Good afternoon everyone. I'm Santiago Donato, Investor Relations Officer of IRSA, and I welcome you to the first 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 website 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 website. 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. Matias Gaivironsky, CFO. Please go ahead, sir.

Thank you, Santiago, and good afternoon everybody. So, we began the fiscal year 2022 with good results. We start to see the rental segment recovery in shopping malls and hotels. Regarding the offices, we see a slight decrease in rent and occupancy, but very high liquidity and strong sale prices. We announced this week that we sold some floors of 200 Della Paolera building that we will see later. Regarding our development segment, we received the first approval of Costa Urbana or Solares or Santa Maria del Plata, our biggest land bank. So, we need to receive the second approval yet, but the first step is very important. Regarding the international segment, Condor, our investment in the US, the REIT announced a sale of the portfolio to an affiliate of Blackstone. They hope to close the transaction soon. It's subject to the approval of the shareholders of Condor. That should take place in the coming months. Regarding our quarterly EBITDA, we have full rental operations, compared with the previous year that was affected by the pandemic, but no asset sales. During the last year, we sold some floors. During this quarter, we haven't sold any properties. So, the result is lower than the previous quarter. Regarding the rental EBITDA, it is still below the pre-pandemic levels, 36.5% below, but is recovering at good levels. During the quarter, we have a net loss, mainly explained by a change in the fair value of our investment properties. The result attributable to our controlling company was ARS 600 million. Also, as an important development, we announced during the quarter, a merger proposal with IRCP that was approved by the Board of Directors of the two companies and is still pending of the shareholder meeting that will take place in the coming months. So,…

We'll start with the Q&A session. Yeah. We have the first one, how much money did the company save after the merge? Is the company still invested in Israel, or do you expect to invest out of the country?

So the merge rationale has many implication. We believe that we will really simplify our corporate structure. We will gain liquidity. Our shares are not very liquid and we believe that if we merge the two companies, we will increase liquidity. Also, we will eliminate potential conflict of interest between the two companies and maybe land bank that are at one of the two levels. Maybe we could have conflict of interest. So we believe that this merge solve all this kind of potential conflict. And also, there is synergies and cost efficiencies. We have a hard cost more or less $1 million of different costs that we will save because of the merge; plus, tax efficiencies that today we have tax credits at IRSA level and in IRCP normal scenario. And we saw during this quarter that we started to recognize losses on taxes. So IRCP one of the main cost of the company is taxes. So we believe that this merge could create good synergies to all our stakeholders. Regarding the second part of the question, regarding the Israel, yes, we announced it in September last year the deconsolidation of our investments. So there is no more interest in IDB. And if we plan to invest in abroad Argentina that was part of our strategy to -- more an opportunistic approach trying to find good opportunities abroad Argentina. So if we see some, we can try to take advantage of that. But today because of the current -- or the situation of Argentina and the capital contours of Argentina, it's not efficient to export capital from here to the world. The cost of capital in Argentina probably is one of the -- or the most expensive country today in the world. So to find good opportunities using money from Argentina, today is almost impossible. So it's very unlikely that in the short term we can take -- find any opportunity abroad.

Okay. If there are no more questions, we turn back to Matias Gaivironsky for his closing remarks.

Well, thank you very much. We closed the first quarter really happy that -- without the effects of the pandemics or the closure of our operations. So people are going back to the malls. We see an increase in traffic, an increase in interest to rent new spaces in our malls. Tourism will hopefully come back to Argentina today. Argentina is really cheap in dollar terms. So we hope to see a lot of tourism that will boost malls and hotel activity. And we are optimistic on the future of the company. We hope to get approved the merger proposal with IRCP. We believe this will reduce cost and making the structure more efficient and more simple and consolidating all our real estate assets in only one vehicle. So we hope to see you again in the next quarter. And thank you very much and have a very good day.