Good morning. My name is Stephanie, and I will be your conference operator today. At this time, I would like to welcome everyone to the IRSA Fiscal Year 2014 Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. (Operator Instructions). Thank you. Mr. Alejandro Elsztain, you may begin your conference.

Good morning everybody. We are beginning our conference call of the fiscal year 2014 results; and we begin in page number 2 about the main highlights for the period. We can see that the revenues of the company grew ARS2.8 million, which is a growth of 30% comparing last year numbers. When we speak about the EBITDA, we achieved ARS1,400 million, this is almost 13% comparing to last year numbers. And there is one here, if we exclude the Rigby -- Rigby is the Madison property, the property in the United States, that last year, we revaluated when we bought and we begun to have the control of the building. When we made this appraisal, we made a gain of ARS137 million. So if we exclude that effect of the revaluation and the consolidation of the Rigby building, the Madison building, the EBITDA grew 26.3% comparing to last year numbers. At the net losses of the year, we are achieving ARS516 million comparing to a gain of last year, and the explanation is mainly done by the exchange rate and the net financial results that we are going to study deeper later with Matías, and explaining how this is affecting mainly in some assets, but not affecting the rest of the assets that we have still kept in pesos. The operating results, the Shopping Center sales grew 29.2% annually and 30% quarterly. The office rent this is -- the square meter, at $25.2 per square meter, in line of previous quarter. The vacancy is 1.6 in Shopping Centers and 1.4 in office buildings, that is almost full, and the sales of investment properties for ARS296 million, 50% higher of last year numbers. For this balance sheet, we have two projects under development. One is the shop in Arcos, that is done and was ready in the last balance sheet too, and we are waiting for the final resolution, we had some comments that we are going to see later. And in the Shopping Neuquén, this is work in progress, we expect to open this fiscal year 2015, we are adding square meters to the company at Neuquén's province. So I will introduce now to Daniel Elsztain. Please, Daniel?

Thank you, Alejandro. Good morning everyone. As Alejandro mentioned, we are showing strong operation figures. In page number three, we can see that sales in our Shopping Centers are about 30% increased. We have the same stock in our Shopping Centers and hopefully that will change for the next quarter; and we have occupancy levels of 98.4%, which is a challenge there now to keep it up at that level, and difficult much. Our sales in pesos grew up and our visitors, this year for the first time we finally reached for the number of 100 million visitors, but this just estimation in the year, and this is about 5% increase compared to last year. On page number 4, we see the rental segment on Offices. Our vacancy is about 2.5 in the Premium portfolio, and you can see here, if you compare with the market, the market has about 8.1% vacancy, so we are doing better than the market, and also we are having the small decrease in the stock, because of the sales we have during the year, we have an increase in occupation now, as I told you, the vacancy is only 2.5, and leases are stable in dollars, which are 25.2, as Alejandro mentioned, and going up a lot in pesos. Now talking about the upcoming projects, Distrito Arcos, new premium outlet that we are about to open. We finally have received a favorable sentence from the court this month, and now we are waiting for final permits due to the opening of this 14th Shopping Center of our company. Its 100% built, the first phase, and its fully occupied and also we have all the leases of the second phase, which are only six stores, that also signed leases. This was the total investment of…

If we go to page number 8, we can see about our investment in Avenida. Avenida is an e-commerce company that was created in 2013, and recently, this company obtained two big investors from abroad, one is Tiger and one is Naspers, those are two big investors for the internet business, and has sold the company after a few months. Remember, that we began this story in August, where we acquired 23% with ARS13 million investment, that was August of 2013. In July of this year, we exercised our call, and we increased our stake to 33.3%, paying ARS10 million. So in July, a few days later, few investors came, and they invested injecting $15 million plus $1 million more, so today the company is with $16 million on cash on the company, and we decided to sell almost for the same price we paid for $2.2 million abroad, so we recovered the money we invested, and we kept almost 17% of the company, that intends to be the e-commerce for Argentina. Today this company began with ARS500,000 of sales per month, now is selling more than ARS6 million per month, and having this capital, this company will grow dramatically, and we are investors almost by free, and expecting this company to become the -- like Amazon of Argentina. So we are very happy of the success of this story, that in few months, was able to find and achieve that buying, organizing, and selling late and having one of the best names on the industry, and probably this will bring a big difference to the rest of the investments on the industry in Argentina. So we are very glad of this announcement. I will talk now to Daniel, that he will explain us about the properties, sales, in this fiscal year.

Thank you, Alejandro. On page number 9, we can see the sales we have on our investment property, and that's the main reason for the decrease in the stock on the Office segment. You can see that we sold Bouchard Plaza about 4,500 square meters for a total of $23.7 million, representing about $5,280 per square meter. This is a Class A building, and also we sold about 1,900 square meters in Pirelli, which is the neighborhood of Retiro, for a total amount of $6.7 million representing $3,460 per square meter. This is just to give you an idea the good prices we are getting on both -- on Class A building -- on Class A price and Class A buildings. On page number 10, we can see -- we acquired from Cresud, the Estancia La Adela, which is a firm in the locality of Lujan, and this is about 60 kilometers from Buenos Aires. We believe that we can make here a confirmation as we did in different times in the past in IRSA converting a farm into a residential area, having the proximity to the City of Buenos Aires. This will be future development, if we can have any clarity that we can share, that we believe the proximity to the city is fantastic and if you can see in the pictures, there is some trees that were planted as [indiscernible] for the last year, so now we [indiscernible] closer to them, to get to develop, that's why we bought it, and we paid ARS201 million representing $2.4 per square meter. This is very cheap if you compare what we can make in this place. Going to international investments on page number 11, we can see on the Lipstick Building, we have been doing well in terms of…

(Operator Instructions). Your first question comes from the line of [indiscernible] with Morgan Stanley. Your line is open.

Good morning gentlemen. My first question is, I think I heard you guys say cap rate for Madison 183. Could you repeat that?

Yes cap rate, let me go -- you can see on page 12; cap rates; net income of [indiscernible] cap rate of 8%.

Okay. And what is the expected use of proceeds for that asset?

We are considering different opportunities. We did from 2008, when we started to invest abroad Argentina, we probably will reinvest that money abroad Argentina. So we will grow both organically in Argentina, through the cash flow generation of the rest of the project, and with the proceeds of the selling or the [indiscernible] of any of the assets abroad Argentina, probably we will reinvest abroad, in the current projects or another.

Okay. And I just wanted to get a color on how you see shopping center sales going forward, considering the current macroeconomic situation in Argentina? Do you expect it to stay in line with what you have seen over the last 12 months? Do you expect it to decline a bit? Just basically, your notion of where do you think its going?

We believe we will see the trend similar as the value [ph] today. There is a chance that we will not be able to keep up with inflation, but nevertheless, we see that the people -- interesting to buy Shopping Center, and the government is incentivizing (sic) consumption. So we don't see any major change in the trend for the short term. Although with the political things in Argentina, you never know.

Your next question comes from the line of Federico Rey with Raymond James. Your line is open.

Yes hi. Good morning everybody, thank you for the call. I have a question regarding the Shopping Center business. I would like to understand, according to my numbers, I can see that there is a reduction in the EBITDA margin for the Shopping Center business. If you can give us a more [indiscernible]? Thank you.

Thank you, Federico. The main effect here is the implementation of stock plan for all the employees of the company. So we are in the process of approving with the local SEC. That plan, we are recognizing this fiscal year to effect. That is roughly, we will distribute up to 1% of the shares of Alto Palermo between employees. Its not -- probably we will distribute less than 1%, but the effect on the cost of the company is around ARS45 million. So that is the effect that is one shot, that is not cash, is not all cash, because some of the shares we had, but we are recognizing due to the accounting rules in this fiscal year. So that is one shot that we won't repeat in the future.

Okay. So you would be expecting an improvement in EBITDA margin for shopping malls, right?

Yes definitely, when you exclude that effect from the margin, this fiscal year we have around 77% of margin that is in line with the previous fiscal year.

Okay. Thank you very much.

Okay. (Operator Instructions). I am showing there are no further questions at this time. I would turn the call back over to the presenters.

So we would like to thank everybody. We are closing very good year, if we talk about the generation of cash in the businesses. Not very good at the net income, because of what we explained on the conference; and we are very optimistic about the company doing, growing, investing in the land bank we have, and rotating our portfolio, when we see other opportunities. So thank you very much, and we will see you next quarter. Have a nice day. Bye.

This does conclude today's conference call. You may now disconnect.