Welcome to the Grupo Financiero Galicia Fourth Quarter 2015 Earnings Release Conference Call. This call is being recorded. At this time I’d like to turn the call over to Pablo Firvida. Please go ahead, sir.

Thank you. Good morning and welcome to this conference call. I will make a short introduction and then we will take your questions. I need to say that some of the statements made during this conference call will be forward-looking statements within the meaning of the Safe Harbor provisions of the U.S. Federal Securities laws. These forward-looking statements are subject to risks and uncertainty that could cause actual results to differ materially from those expressed in the forward-looking statements. According to prior estimates, the Argentine economy showed a 2.2% annual growth for the fourth quarter of 2015, which compares with a 3.3% annual growth in the previous quarter. In the first two months of the fourth quarter of 2015, the primary deficit reached 0.2% of GDP and act as a payment of interest, the global balance represented 0.6% of GDP. Due to methodological reforms, the institute of strategic didn’t publish official inflation for the fourth quarter. For private estimates, consumer prices expanded 7.2% in the fourth quarter and 27.3% in the year. On the monetary front, the Argentine Central Bank expanded the monetary rates by ARS93.8 billion in the fourth quarter accumulating as such 4.9% [ph] growth during 2015. The monthly average of the foreign currency exchange rate increased from ARS9.37 to ARS11.43 per dollar in the quarter, representing a 22% depreciation. In December, the average rate on peso-denominated private sector bank deposits for up to 59 days increased to 27.85% from 528 basis points higher than the 22.57% in September 2015. Private sector deposits at the end of the quarter amounted to ARS994 billion growing 12.9% during the fourth quarter of the year. Transactional deposits in pesos increased 14.5% and peso-denominated time deposits increased 5.8%. In 2015, deposits in pesos grew nearly 42% and deposits in dollars expressed in…

Thank you. [Operator Instructions] We'll now take a question from Santiago Ruiz with TPCG.

Hello, Pablo. My question is regarding guidance for the -- if you can provide guidance on loan growth, deposit growth and on cost growth? Thank you.

Hello, Santiago. We are forecasting deposits and loans for the system growing at around our expected inflation that is a roughly 30% -- 29 point something is what our chief economist forecasting, so for the system we are forecasting roughly 30%. As we always say in our case, we are more aggressive and we want to keep on gain in market shares on our growth for deposits and loans will be a little above those 30% level. In terms of cost, we are planning to open some branches and roughly 16 branches in the next roughly 18 months, we already have six branches approved and so, perhaps the growth in administrative expenses that will be also related to what happens with the wages negotiations with the unions, it could be around 35%.

Okay. Thank you.

[Operator Instructions] It appears there are no further questions at this time. Mr. Firvida, I would like to turn the conference back to you for additional or closing remarks.

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

This concludes today's conference. Thank you for your participation.