Good day, ladies and gentlemen, and welcome to the Grupo Financiero Galicia first quarter earnings release conference call. Just a reminder, today's conference is being recorded. For opening remarks and introductions, I will turn the call over to Pablo Firvida. Please go ahead, sir.

Thank you. Good morning, ladies and gentlemen. Welcome to the Grupo Financiero Galicia first quarter of fiscal year 2013 conference call. I am Pablo Firvida, Head of Investor Relations. With me today are some members of the management of the bank and Grupo. We want to thank you for attending this call. I will make a short introduction in order to explain the operating conditions under which the reported results have occurred and summarize the bank’s performance during the quarter. Then we will take your questions. Some of the statements made during this conference call will be forward-looking statements within the meaning of the Safe Harbor provisions of the U.S. Federal Securities laws. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. During the first quarter of 2013, the international financial markets showed a significant reduction in volatility as well as an increasing risk appetite and the global economy activity continues to show a moderate growth rate. Under this international scenario, according to latest official estimates available, the Argentinean economy showed a weak recovery of 0.6% in the first two months period of 2013 as compared to the last one of 2012 and private estimates point to a 0.6% annual growth for the first quarter compared to 0.1% year-over-year contraction in the fourth quarter of 2012. National fiscal revenues increased 30% year-over-year while primary expenditures grew 31% year-over-year, also in the first two months of the year. The primary surplus amounted to 1 billion pesos and after interest payments of 3.1 billion pesos, the global balance for that period was 2.1 billion pesos deficit. Consumer prices expanded 2.4% in the quarter as measured by the official index and 5.3% according to private estimates while annual…

(Operator Instructions) We will take a question from Luis Guzman with Santander.

I have a question regarding asset quality. In the quarter we saw an (inaudible) over quality in terms of NPL raises and general write-ups. It has been in the previous first quarters. So I would like to know what's your expectation on this line? And if you can give us a more color on what's going on there?

Hi, Luis. Basically, the first quarter, as I mentioned, has an unfavorable seasonality and in particular for individuals because the salary increases didn’t take place. Actually they are about to take place now in May. So the purchasing power of individuals is going down through the year and the first quarter is the lowest part. Most of the charges to the income statement are for the individuals. I would say around 45% in the case of the bank, 55% for the credit card companies and CFA, and for the rest of the year we expect a slighted iteration, like if I had to say a number, between 3.9% and 4%, the consolidated NPL ratio. We expect the converts to remain stable at around 110 during 2011. We deal this, what we call the NPC (inaudible) reserve for seeing this deterioration that is taking place and took place during 2012 and what we see also in 2013. But again, nothing dramatic.

Okay, and I have two follow-up on the personal expenses. You were mentioning that they (inaudible) negotiations specially in the bank will come on the second quarter and do you expect an expectation of the range of the personal expenses that we can expect for the quarter or the year?

Yes, in the first quarter, we made a provision for 25% increase in salaries. Within that, the agreement will be around, this year perhaps, 24% to 25%. So for the rest of the year or for the full year you can think of 25% last to 28%, 27%. Yes, taking into account that we already increased that as a provision in the first quarter and taking into consideration some openings of a branch as in the case of the bank that we are going to open roughly 7 branches and in the case of the credit cards one or two.

Okay. Thank you very much.

You are welcome.

We will take our next question form Boris Molino with Santander.

Pablo, do you have an update about the progress of your joint venture in Peru on the card business? We heard a little bit some concerns regarding the regulation on fees and potential new regulations that could hurt the profitability of this venture? Do you have any comments on this?

Well, the Tarjeta Naranja Perú business was created with Banco de Crédito Peru back in September 2011 and it is, I would say, a pretty new startup. We have, like, nine branches in Lima and its outskirts and its growing but its still below its breakeven point. We are investing and learning and developing the business. Regarding regulatory pressures, I am not aware of that. Although what I heard is that rates are not high or too much higher than other bank's rates for the same segments. So I would have to wait and see if there is any news that as far as I heard nothing in concrete.

Okay, wonderful. Thank you.

Thank you.

(Operator Instructions) We will go next to Federico Rey with Raymond James. Federico Rey – Raymond James: I would like to know if you have any idea of performance of spreads for the rest of the year? Thank you.

Hi, Federico. If I had to say a trend, we think that there could be a slight compression. Even in previous conference calls, we were seeing compression but reality shows that we increase margins but for the whole year, I still think that the margins should have a compression from the 12.37% what you saw in the first quarter and I think it could be between 11.5% and 12%. I don’t see, sorry, definitely I don’t see the margins really growing but it is nice compression. Federico Rey – Raymond James: Okay, and we see that as a result of higher funding cost or because of change in the portfolio mix?

Both things. It’s a change in the composition of our deposit base. You saw that time deposits were more than transactional deposits. Also, the productive line could have some impact there and yes, also, perhaps we are going to grow less in certain segments with higher interest rates like CFA or the credit cards. So, higher costs because of the mix and higher or lower interest earning assets due to different mix in the portfolio of the bank. Federico Rey – Raymond James: Okay. Thank you.

With that, there are no other questions in queue at this time.

Okay, thank you for attending this call. If you have any questions please do not hesitate to contact us. Good morning. Bye, bye.