Good afternoon, everyone. I’m [indiscernible], Investor Relations officer of Cresud. And I welcome you to the Third Quarter 2020 Results Conference Call. As you know, today’s live webcast will be held in a new format through Zoom. Nevertheless, both audio and a slideshow may be accessed through companies Investor Relations website at www.cresud.com.ar by clicking on the banner webcast link. The following presentation and the earnings release issued yesterday are also available for download on the company website. [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 will now turn the call over to Mr. Alejandro Elsztain, CEO. Please go ahead, sir.

Good afternoon, everybody. Welcome to the third quarter 2020 results. This is a special conference calls, you know the different difficult times that we are spending and I hope that everyone is well and safe. As you know, Cresud as a business is operating relatively normally, being an active that is essential in Argentina and all over the world. Not the same in other segments. We can see that in the European segments we had suffered in lockdown since March 20 in the case of Argentina, so the shopping center where closed and hotels were closed. We are going to see that the main results of this lockdown is going to affect the fourth quarter. And because it is only 10 days of the third quarter. In Israel, the lockdown and the quarantine made a different situations. Some companies like the supermarkets like Shufersal and Mehadrin were in essential activities. So working or better than especially sometimes surpassing the results of the past. Some of the others were affected but much lower because of short-term of quarantine of Israel. Later we are going to see the result in details, but we are going to explain our loss of ARS7.4 billion for the nine-months compared to 14.5 of last year numbers. The adjusted EBITDA reached ARS26.6 billion comparing a 41% increase to last year numbers. The EBITDA from agribusiness increased almost 45%. And this is mainly due to higher productivity in the operation of agriculture, rice in sugar cane mainly and in the urban segments there was a small decrease was 2.7% compared to last year numbers, and the main decrease coming from shopping centers and hotels. In the case of Israel, there was an increase on the EBITDA, we are going to see later. So, let’s move to next page.…

Good evening everybody, thank you, Alejandro we will continue with the presentation. Just moving to Slide 7, about farming, commodity prices and lowest stocks. You can see in the graph, the prices keep the low trends. The reason are the following to considering the supply and demand. Considering the supply, the producing of the crops in South America performance very well in general. There is an increment in the global stocks. Let us now overlook, the fact that the stocks in United States, especially in soybeans are still high because of the delay in export into the tardiness in agreement with China, regarding the demand, despite the agreement phase one has been signed between the United States and China generally export continues to be delayed due to the impact of the global Coronavirus outbreak in the last three months, as a consequence of the logistic issues. Regarding soybean stock consumption ratio, we can see in the graph, a decrease is relive. This happen between - that the demand over counts the offer. Talking about corn, we see that the corn consumption ratio, the - ratio increase, especially in United States. They are waiting for a great record campaign this year. And then the state is expecting production to achieve the record of 300 to four - 40 million tons. These matches with the low in the use of corn for ethanol productions affected by the decrease of the oil prices in the world because of the pandemic. We appreciate that the soybean prices in Brazil were more competitive that in the United States and Argentina, the reason being the delay in the agreement for the state and China and the Brazil’s national currency down grade. finally about the original heads campaign, the quarter kits level is 78% is soybean in…

Good afternoon everybody and then when we move to the investment in IRSA, we see different results. The COVID situation will impact the company after March 20. So when we see as of through March 31, the impact was limited after that the impact will be much more important since the operations are in lockdown since March 20. So up to March 31, the stock of shopping malls remains stable, the occupancy remain stable as well. And the tenant sales already included 10-day, 15-days the operation was affected and generated a decline of 12.9% against inflation. But when we see these number, before the COVID impact, that number was positive. We had some positive news, recently we opened one of our malls in Salta, another one in Mendoza. There was administrative regulation in Santa Fe two days ago about the opening there. So, we expect to open also in Santa Fe soon. In the offices, as of March 31, there was an increase in the stock and we are working to finish the development of a new building in the Catalina area, the occupancy was slightly down to 93.9%, but nothing important. Rent remain stable. We have normal operations after the COVID, so the collections are okay, our buildings are under operation, although most or some of the companies are doing home office, the offices remain open and they are operations. As I mentioned the Della Paolera 200 buildings that we are developing, we have to stop the development because of the virus, but we almost finished, the project is under 95% progress. So we need around 60-days more to finish the building and we expect the development will really open to finish soon. There was a good progress of commercialization with 61.5% of the agreements already leased, that is a very good news. In the hotel segment, then there is no major news up to March. The occupancy went a little down because of two reasons. One was the reflag of one of our hotels that used to be at Sheraton now is our own brand and also the some days of March, the operations were affected by the virus. So going to the next page, Alejandro will keep going.

About the Israel Business Center, we can see very short summary about what each company is spending these days of coronavirus. We can see on the real estate PBC, GAVYAM and ISPRO. These are the real estate of the group. And their normal operation in office and logistic segments these zero effect. And in the case of the malls, almost half of the tenants are essential. The rest 50 some percent is not essential, has a very short time of closing, but reopen all. And so the effect on the rent retail on Israel is much smaller than in Argentina case. Case of Shufersal, Shufersal is one of probably the winners of the coronavirus time, because these having 358 stores in Israel, supermarkets and pharmacies, the two remember that we have be at its pharmacy too, the two our winners, a lot of sales increasing a lot the online sales 14% of the total sales are online, own brand 25% of total sales. And the record sales of the time and the trend expect to remain in the second quarter. Mehadrin the fruit story citrics and avocado and dates. Again this is almost normal, didn’t affect so much. We are able to tap peak and to send to Europe with higher prices. This year was lower level, supply was at low level, there are years of on and off, it was off year less volumes, but very good prices, so not very affected for the coronavirus. Cellcom the cellular company of telecommunications. This was moderated decreasing the revenues because of the roaming, decrease of the roaming and the sale of the devices. And reduction of labor costs and suspensions and marketing expenses, came in new CEO so the company had made a lot of cuts. So he is restructuring that the cost of the company. In case of ELRON, investment in early stage companies and specialized in medical devices, cyber security and information technology. Here there is not a lot of impact. This is a company that is researching and launching companies. So these was to give you a flavor of the effect on Israel business centers. So if we move to next page. We can begin the speak about the financial results and Matias will explain.

Thank you, Alejandro. So we can move to Page 14, we see our nine-month period financial statements. We finish the period with a loss of 7.4 billion pesos when we compare with the previous year that was 14.5 billion pesos. Attributable to our controlling interest, the result is almost the same 10.2 billion pesos against 10.1 billion pesos. So if we see the main components of this result, so starting with the operating income, we see very good results in the agriculture segment. So 4.4 billion pesos against 1.7 billion pesos, I will enter into more detail in the next page. In Argentina business center, the level of the operation - the operating income was also very good 7.2 billion pesos, against 3.2 billion pesos of loss last year, this is mainly attributable to the change in the fair value. When we see last year, we wrote down a significant impairment in our investment properties generated 8.8 billion pesos, and this year, we have a gain of 2.2 billion pesos. Then in the Israeli business segment and the level of the operation, also we have a loss of 377 against that gain of 2.4 is also attributable to the change in the fair value, when you see the change in the fair value this year, we have 2.6 billion pesos against a gain of 386. This is related to our HSBC building in Manhattan. So the other important difference that we have in this nine-month period is in the line 13 net financial results that I will explain in the following page. Sorry, finally, the other important effect is in the line 16, the net income from this continuing operations that this year we market very important gain for the consolidation of Gabion a subsidiary of PVC in Israel that…

No questions. Well we conclude our Q&A session. I will now turn the call back to Mr. Alejandro Elsztain for any final remarks.

Just to finalize, we are finishing next quarter the annual balance sheet. In the agriculture, we are going to finish our harvest still tending to core. And the beginning of the sugarcane in the case of the sugarcane in the region being essential and not affected so the thing that it is affecting for the next campaign property is taxes and exports that last year didn’t affect us very much. But it is going to affect a little more in the next campaign because the whole year are implemented. And related to the real estate, we expect to keep that buying and selling more firms, buying the bigger pieces and selling smaller pieces. So we expect to see that next quarters doing this the same. Related to urban, the Northern Hemisphere opened, the Southern Hemisphere is beginning to open, we hope soon at steals majority closed, we saw only to shopping, later will come the hotels and exhibition centers. So that delay is going to punish probably the next quarter. But we see when they open consumption comes and the rental comes again. We are seeing that in some of our properties in the Northern Hemisphere. We keep constructing, keep building, so the company is doing its job. So just to thank you next quarter we are finalizing the annual report. And we see you there. Thank you very much and I hope next time to be all of us closer without the pandemic on the region. Thank you very, very much.

Goodbye.