Hello, everyone, and welcome to Bladex’s first quarter 2014 conference call on today, the 23rd of April, 2014. This call is being recorded and is for investors and analysts only. If you are a member of the media, you are invited to listen only. Bladex has prepared a PowerPoint presentation to accompany their discussion. It is available through the webcast and on the bank’s corporate website at www.bladex.com. And joining us today are Mr. Rubens Amaral, Chief Executive Officer of Bladex, and Mr. Christopher Schech, Chief Financial Officer. Their comments will be based on the earnings release, which was issued yesterday. A copy of the long version is available on the corporate website. Any comments made by the executive officers today may include forward-looking statements. These are defined by the Private Securities Litigation Reform Act of 1995. They are based on information and data that is currently available. However, the actual performance may differ due to various factors which are cited in the safe harbor statement in the press release. And with that, I am pleased to turn the call over to Mr. Rubens Amaral for his presentation.

Thank you, David. Good morning to everyone, and thanks for taking the time to attend our call today. I’m pleased to present to you solid results for the first quarter 2014. We were able to benefit from the strong origination in the fourth quarter 2013 which helped us to do over the cyclicality of the first quarter in Latin America when productivity is traditionally slower. Our total disbursements to give you some color for the quarter amounted to $3.3 billion, being $430 million in medium-term transactions which supported the diversification of the mix of our portfolio and improvement of the margins as discussed in previous calls. On the other hand, we’re continuing to diversify our funding structure taking advantage of the strong demand in the private placement market as well as in the syndicated loan market. With more liquidity flow into the region, we were able also to improve slightly our cost of funds. Therefore, with the improved margins on the asset side due to the medium-term deployment, and better cost of funds, our net interest margin improved quarter-on-quarter and year-on-year reaching 179% which is ,although, shy of our objective was 2% is an important step towards this goal that we have shared with you before. Our loan syndication business continues to strengthen and we are very pleased with the results in the first quarter 2014 as we have participated in six different transactions being sole lead arranger in two deals, joint lead arranger in two other transactions that were originated by us, and mandated lead arranger in two other transactions. The total amount of the six transactions was $610 million and we held in our books an average of 25% of each transaction. Our pipeline for the second quarter remains attractive and we expect to continue to increase our…

Thank you, Rubens, and hello, and good morning everyone. Thank you for joining us on the call today. As we discuss our first quarter results, I will focus on the main aspects that have impacted our results. And as mentioned in the introduction, I will base myself on the earnings call presentation that we have uploaded to our website together with the earnings release which is being webcast as we are speaking. So before we go into more detail, let’s start on page 6 with a quick rundown of the key financial highlights and drivers that shaped this quarter. The first quarter 2014 closed with net income to Bladex’s shareholders of $23.5 million compared to $23.9 million in the previous quarter, and $16.3 million in the first quarter of 2013. In order to accurately present performance in our recurring business activities, we focused on business net income which is recurring net income derived from our principal business activities of financial intermediation which generates net interest, commission and fee income. We also referred to it as core income or income from core activities. And that business net income reached $24 million in the first quarter down from the fourth quarter 2013, mainly due to the absence of reversals of provision to our credit losses. Business net income grew over 50% compared to the first quarter of 2013. Net interest margin is back on track as mentioned by Rubens having risen 10 basis points during the quarter versus the previous quarter which put us 17 basis points ahead of the level seen in the first quarter of the year ago. Return on assets and return on equity metrics remained fairly stable quarter-on-quarter but improved sharply compared to prior year levels. The efficiency ratio improved quarter-on-quarter mainly from better non-core results and remained…

Thank you, Christopher. Ladies and gentlemen, we are ready for your questions.

Ladies and gentlemen, at this time the floor is now open for your questions. (Operator instructions) Our first question comes from Chris Delgado, with JP Morgan. Chris Delgado – JP Morgan: Hi, good morning, just one quick question kind of relating to loan growth. Could you give us a sense of how you see that evolving over the course of the year, especially given the reforms that are happening in Mexico? Do you see yourselves increasing your exposure there? And that’s pretty much it.

Hey, Chris, good morning, and thanks for your question. We see our growth normally this year as we have seen in past years that the first quarter is always more challenging for us. And this year we benefited as I mentioned before from the strong origination we had in the fourth quarter. And we expect to see growth in the second quarter and the quarters ahead. Normally the way we see the market behaving, first quarter is slower, second quarter stronger, third quarter stable and fourth quarter again, stronger. So we are anticipating to have the same sort of behavior that will allow us to grow something between the 10% and 13% that I told you before in my initial remarks. Mexico is an important market for us. It’s a very challenging market, with now the upgrade, margins naturally will be under pressured. But as we are diversifying into the middle market, we see opportunities of growth in that market. And we have also been more active in the local currency transactions. And you might see us being more active in that type of transaction in the second quarter. So we expect to keep a health portfolio [ph] in Mexico, and we expect to see an important growth in the second quarter in Mexico, and you might see more growth in the local currency rather than US dollars as we also are benefiting from the availability of funding in Mexican pesos also to us in that market. Chris Delgado – JP Morgan: Okay, great. Thanks.

Thank you, Chris.

(Operator instructions) Our next question comes from Gary Lenhoff with Great Lakes Advisors. Gary Lenhoff – Great Lakes Advisors: Thank you. Christopher, just an administrative question, once you deconsolidate the investment fund, where will we see your participation in the investment earnings and expenses? Will that be in other operating expense or where will it flow to the income statement?

Yes. Gary, thank you, and good morning. Thanks for your question. Actually the main impact is cosmetic of course, we will still continue to participate on gains and losses of the fund and to the extent they materialize according to our participation percentages, which as you know has gone down. It would be a single line in the other income line. And it would be net gain from investment funds trading. That would be the only line where we would show the results of our participation in the funds. And to us this is a great improvement because we don’t have to breakout the different lines, the expense line, the revenue lines. And so, that’s much easier for us and I think commensurate with what we intended to do from the beginning. So I hope this answer your question. Gary Lenhoff – Great Lakes Advisors: It does. Thank you very much.

(Operator instructions) We have another question from Chris Delgado with JP Morgan. Chris Delgado – JP Morgan: Hi, actually one other question I had relates to your efficiency. You guys have been able to control expenses quite well over the past few quarters, do you think you’ll still be able to continue to do that in the coming years without impacting the profitability of your business negatively?

Yes. Chris, if you don’t mind, I would take your question. I think the overarching goal is to do more with less as Rubens has mentioned. And so of course we want to generate more revenues with lesser expense growth. So you may not target necessarily the expense reduction as we continue to grow our revenues in the double digits. But our intention is really to have a double digit growth rate in revenues accompanied by a low-single digit growth rate in our expense base. And that is something that we’re waiting for [ph]. And of course the overarching goal for us is to reach our efficiency ratio target of 30%, we’re getting closer. And if and when we get there and we don’t have much thought that we will get there, we won’t stop. I think we will continue to drive more efficiency in our business. And that is over the short and medium-term. Did that answer your question? Chris Delgado – JP Morgan: Yes, it does, perfect. Thanks.

Thank you.

(Operator instructions) I would now like to turn it back to Mr. Amaral.

Okay. Thank you, David. Thank you for taking the call today. As we always like to say when we close, we continue to work hard to make sure we continue to deliver a good results, solid results and improved results quarter-over-quarter, and we’re looking forward to a very successful second quarter. Thank you very much. Have a great day. And thanks for taking the time to participate in our call today.

Ladies and gentlemen, that concludes today’s Bladex first quarter 2014 conference call. You may disconnect your lines, and have a wonderful morning. Thank you.