Welcome to the first quarter 2017 consolidated results under IFRS conference call. My name is Hilda, and I will be your operator for today's call. [Operator Instructions] Grupo Aval Acciones y Valores S.A., Grupo Aval is an issuer of securities in Colombia and in the United States, registered with Colombia's National Registry of Shares and Issuers, Registro Nacional de Valores y Emisores and the United States Securities and Exchange Commission, SEC. As such, it is subject to the control of the Superintendency of Finance and compliance with applicable U.S. securities regulations as a foreign private issuer under Rule 405 of the U.S. Securities Act of 1933. Grupo Aval is not a financial institution and is not supervised or regulated as a financial institution in Colombia. As an issuer of securities in Colombia, Grupo Aval is required to comply with periodic reporting requirements and corporate governance. However, it is not regulated as a financial institution or as a holding company of banking subsidiaries and thus, it is not required to comply with capital adequacy regulations applicable to banks and other financial institutions. All of our banking subsidiaries, Banco de Bogotá, Banco de Occidente, Banco Popular and Banco AV Villas, Porvenir and Corficolombiana, are subject to inspection and surveillance as financial institutions by the Superintendency of Finance. Although we are not a financial institution, until December 31, 2014 we prepared an unaudited consolidated financial information included in these quarterly reports in accordance with the regulations of the Superintendency of Finance for financial institutions and generally accepted accounting principles for banks who operate in Colombia, also known as Colombian banking GAAP, because we believe that presentation on that basis most appropriately reflected our activities as a holding company of a group of banks and other financial institutions. However, in 2009, the Colombian Congress…

Thank you, Hilda. Good morning all, and thank you very much for joining our 2017 first quarter result call. Allow me to start by providing an update in reference to 2 recurring items in the agendas of our quarterly calls, Ruta del Sol and Electricaribe. In the first place, I will refer to Ruta del Sol. As you may recall, in our previous quarterly call, I informed you that on March 27, we signed an addendum to the February 22 agreement to terminate and liquidate the concession contract between DIAN and the Concesionaria Ruta del Sol or CRDS. The essence of the addendum was to initiate the execution of the conditions that had to be met by CRDS or DIAN to allow the first payment to the financial sector in an amount equivalent to approximately 60% of the total debt owed by the company. Among those conditions, the 2 most important consist in the liquidation and the payment of at least 70% of the 3,300 employees and payment of 70% of past due accounts payable to suppliers. Total financial debt amounts to $800 million, and past due accounts payable approximate $25 million. Although the processes of executing these 2 conditions have taken much longer than anticipated due to DIAN's painstaking attention to detail, I'm satisfied to report that as of yesterday, we had accomplished the liquidation of almost 77% of all employees. Therefore, we have met our first objective. As the company was not able to convince DIAN to allow both requirements to be met in parallel, the team will now devote all its attention to pay the past due accounts payable. Under the terms of the agreement, 3 labor days after this is accomplished, the banks will get their first payment. Secondly, I will refer to Electricaribe's government intervention.…

Thank you, Luis Carlos. I will begin with the consolidated results of Grupo Aval under IFRS, starting on Page 10 with our asset evolution. Total assets increased by 5.7% during the last 12 months and by 1.4% during the last quarter. In absence of the effect of the Colombian peso fluctuations on Central America, assets would have grown 6.9% and 2.5%, respectively. Asset growth was driven by an increasing liquidity reflected in the cash and cash equivalents, and the fixed income securities growth. Broken down by regions, over the past 12 months, our Colombian assets grew at 5.8% while our Central American assets grew at 9.2% in dollar terms, a 5% increase when translated into Colombian pesos. For the first quarter of 2017, our Colombian assets increased by 2.5% while our Central American assets grew at 2.3% in dollar terms, a 1.7% decrease when translated into Colombian pesos. Consolidated balance sheet structure as of March 2017 was similar to that in place at the end of March 2016 and of December 2016, with our net loans accounting for 66% of our assets as of March 31, 2017, up from 65.2% 12 months before and down from 67.3% on the previous quarter. Fixed income investments accounted for 10% of our total assets as of March 31, 2017, down from 11.5% as of a year before and down from 10% on the previous quarter. Colombian assets accounted for 71.9% of our balance sheet as of March, slightly down from 72% as of a year before, and up from 71% compared to the last quarter. Our Central American operation accounted for the remaining 28.1%. This makes us being relatively stable during the last 12 months. On Page 11, we present our loan portfolio evolution. Gross loans increased by 6.8% during the last 12…

[Operator Instructions] We have a question from Carlos Macedo from Goldman Sachs.

One question on the Electricaribe. First, did -- was there -- were there any provisions for it in the first quarter? And I think is -- just as a follow-on, the math that I did to your saying, you said that around 80%, 85% would have to be provision, and you have provisioned 13 over the next 3 quarters. Would it imply something like $40 million in provisions per quarter? Is that a good kind of estimate for that? Or should we expect a different number?

Thanks, Carlos. Yes, we had made provisions of up to about 13% as of the end of last year. This first quarter didn't require any substantial additional provisions, and -- so you're right. We need 67% on $185 million at most, but we want to be conservative with the numbers. So that's about 67% of $185 million till the end of this year. And in accordance with the Superintendency, what the Superintendency has said for now is to book, I believe, up to 55% of provisions between May and August and then the rest between August and December, and I think what our banks are doing is just doing it in equal amounts per month from here and on to December. So that's the way we're going to provision it, but your numbers are right.

Our next question comes from Frederic De Mariz from UBS.

Can you just remind us your guidance for margins and what you expect in terms of trends for the funding costs, and on the asset side, if you could just repeat that part, please.

Okay. Regarding margins, we expect our net interest margin to be in the 5.7% area, and our NIM on loans to be in the 6.6% to 6.7% area.

Full year average.

Full year, yes. This is full year average.

And our next question comes from Juan Pablo Pedraza from Corredores Davivienda.

My question is regarding if there will be more potential cases that cause a greater commercial loan portfolio deterioration during the year; for example, regarding the exposure to the integrated transportation system.

Yes. Well, that's the other area that we've been following closely. As we mentioned in our last call, our exposure there is of around $150 million. The profile of the customers that we have there are relatively stronger than what the average of the system looks like. Over half of our exposure there is to a group that is led by an industrial group in Colombia called Fanalca, which has a quite strong provision, and we have also exposure to other transportation companies that also participate in the other TransMilenio projects that have been quite healthy. So yes, we do have an exposure there. Our profile is quite better than what the average looks like, but that's the other area we're looking into.

We show no further questions at this time. I would like to turn the call over to Mr. Sarmiento for final remarks.

Thank you very much, Hilda, and thank you all for attending the call. We hope to see you next quarter, and in the meantime, our phones are always open. So thank you very much, and have a great day.

Thank you. Ladies and gentlemen, this concludes today's conference. Thank you for participating. You may now disconnect.