Ángel Cano Fernandez - President, Chief Operating Officer, Director, Member of Executive Committee and Member of Global Asset Allocation Committee Tomas Blasco Sánchez Manuel González Cid - Chief Financial Officer and Head of Finance Division

Good morning to everyone. Welcome to this webcast in which we are presenting the BBVA Group results for the second quarter of 2012. The presentation will be given by Angel Cano, the Chief Operating Officer for the Group, and then we will have a Q&A session immediately after the presentation. And Manuel González Cid, the CFO for the Group, will be involved in that as well. As always, any questions that can't be answered during the webcast because of lack of time will be dealt with by the Investor Relations team, during the rest of the day. Angel, you have the floor. Ángel Cano Fernandez: Good morning, everyone. Welcome to this presentation of our results in the BBVA Group for the second quarter of 2012. Once again, this quarter, we've been dealing with a complex environment. First of all, the regulatory demands are becoming stricter and stricter with respect to the provisioning of real estate assets in Spain, and we're also seeing very uneven growth in different economies in which we operate. We've got Asia and Latin America with very sound economic growth being consolidated, then we've got the USA, where the economic recovery is still accompanied by rather sluggish growth. And then of course, the focus of everyone's attention is on Europe. We could say that Europe and the peripheral countries, especially Spain, are going through perhaps, one of the most complicated times we've had since the beginning of the crisis. In fact, that goes as far as to say that it's a contradictory situation. Why do I say that? Well, because we are witnessing an increase in the distressed, in the markets with very high risk premiums, drops in stock exchange indexes, we're seeing what's happening to the euro with continuous drops and downgrades in the rating of…