Good day everyone and welcome to the Grupo Financiero Galicia Fourth Quarter 2012 Earnings Release Call. Today’s call is being recorded. At this time, I would like to turn the conference over to Mr. Pablo Firvida. Please go ahead, sir.

Thank you. Good morning, ladies and gentlemen. Welcome to the Grupo Financiero Galicia fourth quarter of fiscal year 2012 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 US 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 fourth quarter of 2012, overall economic activity showed a moderate growth rate with the European economy giving signals of stagnation, China growing less than during the previous decade and the US improving its economic performance. The main feature of financial markets was increasing volatility due to the US presidential election and the fiscal cliff. On the international context the Argentine economy showed a weak recovery of 0.5% in the fourth quarter as compared to the third one. Nevertheless, prior estimates of economic activity point to a zero annual growth in the fourth quarter compared to a 1.6% year-over-year contraction in the third quarter. National fiscal revenues increased 23% year-over-year, while primary expenditures grew 27% year-over-year in the fourth quarter. The primary deficit amounted to 15.6 billion pesos and after interest payments of 18.3 billion pesos and the global balance for the quarter was at 33.9 billion pesos deficit. Consumer prices expanded 2.7% in the quarter as measured by the official index…

Thank you. (Operator Instructions) We will hear first from Federico Rey of Raymond James. Federico Rey – Raymond James: I have a question regarding asset quality. For the first time in the past four quarters based on improvements in the asset quality, in the NPL ratio, I would like to (inaudible) you are foreseeing a [decision] in asset quality or this is something related to I don't know one-time event, etcetera? And secondly, on the (inaudible) the segment of the company, I mean talking about the CFA or the Bank, the reason being great improvement. Thank you.

The NPL ratio, yes you are right, improved in the fourth quarter compared to the three previous quarters. Basically, there were some charge-offs during the quarter if we compare the different segments, the Bank is one with best or lower NPL ratio and where the improvement in particular took place and then the credit cards and CFA in that order. To give you an idea today the 3.37% NPL ratio is made up by a 1.9%, for example at the bank level, at 6.5% at credit card companies, and about 11% in CFA.

(Operator Instructions) We will take our next question from Alonso Aramburu of BTG Pactual.

I have a question on expenses’ they’ve been growing at a pace of 35% for this year. How do you see the growth in 2013 and how much continued expansion of distribution network do you expect this year.

Definitely we are envisioning a lower growth rate in our expenses mainly because the reason the expansion of our branch network will be smaller basically. Last year the bank opened like 13 branches and the credit card company something like 45. This year in the case of the bank, we will be closer to seven and in the case of the credit card company about five. So in that case or just considering the branch expansion, we will have less openings. Then we are in the process of an internal plan, particularly in the case of the bank to control expenses, but we must always have in mind that we are a tied to the salary agreements with the different unions, not only the bank union but also the commerce one that applies to CFA and the credit card companies and the other administration expenses are also related to other providers of services in which the personal expenses are important like security period or cleaning or these kind of services we receive. But the target is to be, I would say, below 30% for all 2013.

(Operator Instructions) And we will take a follow up question from Federico Rey.

With sort of regarding margins, what's your prediction in terms of net interest margin, considering the decision that you are going to extend the lands to (inaudible) on corporate?

Well in margins, this is softer that much but because of this particular line, actually in 2012, margin was something higher than 2011 and although we see some pressures on the margin, and perhaps we will see some slight compression, but I don't see margins go below the 11.5 or something in that range. Basically we want or we tried to increase other rates when we have fixed rates determined by the Central Bank where you have to try to overcome certain measures.

And Mr. Firvida, we have no further questions at this time.

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

Ladies and gentlemen again that does conclude today’s conference, we thank you all for joining us.