Dividend distribution has been, eh, around 30% to 50% during many years, and we are expecting, eh, that, uh, policy to continue. We will need to present a proposal to the, first to the Board of Directors, then to the shareholders meeting, but we, um, want only present a proposal that, uh, is going to be fully aligned. We, eh, our, our policy, long-term policy, which, as I said, is, is between 30% and 50%, of the net income of Colombia usually, because that's the one that distributes, uh, dividends. That operation is the one that, eh, distributes. Right. And thank-you, thank-you for your answers, Juan Carlos. And congratulations on the results. Thank-you, Andres. Our next question is from Jorge Kuri with Morgan Stanley. Please go ahead. Hi. Good morning, everyone. Uh, thanks for the call. I hope everyone's doing great. Um, I wanted to ask two questions. One is on expenses for the quarter. They were up, uh, a lot quarter on quarter and year on year. I want- wanted to hear from you if there were some extraordinary items there, or you brought forward some of expenses in the fourth quarter, and what the expectation is for the full year and for next year. Um, and then on net interest margins, you, you sort of like alluded to, to rising rates, and that having a positive impact on margins. I wanted to see if you could maybe quantify what, what do you think your margins will be, um, next year, given the, um, normalized level of benchmark interest rates. Thank-you. Yeah. Thank-you, Jorge. Eh, first one, expenses. The, to analyze expenses, we need to take into, take into account several, several items. First, eh, labor costs. Labor costs, our expenses have grown, uh, around 1%, so they are pretty much under control. Eh, we have the, the balance with comparable compensation, which is growing a lot, since we didn't have, eh, borrowing compensation, or we didn't purchase borrowing compensation in 2020. So the comparison, eh, eh, it's showing a very high number on that. On general expenses, eh, we have some, eh, extraordinary issues related to digital transformation. But also, those depreciations, eh, related to our inaudible. So, for the year, you will see numbers close to continued that we have now, 9% or 10% loan. But let me, let me tell you something else. We have, in Colombia, inflation that is close to 5%. Also, we have, eh, eh, depreciation, cost of depreciation, which is, has been close to 11%. So, the pressure on the, on the cost from, from that part is, it's, it's there, and it's, it's one of the terms that is affecting, that is affecting, eh, this for. So, we, we are not going to see, eh, a performance in terms of expenses that is going to be, eh, very good during this year, due to those extraordinary issues. We will keep our program in cost control and, uh, the issues of what we are doing, and we expect that to, eh, take effect in 2022. Eh, so those are our, our expectations. If you compare, eh… inaudible If we compare, for example, the ' 19 expenses until September, and ' 21 expenses, the growth is inaudible and, and 7% inaudible side because we have some inaudible regarding, as I mentioned to you, inaudible, but among normalized way, the 2020, uh, it's a year, eh, that affects the, eh, the changes in, in inaudible fuel. It was a very, a very strange inaudible year. Hello? Oh, inaudible regarding inaudible I will, I will start this, uh, question to, the question inaudible to, to elaborate on, on needs, uh, and, and grades, uh, as companies inaudible on grades banks, on, on the, on the need part, because it inaudible Uh, thank you, Juan. Regarding the inaudible, uh, as you can see, we were able to hear to sustain the mean at a level of 5% on inaudible, basically and mostly because of the reducing of expenses of the English rates, because of our deposit base. Next year, our sensitivity is for every 100 basis points have changed the Central Bank, our sensitivity will be at around 8 inaudible. That means that we are going to see an expansion of the mean, uh, beginning the second quarter of next year, and maybe we are going to, if the interest rates at the end of this year closes at a level of 4.5% to 5%, maybe you're going to see an expansion of mean in between 40 to 50 basis points, uh, or even more, in, in our mean portfolio. Remember then, that our mean is composed by lending mean for portfolio, which is 5.6% and securities mean, that is 0.8% and the proportion is 80%, 20%. Thanks. Thanks, everyone. Bye-bye. We, we will inaudible in the effect until, uh, we touch along the rates increases, uh, during the next year inaudible the second quarter, third quarter until next, next year. Thanks, again. Our next question is from Ernesto Gabilondo, with Bank of America. Please go ahead. Um, uh, hi. Uh, good morning, Juan Carlos, inaudible Umberto. Um, Carlos, and good morning to all your team. Thanks for the, uh, presentation and for the opportunity. Um, I have, uh, three questions from my side. Uh, the first one is on the political landscape. Um, we continue to see petrol leading the presidential post. So, um, I will appreciate it if you can share with us, uh, what have you been hearing from his proposals? Um, I don't know what have you been hearing, if he's wanted to implement higher taxes or, or banking fees. Anything from what you have heard, uh, I think will be very helpful. Uh, and then my second question is on, uh, inaudible. Uh, we have seen the rest of the region developing, uh, inaudible banks, and willing to do spin-off at some point. Uh, so considering that you already have a good number of clients and, uh, that you are starting to become profitable, uh, what else do you need to consider, uh, for a potential spin-off and a listing of inaudible Uh, and then my last question is on your effective tax rate. Uh, we think it was high during the quarter, uh, considering the new tax reform. Um, so how should we think about effective tax rate for the last quarter next year? Thank you. Thank you, Ernesto. inaudible I'm going to take the first two questions, and I'm going to pass inaudible effective tax rates, uh, to inaudible Uh, political landscape, uh, it's, it's still early. Eh, we will have a, our, uh, first, eh, eh, inaudible on, on May, inaudible one presidential election. And then, uh, we have a lot of candidates. So, the, the political, uh, landscape is not, is not clear at, at this point. Eh, regarding the, the candidates and leading pawns, uh, we, inaudible has been, uh, around for, for a long time. He was a mayor of inaudible, uh, so, well, he has, uh, been a inaudible has been known for, for a long time as I mentioned. Regarding concrete proposals, we