Before we continue with the conference call, I will go over the typical Safe Harbor information and other details of the call. We would like to clarify that during the conference call and Q&A session we may produce certain forward-looking statements about Telecom’s future performance, plans, strategies and targets.
Such statements are subject to uncertainties that could cause Telecom's actual results and operations to differ materially. Such uncertainties include, but are not limited to, the effects of public emergency law and complementary regulation, the effects of ongoing industry and economic regulation, possible changes in demand for telecom products and services and the effects of marginal factors such as changes in general market or economic conditions, in legislation or in regulations.
Our press release dated November 2, 2011, a copy of which is being included in the Form 6-K report to be furnished to the SEC, describes certain factors that may affect any forward-looking statements that we may produce during this session. Furthermore, we urge the audience of this conference call to read the disclaimer clause contained in slide one of the presentation.
As usual, in our quarterly conference calls, the agenda for today as seen in slide two is first to go over the general market overview. Then we'll go over to some business highlights and after that we'll go over to some specifics of the evolution of our financial figures and we'll end with a traditional Q&A session.Having gone through these procedural matters, I'll go over a brief macro description as an introduction of the general operating environment. In slide 3, we included some snapshots on the current Argentine macroeconomic scenario. You can note that we have performed in an environment of strong consumption during the third quarter 2011. Expansionary fiscal policies stimulated private spending through high transfers to social security programs and lacks monetary policies.