Banco Bilbao Vizcaya Argentaria S.A.

Chief Executive Officer of the group, and Jaime Sanretejada, BBVA Group CFO. As in previous quarters, Onur will begin with a presentation of group results and 2020 achievements, and then Jaime will review the business areas. We will move straight to the live Q&A session after that. And now I'll turn it over to Onur to start with the presentation.

Thank you, Gloria. Good morning to everyone. Welcome and thank you for joining our call. I will not be saying it for the four quarters in a row now, but I really hope that everyone is safe and sound. You and your families are all healthy and safe. I'll start by highlighting some of the key achievements of the year. So I'm on page number three. We have successfully, in our view, navigated through the crisis by focusing on the right things. For example, by extending 63 billion euros of support to our clients through various means. Second, I think it was a year that has reaffirmed our strategy. Our leadership in digital, we have been putting so much focus onto this for so many years. In our view, it has given us an edge in this environment. For example, again, as noted in the page, 56% digital client acquisition increase in one year. Third, in terms of financials, we have been able to deliver excellent financial results in our view in these extraordinary times. 11.7% increase in our operating income in constant euros versus 2019. And lastly, in this page, it is important, very important to note our ample strategic optionality after the sale of UVA USA. After the deal, 8.5 billion euros of capital generation that will be in our books when we complete the deal. So all of this, in our view, will allow us to offer sizable distributions to our shareholders in 2021 and beyond, which I will elaborate further in my presentation. Slide number four. In terms of management of the COVID crisis, very quickly, I mean, we had three main priorities from the first day. First and foremost, to protect the health and the safety of our employees, our clients and the community in general. Second priority. We are an essential service, so we have to continue providing that. In December, for example, 97% of our branches were open with dynamic staffing to serve our clients. And the number of visits to our global apps have increased by 43% post-COVID, and that high engagement we are seeing that is here to stay. So there is some clear stickiness in that changed behavior. And the third priority, as I mentioned, has been to provide financial support to our clients all around the world. as I mentioned, again, with 63 billion in total, 63 billion euros to our clients all around the world. Slide number five, if you go to slide number five, our leadership in digital, I did talk about it a second ago, it has proven to be essential and differential in this context, in our view. Again, we talk to you too much about this in these calls, but we do think It is important to talk about. We do think that our industry is going through a disruptive change, and we have been embracing this change much earlier than others with much more investment than others. And we believe the strategy is paying off. So in this page, our mobile customers, we have reached a record high, 59% of penetration rate in mobile. And also, given our focus, to go beyond servicing and execute sales, so go beyond servicing and execute sales through remote channels, through digital channels, our digital sales have reached 64% in terms of units and 49% in terms of value. Moving on to slide number six. We have also been saying that one of the core benefits of placing so much emphasis on digital is to grow with digital by also acquiring new customers through digital. And this is not an easy thing. As it seems, it's not an easy thing to do. So we have been focusing a lot on this. We have been building end-to-end digital products and processes. And in our view, it also has proven to be differential in reaching more customers, in acquiring new customers in 2021. If you see on this page, the growing trend of the new customers acquired digitally, which already represents 33% in 2020, a 56% increase year over year versus 2019. So we are also extending our digital capabilities into acquiring new customers, into growing our franchise. Slide number seven. Another strategic priority for BBVA, some highlights on sustainability. First, helping our clients transition towards a more sustainable future. On this one, advancing better and faster than our pledge. We had this pledge 2025. We have already mobilized 50 billion, 50 billion out of the 100 billion that we have committed by 2025. So moving faster, faster than the curve. The second, the volume of household sustainable wholesale sustainable bonds and corporate green loans in 2020, it's almost tripled as compared to three or two years ago. And we continue to develop our portfolio of solutions on the topic. Second, aligning our portfolio beyond sustainable finance. How do we align our portfolio with the Paris Agreement in line with the Katowice? We follow, obviously, the PACTA methodology on this and focusing on specific activities with sensitive sectors to manage and to measure the transition risk. In this sense, we have included the climate risk in our loan admission frameworks in the most relevant portfolios in 2020, and we have also developed an internal taxonomy and methodology of transition risk. Third, increasing transparency on the management of our climate-related activity. As an example, we are one of the very few banks to publish the Task Force on Climate-Related Financial Disclosures report in November of this year, of 2020. And finally, it's worth to note that BBVA has ranked first among the European banks and third worldwide in the Dow Jones Sustainability Index. One final thing to note here, our sustainability focus is client driven to help our clients manage this disruptive transition. And it's also not only climate related, but also encompasses a drive to improve social sustainability, given our footprint, given our geographies around inclusive growth and inclusive development as well. Slide number eight, moving on to financials of the year. On the left-hand side of the slide, you can see our net attributable profit. It's a clear upward trend, quarter after quarter, reaching 1,320,000,000 euros in the fourth quarter, including the positive result from the JV with the alliance deal. This is a 16% increase versus the third quarter, and a 13% increase versus the same quarter of last year. If we exclude corporate operations, namely the Alliance JV, and also the non-cash BBVA USA goodwill impairment in the last quarter of 2019, if you remember, last quarter 2019 and the first quarter 2020, there were these goodwill adjustments for BBVA USA. If you exclude these one-offs, the fourth quarter 2020, the result shows a 4.9% increase versus the same period last year in constant euros. In our view, very good numbers, even when compared to normal times. The second graph in the middle, it shows how our capital continues its growing trend. Since the first quarter, as you see, there has been an improvement, almost reaching December 2019 levels at the end of the year. If we include the impact of the BVA USA sale, the pro forma, the CET1, stands at 14.58, one of the best numbers you can find out there. And lastly, it is also important to note in this page the recovery of our tangible book value per share plus dividends, increasing versus last quarter to 6.21. Again, ending this very complex year with slight decrease, but a very good level at the end of the fourth quarter of 6.21. All in all, considering the minus 7.2% decrease in our footprint GDP in the year, In this context of macro environment, BBVA, in our view, once again, has proven its resilience thanks to its leading franchises wherever we operate. Our equity story is around these leading franchises that we have all around the world, and I think we have shown that resilience in our figures. Slide number nine, the top financial messages. I'll go very quickly on this one. The first one are solid core revenues, growing 2.7% versus 2019. Second, very strong cost control and efficiency. In our view, one of the best things of 2020 for us, excellent management of our operating expenses, decreasing 2.6%, decreasing 2.6% in constant euro versus 2019, despite some very significant inflation in some of our geographies. Around 4% inflation in our geographies, we are delivering minus 2.6% in costs. Our resilient pre-provision profit, I talked about it, growing 11.7%. Pre-provision profit growing 11.7%. Improvement of our risk indicators throughout the year. The first quarter, if you remember, we have done this massive upfront provisioning. Since then, we have been improving, improving, and achieving better than the initial expectations that we have had. Fifth, on the page, as mentioned, outstanding capital position after the sale of BVA USA, pro forma CET1 of 14.58%. Sixth, on the page, in terms of return on tangible equity, we remain at the forefront of the European banking industry. Even in this year, in terms of profitability, we are far ahead of others in terms of return on tangible equity. And lastly... One of the good things that we would be announcing today in terms of shareholder remuneration, we expect to resume the shareholder distribution in 2021. We contemplate the distribution of a cash amount of 5.9 cents per share payable in April 2021. Of course, subject to shareholders and supervisors approval in the coming weeks. Moving to slide number 10. Summarize P&L. Very quickly, I would like to highlight the positive evolution of net interest income, increasing 3.6% in constant euros. Together with the very strong evolution of the net trading income, it leads to a strong increase in gross income of plus 4.5% in constant euros. This evolution, coupled with the very good performance of expenses that I talked to you about, explains this 11.7% increase in operating income. At the bottom line, affected by the COVID-related upfront provisioning we have undertaken, especially in the first quarter and then in the second quarter, Net attributable profit in 2020, 3 billion 84 million euros, a 27.2% decrease year over year, excluding the non-cash PVA USA impairment of 2.1 billion euros, if you remember, and also the 304 million euros of the capital gain from the joint venture agreement with Allianz that we have recorded in the fourth quarter 2020. If we include all of these impacts, the final reported net attributable profit is 1 billion 305 million euros. Moving to slide number 11, the quarterly evolution of our numbers, both net interest income and fees and commissions increased by 1.4% and 2.2% respectively in constant euros in the quarter. In expenses, again, continue to exercise strict discipline, decreasing our costs even in constant terms. This quarter, there was this negative evolution of net trading income, partially driven by some one-offs, global markets in Spain, and the evolution of FX, which has led to a 3.7% decrease in the operating income in the fourth quarter, again, mainly driven by the net trading income. Very positive evolution in the quarter, though, on the impairment side. Following the third quarter, it continues minus 12% decrease in the impairments. We continue to see more normalized level of impairments compared to the first half of the year. And I will talk to you about it in a second. The underlying fundamentals continue to be very positive. Finally, in the quarter, the net attributable profit is 1 billion 15 million euros, 4.9% year-over-year increase in constant euros. If you include Allianz, the impact from Allianz deal, 1 billion 320 million euros. Moving to slide number 12, this is the quarterly evolution. So you can see the full quarters in the past five quarters. Once again, 1.4% growth in net interest income year-on-year. I think this is very notable. Despite the very low interest rate environment in some of our core markets, despite the mortgage-heavy portfolio that we have in Spain, we do think that this growth of 1.4% growth is very robust. Good evolution in net fees and commissions, which has increased 2.2% year-on-year and 4.1% in the quarter. So the positive quarterly evolution is mainly explained by the CIB activity and recovering credit card and payment systems billings in Mexico, and also in Spain, quarter-over-quarter growth in net fees and commissions thanks to higher contribution from asset management and insurance. Let me also here highlight that both net interest income and net fees and commissions, you see it on the quarterly numbers, the five bars that you have on the page. The NAI and net fee income, they were the highest quarterly figures reported, obviously, in this period. Weak performance of net trading income, as I mentioned, again explained by some one-offs, negative global markets results in Spain, FX-related impact. Finally, gross income decreased by 5% in the quarter due to this net trading income and also higher contribution to deposit guarantee fund in Spain in the quarter. Moving to slide number 13. I talked about it, so I'll go very quickly on this one. Very good performance in expenses. You see the numbers here, 2.7% drop in the figures. Positive operating jaws. Our core revenues growing 2.7% while the expenses are decreasing. And again, our blended inflation rate in our footprint is 4.2%, so very positive. As a result, our efficiency ratio has come down to 46.2%. 8%. Slide number 14, if you have a bit of a broader perspective on the cost topic, we should also note the acceleration of digital trends, again, due to COVID, which is obviously leading to adjustments in our cost structure, reinforcing our focus on seeking further efficiency improvements. So we will continue to do more on this topic. As you can see on the left-hand side of the slide, digital servicing transactions. In the past two years only, in the past two years, it's practically doubling. So it is giving us room to do further on the topic, especially in low growth geographies. And I also would like to put here the record with a longer time frame, our cost income ratio. We have consistently improved on this since 2015. And obviously, our footprint has a say in the level of this figure. But if you compare it to peers in terms of the evolution, in terms of the change in the last five years, our efficiency ratio, it has improved by 521 basis points versus 249 basis points in our peers in the European banking system, despite the fact that, again, our number is very low to start with in comparison. If you go to slide number 15, let's talk about risk a bit. Again, total loan loss provisions for the quarter are €903 million in constant terms. Significantly lower as compared to the first half of the year. 12% decrease in the quarter is mainly driven by... I would say the continued resilience of the portfolio in short, because there's so many factors, but the continued resilience of the portfolio. As a result, year to date, cost of risk continues improving as expected, closing 151 BIPs. The lower end of our latest forecast, the latest guidance that we have given you in the third quarter was 150 to 160. We ended up at the bottom end of that range. And regarding 2021, given all the indications that we have, again, there is a lot of uncertainty around this, but given the latest numbers and the latest forecast that we have in every single geography, we are expecting a better cost of risk in 2021 versus 2020. Regarding the rest of the indicators on the page, a slight increase in the MPL ratio in the quarter to 4%, mainly due to higher MPL entries in retail segments, completely in line with our expectations due to this 90 days passage. Most of our deferrals, they expired in August. So there is a process there. After 90 days, they are transferred into MPLs. They have already been provisioned. There is nothing unexpected here, but some increase in MPLs because of the process after the 90 days of the expiring deferrals in August. And our coverage ratio remains at very high levels, stands at 81%, again, much higher, in every single geography, actually, much higher than competition. On page number... 2016, you see the deferrals page, which is one of the drivers of the good cost of figures that we have been realizing. A quick update on the evolution of deferrals. On the left-hand side of the page, what you see is that the total deferrals granted represent 8.5% of total loans. And as you can see also in the graph at the bottom on the left-hand side, most of the deferrals granted, they expired. 90% has expired. In the middle of the page, you see the positive payment performance of the deferral portfolio. 77% have already resumed payments. 8% is second deferrals. When you look into that 8% second deferral, more than half are related to mortgages, where we feel obviously more comfortable, and it's mostly in Spain. It's represented at the top right-hand side of the slide. So we feel comfortable on the second deferrals. And for the rest... For the rest of the portfolio, you should see the evolution of that portfolio because when you do the second deferral, you pause the clock. But for everything else, the clock continues. So whatever else is happening in the rest of the portfolio, you should be seeing it in the delinquency in the days past too. So at the right bottom part of the page, you also see the resiliency of those delinquency buckets. With the past use as a percentage of portfolio, it's aligned, or in most cases, even better than last year. So the quality of the portfolio is clearly showing its resilience. Slide number 17. In this page, we are discussing about the evolution in the last quarter, so 21 bps improvement in the last quarter. If I break it down into different buckets, first, results generation contributes 30 bps to the ratio. Second, the dividend and 81 coupons detracting 14 bips. Regarding the former, I mean, we talked about it, but very quickly, the proposal is obviously subject to shareholders and supervisor approval, but it contemplates the distribution of a cash dividend of, again, 5.9 cents per share, payable in April 2021. representing the maximum amount allowed to be distributed according to the latest ECB decision. So this deducts 11 BIPs. Out of the 14, 11 BIPs is coming from this dividend accrual. Third, the positive market-related impacts in this quarter, adding 15 BIPs, the health to collect and sale portfolio, together with the FX evolution, it was positive. Then there is the other bucket of minus 10 BIPs, mainly explained by the RWA's increase in constant euros, part of which, part of this RWA increase is due to the prudential front-loading of around 19 BIPs, Again, part of the 2021 expected regulatory impact. So we have front loaded as we have some transparency on what those impacts would be. We have put 19 BIPs into the others bucket here as a prudential buffer for next year. In this bucket also, in the others bucket, you also have the software prudential treatment impact and also the JV agreement with Allianz Impact. All in all, our CET1 ratio stands at 1173 as of December 1458, again, with the CET1 pro forma, including the sales of the BBVA USA shares, 600 basis points above the minimum requirements in a pro forma basis. Slide number 18, we have made the decision to increase our capital target. I mean, we discussed it many times in the past in these calls. Even though we do not like to operate with structurally high capital buffers that penalize profitability and the shareholder returns, at the same time, it is also important for us to demonstrate that we have the right capital level, so it's a balance. And in order to find that right balance, we have decided to increase our capital target to a range between 11.50 to 12%, as you remember coming from a previous 1084 to 1134. And to contextualize, with the upper part of our new target, the 12%, now embeds a management buffer on top of this SREP requirement, 341 bps, and that buffer places BBVA well above the peers average as you can see on the right hand side of the page. It is also important to note that if you take the upper end, 11.5 to 12, if you take the upper end and if you look into where we will be ending up after the sale of BVA USA and the upper end of the requirement, we have 8 billion euros of excess capital over the upper end of our new target range. Going to slide number 19, so that 8 billion, let me elaborate a bit more on the use of this excess capital. We will use the excess capital As you see on the page, two means here. First, deploying capital in our markets in an efficient way through profitable growth and through costs reduction. As I said, we are very focused on costs. We will also see whether we can do more on that one. Strengthening the leadership positions that we have in most of our markets. Again, it's very important. I remind you that the equity story of BVA is that wherever we are, in most of the markets that we are present, We have clearly a leadership position in terms of return on equity, in terms of market shares, in terms of customer franchise, people franchise, and so on. So we will continue to invest in our franchises in terms of growth and in terms of further restructuring our cost base. And second, as you see on this page, we will use this excess capital to increase distributions to our shareholders. And whatever we do, it's clear that any combination of these uses of the excess capital generated by this transaction, by the BVA USA transaction, will imply very significant, whatever numbers that we look into, whatever levers that we put in, high EPS and tangible book value per share accretion to the benefit of our shareholders. On slide number 20, Very quickly, I mentioned that in terms of our core markets, regarding the deployment of our capital in our markets, I would like to highlight how focused we are on profitable growth and on value creation. At BVA, we have this micro capital planning process. We deploy capital to every client, every wholesale client, and every portfolio at a very granular level using different return on capital metrics. And as a result of that process, At that micro level, at that client level, the graphs on the slide, they bring out how we are biasing our growth, how we are biasing our capital consumption towards the most attractive geographies and portfolios. Finally, turning now to slide number 21 about the shareholder distribution and distributions. There are multiple mechanisms here, obviously subject to certain approvals and timelines, but our commitment to value creation for our shareholders, I think is reflected very clearly on this page. First, on the left-hand side, regarding 2020 distribution, we talked about it already. Our proposal contemplates the distribution of a cash amount of 5.9 euro cents per share, payable in April 2021, as I said. Obviously, this decision follows the supervisory recommendation. It is the maximum allowed by the regulatory guidance, which, as you know, is 15% payout over 2020 results, excluding goodwill impairments, excluding the one-offs, and also excluding the 81 coupons. Second, in the middle of the page, very important, regarding 2021 ordinary dividend, Once the ECB restrictions on distributions to shareholders are lifted, at the moment expected in September 2021, our plan is to recover our clear, predictable, and sustainable dividend policy. As you know, we have been saying for years now that 35 to 40% payout, we will go back to our regular policy, fully paid in cash, two payments per year, tentatively in October and April. And on the right hand side of the page, on top of the dividend policy, in terms of the additional distribution, the extraordinary distribution to shareholders, obviously the excess capital that we have, it allows for additional distributions, and we are gonna do buybacks and extraordinary dividends as potential vehicles here. We will start targeting a buyback program of around 10% of the ordinary shares, obviously after the closing of the U.S. transaction, and again, obviously subject to certain shareholders' resolution requirements, supervisory approvals, lifting of the ECB recommendation on distribution to shareholders, as you know, is expected in September 21. And once we close the U.S. deal, this initial program will start, subject to share price evolution, but our current plan is targeting a buyback of around 10%. Now, on business areas, I turn to Jaime. Jaime.

Thank you, Manuel. And good morning, everybody. Let me begin with Spain. GDP growth expectations for 2020 improved to minus 11%. And for 2021, BBVA Research now expects GDP to grow by 5.5% and by 7% in 2022, supported mainly by the Next Generation European Recovery Fund. Loans have increased by almost 1% year-on-year in 2020, above expectations, driven by the strong growth across commercial segments and very small businesses, supported by the state guarantee program. For 2021, we expect the loan growth to be broadly flat. In 2020, As you can see in this slide, operating income increased by 4.7% versus a year ago, a solid performance in the current environment. The increase is mainly explained by both court revenue growing almost 1%, leveraged by fees, thanks to the good performance of asset management, account maintenance fees, and also by a remarkable decrease in operating expenses, down over 6% above expectations, which allows the cost-to-income ratio to improve by a further 2.8% versus 2019. The operating income growth in 2020 has been more than offset by higher impairments, mainly explained by the significant front-loading of COVID-related provisions in the first half of the year, And also a base effect, as 2019 included the provision release from a mortgage portfolio sale. Having said this, cost of risk continues its improving triangle on the year to 67 basis points and in line with our guidance. For 2020. For 2020, we expect core revenues to continue growing, supported by fees that will increase by a high single digit. NII might decrease slightly versus 2020, between 1% and 2%, due to the arrival of repricing and the lower contribution from the ALCO portfolio. Our cost control will continue, as we expected expenses to decrease again in 2021. Finally, on cost of risk, we expect to improve to levels around 50 basis points in a still uncertain environment. Let's now turn to the U.S. Loans have been flat in the year as growth in commercial loans supported by the Paycheck Protection Program and the use of credit lines by corporates is more than offset by lower demand from retail segments. Regarding the P&L, the U.S. showed an outstanding performance this quarter, with net attributable profit above €300 million. Pre-provision profit in Q4 increased by 30% versus last year, supported by both core revenue growth and expenses decreasing. On core revenues, NII was up 6.8% year-on-year, boosted by the significant improvement in the cost of deposits, explained by a better deposit mix. This is more or less true all across the footprint. Demand deposits now represent 88% of total deposit balances in the U.S., but also on the excellent price management in the U.S., Fees are up by over 13% year-on-year due to higher CIB and mortgage origination activity. Additionally, in Q4, we had provision releases due to the positive impact from the IFRS 9 model calibration, but also by provision releases in retail portfolios. Cost of risk ended the year at 118 basis points, clearly better than the 135 basis points guidance. Let's now move to Mexico. We have slightly improved our GDP expectation for 2020 to minus 9.1% after the positive evolution of the economy in Q3. For 2021, we now expect growth to reach 3.2% and 3.8% for 2022. During 2020, the loan portfolio decreased slightly, but we saw increased activity in retail in the fourth quarter, especially in mortgages and credit cards. Having said this, in 2020, we continue gaining market share over 68 basis points to reach 23.6%. So an excellent year in terms of activity in Mexico. For 2021, we expect loans to grow by mid-single-digit. Moving now to the P&L, in 2020, our pre-provision income has shown a strong resiliency in the current environment, down only 1%, supported by both expenses and NTI. NTI growth by over 50% year-on-year, thanks to the good performance of both the global markets and some alcohol portfolio sales. With expenses growing only 0.7%, better than expected and significantly below the inflation rate in the country. Our resilient pre-provision profit has allowed us to absorb the increasing impairments. Cost of risk ends the year at 402 basis points, fully in line with our revised guidance, thanks to the good client payment behavior once deferrals expire. The MPL ratio increased in Q4, mainly explained by entries in retail portfolios, very much in line with our expectations. Most of them are retail deferred loans that became MPLs when the deferral expired. On average, the coverage ratio of these MPL retail portfolios stands at 80-85%, so they are already very well covered for 2021. And according to our current tech scenario, we expect the following trends. First, NII to grow by mid-single digit, growing slightly above activity due to the expected improvement of customer spread, as we will continue to focus on price management. Cost of risk in 2021 should improve versus 2020 levels to around 380 basis points. And then regarding the NPL ratio, we expect to end the year below 2020 levels, as all retail deferrals have already expired and retail MPLs will be written off fairly quickly and with limited additional provisioning needs. Let's now focus on Turkey, on the macro. We've improved also in Turkey our GDP growth expectation for 2021 to plus 1%. And we now expect a 5% growth rate for 2021. Sorry, it was 20, the first 1%, and 21, 5%. The TL loan portfolio grew by over 30% year-on-year due to the high loan demand, especially in the first half of the year, while foreign currency loans continued decreasing year-on-year. Turkey delivered a robust pre-provision profit growth in 2020, over 30% year-on-year in constant euros and up 7% in current, supported by the strong revenue generation and the focus on efficiency. NII was up by 25% year-on-year, thanks to both T&L long growth and a significant improvement in T&L customer spreads. In the fourth quarter, though, T&L spreads contracted significantly due to the increase in the cost of deposits on the back of rising interest rates in the country. For 2021, we expect NII to grow at high single-digit. Very good performance of NTI, thanks to FX results, but also gains from some security sales and a higher contribution from the global markets area. While expenses grew only 7.3%, significantly better than the 12-month inflation that stood at over 12%, that allowed the efficiency ratio to reach the historic level of 28.8%. This strong pre-provision profit enabled us to absorb the increase in provisions. We have strengthened our coverage ratio by over 4% year-on-year and cost of risk ended the year at 213 basis points and in line with our guidance. All in all, excellent results with a net attributable profit increasing by 41% in constant euros, over 11% in current. The main trends expected for 2021 are, first, we expect TL loan growth at mid-teens and shrinkage in the foreign currency loan portfolio to continue. NII to grow at high single digit, supported by loan growth and despite the contraction of TL spreads. And on cost of risk, we expect an improvement versus 2020 to levels around 180 basis points. And finally, South America, BBVA research has slightly improved its macro prospects for the region for 2020, followed by a significant recovery in 2021 of 10% in Peru, 6% in Argentina, and 4.8% in Colombia. Now some color on the main countries. Colombia increased its operating income by 6.2% year-on-year, thanks to gross income growing by almost 5%, and control expenses, with the loan portfolio up 4% year-on-year. In Peru, loan growth was up over 20% year-on-year, in this case supported by the state guarantee program, which affected clearly customer spreads. In Argentina, a very positive contribution, 89 million in 2020, even after the inflation adjustment. And now back to Onur for some final remarks.