about 2%, 1.1 million to 32 million tonnes. It's more and is competing in the area with the soybean productions. Now let's look to the Brazil situations. In terms of the soybean productions, it decreased by 6% to 107 million tonnes. In comparison with the last season, is remaining on average. The corn productions went down by 2%, 95 million tonnes, because the area decreased a little bit and beans remained on average. We are in a soybean planting period and it's doing well. In terms of corn, Brasilia is important to Brazil and is planted after soybean. Talking about the last campaign in United States, the soybean harvest, it's almost done and it has a record of 121 million tonnes, 3% more than the last campaign. This shows that there's a good news on more areas. On the other hand, the corn production increased by 4% to 370 million tonnes, regardless the good news that is, I said before, with most area…

Thank you, Carlos. Good morning, everybody. We move to Page 9. We can see the main event of IRSA. Remember that we control 64% of the shares of IRSA, and we consolidate the financial segment. So net income of IRSA was ARS 74 million during the quarter. This is compared with the previous quarter, was lower, but when you analyze the part that is attributable to IRSA leaving outside the minority interest, we achieved a result of ARS 553 million against ARS 200 million in the last quarter. Argentina business center of IRSA is generating very good results, a gain of ARS 2.3 billion, better results in the Rental segment, the increase in the fair value of investment properties and also good results coming from Lipstick and Banco Hipotecario. So the Israel business center generated a loss of ARS 2.2 billion. That is mainly explained by a noncash effect of our debt exchange that I will explain later. The adjusted EBITDA reached ARS 3.2 billion, more than 28% of – higher than the previous quarter in the same – of the same year – of 2017, sorry. The Argentina business center, the Rental grew by 26.1%, higher than inflation, so very good results. Occupancy, very high, on malls 98.8%, in offices 96.2% and 68.4% in hotels. During the last shareholders meeting of IRSA, IRSA approved a dividend of ARS 1.4 billion. That represent a dividend yield of 5%. That is we're paying today. At the same time that Cresud is paying as well, we approve a dividend for Cresud of ARS 395 million that we are distributing today. As a subsequent event after the closing of the quarter, IRSA sold 10.2 million shares of IRCP, the IRSA commercial properties for $138.2 million, increasing the free float of IRSA commercial properties…

[Operator Instructions] As we have no questions at this time, I would like to turn the floor back to Mr. Alejandro Elsztain for any closing remarks.

Thank you very much. We are beginning the year in good conditions of the climate, no liquidity under real estate, sounds like liquidity for the selling farm is coming mainly through Argentina. That, in the past, was not. And in the Rental, we saw very good position everywhere, so we are very optimistic on the year. So thank you very much and have a very good day. Bye.

Thank you. This concludes today's presentation. You may disconnect your line at this time and have a nice day.