Following management's former presentation, instructions will be given for the question and answer session. [Operator Instructions] As a reminder, this conference is being recorded. Before we begin, I would like to caution that certain statements made during this earnings conference call by Evogene’s management will constitute forward-looking statements that relate to future events, risks and uncertainties regarding business strategy, operations and future performance and results of Evogene. I encourage you to review Evogene’s filings with the U.S. Securities and Exchange Commission and read the note regarding forward-looking statements in their earnings releases, which states that statements made in those earnings releases and in a similar way on this earnings conference call that are not historical facts, may be deemed forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All forward-looking statements made herein speak only as of the date of the announcement of results. Many of the factors that impact whether forward-looking statements will come true are beyond the control of Evogene and may cause actual results to differ materially from anticipated results. Evogene is under no obligation to update publicly or alter our forward-looking statements, whether as a result of new information, future events or otherwise, except as otherwise required by law. We expressly disclaim any obligation to do so. More detailed information about the risk factors potentially adversely impacting our performance can be found in our reports filed with the U.S. Securities and Exchange Commission. That said, I would now like to turn over the call to Ofer Haviv, Evogene’s CEO. Ofer, Please go ahead.

Good day, everyone. Thank you for joining us on this call. With me today are Sigal Fattal our CFO, and Assaf Oron our Deputy Vice President, Corporate Development. I will begin the call with opening remarks, Assaf will then provide status update, followed by Sigal with comments on our financial results for the quarter. We will then open up the call for any questions you may have. My opening remark today will focus on two related topics. First, I would like to provide an overview on how we see Evogene's opportunity with respect to the worldwide need for food, seed and fuel. And second, I would describe certain ongoing organizational change aimed at accelerating our growth and leveraging our asset as we address this opportunity. We believe, that our unique position in the industry and the opportunities now available to us can be summarized by five segments, some obvious and other that may not be. First, the worldwide need for food, seed and fuel will be continuing and most likely will increase in the future. Therefore, the demand for the input product required to produce it, such as a seed, ag chemical and ag biological will also likely be increasing. Second, is that we have weakness in the past, that with respect to input product for agriculture, such as biotechnology seed or crop protection chemical, a product providing significant measurable new benefit can dominant a major market fairly, quickly gaining market share from prior leaders. Third, is that today more scientific approach to the development of ag product provide the potential for significant improvement in the quality and efficacy of those input product. The precocitive understanding are being obtained in many aspect of life science including genomic and the ability to create mega experimental data to pursue further understanding our…

Thank you, Ofer, and good day everyone. I would like to take you through an update on our line operations. However, in doing so, instead of updating according to four product division as I have in the past, I will provide this update based on our new organizational structure just described by Ofer. Our crop enhancement hub includes all the activities of our former yield and abiotic stress division and in addition are increasing activities in ag biologicals. Our proper section hub includes all of our former biotic stress division activities such as disease and insect resistant trait as well as ag chemicals. In addition to these two operating hubs for the parent company Evofuel will continue as a wholly own development stage subsidiary focusing on commercialization of improved castor seed. Unfortunately, Evofuel is being impacted by the widespread negative economic situation for commodities in specifically the challenging environment in Brazil where we expected to first commercialize our seeds. Multi-year and multi-sets field trials to-date, Evofuel's advanced seed have demonstrated the ability to produce castor as a row crop, and jointly with CNH industrial, this newly designed harvester has demonstrated the ability to allow the mechanical harvesting of the crop. In addition, we recently successfully registered three of our leading castor varieties in Brazil. And next year we intend to expand our field trialing infrastructure and development collaborations in Brazil. However, in view of the clear need to focus our core business in crops along with SLC's and Evofuel's understanding of the need to further evaluate castor crop on an experimental scale, we currently do not intend to move forward to commercial production with SLC next year. In the 2015, '16 trial and season we expect to continue to work with our existing partners including SLC and Insolo and are…

Thank you, Assaf, and hello everyone. First, with the respect to the very important issue for company such as Evogene, that is liquidity, as noted in the balance sheet, we continue to maintain a strong financial position. We ended the third quarter of 2015 with approximately $106 million in cash and equivalents representing a decrease of $3.6 million during the third quarter and without any corporate debt. We expect net cash usage for the full calendar year 2015 without taking into consideration potential cash sources, if any, to be between $14 million to $16 million. Moving to the statement of operations, and currently our reported revenues are largely research revenues reflecting R&D cost reimbursement under certain of our collaboration agreement. Looking ahead, our future revenues and profitability are expected to be largely related to milestone payments, royalties and other revenue sharing arrangements derived from existing and future collaboration. Specifically, revenues from research and development payments for the third quarter of 2015 were $3.3 million compared with $3.1 million in the third quarter of last year. And for the first nine months of 2015, revenues from research and development payment were $8.5 million compared with $10.6 million in the first nine months of 2014. This net decrease for the nine months of 2015, largely results from the previously disclosed amended work plan with Bayer. As previously stated, our revenues from R&D related activities will most likely fluctuate from quarter-to-quarter, depending on the nature and the timing of our collaboration agreements. Prior to our U.S. IPO, research revenues were a key contributor to our financial stability. However, given the strength of our balance sheet, that is no longer the case. Going forward and on a case-to-case basis, we are considering self-financing or jointly financing with our partner, certain activities under our collaboration,…

Thank you. [Operator Instructions] The first question is from Ehud Nir of Psagot. Please go ahead.

Yes. I was wondering if you could please elaborate on how come in 2016 you are not going to see any revenues from Evofuel, this is contradicted by what you said in former conversations. So, are we going to see any kind of revenue from Evofuel into '16?

Assaf, can you address this question?

Yes, of course. Hi. What we just mentioned over the call was that we do not expect to see commercialization and revenues coming from our relationship with SLC in 2016, specifically with SLC. We are still pursuing a number of paths and collaborating with several partners in Brazil and generally in Latin America, pursuing opportunities for commercialization, which may materialize in 2016 or 2017.

Okay. And do you have an amount of what kind of revenues are we talking about from Evofuel into '16?

This is an information that we’ve not published on the exact amounts and revenues that we expect. Usually in these aspect when we start commercializing seeds, relatively limited amounts of land 100 or 1000s of hectares and then it gradually grows. So, but we've not published any official numbers on the revenues that are expected.

Okay, thank you.

The next question is from Tyler Etten of Piper Jaffray. Please go ahead.

Hi, thanks for taking my question. I was wondering if you could talk about what you guys expect going forward for CapEx spending.

For, once again?

I was wondering what you guys expect going forward for your CapEx spending.

Our CapEx.

CapEx.

Yes.

So, yes. Hi, this is Ofer. So, most of the investment that we were planning to do built the infrastructure for our new area, both ag chemical and insect control. It already took place during a previous year and this year. We are now at the end of the construction of our new site in St. Louis. So, I don’t expect to see a significant CapEx for year 2016 in own. Actually it's probably even will be lower than what we invest previous year in order to build the infrastructure to allowed us to enter to the new field as I described.

Okay, great, thanks. So, with Evofuel not coming or any revenue coming on line in 2016, is it safe to assume that you guys expect it to come online in '17?

Assaf?

As --.

With no expected --.

Sorry, go ahead.

With no expected revenue from Evofuel coming in 2016, is it safe to assume you guys are just pushing it up one year to 2017?

Once again I'll try to clarify. With SLC, what we just announced is that we don't see ourselves commercializing with SLC in 2016, with respect to that specific relationship. This is the reason that we've meant. We thought of pursuing additional path, we have other collaborators, we announced --.

Assaf, it's -- I think that we -- Assaf is calling from another site. So, this is Ofer. I will address this question. So, as Assaf mentioned in what we disclose is that we are not anticipated to --.

Ofer?

Yes, Assaf, the line is not.

You're breaking up.

You're breaking up. So, I will take this question, is okay?

Go ahead.

Okay. So, what we disclosed is that we are not going to commercialize our cusp of variety during 2016 with SLC Agrícola. We are in the process with other partner that can lead us to and commercialize our variety in 2016. So, definitely if this could happen, and so expecting to commercialize in 2016 -- '17. So, it's something that's also in our forecast. So, the only thing that we disclose now is that we are not going to commercialize our variety with SLC Agricola next year.

Okay, got it, thanks. And then one more. If you could just talk about what sort of crops in your abiotic stress package seem to have the most market value and what do you think you can monetize, I guess, out of all of the traits that you are working on right now?

So, the most important crop is corn. And that's right, the highest commercial value is yield. And most of our efforts next year is going to focus on in the last few years and in the future is focusing on these traits for this specific crop.

Got it, thanks. I will pass it on.

[Operator Instructions] There are no further questions at this time. Before I ask Mr. Ofer Haviv to go ahead with his closing statement, I would like to remind participants that a replay of this call is scheduled to begin two hours after the conference. In the U.S. please call 1888-326-9310. In Israel, please call 03-925-5901. Internationally, please call 9723-925-5901. Mr. Haviv would you like to make your concluding statement?

Thank you. These are exciting time for Evogene, as we focus our broadly applicable ag-bio discovery infrastructure to an increasing number of major market segments. This excitement relate in large part to seeing how our long term investment in building this unique capability is now allowing us to establish a leading and novel discovery capability in each of these huge market segments. Therefore, all of us at Evogene look forward with the benefit of our strong financial situation to sharing with you and the financial community, our continuing achievement. Thank you for joining our call today.

Thank you. This concludes Evogene’s third quarter 2015 results conference call. Thank you for your participation. You may go ahead and disconnect.