Good morning, everyone. I’m Santiago Donato, Investor Relations Officer of IRSA, and I welcome you to the Third Quarter of Fiscal Year 2022 Results Conference Call. First of all, I would like to remind you that both audio and a slide show may be accessed through company’s Investor Relations Web site at www.irsa.com.ar by clicking on the banner webcast link. The following presentation and the earnings release are also available for download on the company Web site. After management remarks, there will be a question-and-answer session for analysts and investors. 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 will now turn the call over to Mr. Eduardo Elsztain, CEO. Please go ahead, sir.

Good morning. It's a pleasure to share with you the main events of the third quarter of the fiscal year 2022. We are just going ahead with the merger with IRSA CP, it's successfully advanced, and we are very happy with that. It's a transaction that we've been thinking for years, but after so many years of thoughts we implemented, and after the shareholder meeting, and with no objections by the SEC and theComisión Nacional de Valores, next step will be the exchange of shares of the two companies. So, that's a real achievement in all sense; management, directorships, less companies listed, rationales in taxes, it brings all the goodies. On front of the rental, we have been seeing a big -- very good recovery in shopping malls and hotels during this period. With higher revenues and better occupancy, the tenant sales have improved more than 20% in real terms, compared to pre-pandemic times. And we are very happy to see the flow of people. I mean, we have to see that in the two years of pandemic, we have many, many month the shopping centers closed. I think that's very, very good news. And also to see the fully booked; this is a very good feeling. Regarding to assets, I think it's been a fantastic time, the last quarter. Sales and development, we sold five floors of the Della Paolera building, the new building we develop in the neighborhood of Catalinas, we sold them for more than $52 million. And, in April, we also sold 100% of the República building in block for $131 million. And that's -- I think it comes in the next quarter, but it's showing the liquidity of the assets that we've been accumulating over the last three decades. On the financial front, we launched,…

Well, let's start with the Q&A session. We have some questions here in the chat. Can you please clarify the breakdown of EBITDA in dollar terms in the quarter and last 12 months? Sorry, I will repeat the question; can you please clarify the breakdown of EBITDA in dollar terms in the quarter and last 12-month? Matías Gaivironsky: Yes, the last 12 months, the -- we saw levels of $110 million of EBITDA. From that, 61% is related to malls, 16% is related to offices, 4% related to hotels, and 26% related to sales and development. Remember, that in sale, that we are using the adjusted EBITDA, so we clean the adjusted EBITDA from the results of in -- the fair value of investment properties if we don't sell. But when we sell we mark the fact of the disposal. And in the quarter, the EBITDA of malls was $25 million, offices $5 million, hotel $3 million, and sales and development $19 million.

. Go ahead Alvaro with your question.

Hi, Matías, Santiago, hope you're well. One question on sort of use of proceeds and development, generally, so after the República sale, you just mentioned, Matías, you get down to healthier leverage levels. But -- and my question really is on this new plot of land that was acquired alongside the sale. How should we think about development on that, the mixed use development potential on that plot of land, how can we compare it to Costa Urbana from a timing standpoint? And then also on Costa Urbana specifically, if there has been any developments, just to think of when we might see development, and would it be a lot faster than what we've seen at Costa Urbana or is it something that's going to take a long time? That would be my question. Thank you. Matías Gaivironsky: Thank you, Alvaro. I believe that in terms of priority, we will see faster news in Costa Urbana, rather than the new project, the new land. So, we -- as you know, we received the approval in December of Costa Urbana. So, we are working hard to define the project and define the stages of commercialization and development. So, all the team is working on that. Those are not very fast processes. Now, we -- since we define the project, we approved the final developments and then start the construction, and then start to see high levels of CapEx, that will take time. It's not for the next fiscal year, probably will take two years to start seeing levels of CapEx higher than soft cost of the project. So, we are not anticipating any major CapEx for the next year in Costa Urbana and also in the new land. The new land, probably we can do different type of developments or strategies, so not necessary the company will the project.

Super clear. And then you mentioned that we should expect more asset sales. I know you can’t say much obviously. But, maybe if you can help us on where on sort of if it’s going to be more offices more likely than not or maybe some retail portion of the portfolio or hotels? Anything you can mention would be helpful. Thank you very much. Matías Gaivironsky: Alvaro, what I say it’s hard to say. You know that our strategy always is to disclose when we do things and not before. I believe that we are pretty good doing things. I have been doing a lot during the two years. And if you see the levels of disposal during the last year was very, very high. So, I prefer to announce disposals when we do the things. But, as I mentioned our strategy is not to re-accumulators of real estate. In Argentina because of the cost of capital, we need to be very active. So, if we see good levels on offers of any of our assets, we will analyze. So, no, we are not in love with any of the assets.

Great. Many thanks.

Thank you, Alvaro. We have here a question also related to CapEx. I think Matías answered the one what do we expect for the rest of 2021. But, why was the CapEx $27 million in this quarter? Matías Gaivironsky: The $27 million is related to acquisition of the the new plot of land in front of Alto Palermo that cost us $20 million that is basically the most part of the CapEx. And the rest was the finalization of Alto Palermo. We are finishing the development of expansion of Alto Palermo. And that was the probably the main part of the $7 million.

Next question comes from Augustine . Has the company made any recommendation to the Board to refinance next year debt? Do you plan to go the international market, make an exchange offer, or other option? Matías Gaivironsky: Thank you, Augustine. We are working on that. As you know, there is a rule of the Central Bank that is in place up to December this year that the companies with obligation in dollars to refinance up to 60% of the size of the . And the Central Bank allowed to pay 40%. Unfortunately that rule established that the company has excess only 45 days before of the expiration. And so that is for us March next year. So, probably we will have excess in February. So, we are working trying to think how to do this and not to wait until February. So, we hope to see some news in the next time.

Next question. Are you considering a dividend for shareholders this year? Matías Gaivironsky: We will define this at the end of the year. This is a year where we have first the challenge on the debt side to refinance the debt. So, the level of liquidity so far of the company is good. So, as you know the strategy before with IRCP was always to pay dividend. So, that is probably a good guidance on what we did when we can pay. But we will define when we see the end of the year the results and liquidity and the stage of the debt refinancing.

One more question from Mariana Cruz from BTG Pactual. Can you please give me more color on what do you expect to see a recovery in the Class B offices occupancy? Matías Gaivironsky: I introduced - here I am with Jorge Cruces, our CIO. So, Jorge, you can answer better than me thus far.

Good morning, we're kind of surprised with the Class B office building, within the near, in the neighborhoods we're close to residential. So, those Class B, close to residential, we're not in Downtown, but in residential locations, Class B is performing very well, even in some cases even better than before COVID. In Downtown, Class B is not performing as well. And we'll see how that comes out in the future. But we can say that Class B buildings in the nearby residential neighborhoods are performing quite well.

Okay, good. We go to the next one; they ask here to give more details on the prospect of Costa Urbana?

Costa Urbana, we are advancing as it was determined by law when this happened in December, where next week we are going to be presenting the first project that we had in our schedule, we are also analyzing commercial wise, the stages of the future development and infrastructure, we're analyzing within those stages that, the different stages of infrastructure, and everything is, we are on schedule, at this time where it hasn't been so much time. So, we're still on schedule. We'll see in the near future if we can continue be -- to continue to be on our schedule.

And related to the approval after the approval there was legal proceeding protection action from some organization that tried to stop the approval challenging that the City of Buenos Aires deal like this process of approval on not on the right way. The company and the city, there was an action against mainly the city, the city and also the company appealed for that and we have any now we don't have any restriction that, there was only a final resolution from another court. From our side, and from the city side, we are confident that we did everything well, so we don't expect that action to have a major impact on the approval.

Okay, that's all the questions that we see here in the chat or in the ones that raise hand, if there is any additional question, we wait some minutes we can do some more. Okay, if there are no more questions, we conclude the Q&A session and we turn back to Matías Gaivironsky, our CFO for his closing remarks. Matías Gaivironsky: Thank you. So, we see a very good quarter, very active in all the fronts, very active on the operational, very active in buying and selling, very active on the financial side. So, the company is recovering very well after the pandemic, we see levels of EBITDA increasing, good levels of cash generation, deleveraging the company very optimistic on the rental recovery in the next quarter in shopping malls and hopefully with the end or with the reduction of the effect of the pandemic, we will see better numbers also in the hotels. Next days probably we will finish the merge. So, everything is well for to finish this fiscal year with very good results. So, thank you very much for your participation. We will keep in touch.