Good morning, and welcome to the fourth q uarter of 2020 results conference call of Banco BTG Pactual. With us here today, we have Roberto Sallouti, João Dantas, and José Miguel Vilela. We would like to inform you that this event is being recorded, and all participants will be in a listen-only mode during the bank's presentation. After Banco BTG Pactual's remarks, there will be a question and answer session for investors and analysts, when further instructions will be given. Should any participant need assistance during this call, please press star zero to reach the operator. Today, we have a simultaneous webcast that may be accessed through the website www.btgpactual.com/rr and the platform. There will be a replay facility for this call from February 9th through February 15th. Before proceeding, let me mention that this call may contain forward-looking statements relating to the prospects of the business, estimates for operating and financial results, and those related to the growth prospects of Banco BTG Pactual. These are merely projections, and as such, are based exclusively on the expectations of Banco BTG Pactual's management concerning the future of business. Such forward-looking statements depend substantially on changes in market conditions, government regulations, competitive pressures, the performance of the Brazilian economy and the industry, among other factors and risks disclosed in Banco BTG Pactual's filed disclosure documents, and are therefore subject to change without prior notice. Now I will turn the floor to Mr. Roberto Sallouti who will begin the presentation. Mr. Sallouti, please go ahead. Thank you very much. Good morning or good afternoon to all of you. If you would please turn to page three of the presentation. Let's start by saying that we're very satisfied with the results for the fourth quarter and the full year 2020. Basically, we think that they prove the thesis that we had, that we would be able to drive a tech-enabled expansion into new business segments, specifically SME segment and the retail of individuals, and also into a new business line, which is digital banking. The fact we could do that without any legacy IT systems, without legacy bank branches. Combining that with the leading wholesale client franchises we had, would allow us to have a unique combination where we can have the profitability of the incumbents and the growth of the challenger banks. This is a thesis that we've been talking about with you investors for the last few quarters and years, and we really feel that, especially in Q4, all of this has come to fruition and the results of this strategy and of this unique business model that we think we have built are proving very effective and the numbers are here. If you turn to page four, we show some key highlights of the Q4 2020 results. Starting with our assets under management, they grew 38% year-over-year to BRL 377 billion. In Wealth Management, and here we include the fact that we are now in new market segments such as the mass affluent and the retail markets. Our assets in the Wealth Management business grew 54% to BRL 258 billion in the quarter. Here, this number is pure individuals. There are no corporates, no institutionals, no funny numbers. What we report as wealth under management is resources from individuals and basically the revenues associated to the distribution channels. There's no institutional revenue, which is shown as being from retail. Net new money, we had a record net new money flow in the fourth quarter, BRL 46 billion, totaling BRL 127 billion net new money in the full year. In Investment Banking, we had revenue growth of 40% with totaling BRL 1.3 billion for the year. This is a consequence of the leading franchise that we historically had, a great market moment, but also the fact that we've expanded into new market segments. Thus, we are able to win mandates for transactions to distribute, for example, in retail, which we would not have been able to do in the past. Turning to page five, we talk a bit about the growth of our credit portfolio, while at the same time we maintain a very strong and robust balance sheet. Our credit portfolio grew 68% in the year to a total of BRL 74 billion, of which BRL 9.5 billion is in the SME segment. We had a very strong growth of roughly BRL 3.7 billion in the SME segment in the fourth quarter. Part of this is seasonal, probably in the first quarter, it's fair to expect no significant growth in the SME, we then expect this to pick up, starting in Q2 again. To support this growth in the credit portfolio, it's crucial to have the funding. Here, this is a number which we consider really outstanding. Our un secured funding base grew 100% in the year to BRL 107 billion. Most important, Dantas will talk about this in the future, the retail part of our funding base has been increasing quarter after quarter. Finally, in Q4, we had a return on equity of 19%, already well on our way to the 20%+, which we have always signaled to you guys, which is our medium-term target. With a full year of 2020, 17% ROE, already taking account for the increase in our capital that we did in the middle of the year. If you turn to page six, we talk a bit about some of the qualitative achievements we had for last year, and some of them actually in January. One that makes us very proud is the significant progress we made in our ESG agenda, where we were very successful incorporating ESG values into our culture. This is something that I haven't had the chance to talk to some of you about. We really think that to treat ESG as something bureaucratic is not going to work. It's something that has to be incorporated into the values of your corporate culture, into everyone's day-to-day behavior, this will really benefit clients and consequently investors. This is a demand that we don't consider is temporary, but it's something that's here to stay for the rest of our lives. What is worth mentioning here is the significant donations we did to support social initiatives and the healthcare system in the COVID-19 crisis. Now we're actually turning our support to support the vaccination of the Brazilian population and the Latin population as fast as possible, because we think that's the best social and health program that we can have. In the first quarter, in January, right at the beginning of January, we issued our first senior unsecured green bond, $500 million. Here we had the pleasure to have the lowest coupon ever in a bond that was issued by a Brazilian bank, 2.75%. Something that makes us very proud, shows us that this strategy is correct, because with it, we are gaining access to a new slew of investors, and not just to the traditional emerging markets investors. We also successfully completed the capital raise of BRL 2.5 billion. This will take our Basel ratio to a bit above 18.5%, giving us capital to continue growing as strong as we have been growing over the last three quarters and years. Finally, in January, we also launched BTG+, which is our transactional banking platform. Now it's full-fledged and we are convinced that we will be able to offer something that's very differentiated in the market. We have some details on that further on in the presentation. Turning to page seven of the presentation, let's talk a bit about the numbers of Q4. In Q4, we had revenues of BRL 2.825 billion and an adjusted net income of BRL 1.258 billion. What's really worth mentioning is the increase in our operating revenues. Our operating revenues for the fourth quarter, operating revenues are basically the revenues from our key five client franchises. Investment Banking, Sales and Trading, Corporate Lending, Asset Management, Wealth Management. They totaled BRL 2.46 billion coming from BRL 1.66 billion in the fourth quarter. A growth of 48% in the last 12 months, which is really impressive. For the fourth quarter, we had a cost income ratio, which is well below average, around 36.5%, just showing as we gain operational leverage, even though we are increasing expenses, even though our investments are being expensed and not capitalized, we still have been able to run a very efficient company. We think this is probably below what's the long-term average. Long-term average is anywhere between 42%-44% cost income, but it's always great to see a quarter where we have much stronger growth in revenues than in costs. Finally, we finished the quarter with total assets of BRL 245 billion, a balance sheet with very little leverage. Capital ratio of 16.7%, which grows to 18.5% after we conclude the capital raise, and a shareholders' equity of BRL 26.7 billion. We had, as I said before, 19.1% return on equity in the fourth quarter. Turning to page eight, we talk about the performance for the full year of 2020. Here we had total revenues of BRL 9.3 billion, net income of BRL 4.05 billion. Once again, worth highlighting the increase in operating revenues. For the full year, we reached BRL 7.9 billion coming from roughly BRL 6.04 billion in 2019, so growth of over 30%. For the year, cost income closer to this target that I mentioned, 41%. For the year, a return on equity of 17%. We finished, as I said, at BRL 26.7 billion, already reflecting the JCP provision, which was paid last Friday, if I'm not mistaken, of BRL 1.096 billion. Turning to page nine, we see the breakdown of revenues by business unit. If you look at the one on the left-hand side for the fourth quarter, this is exactly what we've been pursuing for the last few years, a very balanced revenue distribution across the different business lines. If you look at Investment Banking, Corporate Lending, Sales and Trading, and let's just assume we put together Asset Management and Wealth Management and consider them investment management, we're basically evenly split with a little change, naturally, some fluctuation among these. We think that this is the trend. It's the trend we've been pursuing. We think this will continue to happen over the next few quarters and years. If you look on the right-hand side, there is still a bigger concentration in Sales and Trading, but we expect the future to look much more like Q4 than the graph on the full year of 2020. Finally, if you turn to page 10 before I pass the word to Dantas, who will talk about details of each of the business units, we would like to take the chance to mention some of the ESG accomplishments we had in the fourth quarter. We already mentioned the green bond, which was only possible given the green social and sustainable framework that we put in place. This allows us to be tapping this market constantly and to support our clients in more competitive terms. We, in the third quarter, joined the sustainability index of the B3, the Brazilian Stock Exchange, the ISE index. We have a program here, which is a mentorship program done by our female partners, whose objective is to try to increase the female presence in financial markets in general and in BTG Pactual specifically. It's something that we're very proud of. This program received the municipal seal of the human rights and diversity, something that makes us all very proud. We joined the Brazilian Coalition on Climate, Forests and Agriculture to make sure that we are in dialogue with the agricultural sector, with the agri-business sector to make sure that we promote green economy, especially in a country like Brazil, which has a huge agri industry. This is very important. Finally, received a B scoring in our carbon disclosure program, meaning that we're taking coordinated actions to address climate risks and opportunities. With that, I'll pass this floor to Dantas, who will talk about each of the business units in more details. Dantas, please. Thank you, Roberto. A special thanks to all of you joining us today on our call. As we go through the business units' performance, there will be relevant achievements to point out. We're going to see a lot of growth, good returns, cost efficiency, and a robust balance sheet. Moving to page 12, starting with Investment Banking. Here we show the performance for the quarters of 2020, but we also show the performance for the years from 2016 until 2020 to give you a more ample perspective of how we've been growing the Investment Banking business inside BTG Pactual. We grew revenues since 2016 by 262%, and if you consider the compound growth ratio, it's 30% per year since 2016 until 2020. The growth, if you compare the fourth quarter of 2020 to fourth quarter 2019, is 68%, and we reached BRL 550 million of revenues in the fourth quarter. Q4 and the year of 2020 have been marked by strong growth and good performance from DCM and ECM. In DCM, especially the local currency market, DCM market in Brazil, and about half of the earnings from fourth quarter 2020 came from DCM and about half from ECM. Very little contribution in the fourth quarter, and also true for the year of 2020 from our M&A franchise, which has always been a strong franchise. On the other hand, the pipeline of M&A has resumed in Brazil and Latin America. Companies are actively seeking opportunities to get more contribution from the M&A business line inside Investment Banking 2021. It's important to highlight as well the rankings. We ended as number one in M&A and number one in ECM end of the year of 2020. Also, it's important to note that our DCM business, the local currency DCM business, has gained a lot of market share in the recent years. A few years ago, it was a very small franchise, and the business was dominated by banks with large balance sheets. Now we are a very relevant player in local DCM markets and probably the bank making more revenues out of that business. Moving to page 13, here you see Corporate and SME Lending. Starting from the right, we have the strong portfolio growth of 68% in 2020. If you look at the growth quarter by quarter, we grew 8% on the fourth quarter compared to the third quarter, 20% third quarter compared to second quarter, and another 20% second quarter compared to the first quarter. It's a stable growth that we have been capturing throughout the year. It's also a trend if you look backwards. Our Corporate Lending book grew 36% in 2018 and 47% in 2019, on top of the 68% growth in 2020. The fact that we're growing more in 2020 is explained by us gaining market share into Corporate Lending, and also the expansion of the SME lending business inside Corporate Lending. The growth in Corporate Lending segment comes from the fact that we took advantage of having the strongest balance sheet in the industry. We started the year with a lot of excess liquidity and a lot of excess capital. Also the nature of our Corporate Lending portfolio, which is more long-term in average maturity and very well collateralized by real assets, which took us through the year of 2020 in a very stable environment for our portfolio. While most of our competitors had to enter into a lot of efforts for renegotiation of their portfolios and the maturities thereof. For us, it was a good opportunity to increase lending to high-grade companies in Brazil. As a consequence, the quality of the credit portfolio has even increased on top of the high quality we maintained before. Our provision levels are at around 3%, very comfortable levels. Strong spreads. We deployed capital and Corporate Lending with even higher spreads than the average spreads we maintained before. Growing the SME portfolio, that starts to be relevant in the mix, even though, as Roberto said, we had a little bit of oversized growth in the fourth quarter. The type of SME lending, which we do, which is the supply chain financing, has typically oversized the demand by year-end. We expect about BRL 2 billion of excess demand. Still, excluding for that seasonality, we have significant growth in the SME portfolio, which continues to grow as we speak. Probably fair to say, we're going to talk about that later, but as we expand our presence in upper retail individual clients, the share of personal loans will start to add to the mix of credit of BTG Pactual Digital in the upcoming months and years. On page 20, sorry, on page 14, we have Sales and Trading. We had BRL 752 million of revenues for Sales and Trading in the fourth quarter of 2020. It's a solid performance, especially good given the lower balance sheet usage measured by VaR. VaR ended the year at 0.33% of our average equity, and also measured by the risk-weighted assets or capital requirements under the Basel model. For 2020 full year, we had about 22% of our risk-weighted assets coming from market risk utilization. In the fourth quarter of 2020, 18%, comparing to, for example, 2019, when we had 46% of our risk-weighted assets consumed by market risk. That shows that we're being able to generate strong revenues with less use of balance sheet, less use of capital, less use of liquidity. We believe that the BRL 752 million is not only good in absolute terms, but also very good quality of Sales and Trading revenues. The revenue diversification inside Sales and Trading is increasing over time. We now have the contribution from credit fixed income in local currency. We always traded corporate bonds in hard currency for LATAM companies. We trade corporate bonds in local currency for Brazilian corporates. That's a contributor to the revenues. We also have a larger component of brokerage and flow revenues inside Sales and Trading revenues. To give a perspective, the average revenue, if you sum the four quarters of 2020 and divide by four, our average revenues for Sales and Trading were BRL 780 million. The average for 2019 was seven. We continue to grow the revenues of Sales and Trading in average over time. Now with less use of balance sheet, less use of capital, less use of liquidity. All in all, very good performance from Sales and Trading. Moving to page 15. In Asset Management, we have one of the big highlights in terms of growth, a strong pace of asset gathering. As you see at the right part of the chart, we reached BRL 377 billion of assets under management. We raised BRL 26 billion of net new money on the fourth quarter, BRL 63.7 billion for the year of 2020. That compares to BRL 36 billion of net new money in the full year of 2019, and BRL 44 billion in the full year of 2018. This shows that we continue to grow in a strong pace and even accelerating the pace of asset gathering as time goes. The strong growth in AUM as well. AUM grew 38% in 2020, going from BRL 273 billion- BRL 377 billion. The growth in 2019 was 32%. The growth in 2018 was 43%. Strong growth also in total assets under management, which comes from the net new money and the appreciation of asset prices. Important to see that our revenues have expanded as well. A growth of 23% in revenues. We reached BRL 350 million of revenues in Asset Management business, comparing to the fourth quarter of 2019 when we reached BRL 284 million. That's a 23% growth in revenues. If you compare the full year of 2020 to 2019, a 17% growth in revenues. Beyond the growth in revenues, we have basically two components. First, our return on assets, the amount of fees we charge by category are stable. Fees for fixed income, hedge funds, equity funds, and alternative funds have been stable in the last years. Despite the fact that interest rates in Brazil are lower and have been declining over the years, our ROAs are stable. There's a slight decrease in the compound ROA for the business because of the revenue mix. As we added more capital, more assets under management in fund services than on the other categories, there's a slight decrease on the revenue mix. The ROAs by category are stable, which is great news. Also because of the lower interest rate scenario and the stable macro environment in Brazil and Latin America, we have been able to launch several new alternative Asset Management products around real estate, private equity infrastructure, dividend funds, high yield funds. A lot of new products are being launched and gathering a lot of net new money for our Asset Management franchise, which pushes the growth of AUM going forward as well. On page 16, we have relatively the same picture for Wealth Management, but in a stronger pace. Here, we're not only gaining market share in Private Banking, where we are already a relevant player, but also we are gaining market share in the upper-income retail segment. That is a segment where we started out from zero a few years ago, and through the BTG Pactual Digital, our digital investment franchise, we are gaining market share consistently over time. Our net new money for the quarter was BRL 19.9 billion. For the full year, BRL 63.2 billion compared to BRL 25 billion of net new money in 2019 and BRL 24 billion of net new money in 2018. Both in the third quarter and the fourth quarter of 2020, we had net new money pretty similar to the full year of 2019 and 2018. That shows the pace of asset gathering going very well for Wealth Management. Our revenues reached BRL 247 million. If you compare with the fourth quarter of 2019, there's a 52% growth in line with the growth of wealth under management. ROAs are stable. No impact from revenue mix here in Wealth Management. These growth trends have consolidated. They are pretty strong and stable. We have been growing in this space for the last years. There are two reasons for that. First is our diversified product offering. The same products that we always offered for the private banking clients are now, through the digital ways of interaction, being offered to the upper retail segment. It's one of the most complete digital investment platforms in terms of product offering, but especially also due to the highly qualified services we provide. Not only we offer the full spectrum of products, but we offer the same quality of service that we make available to our private banking clients to upper retail clients. That's very important because in a low interest rate scenario, where the appetite for risk changes, it is very important that you understand the risk appetite of your clients and are able to offer your clients the best possible returns given their risk appetite. If you don't do that, you end up having your clients churning their portfolio, paying a lot of commissions, sometimes going nowhere in terms of the growth in their savings. We are highly focused not only on the full product spectrum offering in our platform, but also on keeping the quality of the services very high, pari passu with the quality of the relationships we have in private banking, which are typically long-term oriented. We are focused on the long-term returns of the portfolios of our clients. And the new push for growth comes now from the launch of BTG+, which is our transactional bank, that I'm going to explain in the next page. Just before we move to the next page, I would like to highlight that the total of our assets under management and wealth under management have reached, by the end of the year, BRL 635 billion. We crossed the BRL 500 billion mark in the middle of 2020, already reached BRL 635 billion of assets in wealth under management by year-end. Moving to page 17. We have here a picture of the digital retail bank, BTG+. BTG+ is a complete banking platform designed to exceed the expectations of sophisticated individuals that can manage complex financial needs in a simple and intuitive way. It's a full transactional and contextual banking. Full in terms of the services, you already can just bank through BTG+, you don't need to have any other bank account. We have the full functionality available. The bank is complete, and it's adaptable. The more you interact, the more the interaction is directed to your needs. The pages are customized and adaptable to our clients' requirements. We have built-in personal financial management tools. We have alternative ways to attract clients through the buildup of partnerships, like the one we have built with Mosaico, a search engine technology in Brazil. Foster relationship with a larger pool of clients that can become clients of our transactional bank as well. We have all types of credits being made available. On top of that, BTG+ connects and interacts with our digital investment platform, BTG Pactual Digital. That's probably the most important feature, which is the integrated way you can manage your current account requirements, credit, and investments, which is basically 100% of your needs from a counterparty bank. There is a very distinct offering as we consolidate through a very intuitive, nice, simple digital interaction, an ability for you to manage investments, credit, and your cash flow requirements as a client. We can convert and connect with partners of different sorts. For example, marketplaces can become partners, such as in the case of Mosaico, which can accelerate our client-gathering pace. We also connect with partners that provide other solutions. We don't need to develop all the solutions for our clients to add functionalities that are interesting for them. We just add the functionalities that already exist from partners, and we include the cost in our monthly subscription fee. It's a complete offer that can expand to embrace and enhance through partners. We have flexible loyalty and benefits programs around the best credit card offering in terms of services in Brazil. With that, BTG+ is now fully launched to clients. From September until January, it was open for our internal clients, and BTG Pactual Digital clients have adhered to the platform significantly. We didn't start a marketing campaign, but we have the platform open for any clients outside the firm to join, and that pace of asset gathering is going very well. The same technology infrastructure that we invested in to build BTG+ allows us also to provide services in the bank as a service type of business where we are the payment facilitator for merchants or payment companies that connect with us, and we are the engine behind their operations. We charge by payment. We don't have access to the clients, but this is a way to remunerate and dilute the costs of the investments in our platform, which is being deemed as a high-quality competitor inside the bank as a service competition. Finally, we have BTG+ launched for individuals, and still this year, we're going to launch BTG+ under the brand BTG+ Business for SME clients to have a current account with us as well, which can also enhance our ability to make business with SME clients. Moving to page 18, we have principal investments. We are delivering BRL 221 million of income in principal investments. As you know, the main investments here are Eneva and Prisma, the former PetroRecôncavo. We had good results from investments in Eneva and Prisma, and also good results from our seed into our global market funds managed by our international Asset Management division. On section two, we move to page 20, where we have our expenses and main ratios. Our cost-to-income ratio for the full year of 2020 was 40.9%. For the fourth quarter, 36.5%. Even though there was an increase in salaries and also an increase in administrative and other costs on a year-to-year comparison, our growth of expenses on a nominal basis is quite moderate, leading to an increase in efficiency as we grow revenues much more than we are growing costs. We're very happy with the efficiency of our platform. We are capturing a lot of operational leverage as we grow in all of our operating divisions, and this should be the trend going forward. Moving to page 22, we have the analysis of our balance sheet. A few things to highlight here. First is the record high liquidity. We have reached BRL 41.3 billion in cash and cash equivalents, a growth of 138% comparing to the BRL 24 billion of cash and cash equivalents in the end of 2019. With that, our LCR goes to 273%. LCR, as you know, is the regulatory measure of liquidity as dictated by the Central Bank of Brazil. In comparison to the peer competitors in the segment 1, the large retail banks of Brazil, our LCR is above even of the average of that industry segment, which are banks that are very well capitalized and liquid. Our total assets are at 9.2 times our equity. A slight decrease, which is not structural, of 3%. Actually, the structural part of the balance sheet has increased. The credit has expanded by BRL 4.4 billion, while our unsecured funding has increased BRL 6.8 billion. Our coverage ratio, which is the ratio of unsecured funding to credit, has even further expanded during the quarter and the year. You can see more details on page 23 of how our unsecured funding base has expanded. It was, as Roberto mentioned before, an unsecured funding base expansion of 100% in the year, going from BRL 53.6 billion- BRL 107.2 billion, a BRL 54 billion growth, coming from three main reasons. One is the growth of retail inside our unsecured funding base. Second is the growth of deposits from corporate counterparts. The third is the LTRO program of the Central Bank of Brazil. Quarter-on-quarter, the funding base has expanded 6.8%, mostly on local currency deposits, mainly reais, but also Chilean pesos. Our demand deposits from retail clients continue to grow, is the first line at the bottom. It went from nearly zero in the end of 2019, now at BRL 2.7 billion of demand deposits. Also the share of retail on our total funding is increasing as we speak. At the end of the third quarter was 9%, now it's 11% of our total funding base. With that, as I said before, liquidity coverage goes very high to 273% above our industry peers. As a consequence of all that, we have at the same time a slight reduction in tenor and a slight reduction in cost of funding. In nominal terms, since CDI has declined a lot, the reduction in cost of funding is actually quite high. Also in relative terms to CDI or as a percentage of CDI, we have a slight decrease in the cost of funding, in line with the slight reduction in the tenor, which comes from this more diversified mix. We have more diversification, which gives us more confidence in the funding base that we have, and optimizing tenor and cost of funding as we grow. It's an even healthier composition of our funding base by year-end comparing to the beginning of the year. Finally, on page 24, we have the BIS capital ratio. As Roberto mentioned, we are ending the year at 16.7%. If we include the capital that we raised in January, we would have posted a pro forma capital ratio of 18.5%, which gives us a lot of dry powder to continue to expand and to accelerate the organic growth of our business through some acquisitions that help us consolidate even further into the upper retail segment. VaR as a percentage of average equity has decreased as well. As I said, that makes for even higher quality of revenues and Sales and Trading, reaching 0.33% of our average equity in the fourth quarter of 2020. Those are our comments for our performance. I'd like to thank again everyone that is joining us and participating on the call, and we now open the floor for questions. Thank you. The floor is now open for questions from investors and analysts. Our first question is from Jorge Kuri from Morgan Stanley. Please, you may proceed. Hi. Good morning, everyone, and congrats on the results. Hope everyone is doing well. I wanted to follow up on a couple of the comments made during the presentation. The first one is on spreads. You said that you're able to issue credit with better spreads. Is this a function of the mix? Are you talking about the overall spread of the portfolio, and hence, as you go into smaller companies, you can get better spreads? Or is this really on a product-by-product basis, you're getting better spreads? If so, why do you think that is, especially in this very low-rate environment? What is the outlook for that? My second question is on the Value at Risk and what that means for Sales and Trading. The 0.33% VaR as a percentage of equities is evidently much lower than what you were running in the previous quarters of last year. Is that a reflection of you having a bigger capital base and hence you don't need to run that large VaR in order to generate good returns, or more a reflection of volatility and risk? How do you think that will turn out to be in 2021, and especially in the context of the comment you made that you've been able to grow your Sales and Trading business every year for the past few years? Is that also what you expect for 2021? Thanks for that. Thanks, Jorge. On the credit spreads, I think the comment we made is a combination of a few things. First, a big part of the portfolio that we currently are carrying was made when spreads for AAA large corps were well above market average, and this was probably in Q2 and Q3 of this year, where we grew our portfolio aggressively. Now these spreads are back to normal, we still have these in our portfolio because these are longer-term credits. That's one part of the comment. The second part of the comment is as we change the product mix, consequently the client, not necessarily the risk. When you go to supply chain financing and when you go to discount of credit card receivables, we see both of these, that the supply chain financing is the credit risk of the large corp. On the credit card receivables, we think that it's a top-notch risk because it's the risk of the acquirer. Both of these products have higher spreads than the traditional loans to the large corps. It's a bit of a combination of taking advantage of the market dislocation in Q2 and Q3, and we have a follow-through of that, and as we get into new product lines. On the part of Sales and Trading, yes, we do expect still to see some growth, naturally a smaller growth than the other business lines of, say, 10%-15%. We expect VaR to continue lower because we are not, as we told you in the last few quarters, the mix of revenues in Sales and Trading, the component that depends on getting right market direction, has been decreasing quarter-over-quarter. This is a consequence of the growth in the brokerage, in the agency, and in the market-making businesses, where you end up with lower directional risk in your portfolio. We still continue with the directional risk naturally, but probably the same size that we have been historically. As a consequence, that it's the same size, our capital increased, and the other businesses increased. That's why a proportion of everything, the revenues dependent on market direction decreased, and consequently, VaR as a percentage of capital equity decreased. Does that make sense? Yeah. Thanks for that, Roberto. Thanks. Thank you. The next question is from Thiago Batista from UBS. Hi, guys. Thanks for the opportunity. I have just one follow-up question from the Portuguese conference call about the money that BTG raised a couple of weeks ago. You mentioned in the call about opportunities or how fast is the consolidation process of investment platforms in Brazil. My question is, with the capital that the banks raised, what is the main idea? Is to continue to do small acquisitions like the ones that the bank did during last year? Is to look to any different segment or more on the investment segment? Only to have an idea on the targets that the bank or the segments that the bank will target with new capital. Thank you, Thiago. Well, basically, we will deploy the capital the same way we deployed the capital that we raised in Q2 of 2020. It's going to be growth of our business lines, more specifically, the growth of the credit portfolio, and here including now the credit portfolio to individuals, which uses capital. Also these acquisitions where we are perceived as a partner of choice. Nothing transformational. We see many small and medium acquisitions which are very complementary to the various growth initiatives that we've been building. Okay, perfect. Again, congratulations for this strong release. Thank you. Next question comes from Tito Labarta from Goldman Sachs. Hi. Good afternoon, Sallouti and Dantas. Thanks for the call. A couple of questions also. Just looking Investment Banking and the Corporate Lending, clearly very strong quarters, historically high levels. You mentioned some seasonality in the Corporate Lending side. Should we consider this as a new base to grow from here? Just to think about modeling these two lines, given that they were very strong and well above historical levels. The second question on the Asset and Wealth Management, also very good performance there. They're now 20%, 21% of revenues. How big as a percentage of revenues can these two segments get combined, just given the strong growth, even ballpark numbers, I don't know, like 25%, 30% of total revenues? Just to get a sense of how the revenue mix will continue to change given the strong growth you're seeing in those two segments. Thank you Thank you, Tito. On your first question on Investment Banking and Corporate Lending, the seasonality we saw is basically just on the size of the SME portfolio. We don't see any seasonality on the revenue side. Actually, we think it's a new base and we grow from here. You have to remember that since we grow the portfolio during the quarter, you also start at a higher point when you go to the new quarter. In Investment Banking, clearly Q4 was a record quarter. We're not sure if that's the base, but if that's the base, the level of activity that we're seeing and the pipeline we're seeing, we think it's probably pretty close to it. Clearly, the market has changed. The level of the market activity has changed. If there's not any macro disruption locally or globally, we do think that, yes, we have changed basis in Investment Banking also. When you look at investment management platforms, as you said, both of them are around 25%. They will probably grow faster than the other franchises, but the other franchises will continue growing. I would probably say that it's a small increase quarter by quarter, year after year, but it's very hard to give you a figure if it's going to be 25%, 30%, 35%. Clearly, we think that if you look at Sales and Trading, we'll probably grow less than all the other franchises. Investment Banking, we have doubts about the level. Corporate Lending continues to grow with the portfolio, and clearly, we've continued to see very strong growth in Asset and Wealth Management. Definitely, we see them continue to increase as a percentage of total revenues. Does that help? Yeah. No, it's very clear. Thanks, Sallouti. Thank you. Maybe one follow-up, more on the BTG Pactual. Thanks for some of the additional color you provided here. A way to quantify this. I don't know, you mentioned, like how many of your existing clients have used this? Any targets for how many clients you can acquire from this perspective? We think of the revenue contribution. Should this mostly benefit Wealth Management? Do you think? You mentioned some additional lending. To try to think of how revenues can be impacted in some way with BTG Pactual. Any color you can give on that would be helpful as well. Remembering, BTG Pactual is focused on the 30 million Brazilians of the A and B segment. Banco PAN is focused on the 150 million Brazilians of the C and D segment. The product offering for BTG Pactual is very different than Banco PAN. Let's say if we get three in the medium term, 3 million-5 million clients of the A and B segment, I think we should consider it a huge success. For us, it's not the number of clients, but it's having the clients with the right profile. That's the first issue. On revenues, we're still discussing how to show this. Revenues will start picking up now in Q1, whether we should show this as part of Wealth Management, whether we should show it on a separate line. It's still not clear for us how to report that. We have to study that a bit more. Clearly, the business plan of this business makes it very profitable, and very profitable very fast. In two to three years, we expect this to be adding significant revenues just on the traditional transaction banking. A sale of investment, sale of insurance, credit transactions, credit card transactions. There's no rocket science here. The rocket science is in you making sure that you can support your client in exactly what he needs at the times he needs it with a great user experience. That's what we're trying to draw. That's pretty much it for now. Yeah. That's very helpful. Yeah. Just to add to your comments, Roberto, for you too. I think it's important to have in mind that when we raise clients and we gain market share in upper retail, it's not only the revenues coming from these clients' direct interaction with us that benefit our business. The benefit goes beyond that because the more retail clients we have, the more we can distribute the products that we originate, the financial products that we originate, to Investment Banking, through Asset Management, directly into retail. In the end, we retain distribution fees that typically we would not pay for distributing into private banking or into institutional clients because we have our market share there. As we have a market share in upper retail, we retain distribution fees for those products. Also, these clients add to our funding base, which add to our capacity to diversify our lending. It's a very interesting value proposition, not only the revenues that the clients generate directly as Roberto described it, but also the strength of the distribution platform, which creates more strength in the origination platform. That's the beauty of the growth of upper retail in our platform. That's super helpful. Thank you both very much. The next question comes from Tiago Binsfeld from Itaú. Yes. Hi, everyone. Thank you for taking my question. Just on your SME business, I'd like to hear how do you see competition in this receivable discount niche. There are all sorts of companies trying to enter this market. In this sense, what would be BTG's main advantages in the origination of this receivable book? Any comment here would be appreciated. Thank you. Tiago, here you have the competition of the traditional large retail banks, which have been in this segment for years, and then you have the newcomer, the fintechs. What is our objective? Our objective is to give the experience of a fintech, having the balance sheet of a big bank. The big banks, they usually serve these clients through their branches. It's very hard sometimes to make the desired change in IT systems that they want, just given the legacies, even with very talented teams and very big investments. The legacy takes time to deal with. The service and the agility that we are able to offer is very much like of these newcomers. These newcomers, they don't necessarily have the capital and the capillarity, especially in the discount of receivables. We are talking to get into the chain of the large corps that have been our clients for decades. We have great relationships with them to open the door. We have a lot of agility integrating into their systems, and we have, compared to these new players, much more capital and brand. That, I think, puts us in a very competitive position. Okay. That's clear. Just one follow-up in this sense, about spreads in these receivable discounts. When you look at the series of these products specifically, we get data from the Brazilian Central Bank. We see that they are declining over time, over the last 12 months, let's say. Do you see that happening in your niche specifically, or are spreads in the SME segment stable to you? No. On this segment, they increased with the large spreads in large corp in Q3, Q4, and now they're back to what they were before. They're quite close to the spread of the large corp because basically delinquency is zero here. It's the same delinquency as linked to the large corps. Yes, we saw spreads are not as good in Q2 and Q3, just as happened to the whole market, but still a very good business. Okay. Thank you very much. Thank you, Tiago. Thank you. That brings us to the end of the questions and answer session. I will now return the floor to Mr. Roberto Sallouti for his closing remarks. Thank you all for joining our Q4 and full year 2020 results conference call. Thank you for all the support and partnership that both clients and investors have given us. We hope to see you here in the end of the Q1 for our quarterly call once again. Thank you very much. Have a great week. Thank you. This does conclude today's presentation. You may disconnect your line at this time, and have a nice day.