Good morning. Welcome to the Q4 of 2022 results conference call of Banco BTG Pactual. With us here today, we have Roberto Sallouti, Renato Cohn, and Julia Rocha. 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 then 0 to reach the operator. Today, we have a simultaneous webcast that may be accessed through the website at www.btgpactual.com/ir, and the platform. There will be a replay facility for this call from today. Before proceeding, let me mention that this call may contain forward-looking statements relating to the prospects of the business estimate 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 the 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'll turn the floor to Mr. Roberto Sallouti, who will begin the presentation. Mr. Sallouti, please go ahead. Thank you very much. Thank you all for joining the call. If we could please start with page three of the presentation, I'd like to make some highlights of the year, 2022. It was a year of record revenues and net income for BTG as we benefited from the operational leverage in our platform and all-weather business mix. We concluded last year with total revenues growing 24%, reaching BRL 17.2 billion in the year. Net income growing 28%, reaching BRL 8.3 billion in the year, and having a return on equity of 20.8% in the year. As has been widely reported by the media, our results were impacted by a corporate fraud that occurred in the Q1 of this year and a subsequent event, which we decided to provision for last year. We provisioned BRL 1.2 billion for a BRL 1.9 billion credit exposure. We decided here to report what have been the results excluding this non-recurring provision because we believe this is what truly reflects the underlying state of our business. Excluding this provision, our total revenues would have grown 33% to BRL 18.4 billion. Our net income, 37% to BRL 8.9 billion, and we would have reported a return on equity of 22.1%. If you turn to page four, given our policy of always trying to be as transparent as possible, we show the detailed impacts of this fraud and consequently of this non-recurring provision in the different lines of our net income statements. They are reported in the bullets 1 to 5 of page four. First, you can see on bullet one, we did a provision to our corporate lending portfolio, more specifically to our supply chain financing portfolio of BRL 1.123 billion. In sales and trading, we had provisions related to this case and to other financial instruments such as insurance and derivatives of BRL 77 million. In number three, given this event, we decided to decrease the bonus to be paid to parts of our team, mainly senior management and people related to credit, in BRL 153 million. In point number four, this eventually had an impact in the tax rate and the tax expense of BRL 467 million, resulting as pointed, as shown in point five, in a result of BRL 580 million in earnings. If you turn to page five, we go, we shift to talk about our performance KPIs for the quarter and for the year. Once again, we had a very strong quarter of net new money, leading us to have in 2022, BRL 254 billion of net new money, reaching BRL 1.3 trillion in assets under management. We grew our net new money in the quarter BRL 68 billion compared to BRL 63 billion last quarter and BRL 64 billion in the Q4 of last year. Both our assets under management and wealth under management grew 28% year-over-year, reaching BRL 707 billion in asset management and BRL 546 billion in wealth management. As we turn to the next page six, we continue expanding our funding base and our credit portfolio while keeping a very solid and well-capitalized balance sheet. Our unsecured funding grew 14% year-over-year, reaching BRL 176 billion. Our corporate and SME portfolio grew 35% to BRL 144 billion, 23 of which in SME lending. Important to mention that this is a very well-diversified portfolio between region, between strategy, between sector and individual names. We'll now have even greater diversification as we are now purchasing a share of the portfolio of consumer credit that Bank sells to the market. We think these are very high quality assets with very interesting spreads, and thus have decided to start acquiring this as a means to diversify even further our portfolio. We're very confident that current provision levels are adequate, and the business is in very good conditions, including even supply chain finance. This fraud was an isolated case and does not mean that the business line or the portfolio should be affected. Actually, we expect given not only this fraud case but the credit situation in general, we expect going forward markets to have tighter underwriting standards and higher spreads, which will make this business even more profitable. Finally, going to the third point of this chart. We finished last year with a Basel ratio of 15.1% and equity a bit above BRL 42 billion. In page seven, we talk about 2023 perspectives. We expect solid revenue growth as we continue to benefit from our all-weather business mix, and continue to increase in operational leverage despite a more challenging environment, which we all know we're facing. This more challenging environment is evidenced in the investment banking lines. We expect, given the current expectations of capital markets activity, investment banking revenues will decrease in 2023, a similar percentage that they did in 22 compared to 2021. If throughout the year capital markets reopen, this forecast will prove conservative. In our corporate and SME lending business, we expect revenues to continue growing given our dynamic credit risk management. We take into consideration macro, sector, and company specific variables when managing the portfolio, and we do it in a very dynamic way. Of course, this does not prevent you from a fraud cause, as was the case, but we think this was a one-off, an exception. Actually, the exposure we had here, was something we don't do on our balance sheet. It was an exposure, justified not necessarily by the quality of the balance sheet of the company, but that took into consideration the quality of the controlling shareholders. This was a publicly listed company, long history, very reputable controlling shareholders. It was the only case in our portfolio where we used that judgment. I think it was not just us, but the whole market. We also expect our corporate SME business to continue benefiting from tighter market underwriting standards, consequently higher credit spreads. We expect our portfolio to grow in the mid-teens next year. For our wealth management, asset management, and sales, trading and trading franchises, we expect them to continue to grow as we benefit from the hefty investments we've made in the last few years, and the increased market share we're gaining in the new client and product segments where we started doing business. Finally, for 2023, we will keep a stable headcount in the back office, and this will result in additional efficiency gains for our business. Consequently, for 2023, we expect a higher return on equity than in 2022, as revenues will grow faster than the costs. At the same time, we expect our capital and liquidity ratios to remain at current or even more robust levels. Going to page eight, we talk about the Q4 performance in the traditional manner we report. We had total revenues and adjusted net income of BRL 3.6 billion and BRL 1.77 billion for the quarter. We had a return on equity of 16.7%, and excluding the non-recurring provision, 22%, and an adjusted net income per unit of BRL 0.46. We had our cost income impacted by this non-recurring provision, reaching close to 46%. If you look at the bottom charts, you will see that year-over-year, our revenues Q4 over Q4 grew 4%. However, 38% excluding this one-off provision, and we're relatively stable on the net income side and would have grown 32% excluding this one-off provision. On page nine, we talk about full year results. Here we have total revenues of BRL 17.25 billion and net income of BRL 8.3 billion. A return on equity of 20.8% or 22.1% adjusted for this non-recurring provision. Cost income within historical levels, despite our continuous investments in the various new businesses we've got into, a cost income ratio of around 40%. In the last 2 years, we see very significant growth in revenues and net income. In the last 2 years, revenues have grown 85% or 98% excluding this one-off provision. Net income, 105% and 119% excluding this one-off provision. Our shareholders equity grew 13.4% year-over-year, reaching BRL 42.4 billion, and we finished the year with a Basel ratio of 15.1%. In page 10, you can see the revenue breakdown of our business units, where we continue to see the reflection of our fast-growing client franchises. Roughly speaking, we have one-third of our revenues coming from corporate and investment banking, one-third coming from markets, and one-third from investment management. We expect investment management to continue to outgrow the other revenue lines the next few quarters and years, leading to a more predictable, stable business as we continue to develop these business lines. Finally, in page 11, we talk about our ESG achievements for the year. We were recognized by Environmental Finance for a few of our initiatives. Our Timberland asset management team received Investment of the Year award and ESG Initiative of the Year award for our reforestation strategy. We were also awarded ESG Initiative of the Year for the first issuance of a blue bond in Brazil. We continue with our ESG labeled DCM issuances, totaling BRL 845 million in the quarter, and BRL 3.3 billion in 2022. Our impact investing fund completed its third investment in Bioelements, a company specialized in bioplastics. BTG Soma, which is our NGO acceleration and membership program, reached its fifth edition, having impacted over 46 NGOs. Inteli, which is the technology and leadership college founded by BTG Partners with BTG's institutional support, concluded its first year of teaching with outstanding results in student learning and engagement. This is only possible because of not only BTG's institutional support, but BTG is also the largest scholarship donor to the school, and this also has a mentoring program to its students. Finally, last year, over 30% of our employees participated in at least one of our social corporate responsibility initiatives. We think that this engagement growing year after year is something that makes us very proud. With that, I pass the floor to Renato Cohn, who will talk about each of our business unit performance. Thank you, Roberto, good morning or good afternoon to everyone. Moving to our specific business lines, we move to page 13, with our investment banking, where we see that we recorded, during the quarter, revenues of BRL 485 million. Those were supported by a strong activity in our DCM business. Somewhat lower revenues from our M&A activities, especially when we compare to the Q3 of 2022. In a similar trend from previous quarters, and throughout 2022, very little activity in ECM with basically no IPOs and a small number of block trades. ECM produced record revenues for the Q2 in a row as we concluded 32 transactions. We believe that the structural change that transformed the DCM market in recent years will remain in 2023, despite some short-term impacts related to recent corporate events. Also, we keep a robust pipeline in M&A to be executed throughout 2023. Looking at the right side of the chart, we can see that for the full year of 2022, we recorded BRL 847 billion, which is a decrease when we compare to last year. As we all know, last year we had a lot of ECM activity generating very strong revenues, which was partly compensated this year with higher revenues from both DCM and M&A. As we can see in the bottom part of the chart, we maintain our leading position in all industry rankings, both in Brazil and in Latam. Moving to corporate lending, as mentioned before, we recorded provisions of BRL 1.123 billion, which represents 94% of the BRL 1.2 billion provided. Revenues after this one-off extraordinary provision related to the large fraud case, were BRL 105 million. If you would disconsider this one-off provision, which is what better reflect the strength of our businesses, our revenues would be BRL 1.228 billion, which represent 31% growth quarter-on-quarter, supported this quarter by stronger revenues from our special situations business. The portfolio grew to BRL 144 billion, which is an 11% growth quarter-on-quarter, and similar growth levels that we saw in previous quarters throughout 2022. When we compare to the portfolio of 2021, is a 35% growth. Looking at the two charts in the bottom of the page, we can see yearly results and our portfolio evolution. Recorded revenues of BRL 2 billion 736 million in total revenues, which is a 5% increase when we compare to previous year. Obviously, this was impacted by the one-off extraordinary provision. If you would exclude the provision, we would have recorded BRL 3 billion 859 million, which would represent a 49% growth. Again, this is what we believe that better represents the state and the strength of our business. We maintain a well-diversified portfolio within different sectors. Our largest exposure are to utilities and then to the financial sector, and specifically in retail, our exposure is also well-diversified among different companies operating in different sub-sectors, mostly more resilient business like food distribution, cash and carry, and cosmetic distribution. As Roberto mentioned, we expect to continue to grow both our portfolio and corporate lending revenues as we diversify into new business lines. Moving to page six, 15, we go to our sales and trading, where we had record revenues in 2022, driven by strong client activity and an efficient VaR allocation. During the quarter, we recorded BRL 1.134 billion in revenues. This is after the impact of BRL 77 million one-off provision related to the same fraud case. As explained before, 6% of the BRL 1.2 billion provision was proportionately allocated to sales and trading, as we had exposure to other financial instruments, such as the ventures, insurance and derivatives. Client activity was somewhat lower, especially during the last part of the quarter, as clients sought some sort of definition from the new government during this transition period. Average VaR was 27 basis points, which was the lowest level in 2022. The market risk component of our risk-weighted assets closed the year at 15.7%. Looking at the right side of the chart, we can see the evolution of our yearly results. We recorded revenues of BRL 5.3 billion, which is a 24% increase when compared to previous year, even as we maintain our average VaR at basically the same level as last year's. As we've been calling the attention of our investors, sales and trading revenues have been growing alongside the growth of our client businesses franchise, especially wealth and asset management. To our asset management on page 16, we had record revenues for the third consecutive quarter and also record revenues for the full year. We registered revenues of BRL 429 million during the quarter, which is a 5% increase when compared to previous quarter, and a 19% increase when we compare to the Q4 2021. This was achieved through higher management fees and by some performance fees which are customarily recorded during the second and the Q4. Annual money inflow was BRL 33 billion during the quarter, which is a strong number and similar level of inflow from previous quarters, despite a more challenging macroeconomic environment. Most of our flows continue to be directed to fixed income strategies, but also we continue to attract some flows to alternative strategies with higher fee generation. Looking at the two charts in the bottom of the page, we see the evolution of the business, where we recorded BRL 1.55 billion in revenues during 2022, which represents a 31% increase when compared to last year. We attracted a total of BRL 134 billion of inflows during the year, which is a very strong number, which led us to achieve assets under management and administration of BRL 707 billion by year-end. On page 17, we go to our wealth management that despite a very challenging scenario, we had our highest quarterly inflow for the year, bringing BRL 35 billion of annual money and strong revenue generation. It was our 16th consecutive quarter with growth in revenues reaching BRL 686 million, which is a 5% increase when we compare to previous quarter, as we continue to provide quality advice and innovative products to our clients during this more uncertain period. When we look at the two charts in the bottom of the page, we see that we recorded BRL 2.5 billion in revenues during 2022, which is a 66% growth when compared to previous year. In a more longer term analysis, we can clearly see the strong evolution of our wealth management franchise. Since 2018, revenues multiplied by more than five-fold, representing a yearly average compounded growth of 52% in the last four years. During 2022, even in a high interest rate scenario, we attracted BRL 120 billion of annual money inflows, reaching a total wealth under management of BRL 546 billion. If you go to page 18, we look at our principal investments and participations. We start with principal investments, where we posted BRL 53 million in revenues. Which is a slight increase from previous quarter with a contribution from our global markets investments, but still impacted by higher cost of funds. In participations, we recorded BRL 7 million in revenues. As announced in December, we decided to acquire a payroll loan credit portfolio from Banco Pan. Banco Pan usually originates more loans than it retains in its portfolio. This excess origination is usually sold to third party financial institutions with a spread. This spread is recorded as a profit in Banco Pan quarterly results, and BTG Pactual recognizes a share of this profit equivalent to BTG Pactual participation in Banco Pan. According to Brazilian accounting rules, as we consolidate Banco Pan, the premium for a portfolio sold to BTG Pactual cannot be recognized as a profit during the quarter, and needs to be accrued alongside the maturity of this portfolio. The portfolio that Banco Pan sold to BTG during the Q4 would have generated BRL 117 million profit, which would be accrued until the maturity of this portfolio. Duration of this portfolio at the moment of sale was two and a half year years, we expect to accrue this BRL 117 million profit with the same duration of two and a half years. With this agreement to acquire this portfolio and additional payroll loan portfolios, BTG Pactual will further diversify its overall loan portfolio, entering into a new market segment. Apart from Banco Pan, Too Seguros contributed with a BRL 55 million profit, which is a 50% increase from previous quarters. For a proper comparison, if you look at the chart on the right side, if you would include the BRL 117 million profit from Banco Pan and the contribution from Too Seguros, we would have recorded BRL 123 million in profits, already deducting the goodwill expense of BRL 38 million. Going to our expenses on page 20, we had a stable cost to income ratio in 2022, even in a more challenging scenario, which reflects the efficiency of our business model. Total operating expenses reduced by 7% during the quarter, mostly as a result of smaller bonuses. As mentioned before, as a consequence of the extraordinary one-off provision, we reduced our bonus pool by BRL 153 million. Salaries and benefits increased by 4% due to a small increase in head count, which was mostly inorganic. Administrative and other expenses increased by 7.7%, mainly due to some seasonal year-end costs. Our effective tax rate came at 5.8% and was impacted by the JCP distribution, our interest and equity distribution, and also by the one-off extraordinary provision during the quarter. Important to highlight also that during 2023, we expect no growth in terms of head count in our back office areas, so head count of IT operations and finance will be stable throughout 2023. Moving to our balance sheet, on page 23... Sorry, 22. Total assets reached BRL 450 billion, which was approximately 10 times our equity. We ended the quarter with a comfortable position of BRL 55 billion in cash and cash equivalent, resulting also in an LCR of 233%. Our coverage ratio remains stable at 168% as our funding grows in line with the expansion of our credit portfolio. Our credit portfolio reached 3.4 times our net equity, which is still conservative, especially when we compare to our peers. Moving to our unsecured funding on page 23, we can see that we reached BRL 175.6 billion, which is a 3% increase when we compare to last quarter. Demand deposits slightly reduced to BRL 12.9 billion. Now represent 7.4% of our funding base. The share of our retail funding reached 26.3% when we consider BTG Pactual standalone, or 30.5% if you include Banco Pan funding base. Finally, on page 24, we can see that our Basel ratio was stable at 15.1%, even after the JCP distribution and the one-off extraordinary provision impact, and despite an 11% growth in our credit portfolio during the quarter. As we've been mentioning, our profitability allows us to continue to deliver the same level of growth while we still maintain stable Basel ratios. Also important to mention that new central bank rules for risk-weighted assets will come into effect next July. Which according to our estimates will improve our Basel ratio by around 80 basis points. As we mentioned before, we recorded the lowest average VaR of the year at 27 basis points as we maintain a conservative risk allocation. With that, we can open for questions. Thank you. The floor is now- I'll be moving over for questions. [inaudible] The floor is now open for questions from investors and analysts. If you have a question, please press star then one on your touchtone phone at this time. If at any point your question is answered, you can remove yourself from the queue by pressing star then two. Questions will be taken in the order that they are received. We would ask you to please pick up your handset when you ask your question in order to ensure optimum sound quality. Please hold while we poll for questions. The first question comes from Tito Labarta of Goldman Sachs. Please go ahead. Hello, Roberto, Renato and Julia. Thank you for the call and taking my questions. A couple questions. I guess first on your expectations for 2023 for ROE improving, you know, relative to 2022. I guess just to clarify, should we consider the 22% recurring ROE or the 21% reported ROE? Just to clarify on that. I guess should we also assume a similar payout ratio as you did in 2022? Maybe thinking a little bit longer term, you know, given your investment banking still a little bit typically challenged, do you think there's even longer term upside from here just given all the growth that we're seeing in pretty much most of your revenue lines over time? Can there be some upside to that ROE, longer term? My second question, related to the additional provisions you booked in the quarter. I guess more specifically, I know you addressed some of it on the Portuguese call, but there's about BRL 1.2 billion I think that's being discussed in the court systems right now. Just reading the press gets sort of conflicting views on the process of that. Is there any color you can give on where that stands and, you know, potential recoveries that you may get from this? Thank you. Thank you, Tito. Starting with your 2023 perspectives questions, we are referring to the 20.8% return on equity when we suggest a growing number. Yes, we're considering a similar payout. We're gonna continue using the 25% for JCP, 25% of profits for JCP as a dividend payout. Re-upsides for the next few years, definitely, especially as we continue growing businesses that don't use capital, more specifically investment management, asset and wealth management, at a faster pace than businesses that use capital, such as corporate lending and sales and trading. Yes, we do expect us to have a few years ahead of us where we'll benefit from not only the growth of these businesses, but from the full operational leverage of the platform as we benefit from all the investments we've done and as we mature the new market segments we're penetrating, the new products we're going into, all this takes a while, all of them have a J-curve, and we're just chugging along that J-curve of the various initiatives we did over the last few years. Finally, on the fraud cost, we are quite comfortable with the 60% provision. We definitely think that given the nature of the situation, we will recover more than this. However, time, it might take longer than we expect or longer than this provision holds. There is a chance that we eventually, because of timing issues, have to make a higher provision. These potential higher provisions are already incorporated into our guidance. As you mentioned, we have a BRL 3.1 billion gross provision. We have this BRL 1.2 netting, which everything signals that Brazil common sense will prevail, contracts will be respected, and judicial decisions will not refer to past actions. Just using common sense, we think this will hold, this has been holding, and we just had a victory last year. We have a net exposure of BRL 1.9 now with a provision of BRL 1.2 billion. Great. Thanks, Roberto. That's very clear. One follow-up, if I may, I guess a little bit more, just macro on sort of the long-term ROE target. Just thinking about, you know, potential downside risks. I mean, just given the rhetoric we've heard from the government, you know, using public sector banks, you know, just increased fiscal spending. Any risks you see to your business and, you know, I know it's a little early to know exactly what the government will end up doing, but just given that also, you know, the talk about inflation target and whether it'll change the impact. Any concerns about the macro environment and any potential downside risks that you think would come to your business because of this? We always assume that we are in a cyclical tightening cycle, which affects business activity, and that once inflation expectations are read in, we can go back to lower interest rate levels, and this will take us back to, let's say, neutral levels in Brazil, and this will allow us to have even faster growth in investment banking and asset management, in wealth management, because of course, the current level of interest rates are a headwind to our scenario. If we have, let's say, macro changes, and that's why we always talk about being an all-weather stock, right? Throughout the different cycles, we can adjust. We have a cycle that is less friendly to investment banking because interest rates are high. Since our capital is basically cash, we compensate that in higher interest rates than investment banking. Since we have asset management, we have credit funds, money market funds, which do well when interest rates are high, but we also have alternative investments which do well when interest rates are low. A normal macro cycle does not work. If, if we get into what I think is a very minimal possibility of a structural macro environment, where the equilibrium real interest rates are much higher than the, let's say, around 4%, which we consider neutral interest rates in Brazil today, then we can discuss that eventually what can happen. This is definitely something that we see as a tail event and not something that we are expecting. We still think that we are in the cyclical. Even given all the political noise that the high level of interest rates is creating, the high level interest rates is something global. It's happening in Chile, it's happening in Colombia, it's happening in Mexico, it's happening in the U.S. As soon as inflation expectations are reined in, the slower level of activity, trickles through inflation, we're able to go back to the neutral interest rates in Brazil. Again, not that I think this will really change the profitability we have, but it will change a lot the geography of where we report the different lines of revenue. Okay, great. Thank you very much, Roberto. The next question comes from Nicolas Riva of Bank of America. Please go ahead. Thanks very much for the chance to ask questions. Hi, Roberto and Renato. I have 3 questions. The first one, I wanna go back, if I can, to that case of Americanas. Just using the creditor list, which was published by the company, I see gross exposure of BTG of BRL 3.5 billion. As you said in the earnings report, you have provision for BRL 1.2 billion in the income statement this quarter. Did you also use any complementary loan reserves in the balance sheet as other banks did? Basically, my question is: How do you get to that 60% coverage? I believe that you are using some bank deposit that Americanas may have at BTG as an asset. If you can clarify that's my first question. My second question, more broadly, following what happened at Americanas and also headlines about the restructurings of other Brazilian corporates, such as Marisa, utility company Light, Atento, et cetera, do you plan to tighten your lending standards compared to, let's say, the end of 2022? If you can give us some color in terms of your risk appetite with respect to Brazilian corporates today versus pre-Americanas disclosure. Finally, in terms of potential bond issuance this year, you had a senior bond maturity earlier this quarter but didn't come to the market. Any needs you're seeing for either senior Tier 2 or Tier 1 issuance this year? Thanks very much. Thank you, Nicolas. On the exposure to the corporation mentioned, our gross exposure is BRL 3.5 billion. We have BRL 400 million reinsured with global reinsurers. That takes us to BRL 3.1 billion. Okay? After that, we had a netting contract, which, given the fraud disclosed, we were legally allowed to do, where we were paid in BRL 1.2 billion, which is being disputed. Right? That takes our exposure to BRL 1.9 billion, which is our net exposure today. Of this BRL 1.9 billion exposure, and we even had a victory in court just last Friday, of this BRL 1.2 billion netting. That takes us to BRL 1.9 billion, of which BRL 1.2 billion was provisioned, and that's where this around 60% comes from. Okay. Thank you very much, Roberto. Regarding your second question, sure. Regarding your second question, regarding the other corporate situations, mentioned in the media, we have no exposure to them. As you know, we dynamically manage our credit, business, and we've done this for the last several years. We're always taking into account macro sector-company specific names. Every month we do a name by name provision, and every month we are reevaluating our lending standards. We had already tightened lending standards at Q4 of last year just because we thought interest rates would take longer to decrease than was originally expected. Given that was the situation, we had underwrited our lending standards already. We do not anticipate any further tightening at this moment, given the specific case you mentioned, but we will further tighten if we continue to see macro or sector specific variables or company specific situations that require us to do so. This has already taken into consideration. We actually think that given what will happen to the whole market underwriting and market spreads, this business of corporate credit will actually have a higher, let's say, return on equity than it had recently, as you have players in general being more conservative. Finally, on your last question, of course, we're always seeking the best asset liability management and the best capital combination for BTG. We actually think right now we are still a bit heavy on Common Equity Tier 1 compared to Tier 2, but we're in no hurry because as Renato mentioned, we do have excess capital now and also expect to have even further excess capital at year-end. It's much more a situation of the market allowing us to issue with either senior or a Tier 2 bond with spreads that we consider adequate, which is not the case currently. Thanks very much, Roberto. Oh, no. The next question comes from Renato Meloni of Autonomous Research. Please go ahead. Hi, Roberto, Renato, Julia. Congratulations on the results and thanks for the opportunity here. The first question on the corporate and SME lending. You're mentioning that for next year you expect some improvement in the yields, which is slightly different from even what other banks might be seeing. I wanted to clarify if you're already seeing better spreads in the current clients or if this will come from the diversification or for the new segment that we saw in the fourth Q. Second question on the wealth management business and what are you thinking in terms of ROAs for 2023, if we're still seeing some expansion from the new client for from the high income clients that are being added, or if this has stabilized and maybe we will have either like flattish or maybe some expansion coming from just better efficiencies and cross-selling. Thanks. Thank you, Renato. Your question about spreads and corporate lending, we actually think that the better spreads are happening across the board, but especially in just the renewal of the business. We have a portfolio that's constantly maturing. Just to give you an example, given the market became more restrictive in supply chain financing and what we consider top tier names, spreads have actually increased 100-200 basis points on a yearly basis, given what happened and the fact that the market has tightening underwriting standards and the whole situation that we discussed previously. We don't expect the potential ROA increase in credit to come from actually buying the consumer credit portfolios of Banco Pan, but we actually think that the traditional corporate lending business will present a better pricing and, let's say, better guarantees, a better risk-adjusted return on the portfolio. On your question regarding wealth management, we are taking a conservative view to ROAs, just given the macro scenario. We're working with stable ROAs for wealth management, even though as the different vintages mature, as clients come in, as we add new products, eventually we'll be able to increase ROAs. Given the more, let's say, the current macro environment, we're working with flattish spreads. Perfect. Thank you. Thank you. That brings us to the end of the question and answer session. I will now return the floor to Mr. Roberto Sallouti for his closing remarks. Thank you very much. I would like to thank all of you for participating in our quarterly call and concluding the 2022 results. Thank you once again for your support and your partnership. We look forward to seeing all of you in our quarterly call for the results of the Q1 2023. Thank you very much. Thank you. This does conclude today's presentation. You may disconnect your line at this time, and have a nice day.