Ignacio Arambarri - Director, Investor Relations Ignacio Galán - Executive Chairman Armando Martínez - Chief Executive Officer Pepe Sainz - Chief Financial Officer Alberto Gandolfi - Goldman Sachs Fernando García - Royal Bank of Canada Rob Pulleyn - Morgan Stanley Jorge Alonso - Bernstein Gonzalo Sánchez-Bordona - UBS Manuel Palomo - Exane BNP Pedro Alves - CaixaBank Peter Bisztyga - Bank of America José Javier Ruiz - Barclays Javier Garrido - JPMorgan Michael Charlton - Santander Jorge Guimarães - JB Capital Markets Javier Suárez - MedioBanca Marc Ip Tat Kuen - Berenberg [Foreign Language] Good morning, ladies and gentlemen.