Good morning and thank you for waiting. Welcome to the conference call to discuss Banco Santander Brasil S.A.’s results. Present here are Mr. Angel Santodomingo, Executive Vice President, Chief Financial Officer and Mr. Luiz Felipe Taunay, Head of Investor Relations. The live webcast of this call is available at Banco Santander’s Investor Relations Web site, www.santander.com.br/ri, where the presentation is available for download. All the participants will be on listen-only mode during the presentation, after which, we will begin the question-and-answer session and further instructions will be provided. [Operator Instructions] Before proceeding, we wish to clarify that forward-looking statements may be made during the conference call relating to the business outlook of Banco Santander, operating and financial projections and targets based on the beliefs and assumptions of the executive board, as well on information currently available. Such forward-looking statements are not a guarantee of performance. They involve risks, uncertainties and assumptions as they refer to future events and hence, depend on circumstances that may or may not occur. Investors must be aware that general economic conditions, industry conditions and other operational factors may affect the future performance of Banco Santander and may cause actual results to substantially differ from those in the forward-looking statements. I will now pass the word to Mr. Angel Santodomingo, Executive Vice President, CFO. Mr. Santodomingo, you may proceed.

Thank you. Good morning everyone and thank you for joining us in the Banco Santander Brasil third quarter 2015 results. As you may see in the index in the table contents, I will try to cover the four areas in the results presentation, a short briefing on the macro side and then I will finalize both results and final remarks. Starting on Page 4, we present the consensus the central bank service source in different dynamics for the main economic value. There is reviews and thoughts. The Brazilian economy continues to go through the adjustment process, in this environment the amount of measures implemented and/or announced by the government is considerable. Consequently, the Brazil and the Brazilian inflation has reached the levels clearly over 9% in 2015, well above the 4.5% target. The fiscal measures implemented and/or announced as I mentioned indicate a clear change in the course of the macroeconomic policies, which should lead to a better environment in the medium term. We think that Brazil is addressing the fiscal imbalances and we’ll solve them overtime. On the other hand the process will probably be longer than initially anticipated. Since the adjustments are sizeable, the economy is being impacted. In 2015 current estimations point to a GDP contraction of 3%, with quarter-on-quarter recovery likely starting over the course of 2016. We believe that after these adjustments, the economy will be in a good sector assume a trend of sustainable growth from 2017 onwards. Consensus expects lower inflation and lower selling rates for 2016 which is not good. And last but not least it is expected that the exchange rate should converge to somewhere around BRL4 per $1, a level that is already improving the Brazilian external account deficit to more sustainable level. These two large barriers both inflation and…

Thank you. We will now start Q&A session for investors and analysts [Operator Instructions].

The first question we received came from Philip Finch from UBS. The question is in the first Q did you recognized any gains on past revaluation rising from the 5% rise in total composition, if so if not why not? And question number two is the factors tax rate increased in 3Q 2015 to reflecting a higher total contribution from fourth Q 2016 onwards, what should we assume as a normalized tax rate?

Thank you, Philip. The answer to the third question is, we recognized approximately BRL2 billion due to the change you were mentioning and we are fit basically of it with and the write-off of loss carry forward. So net-net it was up, it was basically netted. The question on effective tax rate was....? That it is it come and what we should assume the normal evolution of the tax rate and so we just been trained that has reflected in the change in the [CSLL] from 15% to 20%. We should expect that to maintain an adverse trend and we will optimize that with the evolution of both the amortization of the goodwill and the different parts that I already explained on this et cetera. Philip do you want mention the….? And we gauge that going forward the effective tax rate should move around 13% to 18%. We have raised you can see that up balance [DTAs] that we have amounts to about BRL2 billion and also the reduction in goodwill amortization increase the fair payment of interest on capital. So overall the effective tax rate should move in between 13% and 18% going forward in average. The second question came from the [indiscernible] cost from the [indiscernible] my question is about the say of non-portfolio we incur that the [indiscernible] about BRL238 million of loan during the 2015. Could you comment what would be the impact on your NPL ratio if you have not sold this portfolio. Furthermore was this portfolio 100% provision?

Let me comment you and briefly my thought here and Philip I can give you a little bit more retail. I will say it first the selling of net selling of portfolio in the quarter is current of a business as usual activity. So what you do obviously optimize and what our policy is that if it's we have [indiscernible] in between managing our service role obviously selling it to external parts and we measure that and when we optimize the internal usage we do it internally and when we see it makes from the financial point of view it make sense to send the external part, we do sell it externally. When we sell portfolio, I totally read there are 100% provisions on this. So we have not considered selling portfolios are not a 100% provision. On the impact on the quarter related leverage, but basically I will say that the impact that we have seen in the quarter is margin, we are taking BRL240 billion of portfolio [indiscernible]. So basically, you can make an easy calculation which indicates that this sale would have impact NPL and above some response which is not critical for us. Secondly the impact on the results in the quarter was relatively marginal.

Mr. Victor Galliano from Barclays would like to make a question.

Yes, can you give us some more -- I hope you can hear me okay, can you give us some more detail on the camp situation was that primarily really because of the depreciation of the real that we saw the capital come down, I am sorry that it wasn’t a very good line once you were giving the discussion?

Victor, thank you. I will try to clarify in my presentation I will try to clarify, it says that we had 223 basis points of impact of capital, approximately 100 out of is the extraordinary gain that we directed to dividend. Remember that we presented what we announce at the -- I think towards the end of September, not during the month of September, we announce BRL3.05 billion dividend and that consumed I would say rather 100 basis points. Then you have business as usual, I mean deliveries assets grow obviously impacted also by the ForEx situation due to our exposure and then reals loans and finally also you said in the rest of the asset the impact of the ForEx but has also made additional consumption of capital in the month. And please also remember that we have mark to market impact due to the resulting portfolio that we hold in the [indiscernible] cover portfolio for example. So with all that I think I am speaking of 80%, 90% plus of the variation of the capital in the quarter.

So 100 bps from the dividend the FX depreciation the FX portfolio the depreciation impact would have been another 50%, 60% and most of the balance in mark to market is that about right?

I think we are being close to the reality the ForEx increase here in different part so it’s not an issue to individualize the ForEx but more or less is what I am saying.

[Operator Instructions] Thank you. The Q&A session is over. And I wish to hand over to Mr. Angel Santodomingo for his concluding remarks.

Thank you very much for your attendance. It looks like we’ve had some technical issues, I don’t know if we have been able to transmit the message fully. If this is not the case, I will clearly invite you to contact our investor relations department in the part that has not been held in the right way, if this is the way we got just [indiscernible] saying that this isn’t very well for the [indiscernible] I am these comments. Again thank you for the presence and we remain at your disposal for any doubts that you may have.

Banco Santander’s conference call has come to an end. We thank you for your participation. Have a nice day. Thank you.