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 and 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 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 and CFO. Mr. Santodomingo, you may proceed.

Thank you. Thank you, everybody, for being on the webcast and on the call for the second Q results of Santander Brazil. As you may see in the index, and I will start by the index, we will cover five items, starting as always by the macro scenario review and we have divided results given the extraordinary items that we already commented and communicated to the market last June. We have divided it and the results in between those that include extraordinary events and those that are kind of business as usual in which -- to which I will devote the majority of the presentation. Finalizing as always with my final remarks. Moving to page 4, we present here the central banks service. So in respect to dynamics for some of the most important economic variables, let me share some thoughts with you. The Brazilian economy as is well-known is going through an adjustment process. In this environment, the amount of measures implemented announced by the government is considerable and in the right direction. There has been a pronounced adjustment in prices in the Brazilian economy. Actually, there have been two important relative price adjustment processes in the economy -- the realignment of regulated prices and market prices and the realignment of non-tradable and tradable prices. Consequently, the Brazilian inflation has reached levels around 9% in the current months, well above the known target of 4.5%. The fiscal measures implemented and announced indicate a clear change in the course of macroeconomic policies. To that extent, we believe that bulk of the measures will structurally impact the economy in a positive way. Since the adjustments are sizable, the economy is being impacted. In 2015, this year, current estimations point to our GDP contraction close to 2%, probably setting the ground for…

[Operator Instructions]

We have two questions about asset quality, one coming from [Indiscernible] and one coming from Philip Finch from UBS and both of them, they mention that the NPL ratios increased 15 tonight increased 20 basis points, the sixth increased 40 basis points and the 90 increased 20 basis points, and the questions regards if you could comment on the expectations for asset quality going forward, if you expect further deterioration as a consequence of the economic slowdown and the deterioration in early delinquency rates. Okay thank you, [indiscernible] and Philip.

What I would say around credit quality is that -- sorry they tell me that I was speaking with no volume -- with no impact. I was saying that in terms of credit quality, what are we seeing? What we are seeing is, this slight deterioration that we mentioned basically on the corporate side dependently [ph] we speak of the NPL ratio or the cost of credit. What I would call this is a normal reflection or a normal impact of the current macroeconomic environment. And we remember to you that the GDP will probably stand in recession with a minus 2% or around minus 2% for this year, with unemployment rising and this has to have an impact on the quality. Now another discussion is, how this impact maybe and what are our views. What we see, and I mentioned also in my presentation, is probably that 2015 on average terms will be similar to 2014. This means doing a slight smile [ph] probably concentrating on the corporate side, but both the [indiscernible] leading indicators are the kind of messages, behavior and relationships that we see coming from our clients do not lead us to message in terms of aggressiveness of what may be coming forward in terms of asset quality. We see this slight acceleration that may continue, but I would underline this slide because we at this point, we do not see war in finance either in the leading indicator side or on the actual NPL formation and ratios.

We have one more question about cost. What is the outlook of the bank for the cost-based growth in 2015 and 2016?

Well in the cost evolution, we also mentioned in my presentation, the cost evolution of this quarter was impacted first from some seasonality that we always have on personal expenses in the first Q -- second Q compared to first Q. Secondly, perimeter and thirdly, by some kind of impact that we tend to have like the launching of the Santander Brasil's [indiscernible] that I mentioned, these type of things tend to be a little but volatile within quarters. The annual evolution of the year continues to be well below inflation and we will continue to maintain that message. How will we see the future? The future we see converging towards inflation, but, in any cases, we will keep a focused management way in costs and this means that Santander Brazil will keep the discipline on the lower part of the P&L without increasing the impact on the net profit. The message going forward is, discipline will continue in costs.

The Q&A session is over and I wish to hand over to Mr. Angel Santodomingo for his concluding remarks.

Thank you all for being there in this Santander second Q 2015 results. I hope that you agree with us that they are a good set of results, both in relative terms and absolute terms. And we will continue supposedly next quarter to deliver these type of sound results. Let me remember you that we will be in Santander Group Investor Day taking place on the 23rd and 24th of September in London and there, if you attend, we will be more than happy to meet and discuss with you any points that you may have about our bank. Thank you very much.

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