Hello, everyone, and welcome to Bladex Second Quarter 2014 Conference Call on today, the 24th of July, 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 this discussion. It is available through the webcast and on the bank's corporate website at www.bladex.com. Joining us today are Mr. Rubens Amaral, Chief Executive Officer of Bladex; and Mr. Christopher Schech, Chief Financial Officer. These 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, Katie. Good morning, everyone, and thanks for joining us today. Yesterday, we reported an ordered quarter of good results and positive trends in our business. I will comment on the highlights of our results for the first 6 months of 2014, and Christopher will provide you with the details of our quarterly performance. For your information, when I refer to net income, I'm using the concept of business net income as defined in the appendix of our presentation. In terms of fee income, I'm referring to our traditional contingency business, syndication's platform and other income from our debt intermediation activity. Let me start with total disbursements. During the first semester, we reached a total of $6.7 billion being $1 billion in medium-term transactions with an average life of 3.2 years. This important level of disbursements, as discussed in previous calls, is a consequence of our business strategy of: first, achieving healthy growth; second, diversifying the mix of our portfolio; and thirdly, improving the margins. Our growth for the first half of the year was 4%, consistent with our expectation for 2014, between 10% to 13%. The average life of our portfolio increased for 9.4 months at the end of 2013 to 10.8 months by the end of the second quarter 2014. Our net interest margin, NIM, had a pickup of 15 basis points for the same period. Therefore, the net income reached $47 million, which represents an increase of 32% for the first 6 months of 2014, when compared to similar period last year. Our net interest margin of 184 basis points, reflects improved asset margins and lower cost of funds. I've realized the NIM is too shy of our 2% target, but I'm satisfied, this showed positive trend in the first 6 months of this year. Our…

Thank you, Rubens. Hello and good morning, everyone. Thank you for joining us on the call today. In contrary to Rubens, you may always ask and inquire about the World Cup results with me personally. In discussing our second quarter results, I will focus on the main aspects that have impacted our results and I will base myself on the earnings call presentation, that we have uploaded through our website together with the earnings release. And which is being webcast as we speak. So before we go into more detail, let's start on Page 5 of the presentation, with a quick rundown of the key financial highlights and drivers that shaped this quarter. Rubens already give a recap of our 6 months results, so I will focus my comments more on the quarter -- quarterly variations. The second quarter of 2014 closed with net income to Bladex shareholders of $20.7 million compared to $23.5 million in the previous quarter, and compared to $21.7 million in the second quarter of 2013. In order to accurately present performance of our recurring business activities, we focus on business net income, as already mentioned by Rubens. And which is recurring net income derived from our principal business activities of financial intermediation, which generate net interest, commission and fee income. We also refer to it as core income or income from core activities. And this business net income reached $22.9 million in the second quarter of this year, down from $24 million in the first quarter of this year, mainly due to the provisions of credit losses brought about by the strong growth of our commercial portfolio. Business net income grew 17% compared to the second quarter of 2013. Net interest margin continues to increase rising 5 basis points during the quarter versus the previous…

Thanks, Christopher. Ladies and gentlemen, we are ready now for your questions.

[Operator Instructions] Our first question comes from Yuri Fernandes from JPMorgan. Yuri R. Fernandes - JP Morgan Chase & Co, Research Division: Just a quick overview on Tier 1. It shows 120 bps this quarter, so I would like to just know how do you see this evolving? And at what level of Tier 1 capital, are you comfortable with?

Yes, thank you very much for your question, Yuri. This is Christopher. So yes, we have seen a reduction of our Tier 1 capital, which is calculated on Basel I criteria. And with using Basel I criteria to 15.2% at the end of the quarter, this is actually in line with what we have said on the line, in terms of trying to get closer to 15% Tier 1 level. And the fact that it has dropped over the last quarter is just -- the reason for that is our strong portfolio growth this quarter. It slowed [ph] our risk-weighted assets nearly $500 million in 1 single quarter. And clearly that had an impact on our Tier 1 capitalization and we aren't necessarily saying that this radar for portfolio growth will continue unabated in the following quarter, especially having the agreement with the IFC in place, which will allow us to share some of our origination with them. And we do believe that our portfolio growth will continue in the same way, as already alluded to by Rubens. And that we will, of course, compensate the additional use of capital with the generation of incremental revenues and income which is part of what we are planning to do this year.

And in terms, if I just may add, Christopher, we're looking at also changing the way we're measuring a capital to Basel III, we are doing internal calculations and although, the regulator in Panama does not require us to do so, we're looking carefully at that and then eventually in the future, we might come up with minimum levels according to Basel III. But we'll keep you posted. So far, as Christopher said, we are around this 15% give or take, a little bit, but this is our target so far. Yuri R. Fernandes - JP Morgan Chase & Co, Research Division: Do you -- may I ask another question? Very quickly on the loan on growth. This quarter was very good as you said. Can you share any trends for the rest of 2014? And maybe just by which country in Latin America may drive this growth?

Yuri, no problem at all. Christopher mentioned and I, as well about the transaction we just did in Mexico, in the capital markets. And one of the reasons we do that is because we're anticipating growth in Mexico. So one of the countries we're going to be growing in an important way, and also in terms of our medium-term portfolio is Mexico. The other 2 countries where we're looking to grow, it's Colombia and Peru, 2 other countries, that are priorities for us. In terms of Brazil, our exposure, as I've mentioned in my comments, it's down to 28%. We don't expect any meaningful increase in there. But we might grow slightly in Brazil, as well, as we diversify into different countries. Central America continues to be an important region for us, so the Central America plus Carri represents 25% of our portfolio and we're comfortable with those levels. So you might see growth coming primarily from Mexico, that today is a already #2 country in our country exposure, which is very important. And Peru, Colombia, eventually is something more in Central America and a very small growth, I would say, in Brazil.

[Operator Instructions] At this time, we have no further questions.

Okay, Katie. Thank you, very much. I hope we didn't bore you too much today. So you can ask any questions, I was provoking you guys to ask me about the World Cup and the results, but I think our investors and shareholders are fortunate to have a CFO that's German. And so having said that, I would like to thank you very much for attending our call today. And I just want to tell you that we're looking forward to analyze challenging, but very promising second half. And we continue to meet it, to achieve, and improve the results on your investment in our company. Thank you very much. Have everyone, a good day. Bye-bye.