Marcelo Santos

I wanted to discuss a bit the Brazil NIM compression. You mentioned that 1/3 of the provisions came from higher provisions in Brazil

Could you discuss what are the main products that are driving these or regions or if there is any particular driver behind the acceleration

which just disclose a bit of the initiatives that you are doing in these markets? If this was like MediLED or market-led and what to expect going forward

would it make sense to apply this to other countries like Argentina and Mexico. I mean I think you also have the same problem in terms of the step change in take rate

I would like to ask for an update on the logistics plan, especially on Brazil. I think there were some news saying that you're planning to boost the distribution center deployment