[Call Starts Abruptly] Please be aware that each of your line will be in listen-only mode. At the conclusion of today’s presentation, we will open the floor for questions. At that time instructions will be given as to the procedure to follow if you would like to ask a question. With us today is Walter Bayly, Chief Executive Officer; Alvaro Correa, Deputy Chief Executive Officer; Gianfranco Ferrari, Deputy Chief Executive Officer; Reynaldo Llosa, Chief Risk Officer. And now it is my pleasure to turn the conference over to Credicorp's Chief Financial Officer, Cesar Rios. Mr. Rios, you may begin.

Good morning and welcome to Credicorp's conference call on our earnings results for the first quarter of 2018. Before we review Credicorp's performance, I would like to take a few minutes to give you some background about the political environment in Peru. On March 21 former President, Pedro Pablo Kuczynski, presented his resignation. On March 23rd, Martin Vizcarra took office as President until July 28, 2021 in a democratic process. We believe that the change in government does not imply a change in the economic model. Mr. Vizcarra has publicly stated that his government in economic terms will be focus mainly on first increasing tax revenues without changing income and value-added taxes, but reviewing tax extensions and increasing excise tax for a specific pro such as alcohol and tobacco. Second, reducing current expenditure. Third, adjustment in El Nino reconstruction construction initiative to speed up project execution, moreover the government has announced that it will soon publish Law 24 0 0, which dictated civil preparations that companies involve in the Lava Jato case must be paid. And four promoting private investment, by reducing red tape. On May 02, the Congress granted a vote of confidence to the cabinet. Next page please to Slide number 2. Here I would like to discuss the international environment and evolution of the local economy in this context. In chart number one, the figure showed a positive international environment, IMF forecast suggested that the global economy may expand at the highest rate in seven years. In chart number two, you can see that commodity prices has performed well in particular copper and zinc, which accounts for 36% of our exports. In chart number three, you can see that Peru’s GDP grow as well as the domestic demand have been improving slightly, however growth is still below…

Thank you. At this time, we will open the floor for questions. [Operator Instructions] Our first question comes from Ernesto Gabilondo with Bank of America Merrill Lynch.

Thank you. Our next question comes from Carlos Macedo with Goldman Sachs.

Thank you. Our next question comes from Jason Mollin with Scotiabank.

Thank you. Our next question comes from Carlos Rivera with Citi.

Thank you. Our next question comes from Marcelo Telles with Credit Suisse.

Thank you. Our next question comes from Domingos Falavina with JP Morgan.

Thank you. [Operator Instructions] At this time there are no further questions in the queue. I would like to turn it over to Walter Bayly, CEO. Sir, go ahead.

Thank you. After a very disappointing growth for the country and for the financial system last year, it seems that this year both the country and the system again are poised for most robust growth. This of course in the back of a very positive international environment and a more stable political environment domestically. This first quarter all of our businesses have performed well clearly with microfinance, particularly at Mibanco being the more – having the most outstanding results. Bright spots on the corporation again, microfinance, Mibanco and BCP risk and volumes. The weak spots of course the pressure on margins due to the intense competition of the domestic market, but as Gianfranco mentioned, we’re being very cautious and managing the risk, the NIM after risk. So we are focusing a lot in maintaining profitability of our businesses. The overall result for the quarter was a very healthy, 19.3 return on equity, which was not impacted as was mentioned by any non-recurring results. We expect and hope that this sets the tone for the rest of the year, but particularly I think the topics that have been discussed the ones that will be a recurring throughout the year: risk, volume and growth. Again, we’re very satisfied with this first quarter and hope that the remaining quarters of the year proves to be equally as good. With this we conclude the conference call and thank you all very much for attending this call and for your questions. Thank you and good bye.

Thank you. Ladies and gentlemen, this concludes today’s teleconference. You may now disconnect.