Good morning, everyone. Today is the first Capital Markets Day. I'm António Ramalho, the CEO of Novo Banco. This is an important day for us because we'll have the opportunity first to go and to see the execution of the restructuring plan that we have done during this period. We will be focused in terms of nine months 21 results. After that, we will give you an update in terms of our vision and strategy and finally we have time to the financial guidance and targets. With me will be the CFO, Mark Bourke, in a moment. To start with the restructuring program, I think that the outstanding legacy of the execution of the legacy deleveraging along this long period was done very well, and the model and operating model and footprint optimization is clear to everyone. Let's see the numbers. First, the three big problems that we have, the real estate exposure that, remember, in 2017 year-end, we had more than 4.5%, 4.7% to be more clear in terms of the total exposure to real estate in relation to our balance sheet. Till then to now, we were able to reduce to 1.9% the exposure. We will see in detail the real estate exposure and how well booked they are and marked up in our balance sheet. The NPL ratio, that is another of our big problems in 2017, remember, was 28.1%. We came in the previous year, 2016, from 33%, one of the highest rate NPL ratio in Europe, to a level of 7.3% in the third quarter of 2021. The NPA ratio, that was 23% in the year-end of 2017, that is now at 7.1%. This was done as the first target that we define as the priority, as you understand. The second one was the business recalibration of the banking, of the bank, trying to turn not only a small balance sheet, but maintaining the big focus in the core business. You can see this in terms of the evolution of international branch that comes from 25:1, a booking center that we have in Luxembourg, and clearly the optimization of domestic branch network, namely with the investment that we are doing in digitalization. We came from 448 branches to a level of 333 in the nine months of 2021 since 2017. The result of this much more simple system and focusing core business is the results in the cost-to-income ratio. They came from the 75% that we have in the year-end of 2017 to 48%. We are talking about core cost-to-income ratio, so cost-to-income ratio over commercial results. This allow us to have a significant profitability in the turnaround that we have done during this period. The net interest margin that came from minus 0.89%, that is minus that one percent, to a level of 1.43%. The cost of risk that reduced from almost 400 basis points to 61 basis points that we have in this three quarters of 2021. This allow us to have now a positive ROT of 8.2%. That is a decent one in terms of the comparison with the Portuguese banks and the environment that we have in at level of the interest rates. This is the big numbers that show how successful we were in terms of the restructuring period that was defined in 2017 to the end of 2020 and the beginning of 2021. This means, first of all, a decrease of assets in the legacy area from 79% decrease coming from 14.7 to 3.082. The consequence that was a consolidated reduction of 13% in terms of the assets breakdown that you can see there. Where you can see that we remain with loans and, at a certain level with the reduction of real estates that we took, a level of customer loans, net that is, only EUR 2 billion less than in the beginning of process, and a reduction of DTAs and restructuring funds that of course, are problems that are now adjusted for the right value in terms of the balance sheet. This was, let's say, the main issue that you can see. We are looking for numbers at, that represent in terms of legacy assets in the end of 2020, only 7% of the total assets that we have. In terms of the reduction of NPL stock, the stock that is one of the largest NPL reductions in Europe, it comes from 28.1%, as I have said, in the end of 2017 to a number of 7.3, 21 points of reduction, that allow us to be in the right trend to reach the targets that we did define clearly as the right ones in terms of the level of NPLs. Probably it is also important to refer that it's not only the reduction of NPLs, it's also to know that in the end of 2017, 32%, only 32% are non-overdue NPLs. Now from the NPLs, 51% are non-overdue. We are talking about a reduction coming from EUR 6.7 billion-EUR 2.2 billion in terms of reduction of NPLs. The ongoing portfolio sales, we expect it that will be capital accretive since not only the reduction was clear, but also the right level of impairments was defined to the level of coverage that this NPL portfolio has. This can be seen in the several sales process that we have done and the capital neutrality of the recent sign-off portfolios. We have done the Carter and Wilkinson that demonstrate the adequacy of the NPL coverage. Let's say the level of results of the last NPL portfolio sale allow us to say that not only we were able to reduce, but also we were able to mark up correctly in terms of our balance sheet. We are in this moment doing some transactions and this transaction, in our opinion, will prove clearly to the market, the situation. In terms of the cleanup of real estate, that is a second point that was very important since the number of 4.7 that I have said in the beginning proves how difficult it was to maintain the bank with this kind of real estate. I think that is clear in terms of the numbers that you can see how we were able to reduce the 4.7 to 1.9. It is a reduction of 66% and I will say that 50% of the actual portfolio is represented by 20 real estate assets and the high quality real estate assets have two characteristics or they are the ones where we expected licensing process to obtain good results from this investment or the ones that are yielding its in a way and so will be sold in two years' time but nevertheless, they are no more a problem for the bank as they were in the end of 2017. Also not only the NPL reduction, but also the real estate reduction is clear, but also the quality of the real estate that remains in our portfolio is not only well marked up but also clearly possible to sell with the advantage of the bank. In terms of the coverage of these real estate assets, this is clear in a robust appraisal policy that we have implemented at the level of individual asset that we do and we review every year and that allow us to be completely comfortable with this number. This is the coverage numbers that we have and if you compare the level of coverage of Novo Banco in relation with the peer group of banks in Portugal and we have, as everyone knows, five banks in Portugal that represent 75%-80% of market share, this allow us to see how well covered we are. In terms of another issue that normally is discussed and it is part of the legacy assets that remain in our balance sheet, we have the restructuring funds. Now, the restructuring funds of the bank are booked at a level of near EUR 500 million following not the NIV, NAV model but following a reevaluation at level of market price. That has defined a level of reduction of price at 46% during this period, but allow us to be completely comfortable in terms of the value that this represents in our balance sheet. You can see again with the two other peer banks that have restructuring funds at this level that were created in 2011, 2012, 2013 after the crisis. Also at level of restructuring funds, we are quite comfortable with the level of price that were in our balance sheet and we believe that in a selling process will be priced correctly at this level. The other point that is important to say is that this was not only a reduction of, let's say, bad assets in the balance sheet. We have also the need to continue the normal activity and to reduce the normal cost of our activity. You can see that we have done this in the evolution of number of branches where we came from, as I said before, from 448 to 333. That is the number that we have, but also the reduction of the international subsidiaries that came from a level that now in terms of international activity, as I said before, we have only one branch external. The evolution of employees is the consequences of this work. We have reduced since December 2017 more than 1,000 people. This has allowed us the two things and the reduction of cost and the optimization of the process to reduce the cost-to-income ratio from 75.4% to 47.9%. This 47.9% compares quite well again with our peers. You have here the other four banks that represent the peer group, and you know that some of them are very well-known internationally to be very aggressive and very good in these numbers. You can see that in the third quarter, we beat everyone. We have 47.9%, even if we want to go further in terms of the results in terms of cost-to-income ratio. Another point that is important to say is what we have done also in terms of normal activity, in terms of our margin, and in terms of the evolution that we need for the cost of funds and the evolution of the cost of funds. As you know, we are in an environment where it is difficult to maintain the level of the income. If you look for the peers, you will see how difficult is to maintain the interest margin with this level of interest rates. This you can see also in terms of reduction of the yield assets that we have that came from 194 to 161. The big difference is that the bank has done also a very strong job in terms of reduction of cost of fundings. We were able to reduce the cost of fundings to a normal level that allow us to increase the interest margin from 0.89%, as we saw in the beginning in December 2017, to a level of 1.43%. That is the level that we have at the third quarter. The final result, it is a clear increase of the process. In summary, based on the quality of results, we are the only bank that clearly now is increasing the income side of the profit and loss account and reducing the cost. This is very important because this is, let's say, what creates a quality of profits in terms of the bank. This is what you can see in terms of the net commercial banking income growing up, coming from EUR 199.4 million in 2017 to almost EUR 400 million in December 2020, and with EUR 362 million, 19% increase year-over-year in terms of this year, the third quarter. You can see clearly that this represents a very, very impressive increase of the commercial banking income per employee. We came from 126 to 191. That is really a very good number, a number that is above the peer group. Because if we look again the four peer banks in Portugal, we have an average of 178, and now we are working almost near the 200 million per employee. The cost of risk on the other side, and this is, let's say, the consequence also in terms of the risk profile and risk appetite that we have done during this period, has reduced from 2.32% in 2019 to 0.44%, that is, let's say, the number of the third quarter. At level of the year, we are at this moment with an average, as I said before, of 0.6%. We should say that we continue to do some COVID, even if they are not so material as they were in the past, COVID provisions or impairments, exactly for some credits that are in the end of the process of readjustment that comes from this last crisis. This is a little bit where we are in terms of profit, pre-tax profit, and the results that in the operating income in the current environment we are able to reach. You can see that from the consolidated income before taxes. We should think about the COVID provisions that we have done during this year, and also a LME that we have done in the third quarter that cost us EUR 73.5 in terms of capital, but there's a big advantage in terms of cost of funding for the next years because we are doing this high-yield LME that reduce more than or almost 500 in terms of total cost that this represents for the future. This means that the underlying profitability pre-tax reaching EUR 2-EUR 214, and this represents a return on tangible equity of 8.2% despite the highly challenging environment that I don't need to explain. The level of interest rates, the level of reduction of cost, and the restructuring period that we have done, in a way explains the difficulty of the environment for all the banks. The most important thing is that the quality of the results comes from the pre-provision income, clearly the increase of the income fees and also, interest margin and on the other side, the reduction of costs that we were able to implement it. More important to do is to explain is exactly, let's say in detail, go on a deep dive of the results of the third quarter. Mark, that's your time. Good morning, everybody, and thank you, António. I'm gonna take you very briefly through the first nine months results for 2021. If we go straight into the profit and loss, you can see here that we are profitable for the first nine months at EUR 154 million thus far, and this is our third straight quarter of profitability. Equally, it's important to note that the profitability is derived from the lines on the P&L that you would wish it to be. Our net interest income at EUR 430 million is up 29%, reflecting our protection of pricing and the lower liability costs. Fees and commissions up to EUR 207 million from EUR 196 in the prior year, reflecting return to normal economic activity. Our capital market results of 33.7 are positive and have absorbed the impact of an LME in September of the year. Our operating costs continue to decrease as we focus on investment in the bank, but also as we focus on efficiency. Our impairments at the same time, at EUR 159 million, are beginning to converge on a normalized through the cycle cost of risk, which we estimate to be approximately 50 basis points. Turning immediately to the average balance sheet. You can see, as I was saying, that increase in NIM is driven by two things. It's driven on the loan side of the balance sheet by our ability to continue to protect pricing in our corporate book, mortgage book, and consumer book. You can see 2.34% is our corporate loan rate, which is slightly up or very slightly up on the prior year. Mortgage lending, we have continued to maintain our margin. The 104 reflects a decrease in Euribor, and we have also protected our pricing on our consumer loan book. At the same time, we are getting the benefit of lower liability costs on the other side of the balance sheet, where you can see the decrease from an average of 0.38 in the first nine months of 2020 to 0.17 in the first nine months of 2021. Turning quickly to fees and commissions. The fee and commission profile is also improving at EUR 207 million for the first nine months. That's up from 196 in the prior year. We can see an increase in our asset management and bancassurance. At EUR 50 million, it's a 21% increase on the prior year. Loans and guarantees are flat, reflecting the lower levels of activities which have occurred as a result of the pandemic. Our payments up 5%, and that's reflecting a gradual return to normal economic activity. On the other side, as I said, we continue to improve our cost profile. This decrease reflects our focus on reorganizing the business through automation, through organization and simplification of our end-to-end processes, and redesign of our footprint as a branch bank. At EUR 305.7 million, that's down from EUR 318 million in the previous year, reflecting, as I say, that total focus on efficiency and at the same time reflecting our continued investment in particularly in our new distribution model. As we have continued to drive down our cost-to-income ratio towards the targets that I will talk about later on in this presentation. Our cost of risk at 61 basis points is still elevated, but it's elevated as a result of impairment in relation to COVID. When you take out the actual impact, which was an additional provision in the first three months of the year, you can see we're at 40 basis points. That, I think, is actually converging on the normalized cost of risk for a business of our profile. Turning to the balance sheet. The balance sheet shows us that we have a stable loan book, we have the liquidity we need to grow, and we are capitalized appropriately as we grow that loan book. In the nine months, we've had EUR 2 billion of customer loans originated, and that has allowed us, despite the fact that we've had a high level of unplanned amortization, maintain a stable loan book across each of our portfolios, corporate, residential, and the consumer book. Looking at them in detail, you can see the corporate loan balance from EUR 13.9 billion down to EUR 13.7 billion. When you extract the impact of some of our deleveraging portfolios, actually is a stable book, and it is growing. The performing book underlying is growing. The mortgage loan book at EUR 10 billion, down to EUR 9.9 billion, is effectively stable, and the consumer up from EUR 1.3 billion to EUR 1.4 billion, stable at the same time. One of the issues that we face in Portugal is how the banks respond as the moratoria are withdrawn, and we can see already in relation to the mortgage moratoria that have expired, that there has been very little impact on delinquency in the mortgage book. Our corporate moratoria, a far bigger number at EUR 4.34 billion in March of 2021, has actually expired. We believe with EUR 310 million of provisions, we are very well provisioned for any challenges that may come as a result of that. It is actually quite early, so we will only see that play out over the next five or six months. Turning to our securities portfolio, which at EUR 10.7 billion is more than 70% HQLA. We have over the past year and a half, been concentrating on actually reducing the volatility, but at the same time maintaining the yield. The yield through the first nine months of the year at 1.28%, and you can see the profile, which we will have to reinvest moving towards the short end. Our customer deposits at EUR 26.5 billion show us to be a resource funded bank. Crucially, the mix of non-retail and retail is very, very much biased towards retail at 72%, non-retail being the 28, and our mix of sight and term deposits is effectively 50/50. This is exactly the sort of profile that we would require and that we would desire to keep as retail deposits are, of course, hugely sticky. That deposit base gives us a loan to deposit ratio of 87.4, showing plenty of liquidity as we wish to expand the book, and our liquidity ratios of 151 LCR and an NSFR of 111.4, showing a continued increase and a continued improvement in our liquidity metrics. Our eligible assets at the ECB at 16.7, also supporting the balance sheet. Turning to capital. We have been the beneficiary of the contingent capital agreement. Its maximum at EUR 3.89 billion. We have already drawn down EUR 3.3 billion of that as we have deleveraged the legacy assets or the EUR 7.5 billion of legacy assets that we started with in 2017. We are now coming to the end of that. We made a claim this year for EUR 598 million. We've received EUR 317 million, and the remaining elements are still under discussion. We have, of course, a remaining element of EUR 316 million that we may claim as the instrument actually has a lifespan until December 2025. The important thing to remember is we now have a bank which is generating capital somewhere between 70 and 100 basis points on an annualized basis, and that gives us a track to a normalized level of capitalization and SREP compliance as the reliefs that have been introduced as a result of the pandemic are withdrawn towards the end of 2022. At the same time, the remaining elements, some of which are under discussion in relation to IFRS 9, in relation to our deleveraging of our Spanish operations, and in relation to the EUR 112 million which has been withheld, all of those will be decided. However, we have a path to normal levels of capital regardless of the outcome of any of these particular disputes. That was just a brief trip through the nine months, and the important messages for us are quarter after quarter of profitability, continued strengthening of the balance sheet, positioned for growth as we exit the pandemic, and continuing to focus on efficiency and cost. I'm now gonna hand you over to António, who's going to talk a little about our vision and strategy as we move the bank forward. Thanks, Mark, for this deep dive in terms of the nine months results. I think let me take your time in terms of the vision and the strategy of the bank during this period. Everyone knows that Novo Banco is now towards a commercial transformation and competition that comes from a long restructuring period. I would say that's three years for a rescue plan that comes on 2014, a restructuring plan that starts when Lone Star was entering the bank in 2017, and finally now the time of viability, the time of rebirth. Let's see how this goes in terms of the strategic and vision priorities. First, to say that, of course, the economic environment that we are facing is not the best one. It's challenging. Nevertheless, it is also good to remember that there are some favorable tailwinds that are coming now. Not only the end of the cohesion funds coming from EU, but also the recovery and resilience program that in Portugal represents an inflow of EUR 16.6 billion. If you put also the cohesion funds that we will have in terms of the next seven years, till 2027, this shows, let's say, a huge amount of investment, public and private, that will allow to check and to be sure that we will have stronger growth expectations for the next years. That is the environment that we are facing. Good and bad situations. Nevertheless, I will say that, for the bank, we have defined our values and our priorities. The priorities are different from the other banks. First, we remain completely Portuguese-focused. We are the bank that, after selling several of the international subsidiaries, are completely focused in the Portuguese domestic market. Second one is that, as you will see, we are one of the banks, the one of the five big banks in Portugal that is more focused in corporates, and we can use this as a professional tool to offer to all clients a more professional service and a more rational service. Third, we believe strongly in the partnership, and we want to leveraging not only in terms of offering different products to our partners but also use the partners as a tool to increase the level of offer that we can give to our clients. Finally, to remain a proximate bank with a priority to omni-channel operating model. The values and the principles for doing this is the transparency, is to remain collaborative, is being diverse, and being dynamic. Let's check where we are. We remain a leading domestic franchise with a new focus. We are the only bank, as you can see in the left chart, where we have more weight in terms of the assets of the corporate activity than retail activity. This means that almost all companies are our clients. 70% of large corporates in Portugal are Novo Banco clients. 58% of the SMEs in Portugal are Novo Banco clients. This allow us to have a very important market share in all activities that are linked with corporate clients. Trade finance more than 20%, 15% in terms of POS, more than 14% in terms of corporate loans. In terms of the other activity in the retail banking, we have segmented the bank in mass market affluent and small business where we have a market share around 10%, 11.4 in asset management, 10%, 9.8 in mortgage activity, and 9.5 in deposits. The only area where we have a market share below this is clearly consumer loans because consumer loans are split between the banks and consumer credit activity, and we will address this issue as you will see. On the other side, the new strategic plan focus to maximize the value for customers, maintaining profitability operation and capital efficiency. Being a universal customer-centric bank where we want to, let's say, serve the customer needs knowing the disruptive value propositions that we need to have, maintaining the omni-channel distribution and simple proposal that we want to implement it. The second point is to focus on simplicity and efficiency. We want to turn the cost income a KPI of marketing. It is simplification and process technology that allow us to offer better service with less cost. To maintain a profitability and safe risk profile with the right risk appetite and the capital allocation. Finally, to improve our talent and innovation where we have done a lot of effort, and we want to reward and motivate our talent base. Expected growth is based on a simple and innovative offer in all the three big loan books that we have. On the corporate side, we want to remain in the medium term one bank focused on debt. We have reduced the market share because of the deleveraging. We maintain stable the normal activity. We want to increase at a level that will be acceptable. In mortgage activity, we want to stay at a level of 10%, and in consumer credit we believe that we can increase based on some joint ventures, solutions. Let's see now, let's say, the position of the bank in the several areas. On the corporate sector. On the corporate sector is clear our idea. Not only we are, let's say, the only bank that is more focused in corporate than the retail, but we have a, let's say, a wide experience in terms of the offer that we have. The normal one, cash management, lending activity, helping clients to go global, insurance, human capital solution, advisory service. But we did prove in the most difficult products that we remain very, very competitive. The example is that we are the best trade finance provider since ever in terms of the recognition of the international market. This is a market where we are focused in terms of interest margin 75% and in fees 25%. In terms of this, we know perfectly well that the services that we give to clients are not only the normal service of aggregating accounts, ensuring financial control, management, payments, doing transactions, but also helping the clients in terms of information, giving opportunities, giving advice. This will be much more important in the future because of the investment support program that will be needed for the Recovery and Resilience Program. This creates opportunities and obliges to support and to ensure the effectiveness of the application of these funds. Also, let's say, the change that these funds will allow in the Portuguese economy and the Portuguese corporate system, ecosystem. In terms of households, we want to remain a partner for households providing a wide range of products. Let's say we have consumer as a small part, 12%, and 88% of our market is residential mortgage. We have a good partnership in order to offer all the service that we can do in terms of this market. This is, and this has create a very conservative mortgage portfolio, not only because more than 50% of this portfolio is with less LTV, less than 60%, and remember that in Portugal, we are talking about amortizing mortgage process. We have no residual values on debt, but also 42% are between 60%-80%. You can see how stable the Novo Banco loan book is in terms of mortgage activity, how we were able to sustain the spread and the level of profitability based on our criteria, but you can see also how these residential real estate prices in Portugal has done in terms of pricing evolution in the last year. We want to remain focused on margin and value-added service with more digital and more IT solutions and also more investment advice service. Home buying and small business finance are examples of digital approach and customer journeys that we are implemented. Investment advice is a recent platform that we have offered to our base of clients. We want also to enter in the consumer credit activity in a different way from the normal way. As I said before, we have only 6% of market share of this area because the big banks in Portugal need to share this market with other consumer credit companies. That's why we are investing in a consumer finance joint venture with Credibom that has a long experience in Portugal in terms of doing consumer credit at level of POS, where we have a strong position in the market with a market share of 15%. This will allow us to increase dramatically our position in the consumer credit and personal finance activity. For serving clients, we have, as I said before also, a proximity approach. We don't believe that the market is only digital, only face-to-face, or only remote. This is, let's say, the way we think the market is omnichannel service that offer all the most easy solution to the clients. We want to be simple internally. We want to be simple the way we deliver to the clients. If the clients came by POS, if the clients came from contact hub, if the clients came from the branch, or if clients came from the partners, you will have exactly the same treatment, and it can change from channels in a way that will allow this omnichannel solution. That's why we are investing in the branches. We have reduced the number of the branches, but our branches are completely different from the branches of our competitors. Why? Because the branches are places where people can go by digital, by face-to-face, or by remote, but they have the possibility also to decide a face-to-face moment, a MVP that will have some presence. This allow, let's say, to have a different approach in terms of the market. We have already results. The objective that we have in terms of the branches, and we have already changed 50 branches, it is now five percentage points more effective and fulfillment, the objective is better than in a normal and traditional branch. It is an investment that worthwhile because clearly this allow omnichannel presence. This it is done also a big increase of the digitalization of digital experience. Mobile are turning from alternative to the main channel. It has substitute clearly the ATM and is of course substituting lots of the transactions that we do at level of the branches. In our case, we are above the position of the Portuguese market because we have 47% of digital activation on digital clients over active clients when the average in Portugal is only 45%. We believe and the trend is this one. We maintain, let's say, this presence and this best performance. We have several awards because the digital approach is also very, very personalized and customized. New channel service are personalized, wants to give a customer experience, and allow a rapid rise of digital, not only about everything that we have already talk, but also in terms of life insurance. Phygital, that is a relation that allows, let's say, this omnichannel solution to be effective. The digital account opening, the digital the Smarter app that it is possible to customize to each clients, the new investment funds that are open with Morningstar app solution inside our app, and all the changes that we are doing. We know that effectiveness of the share of the digital sales in the app is much more effective, ten times more effective than the capacity to sell in a normal branch way. The accretive operations and commercial operations level by high efficiency will allow us not only to grow at a decent level, but ambition level, but also to reduce the cost and do the simplification. It's what we have done till now. We have now a cost income of 48% that compares very well, and we are talking about cost income against commercial banking income. That is, let's say, a good level in terms of the Portuguese market, in terms of the European market to be serious, but also because we are investing in robotic process automation, we are investing in this new distribution model, digitalization and rationalization and reorganization, as we have said before. These are, let's say, one of the key criteria. The other one is that this should be protecting the margin in order to sustain the activity at the level that will be, let's say, acceptable for the capital allocation that we need. That's what we have done with the new capital allocation model, with the dynamic allocation balance sheet growth, but the most important one, using Hardok as the model to define the pricing in order to defend and protect the margin. Finally, this is. These are figures, but you know perfectly well that figures depend from people. Implementing a new people value proposition and talent is important. It is more important when you are in a process where you have the need to reduce costs and reduce staff. Nevertheless, to be clear, if you look for what happens before, we are able to have exits, more than 1,000 exits during this period, by retirement, by mutual agreement, voluntary, that happens normally without no big noise. We were able also to attract more talent in the business areas, in risk or control, in support and more in terms of technology. New training program, new leadership model, a new academy, a talent and management plan allow us to believe that these are the right steps in order to putting the right people that can, in a way, offer this kind of customer transformation of commercial transformation that allow us to serve better our clients. Mark, this should be seen in numbers and figures. Just a quick reminder to everybody before we move to the medium-term targets. This section will be followed by a Q&A with myself and António. If you have any questions, you can submit them via the web. Turning to our medium-term financial targets. The targets we believe make for an investable bank. Our first is that we believe we can grow our performing book by between 2% and 3% on an annualized basis in a disciplined manner. We believe that we need to and can target a net interest margin in the region of 1.3%-1.5%, which would be level with what's available in the market. We can achieve a cost-to-income ratio in the medium term and maintain it at less than 45%. All of this is then built around a model where we expect through the cycle to have a cost of risk somewhere around 50 basis points. We will continue also to deleverage and bring our NPL ratio down to the European average. Finally, and most important of all, we will generate in the medium term a return on required tangible equity at a pre-tax level greater than 10%. They are essentially the medium-term targets that we are setting out now in this investor day. By medium term, we generally mean a three to five-year period, and we also mean that we achieve and maintain that level of performance. All that remains now is for me to make a couple of final remarks. To reiterate those targets again, we intend to achieve and maintain a return on tangible equity of 10%. We'll do that through concentrating on the efficient delivery to our clients, a cost-to-income ratio of 45%, and we'll do that believing in a through-the-cycle risk cost of risk of 50 basis points. You can see that we are already well on the way to achieving those targets with a NIM in the first nine months of the year of 1.45, with the recovery of both our NII and our fees and commissions, and our cost-to-income ratio, while not at the 45%, certainly trending down below the 50% through the first nine months. All of this is underpinned by a strategy which concentrates on delivering to our corporate and retail clients and concentrates at the same time, as António was saying, on continued generation of simplification, continued end-to-end simplification of process. The last part of the story in relation to deleveraging is something we need to complete, during this period to get down to NPA levels below the European average. Thank you very much. We'll now take a short break and then go to Q&A. [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] Okay, let's go to Q&A and wait for the first question. The first question, in case of no favorable decisions from the total amounts under litigation, what is the plan for Novo Banco to capitalize the bank? I'll take that. The key thing to remember here is that the underlying bank is generating capital at somewhere between 80-100 basis points. We see that regardless of the outcome of any of these individual disputes, we see a path to a fully SREP-compliant bank by the end of 2022 when the current reliefs are withdrawn. You have to remember that even though we may have a positive or a negative decision on any particular item, that simply means that the money is still available for the fund to bring it up to that 12%. That's the first question. Okay, another one. The second one, Mark, is if the bank were to need additional capital, can Novo Banco tap the EUR 1.6 government backstop? Okay, this I can take. Remember that this backstop was defined in the program of 2017. It's so far away that we really don't see how this will work because in a way, we don't need it. This was based on a program and a plan that probably DG Comp does not believe that EUR 3.89 will be enough to do all the process that we need to do. Clearly, now everyone is aware that we have done everything, and the viability is clear in terms of the nine months of this year. Let's say this 1.9 is something from the past, is something that was forecasted in the DG Comp agreement of, with the Portuguese government and DG Comp in 2017. Don't see the backstop as a effective issue. MREL. Marel targets, I think there's one for me, António. Do you expect to issue this year, and what is the plan? We have an MREL target to achieve by 2026. We will issue approximately EUR 2 billion in that period, and we will renew our Tier 2. In relation to MREL, we have obviously binding targets for the end of this year and for the end of the period. Our intention is always to meet those targets. There are, you know, a number of options available to us to do so. Some of these include a full issuance or a private issuance or in other circumstances, to look to the reduction of our RWAs. You have to remember that there are a number of things that will occur even before the year end, which will have a significant impact, including the deconsolidation of our Spanish business. To reiterate, you know, our plan is always to meet our commitments. We have a significant range of potential outcomes, and we are at the moment exploring and making sure that we have all the options lined up to meet that target. Yeah. This one is what portion of moratoria loans that is always very interesting issue are expected to become NPLs? I can, Mark, I can start, but if you want to add something. Sure. To be clear, since the beginning of the year when we have forecast the budget, we have thought that the total new entries of NPLs during this year will be around 700. This is not total result of the moratoria, but let's say the big part is coming from moratoria. Since then, several things have happened. First, the vaccination system has went quite well in Portugal. The recovery of the Portuguese economy went well. The resilience program was defined, and it is very positive also to Portugal. Finally, there are support measures from the government. In the end, more important than that, let's say the companies and the corporates have shown more resilience than was expected, and even the tourism is recovering much more faster than was expected in the beginning of the year. The first results that came from moratoria are really, I will say, very positive, are really positive. In a way, we don't have any increase on the NPL portfolio coming from moratoria. That's true that only one small part of moratoria is non-retail moratoria is coming from mortgages where we do not expect, let's say, anything special or any default increase. It did have some time because they have finished part of them on March. Since then, we have a huge reduction, a voluntary reduction of moratoria coming from the corporate side, more than EUR 300 million. But finally, the moratoria has finished on September only. Let's say it is too early in my opinion to know exactly what will be the total consequences. As a cautious bank, we should be cautious, namely in terms of the provisions that we have built, and we have built, Mark, I think EUR 310 million special provisions for moratoria. I think that will be more than enough. Nevertheless, we need to be cautious because everything will happen in the next months. Nevertheless, I will say that we do not expect the level of increasing of moratoria that we did expect in the beginning of the year, because let's say there are big difference from the time we have done the budget and today. I don't know if you want to add something, Mark. I don't. I think you've covered all of the aspects of that, António. Yeah. Do you think it is possible to sell Novo Banco either via IPO or trade sale with the BES litigation transferred senior bonds? This is definitely a historic issue, so I'm going to hand it to you, António. Yeah. I stay with the legacy. Okay, Mark. Okay. I think that this is clear that neither one thing nor the other will impact in terms of any decision in terms of Novo Banco. Let's say the situation was completely ring-fenced, and it was ring-fenced and is recognized in all the international courts that was ring-fenced. When we are talking about Novo Banco, we are talking about everything without litigation that will stay at the level of the resolution fund, some, and that level of the Portuguese state, another one. In a way, it's not responsibility of Novo Banco and will not affect, let's say, any of the decisions that we need to take for the future. What are your volume expectations for 2022 lending activity? I think we'll probably both have a stab at this one. As I have just set out in the targets, you know, our overall plans are that we would have a gradual controlled expansion of our lending books by somewhere between 2% and 3% on a per annum basis, and that means, you know, starting from next year, we are looking to meet that target. If you take the actual new business volumes that we have done in the first nine months of this year, the EUR 2 billion or so, which would infer an annualized level of about EUR 2.7 billion, is the level at which we beat attrition. We have to do slightly above that. We would do it in proportion to our existing books, roughly. That is the expectation as we go into 2022. Yeah, Mark, we can do these two split it in two because it is possible to get a better idea on the timeline when the NPL ratio target of 5% and CET1 ratio target of 12% are going to be reached. Let me talk about the NPL ratio, not because I'm an expert, because I have done a recent statement to Bloomberg saying that, based on what I have said in terms of moratoria, remember that, and based on terms of the huge level of coverage that we have in terms of our NPL, we believe that we will continue to try to reach the 5% as soon as we can. This means that the best solution, the best case, will be in the end of this year. If it is not in the end of this year, because of course this depends on several things that are not forecastable or so predictable as we would like to be sure, I will say that it will be not years, but months after. This will be a problem of timing, but it is not a problem of target because the definition of 5%, I will say that now for 9%, I'm 90% sure that we will fulfill this objective in a period of some months. Okay. To take the second leg of the question, which is when will we reach a 12% CET1 ratio? I go back to a previous question where we talked a little bit about capital. I mean, the first thing is to say we are generating at an underlying level. We're generating between 80-100 basis points. We also have a number of particular items that will be decided over the coming 18 months, which are in arbitration or otherwise withheld. You have to remember that even if those items were decided not in our favor, the annualized recomputation of the CET1 ratio and the CCA would occur in 2021 and then would occur again in 2022. Our belief is that in all of these eventualities, we have a path to full SREP compliance and therefore to that 12% when the reliefs are withdrawn, when the temporary reliefs are withdrawn by the end of 2022. When do you expect the 112 CCA payment dispute to be settled? Mark, if you don't mind to say this. First, thank you very much for this question because the 112 is different from the other payments. This is a problem of integrity of CCA, and it is, let's say, a decision that was taken based on the budget of this 2020, but in a way was not paid because there are doubts that the resolution fund decides to evaluate before. Let's say that, based on this, and because this is not a dispute, this is at least at this moment, a decision that are waiting for some of the verification that resolution fund needs to do. We believe that this will happen till the end of the year. A decision will be taken till the end of the year. Even because it is in the budget of 2020 of the Portuguese government. Should we expect more liability optimization following the July LME? The first thing I'd say in relation to this is, you know, we will always look to opportunities to streamline and to improve the quality of our balance sheet. That is a function of markets. That is a function of opportunity. What I would say is that there are no current plans to do any further optimization in the immediate future. Do you expect more consolidation in the Portuguese banking system? This is a traditional question. Let me try to answer, Mark. First, to say that, let's say consolidation is something that it is always on the issues that are discussed everywhere. It is something that the regulator normally talks. You know that in Portugal, on the other hand, there are five banks that for the last 25 years dominated and control 75%-80% of the market share. These five banks are very stable in this situation, and Novo Banco is one of these five banks. To be honest, consolidation will continue to be an issue, and consolidation in Portugal was already done at a certain level. I think that, to be honest, this question will be done again next year. The next one I think is for me. Can you remind us how much senior preferred debt do you plan to issue over the next few years? Going back to a previous question, yes, our ultimate calculations for end 2026 is that we would have to do an issuance of approximately EUR 2 billion and also to renew our Tier 2 over those years. The actual spacing out of them, yes, we have internal plans and don't publish, but it is obvious that we would always try to back end so that we have a chance to rebuild our rating. But we do expect to be regular issuers through each of the periods. What is the new timeline around part of the IFRS 9 and the EUR 112 million CCA arbitrations? Does the current impasse within the Portuguese government create issues here? Definitely an António question. Yeah. I will say that, first point, the timeline I have said already in terms of 1 12, IFRS 9 dispute, CCA arbitrations, one of them is in the end, the other one is starting now. So in a way, we are talking about different timelines. The second part of the question is more important, is does the current impasse within the Portuguese government create issue here? No, definitely not. First, because this is decision from the resolution fund. Second, because the constitutional law in Portugal allow the government to continue doing exactly what it does till the next elections, if there are elections, and it seems that will be the, let's say, the predictable solution for the crisis. Finally, because remember, on the other hand, that for instance, 11 12, it is already in the budget of 2020. What was not approved in the parliament was the budget of 2022. This is on the budget of 2021. In a way, it has nothing to do with the budget. It does not create, and the actual situation does not create any issue to everything that we have. Disputes and this special dispute of 112 that belongs to this year, last budget that was already approved. Does ECB believe you have met the commitments of 2017-2021 restructuring plan to prove your viability despite currently being in breach of your SREP? Point one, the breach that we have in our SREP are based on the buffer that we have in the actual situation and are waiting for the dispute that in a way will allow us to reach the targets. The question is if EC or ECB, in this case EC, because this is DG Comp commitments, will be met. Let's talk about the two times. The first one is when we are controlled. We are controlled every six months, and the last control that we have was last semester, where we have everything, every commitment definitely fulfilled. Remember that the last moment where the 33 commitments were evaluated definitely were only in 2019. The next evaluation will be in 2021. We believe that for 2021 will be clearly aligned in terms of all the commitments. The only commitment that needs to be discussed is this commitment that comes with the assumption of a certain interest rate and a certain situation that occurs before the pandemic. I think that we are talking about one in 33, so this will be a decision and evaluation that we cannot forecast at this moment. Clearly the bank are proving the viability in different forms, and the market knows that. The markets know when we go to the market and we reopen our senior bond market, and it is clear when we show to the market that we have capacity to create value with the capital and to have profits during the nine months of 2021 as we have done. Mark, I don't know if you want to add something to this question. No, I think you've covered everything, António. Okay. We just finished, Mark. I think that this was important because it's a new beginning, a new start in order not only to show the viability of the bank nine months after the beginning of the year and the results that we have shown, but also, and more important than this, open a window of discussing and analyzing these results with the financial community. Of course, other questions will be posed. We are completely open to receive it. Our investor relation team is very well prepared to answer everything. We want, of course, that the market knows a little bit better this fantastic experience and this turnover that we were able to do. Thank you very much. Thank you very much, everyone.