Good afternoon ladies and gentlemen. My name is Scott Cutler, and I am the Head of Global Listings here at NYSE-Euronext. I want to welcome everybody here today for Bladex Day and its 20th anniversary of listing on the New York Stock Exchange. Thank you for coming here today. I'd like this opportunity to acknowledge the Bladex Executives that are here today and the entire team Gonzalo Menéndez Duque, who I’ll introduce in the second; he is the Chairman of the Board of Directors. Rubens Amaral, who is the Chief Executive Officer, welcome back, it’s great to see you both here again. Let me begin with just a very quick snapshot of our marketplace today. So much continuous change in the financial services landscape and at the Exchange, today, this is a $21.6 trillion marketplace. If you look at the value of the combined listed companies on our platform, we have over 4,500 listed companies here and in our European platform. And our equity exchanges today are in the U.S. and in Europe are transacting over $80 billion a day in equity. 70 of the largest 100 companies around the world are listed in our marketplace, and we’re really pleased to be able to have companies like Bladex, that on the NYSE is one company of over 450 from international marketplaces. NYSE is truly a destination and a partnership with Latin America. We are very pleased with the partnership that we have with both the countries as well as the companies in Latin America. Just to give you a little bit of perspective, we have 77 companies that are publicly listed on the NYSE from Latin America. It’s $1.3 trillion in value. Among the new listings this year from Latin America, we’ve been pleased to have Cementos Pacasmayo from Peru,…

Thank you, very much Mr. Chairman. And I would like to take this opportunity also to thank you, and the Board of Directors of Bladex in trusting me, with this important assignment of becoming the CEO of the Company, I'm very proud and I like to acknowledge here that I've had a very much of trust. And to our shareholders, I would like to renew my commitment to continue to develop and to bring you the results that you are seeking, when you are investing in our company. It is indeed a privilege and honor for me to host my first results conference as the CEO of Bladex, from the New York Stock Exchange on the occasion of the celebration of our 20 years of listing at this important prestigious stock exchange. And as our Chairman has highlighted, our association with the New York Stock Exchange indeed unlocked the world’s potential for Bladex. So let me then talk to you about our business pillars, and we have here presentation that I will be following, so you can follow along. First one, foreign trade, that talks about our knowledge and expertise in financing the foreign trade of Latin America. Second one, Latin America itself, our commitment to the region, and we see a region that as our Chairman mentioned in his speech, 10 front integration to the global economy, to integration into its own regional integration within Latin America. Trade has been very important for Latin America since 1992, and for the economies in the region, I mean, it remains still one of the key drivers of economic growth. We now see Latin America, well integrated to the world economy, and advancing it rapidly to set the base for a more comprehensive regional integration, which will present opportunities and challenges in…

Thank you, Rubens. Hello and good afternoon everyone. thank you for being with us here at the New York Stock Exchange. So it is a great occasion and thank you also to all of you joining us on the call today. In discussing our third quarter results, I will as usual focus on the main aspects that have impacted our results, and I will put them in context with the previous quarter and the same quarter of a year ago. The net income for the first nine months in 2012, totaled $68.5 million as you heard Rubens and Mr. Menéndez and that compares to $58.4 million over the same period a year ago that is an increase of 17%. And the third quarter 2012 closed with net income of $13 million compared to $23.2 million in the previous quarter and compared to $16.3 million, the third quarter of last year. As Rubens mentioned, the results of the third quarter 2012 showed continued strength in our core commercial business while capital markets provided for more challenging background driving lower results in both treasury division and the asset management units. And unlike last quarter, we did not benefit from extraordinary income items this quarter. So let’s look into the factors that drove this quarter’s results. We begin our segment performance review with the commercial division where net income was $23.7 million in the third quarter compared to $15.7 million in the second quarter of 2012, and compared to $14.5 million in the third quarter of 2011. The quarter-on-quarter variance was impacted primarily by the reversal of loan loss provisions, and portfolio growth focused on high credit quality business. The shift of the portfolio composition towards transactions with lower inherent risk is highlighted by moderate shifts in our country risk exposures towards larger…

Okay. so let me open for questions please.

(Operator Instructions)

:

Okay. Thank you very much and you are?

(Inaudible)

Thanks for the question. Well, as you said in 2001, the bank was a whole different organization, the bank was a bank, working with banks basically, primarily with the feel, syndicated loan transactions in its portfolio and had an exposure at that time to Argentine of $1.1 billion. And you know the story as you know very well. Really the Bank is a whole different bank organization. our portfolio today, it’s 40% with banks and 60% with corporations. and these corporations involved in either market corporations and large corporations. And when we go to the middle-market operations, you might wonder we’re taking more risk in your portfolio, because these companies tend to be more riskier, because they pay higher specs and you’re right. : So as we move further down, the segment we move to the countries where we feel much more comfortable we can get information where we can get also the guarantees. So overall, in terms of the commercial strategy, the commercial strategy has been to grow in the segment in the short-term trade finance and to diversify with the large corporations as I alluded to before the acquisition finance in Mexico. The companies they’re really expanding the region, we can provide the medium-term financing, and also for this type of companies with the leasing activities that is growing our portfolio as well. So we see a much more diversified in terms of products and diversified also in terms of the countries. And when we have riskier clients if you will, then we cover it with guarantees. And in the riskier countries, if you ask me and in terms of exposures to countries such as Venezuela, Ecuador when we finance exactly what is strategic for that country. And that’s basically primarily the oil transactions. And we know, and for the track record and experience, we are very safe in this type of transactions, we never had it before from Ecuador or Venezuela. It seems there’s a lot of inception, because we always step to finance what is certainly as good for them. I think, we’ll have…

Hi, Rubens, thanks, I’m Christopher. My question is, when you look at your results, you’ve been delivering on the expenses and the asset quality has been very much under control, when you talked about kind of growing fees and net interest margin. So maybe, if you kind of quantify how much that can expand over the next few years. and so it has been able to expand margins that have competition, and then also the fee you talked about this in the occasions that you’re doing, how much can that contribute to fee income? And then with your ROE target of 13% to 15% as I got, next year like what’s your medium-term, how would you quantify medium-term for that?

Okay. Thank you. First, our target has been always and we have it from the markets that we want to achieve mid teens ROE. so this is a medium-term target. We’re not saying that we’re going to get 15% next year. You saw that we have solid 11.5% returns this year, and you see how the core is growing. So we expect the core to continue to grow the next year that will help us to sustain the double-digit level ROEs that you are seeing. In terms of the fee income, we have the two possibilities that generate fee income. And the first one is our traditional letters of credit business where we confirmed the letters of credit, discounted the letters of credit and with generic fees. This has been very difficult to forecast as countries might need more or less LCs. You saw a big swing in our reserve requirements, because we had LCs that we had for short-term in a riskier country that required more positions. and then those LCs were paid and then we released the provisions. and we didn’t replace those LCs, because there was no business there to replace those LCs. So it is very difficult to forecast. but we see that we have been able to; in a sustainable way to provide a reasonable level of fee income. The difference will come through our syndication of strategies. And this is something that we have agreed whether our Board is going to be a very important target for next year. As we’ve set the base, we established this syndication desk one year ago, and we went to our clients and we discussed with our clients, because by not having experience in track record in this business that it takes time for you to build this…

Okay. Thank you very much, a good question. In terms of the ROE of course, leveraging, it is important for us. We have already said that because we’re in Panama and we don’t have the land of less resort like, we have to be very careful in terms of not over exposing the bank in terms of leveraging in more of the balance sheet, but we believe that the ratio of Tier 1 between 13% to 15%, in 15%, I think the sweet spot for Bladex, it is possible and this our medium-term target to get to this 50 Tier 1, of course I have my good friend here from Moody’s in the Casino. and I know that they’re going to be looking very carefully, if I had lowered too much that Tier 1. and although if we need to exposed to when it’s trespassed and the Basel III type of calculation, we would say, we would help better than any bank as you know very well. So the leverage is definitely something that we continue to consider. And we’ll continue to grow. We expect to grow next year between 10% and 12%, and using this capital and actually, we do more medium-term financing in our internal models that requires more capital, and that puts a limit also in our capacity of leveraging the balance sheet. But we’re very careful about how we do that. so pointing to your question, we are definitely using the leverage tool to improve ROEs, but the challenge for us is to change the mindset in the company and really, we committed to generate fee income that’s not the [benefit] in the use of capital. That is I think the most important message that I want to convey while we continue to work on the…

Well, our provision methodology, it’s very conservative. We use the guidelines from Basel I adjusted to our reality in Latin America. And as you know, the default rates in our portfolio are minimal. so we have to use default rates provide either by being the rating agencies or by being a standardized approach of Basel I, Basel II and III. But this is the way we do and we used, we divorced a bit and that’s why we see that our provisions are very conservative, because we don’t want to take unnecessary risks, because the nature of our bank is such that we are a wholesale type of bank. And then as you can imagine, we have concentrations. So we have to be very careful in managing these concentrations, and that’s when this also plays a very important role when we define the provisioning requirements for our portfolio. And that’s again when I mentioned before in my introductory remarks, we’re looking at this active credit portfolio management. so not only we can increase the margins, but also we can manage down concentrations that we have from time-to-time in the different types of clients. Because we know the clients very well, that we know the trade finance the short-term we can see forward in that type of concentration, but we need to manage that down, because it’s not healthy to have this type of concentrations. So that’s the way basically we work our model. we’re now in the process of requirement of our Board of begin on methodology in terms of how we can further check this to reflect really the reality of our portfolio. Michael Bunyaner – TLF Capital, LLC: And just one follow-up, I think you’ve mentioned that about 70% plus, 78% of your businesses doing one year. So you’re book of business turns quite a bit, how much of that is repeat business with the same customers that have been with you for more than three years or plus/minus?

Well, we did once review of the attrition rate. And our attrition rate is very low, very, very low. So the majority of this business is the repeat business, although we were very pleased to continue to work in dividend scale. So only last quarter alone, we added, I think it was 50 new clients to our portfolio. and we have an average yield of the lines we approve of 60%, which is fairly in line with the standard of the financial industry that I’d tell you that it is proportion of 70% to 30%, 70% repeat business, 30% new business. Welcome.

Good evening. My questions at this time from my live audience, but on our – on is connected via telephone. And we have a few questions coming in. So operator, if you could please open up, I think we have the first one coming Bill Jones from Singular Research. Thank you.

(Operator Instructions) Our first question is from Bill Jones from Singular. William Jones – Singular Research: Hi guys, congratulations on the anniversary and the Bladex Day. I have a question in the press release; you mentioned that the quarter had a slow start. but the bank saw an acceleration of activity, several countries got the region, and I just wanted to get maybe more color on what you’re seeing in the economy throughout the region kind of now and what your feelings are there?

Okay, thank you, John for your question. William Jones – Singular Research: Bill.

Bill Jones, sorry. As we mentioned in the different presentations today, we saw during the third quarter that the quarter started very slow, and I mentioned the situation of Brazil, because Brazil was growing at rates below 1% and Brazil is an important market for Bladex and that had an impact in our portfolio. The other countries they continue to grow in a regular, stable way. and in Mexico, the other examples flowing in a more important way and we saw this quarter that our portfolio grew [substantially] in Mexico by $200 million in comparison to the last quarter while Brazil remained flat, basically our exposure in Brazil. So we saw a compensation between Mexico and Brazil in terms of the overall growth. But so the different countries in Central America, as I mentioned, Panama is expected to grow 10% and our portfolio continues to grow in Panama. Peru is growing over its potential and our portfolio also is growing in Peru. And more recently, we saw the assumption of growth, industrial production in countries such as Brazil, which will help us to continue our growth in the fourth quarter. So we see the region now I think with indicators of growth much more stable than we saw before. The trade volumes are also growing. so we are very positive about the outcome for the fourth quarter as we continue to grow our exposure in Mexico. We increase our exposure in Peru, and we continue to grow our exposure in Central America. Just to give you a ballpark figure. in 2010, our total exposure to Central America was $500 million. Today, our exposure to that region is $1.1 billion. So we’re seeing also an important growth that we’re benefiting from in that region. So we see growth and if you see also the forecast for next year, Latin American as a whole in average terms, the forecast to grow 3.7%. Central America itself 4%, so it is a very positive outlook considering that we won’t have any big surprise coming from Europe and China mostly. So we’re very optimistic about these prospects, Bill. William Jones – Singular Research: Okay. I guess is it fair to say that optimism is part of the confidence of increasing the dividend by 20%?

Yeah. in that sense, one of the things that we always discuss with the Board is, what’s the message behind dividends? The answer behind dividends is, how we are performing and if we have something that’s extraordinary as we had in the past such as any extraordinary type of gain that we had in the asset management business and at the end of the year, we have to refill this and we would give back it to shareholders. This time for me and it’s my first results conference and we’re very pleased that to affirm to you and confirm to you that the reason behind this dividend increase is the strength of the core. And we see a much stronger core quarter in the fourth quarter, and we see a good year so far shaping up for 2013. William Jones – Singular Research: Great, [Rubens]. thank you for taking my question. Thanks gentlemen.

Thanks. Pleasure talking to you.

Thank you. And gentlemen, there are no further questions in the telephone queue at this time.

Okay. Thank you very much. It’s a pressure to host this conference from the New York Stock Exchange. It’s a pleasure to have the Chairman and our distinguished Directors of the Board participating with us. It’s a pleasure to have shareholders and long-time shareholders here with us. and for us, the management team of Bladex we are committed to continue to provide you sustainable returns and superior returns. And I look forward to seeing you all again in our next conference call. Thank you very much. Have a great day.