Good morning ladies and gentlemen, and thank you for waiting. At this time, we would like to welcome everyone to the Banco Macro’s 3Q12 Earnings Conference Call. We would like to inform you that 3Q12 Press Release is available to download at the Investor Relations website of Banco Macro at www.macro.com.ar. Also this event is being recorded and all participants will be listen-only mode during the Company's presentation. After the Company's remarks are completed, there will be a question-and-answer session. At that time, further instructions will be given. (Operator Instructions) It is now my pleasure to introduce our speakers. Joining us from Argentina are Mr. Jorge Pablo Brito, member of the Executive Committee; Mr. Guillermo Goldberg, Commercial Deputy General Manager; Mr. Jorge Scarinci, Finance and IR Manager; and other members of the Bank's management team. Now, I will turn the conference over to Mr. Jorge Scarinci, Finance and IR Manager. You may begin your conference.

Good morning and well come to Banco Macro third quarter 2012 conference call. Any comment we will make today may include forward-looking statements which are subject to various conditions and these are outlined in our 20-F which was filled to the SEC and is available at our website. Third quarter 2012 Press Release was distributed yesterday and it is also available at our website. Banco Marco is one of the leading private banks in Argentina, with a strong presence in the interior of the country and a branch network of 427 branches. Even though we are a universal bank, we focus on low to middle income individuals and SMEs. Banco Marco is a financial agent of four provinces in Argentina, Salta, Jujuy, Misiones, and Tucuman. I will now briefly comment on the bank’s third quarter 2012 financial results. Banco Marco’s net income for the quarter was 411.9 million pesos or 31% higher than the 314.2 million pesos one year ago. The bank’s quarter annualized return-on-equity and return-on-assets of 29.4% and 3.7% respectively remains healthy and shows the banks earning potential. Nevertheless Banco Marco decided to fully amortize the Amparos on (inaudible) 45 million pesos. With these onetime (inaudible) being excluded third quarter 2012 net income would have been 456.9 million pesos and the result would have represented a return-on-equity and return-on-asset of 32.7% and 4.1% respectively. In the quarter, net financial income totaled 1.1 billion pesos or 38% higher than the 766.5 million pesos registered one year ago. These performance can be traced to our 50% year-on-year increase in financial income and a 72% year-on-year increase in financial expanses. Within financial income, EBIT on loans rose 52% year-on-year due to an 41% growth in the average loan portfolio and a 300 basis point increase in the average lending interest rates.…

(Operator instructions) your first question comes from the line of Jorge Chirino with Morgan Stanley. Jorge, your line is open.

Just a very quick question on the outlook for 2013. What are you expecting in terms of loan growth for next year? Where do you expect to see the growth from so many (ph) commercial? What are you seeing in terms of expenses and margins?

For this year what we are forecasting right now is some recovery on the economy, compared 2012. Mainly this is going to be fueled by the high level of commodity prices that forecasted high harvest for Surya (ph). Also Brazil’s economy is recovering and that is also going to help Argentina’s economy to recover from a slaggy 2012. In terms of loan growth, what we are expecting is to be on the high 20s nominal growth. In terms of expense, I think that’s between mid and high 20s also, coming high with what (inaudible) for the increasing domestic prices. On margins, we are forecasting some stability in the margins with I would say, in our case we have around 12% net interest margin. So for next year we are seeing some stability around that between plus minus 50 basis points there.

Your next question comes from the line of Federico Rey with Raymond James.

Bank (ph) to lender to 5% of the deposits, if I missed this.

Mr. Ray, if you would so kind to repeat your question, I believe your line was muted.

Hello, Jorge?

Yes Federico, can you repeat your question because I think you were on mute.

Okay, yes. I would like if you can comment on the progress in term of complain with the regulation by the Central Bank to lend us 5% of the deposits into SMEs.

Federico, we don’t talk on this. You know that this is during the last day of December. So we are working to fulfill these requirements. We still have two months in order to extend these loans on the regulations set by the Central Bank. So we believe that we would have no problem to comply with it.

Your next question comes from the line of Nicolas Chialva with Itaú BBA. Nicolas Chialva - Itaú BBA: Regarding asset quality, which has been performing quite well in 2012 and I’m wondering about your expectations for the near future and 2013 on loan expirations and deals (ph).

Hi Nicholas. No, we are seeing some stability basically because, I even commented in the previous question that we are looking forward for some recovery in the economy in 2013. So, we are seeing stability in terms of asset quality for both consumer and commercial. So in terms of provision for the next year, we are not forecasting many changes in terms of the normalized level of research that we do on a quarterly basis. Nicolas Chialva - Itaú BBA: And then let me ask you a follow on question because during the second quarter, you spent some additional provisions and molding us, the coming performance was not that good. But the asset quality did not deteriorate significantly during that quarter either. What do you attribute this some (ph) performance to?

Basically it could be because many sectors continued to be profitable, as far as the liquidity in the season and of course I would say that the reward for being on our view or considered to be (inaudible) this is good basically because we view our, what become a non-performing that is back for you in terms of your great reward, in terms of that you have a recovery 3, 4, 5 (inaudible) and of course that increased your cost of taking you there, if you (inaudible) on the banking sector, in that case could be basically, well we have a low level of probability. So I think that’s a combination of all that.

And there are no questions at this time. This concludes the question-and-answer session. I will now turn over to Mr. Jorge Scarinci for final considerations.

Okay at this time I would like to thank everyone and of course we are available open to additional comments or questions and well, thanks everyone. Have a good day.

Thank you ladies and gentlemen. With this we conclude today’s presentation. We thank you for joining. You may now disconnect.