Cresud S.A.C.I.F. y A.

Good afternoon, everyone. I'm Santiago Donato, investor relations officer of Cresud, and I welcome you to the first quarter of fiscal year 2021 results conference call. First of all, I would like to remind you that both audio and slideshow may be accessed through the company's investor relations website at www.cresud.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. If you want to make a question, please click the bottom labeled raise hand. 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 risk 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.

Hello. Good afternoon, everybody. We are beginning our first quarter 2021 results in the page number two. and we can see and begin with the adjusted EBITDA for the quarter that we are achieving 5.8 billion pesos, that is 63% higher than last year numbers. When we see about the comparison of the two quarters, it's almost the same at the agribusiness level and Matias will explain deeper later. In the urban business, there is an increase of 155% in the urban business comparing year to year. And this, when we compare the rental segment, it's much lower this year. It's 96% comparing to last year. It's a big drop. Majority of the last six months, our malls were closed. But we had a big increase in the sales of some office buildings that made 5 billion in the first quarter in the urban business. about the net results we are finishing the first quarter with a seven and a half billion pesos gain a little smaller than last year number and resulting to the attributable to the controlling company it's a much higher we are in a positive 2.9 billion pesos comparing to a loss of last year this first quarter It's beginning with a strong recovery in commodity prices. We are going to explain deeper with Carlos about what is happening on the market. From other side, the conditions at the beginning of the campaign are not the best, and the last weeks began to rain, and the planting is becoming to recover to almost normal. But the market changed a lot the last 90 days, and we are going to speak much more deeper now. From the other side, there were no new farm sales in the first quarter. I think this is a market that will move a lot in this new environment of prices, a lot of interest of farmers, mainly in Brazil because of the situation of the devaluation of their currency. Plus the increase in the prices is making a very positive market with the adding value of them that they don't pay income tax when they buy the new farm. We are very optimistic on that market too, but not only there, in the rest of LATAM, in this new environment of commodities. Related to the urban business and investment, in September 20 of this year, the court decreed the insolvency and liquidation of IDBD. After this decision, the group lost control on the date and proceeding the consolidation of the financial statement. So we don't consolidate more our Israel investment. In Argentina, Shopping malls are reopened recently after this lockdown for six months. We did in a partial way, we began in the interior of Argentina after Arcos, after the rest, and now 100% are open. So we are seeing much more development on that area too. And in the office was almost normal, a little more vacancy, but stable compared to the other things. Related to financials, we successfully exchanged our bonds that matured this year. We are going to explain much more deeper later. We can move to next page, number three, and we can see that the region, the four countries, remain at similar levels of plantation, and I'm really glad of this in the moment of the decision Margins were very low, mainly in Argentina, and thanks that we decided finally to plant and to keep the level, we are facing a very good, big campaign with a big increase, huge increase in the market of the prices, mainly in the soybeans and corn. So having these 262,000 hectares of planted hectare, of planted in the region, we are very optimistic on the operational of the year. So I will now introduce to Mr. Carlos Luzon.

Thank you, Alejandro. Good afternoon, everybody. We're moving to the next phase to farming commodity prices and global stocks. We can see in the graph the prices keep the high trend. In the last three months, the prices continue growing considerably, about 26% in corn and 33% in sorghum. The reasons are the following above, supply and demand. Considering the supply, the production of the crops in the United States are lower than expected, decreasing global stocks to levels similar to five years ago. In the case of South America, the beginnings of planting are not happening in the best weather conditions due to lack of rain, and the exports are higher than they usually expected by this time of the year. Consider the demand, we'll see a post-pandemic increase mainly in China. The export went up in order to replenish the strategy stocks. China is taking advantage of the purchase capability for the dollar has depreciated, making this a more competitive situation. Regarding about the stocks' conceptions, in case of soybean, we can see in the graph a decrease in the world's ratio by 24%. This happened due to the post-pandemic demand overcomes the offer, particularly in China. Talking about corn, we see that the corn stock consumption ratio, the world ratio decreased to 25.8%, especially in the United States by 40.9%. The reason being that the production decreased in comparison to the forecast and increased in exports, in addition to increments in the use of corn for ethanol productions affected by the increase of oil prices in the world because of the pandemic. We appreciate in the fall soybean price in Brazil continuing to be more competitive compared with the United States and Argentina, generating a higher demand in Brazil. They have already sold more than 50% of their future productions. The current regional hedge positions, the level in soybean is 67% in over the budget price, and in case of corn, the regional hedge level is 53%. We mean over the budget in soybean and corn. As long as our planting situation happens, we will continue selling at this good price level. Let's go to the next page. beginning about the farming in 2001 campaign. About the weather, as you can see in the maps on the left, there is uncertainty regarding the development of the weather in the region. A sliding line is being affected by La Niña under average volume of rain. However, the forecast there will be neutral situation after rains happen. This will allow the normal performance in the plantation progress in the region. Our plantation progress, the showing progress, in case of soybean, the regional progress is 37%. Within the optimal period of showings, we are awaiting the rain season to complete successfully during the next month. Talking about corn, the regional progress is 40%, completing the early corn in Argentina and Bolivia, and we complete the planting before the end of the year. Lastly, we will complete 100% of the wheat and we started the harvest in Argentina in the next month. About the other point is the exchange rate. If you look in the graphic, the current depreciation was of 80% in Argentina and 4% in Brazil during the last quarter, generating an annual devaluation of 33% in Argentina and 28% in Brazil. Thank you, everybody. I'll hand over to Matias.