Good morning everyone, and welcome to IRSA's First Quarter 2019 Results Conference Call. Today's live Web site, both audio and slide show maybe accessed through the 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 issued yesterday are also available for download on the company's Web site. 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. At this time, I'd like to turn the conference call over to Mr. Alejandro Elsztain, Second Vice President. Please go ahead, sir.

Thank you very much. Good morning, everybody. We are beginning our first quarter 2019 results. And we see in page number three, the consolidated financial statement. The net income attributable to IRSA reached ARS9.4 billion comparing to ARS500 million last year. When we see the adjusted EBITDA, we reached ARS3 billion that is 31% higher than last year numbers. Remember that we divide between the Argentine and the Israel business. And if you see the Argentine Business Center we had a gain of ARS7.6 billion, and this is mainly explained by higher rental results. And from other side, higher results from the fair evaluation of our investment properties. That was offset by part of -- because of the financial losses related to devaluation that came to Argentina last quarter. Related to Israel Business Center, there was a gain of ARS3.5 billion, and this is mainly explained by the increase in the share of the [indiscernible] share that increased a lot in this quarter. Related to dividends, we recently announced dividends at IRSA, and we paid ARS1.4 billion in kind, we paid with IRSA Commercial Properties share we gave to shareholders -- we're going to give this week, in the 12th of November, 5% of IRSA Commercial Properties share to the shareholders in the intention that we have go give liquidity to the share of IRSA Commercial Properties. In related to the rental segment, and Danny is going to explain later this more in detail. We grew 31% year-to-year, and occupancy stays high in the two businesses. And in the hotels there is a recovery in the occupation too. Related to Israel Business Center, we sold an additional 5% of our shares through, again, a swap transaction, like in the past. Today, the state that we are running reduced to 29.8%. And during this quarter Clal's shares increased 34% in price. If we move to the next page, number three, we see the main events that Daniel Elsztain is going to explain now.

Thank you, Alejandro. Good morning, everyone. Here we can see the main events of the first year of -- this fiscal year, starting with the rental operation figures. The shopping mall sales grew by 24.1% in this Q, and occupancy remain at very high levels, at the number of 98.7%. The average rent for the office portfolio remains stable at $25.7 per square meter per month. And the office portfolio occupancy reached 93.4%. This is lower than the first year of 2018, where we had 96% occupancy. And this is mainly explained by the incorporation in our portfolio of the Phillips building that came with an occupation of 69%. But never the less, it was higher than the previous quarter -- of the last quarter of 2018 because we did some listing mainly on the Boston Tower, we occupy one floor. The CapEx on this Q was the acquisition of Maltería Hudson, with a construction capacity of 177,000 square meters in Hudson; it's in the province of Buenos Aires, an intersection of very important highways. The acquisition cost was $7 million to develop a mixed use project, and this acquisition was done in July, 2018. Also, we acquired 14,000 square meters of Catalinas building under development from our controller IRSA for a total amount of $60.3 million. This was recently done. This happened in November, 2018, few days ago. Also, during this quarter we started the construction of the expansion of Alta Palermo Shopping, our flagship shopping center. This is total construction of 39,000 square meters that are supposed to be finished by fiscal year 2020. Also, we have plans to develop 15,000 square meters of expansion more during this fiscal year. Maybe not all of them will be completely finalized for this fiscal year, but we are going to…

2.1. Matías Gaivironsky: Sorry, ARS 2.1 billion. That is in peso term. If you see that in shekels, it's -- we are reducing the interest statement. And regarding Clal, the bottom price which is still evolution on the Clal shares that start year was flat, 1% increase -- sorry, 4% increase during the quarter that is reflected in the line of fair value gain from financial assets and liability that this quarter generated a gain of ARS4.6 billion against ARS70 million last year. If we move to Page 14, on the operational side, in the Argentina business segment, we can see that the shopping mall -- the visa increased by 11%. The explanation here is that our revenues increased to the lower level than inflation and our cost remained -- follow inflation level. And the offices increased by 90%. Here we have dollar denominated revenue, so the evaluation generate good returns in peso term. The cost remained -- we allocated a little more [indiscernible] but it grew like 90%. And in the hotels as Danny mentioned, we see a significant increase from ARS2 million only last year to ARS88 million this quarter. In the Israeli business segment, here it is important to mention that the evaluation between the shekels and the peso during the year was 50% -- we take into consideration that evaluation, so about 50% is the real growth -- real degrees against this in shekels term. While real estate grew at 70% and telecommunication and negative result or negative comparison of 3% lower than the previous year, another segment increasing from ARS196 million. Finally, going to Page 15, we have here the breakdown of our net debt as of December 30. It was $337 million. This is before the operation of Catalinas [indiscernible] commercial property. So, it is receiving cash these days reducing some net debt. So, the amortization schedule, we have the amortization next year, $205 million that we will be working in the coming month to refinancing. So with this, we finished the presentation. Now, we open the line to answer your questions.

Ladies and gentleman at this time, I am showing no questions. I would like to turn the conference call back over to Mr. Alejandro Elsztain for any closing remarks.

Just to finalize, I think IRSA is doing a very diversify activity, developing some assets like the office buildings that now we are doing, keep developing shopping centers. And in these times of changes, Argentina, the office building is showing more strength because of the dollar denominated contracts. And the diversification helps not only in activity and performance, but in countries too where we are seeing a lot of development today in Israel. So we are seeing the portfolio is working well. And the company keeps growth in all of the lines of activities. So, we expect this growth to keep going in Israel and Argentina. And we are optimistic that these times of changes that Argentina is -- they are beginning to come. We are seeing more financial comps these days. And the evaluation went up to 4.41 or something like that. Today it touched 35-36 level. So this is [indiscernible] the capital market, and we expect the company to open the market to keep growing using the old proceeds, or the capital market proceeds. So, we thank you very much and have a very good day. Bye.

Ladies and gentlemen, thank you. That concludes today's presentation. You may disconnect your lines at this time.