Matthew Sheerin, Thomas Weisel Partners Brian White, Kaufman Brothers. Carter Shoop, Deutsche Bank. Todd Coupland CIBC, Oppenheimer. Bernie Mahon, Morgan Stanley. Alex Blanton, Ingalls & Snyder. Lou Miscioscia, Lehman Brothers. James Szweda, Smith Barney Citigroup Tom Hopkins, Bear Stearns Steven Fox, Merrill Lynch Michael Walker, Credit Suisse First Boston

Good afternoon ladies and gentleman and thank you for joining on the Conference Call to discuss the results of Flextronics third quarter ended December 31st 2005. You have to communicate the data on this call, you can also view our presentation on the Internet, go to the Investors section of our website and select Earnings Presentation. You will need to click through the slides so we will give you the slide number we are referring to as we do our discussion. On the call with me today is our Chief Financial Officer, Thomas Smach. I will turn the first part of call over to Tom to go through the financial portion of our prepared remarks. I will then provide some commentary on the quarter along with our guidance for the next quarter and then open it up for questions. So go ahead Tom.

Thanks Mike and good afternoon ladies and gentleman. Please note this conference call contains forward-looking statements within the meaning of Federal Securities Laws, including statements relating to the success of our long-term initiatives, new customer opportunities, the successful transition of the Nortel operations, the success of our investments in component design and ODM capabilities, along with our ability to increase our Camera modules market share, revenue and margin growth, profitability, future restructuring charges, and anticipated use of available cash. These statements are subject to attendant risks that can cause actual results to differ materially. Information about these risks is noted in the earnings release in Slide 14 of this presentation and in the business, risk factors and management discussion and analysis section of our latest Annual Report filed with the SEC as well as in our other SEC filings. These forward-looking statements are based on current expectations and we assume no obligations to update these forward-looking statements. Investors are cautioned not to place undue reliance on these forward looking statements. In addition throughout this conference call we will use non-GAAP financial measures. Please refer the schedules in the earnings press release in Slide 3, 7 and 13 of the slide presentation, which contain the reconciliation for the most directly comparable GAAP measures. Slide 3: Because of the sales of our network services and semiconductor divisions during September 2005, our year-over-year financial comparisons require some clarification. Revenue in operating profits from these divisions are reflected in the prior year quarter and are obviously not in this December 2005 quarter. After we provide the actual comparisons we will summarize the results on an apples-to-apples basis by adjusting for the impact of these divestitures. Please pay particular attention to this slide as it contains the results with and without the impact of these…

Thanks Tom. Slide 12: I would like to first review our operational and financial performance in this quarter. With regard to our transaction with Nortel we announced today that both companies have agreed to reschedule the transfer of Nortel’s remaining manufacturing operations from the March 2006 quarter to the June 2006 quarter. The schedule changes made to allow completion of several major information systems changes in Calgary that will simplify and improve the quality of the transition, as well as operations after the transition. Meanwhile, we are very pleased with our existing system houses supporting Nortel, in Montreal and Chateaudun, and these facilities are operating well. In addition the vertical integration transfers into the existing Flex factories is also progressing nicely. We continue to see a significant amount of outsourcing opportunities that are broadly distributed across most end market. We are focused on growth opportunities that meet our most important financial requirements, which is Return On Invested Capital. We remain optimistic that a number of these opportunities will result in additional revenue in profits in the second half of fiscal 2007, and beyond. As a result we are investing heavily for this anticipated growth. Our major long-term incentives continue to work well and we continue to see customer adoption of a vertically integrated EMS services, which incorporate design, components, manufacturing and logistics. The ability to provide all of these activities from our industrial sparks is a big competitive advantage. As a result, we are investing heavily in plastics, metals, assembling capacity in Asia as well as building industrial parks in India and the Ukraine, and the manufacturing logistics and repair operations in Juarez, Mexico, our printer circuit board operation continues to perform very well. We are expanding our rigid circuit capacity in China with the new factory that we expect…

Yes thanks. I am hoping you can talk a little bit about your ODM initiatives and sort of the impact that’s having either positive or negative?

Yeah, well, we have several ODM initiatives and we continue to expand them overtime, you know probably the biggest one that gets the most attention is the ODM initiatives for our mobile phones, and one of the things that we did describe in our analyst meeting in late last year was that, we did not execute well last year, and what I mean by that is that there is usually a one-year delay in terms of the development of the product that we are going to use to build the market where I can go compete with delay of when those revenues. So, you know this year we expect to do about 4 million units, last year we did about 4 million units, which though we did not have growth within a nice growth market, we for sure lost money in those initiatives and one of the reason that our profits are down a little bit. You know however the investment this year have been and the changes this year have been actually quite substantial, we’ve reduced our R&D expenses by well over a third, we got a 250 people in the Beijing design center. Alright, we got about 250 people in a Beijing design center, we have improved all of our profits, seasonal industrial, relations and the product categories that we’ve created for revenues that’s coming this year that we are in now, or this coming year of this fiscal ‘07, we expect to ship probably, we already have booked probably 11 million or 12 million phones. So, we anticipate, in terms of what we have already booked for this year, assuming our customers hit their numbers to at least triple our numbers and we expect to be well positioned for the following year so we are extremely bullish about the changes that we made last year, the results that we have, the execution that’s been going to go on and, but right now it is absolutely contributing negatively from an earning standpoint.

And once you do get that ramp Mike, what are the operating margin goals now, I know in the past you’ve talked about 6% to 8% in our business, what is it now? A – Mike McNamara: Yeah, you know everyone is a little bit different because it really depends on the amount of vertical integration that you can get into those phones, sometimes you can get all the verticals in, sometimes we can only get some but I would say that the cell phone market is very, very competitive and anything on the low-end from 3% margin all way the up to about 6% is very realistic.

Okay, just to follow up on the Flex circuiting initiatives, is that largely aimed at the handset business as well? A – Mike McNamara: We anticipate it coming, yes, I would say in this first year we anticipate probably 80% of that demand coming through cell phones, not necessarily our own but either our own or just tell them these in the open market there’s still quite of opportunity for us to play there.

Gotcha. Thank you.

Thank you. And our next question comes from Brian White, Kaufman Brothers.

Okay, good afternoon. Could you talk little bit about, you talked about the EPS impact for the Nortel delay, could you talk a little about the revenue impact for the coming quarter, also what is left in terms of payment and what square footage are you bringing on with Calgary? A – Mike McNamara: Yeah, so for the March quarter the impact in terms of revenue was roughly maybe $100 million

It was a little bit more than $100 million A – Mike McNamara: And in June the negative, the decrease in revenue will probably closer to $200 or about a $150 million or so, so we expect to lose a $100 million in the March quarter, $150 million in the June quarter. The capacity coming on, I don’t know exactly the square footage but the way we actually are not buying any buildings. So, what we’ll bring on will just be a pay-per-use kind of arrangement. So we actually the size of the facility is probably just 3000 sq. feet or so. But we don’t have any long-term commitments to the project.

Okay, and then the payment how much in payments in rough? A – Mike McNamara: It is about $200 million remaining altogether and that’s still spread out over the next four quarters or so.

Okay thank you.

Thank you. And our next question comes from Carter Shoop, Deutsche Bank. Q – Carter Shoop: Thanks, just a quick clarification there, you say that you are looking for operating margins in the 3 to 6% range for the ODM handsets? A – Mike McNamara: Yeah, that will be fully implemented, yeah, and anywhere from 3 to 6%. Q – Carter Shoop: Yeah, that’s with all the components staked in there? A – Mike McNamara: Yeah, that’s about all the components staked in. I mean, again it depends on how many different components, we actually do get within there so. Q – Carter Shoop: Okay and then just a clarification on the Nortel deal, it sounds like it is going to be roughly $100 million, out of guidance for the March quarter but roughly a penny and a half due to the guidance there, I guess the mid point of our guidance, before it was roughly $0.17 now it is about $15.5. So is that just system? A – Mike McNamara: Yeah. I mean, we have got to look at it and view it as being almost all attributable to that, we don’t have the exact numbers, but roughly speaking it is we - Q – Carter Shoop: I mean I don’t want to get tuning in on here and back into these numbers, each hard numbers here but just based on the math 5% to 10% operating margins for that business I assume it is not coming on that high, but can you talk to what kind of operating margin for that business coming on, the company averages for that now or anywhere above that? A – Thomas Smach: Well, I think what you are excluding from that analysis is the fact that we have startup and integration cost…

Thank you. And our next question comes from Todd Coupland of CIBC, Oppenheimer.

Hi, good evening everyone. If you could just clarify the targeted effective tax rate for ’07, please? A – Thomas Smach: Yeah, Todd, we are still working on that but I would use 7% to 10%, it is probably our best estimate today.

Okay great, and how should we think about excluding Nortel seasonal ramp into the June quarter, given the visibility you have, what type of balance should we look for, maybe just give us some color around that? Thank you. A – Mike McNamara: We actually don’t see that much seasonality. So I am not sure about the seasonal June ramp, I mean we see an incremental revenues in our results only because of the acquisition of recovery operation. But in terms of real seasonality, we have seen them to be generally pretty flat with the exception of December quarter where it beefs up.

Okay. So, we should expect to see even with all the mobile handset programs coming in, we should expect to see the bulk of that in the second half of the year, the second half of the calendar of ’06 year? A – Mike McNamara: Yeah, in terms of overall revenue increases, we will for sure see some of our programs hitting in September and a lot hitting in December.

Okay. A – Mike McNamara: But you asked specifically about Nortel? Correct?

No. I, sorry, moving away from Nortel, you talked about this 12 million or tripling of the unit volume in your mobile handset business A – Mike McNamara: Yeah.

Should given that you don’t expect the business ex Nortel to increase in June, should we expect to see the bulk of those handsets in September and December of ’06? A – Mike McNamara: Yeah. September and December. But don’t necessarily anticipate that these are all going to be incremental revenue. You know while it is incremental ODM business, and it validates our model, you know some of that business is going to be protection of existing model, so some of these are replacing existing models that maybe the customers would have done themselves if otherwise. So it allows an opportunity for us to design in all of our verticals and as the result of that maybe getting increased margin, but it doesn’t necessarily mean it is true incremental business.

Okay. A – Mike McNamara: Does it make sense to you? I think what we are doing with our ODM business, I mean part of it is design in our verticals to get more margins and to drive the topline but part of it also that we didn’t have it, it will be difficult to protect the business that we have.

So in order to give us some idea on the incremental potential, are you able to size that for us? A – Mike McNamara: Yeah. I mean, really the question that is, what’s the incremental cell phone business next year, and we have a good idea of what that is and we are pretty bullish about it, let us put it that way. But I don’t want to make any projections because it seems a little bit has come back in here lowering our projections after a while but it is kind of like not to put a number on it but we actually expect the cell phone business to grow very, very nicely in FY ’07 versus FY 2006.

Okay great, thanks a lot.

Thank you, and our next question come from Bernie Mahon, Morgan Stanley. Q – Bernie Mahon: Hi good evening. Just a quick question on the guidance for March, it seems like as you know the mid-point the range it sounds 15% sequentially now but if you look at December it was only up 8%, so it seems like the demand is a little bit weaker even excluding kind of a Nortel being pushed out. Could you just talk about maybe what segments are driving most of that weakness or if it is, and if it is Siemens and Alcatel, you are going from X number of dollars down to 0 and they were brought in-house, just kind of the status there? A – Thomas Smach: So, Bernie, little trouble on the following your math there, but our prior guidance for the March quarter was $3.6 to $3.8 billion and we lowered that range by $100 million to 3.5 to 3.7 so the entire reduction in our guidance range was all attributable to Nortel. Q – Bernie Mahon: Okay. Excluding that, I guess I am just asking, the guidance was down mid-point range 15%, and you were up say 11% sequentially, I guess could you just talk about what is driving the weakness in the March quarter? A – Thomas Smach: Yeah, I would say that is pretty traditional seasonal adjustments going into the March quarter, I would say 15% down sequentially and March is more or less normal. A – Mike McNamara: I’d kind of add to that, you know we’ve had some reductions as you know in Siemens and Alcatel which were kind of offset by Nortel and Kyocera on average. But I would say most of our wins that we’ve talked about really don’t hit till the second half of the year, I think that is pretty consistent with what we have been saying, and I think in general as a result of that, I mean its nothing inspiring in the March quarter but we are obviously positive about the end of the year when the thing start ticking in. Q – Bernie Mahon: Alright that’s great thanks.

Thank you, and our next question comes from Alex Blanton, Ingalls & Snyder. Q – Alex Blanton: Good evening. I want to ask first about the wins that you announced last spring and how they are shaping up now for entry into production as opposed to what you originally expected now. We have already talked about Nortel but we are talking about Kyocera, which has already started, is that inline? And then there was $1 billion or excessive $1 billion worth of printer business from 4 OEMs I believe, and there was another $1 billion or an excessive 1 billion 5 OEMs including three server and storage companies, one peripheral company, one semiconductor company. So the total of all that including Nortel of course is about $5 billion but it was scheduled to come in in calendar 2006 and 2007, so could you update us on how those things are tracking? A – Mike McNamara: That one is kind of a tough answer as well, but I would say on average, I think one of the things that we mentioned in a lot of these programs, we worked with the design, we worked with designing in a lot of vertical, so as a result we are very very early on the process, I would say on average while all these things are moving along, creating a lot of expenses for us, I would say, on average they are, you know a little bit slower than normal, that’s kind of, we were kind of move towards the speed of the product introductions as it relates to our customers, lets say on average we are probably a little bit slower, Alex, and maybe a little bit softer. We still anticipate all of them hitting full by the end of 2007, calendar year…

Thank you, and our next question comes from Lou Miscioscia, Lehman Brothers. Q – Lou Miscioscia: Okay, thank you. I was hoping maybe you can comment on the June quarter in the sense that you mentioned that, Nortel, to some degree it is going to come out of the number, so would you expect that June now will be now our March stand will be flattish both top and bottom line, respectively or you could get to the some of the other programs that you had talked about ramping up, it will be higher sequentially? A – Mike McNamara: So for sure, our philosophy going forward is to provide quarterly guidance, just one quarter at a time. But just the frame our thinking we are not providing guidance, we do think both the topline and bottomline in June will be sequentially higher but we are not prepared to give any guidance for that quarter, but our expectations is both top and bottomline will be higher sequentially. Q – Lou Miscioscia: Okay, quick one on an update the laws that passed in Singapore, maybe if you could just help us out, what actually passed and what was your thoughts being, going into, just talking to the board, on the stock repurchase? A – Thomas Smach: Well, so the law changed, and that allows us to buy our stock back with as long as we have positive equity not just retain profit. So obviously we have a great deal of work in the company so, that just allows us to buy stock back. You know, if you want me to answer this, I would just say generally speaking we are extremely bullish about the organic growth opportunities that increase both profits and opportunities that we can generate in incremental return on invested…

Thank you, and our next question comes from James Szweda, Smith Barney Citigroup.

Great, thank you. When we talk about Nortel and coming in on, out of the June quarter, any confidence you can give us about indeed will that have been transpired in the June quarter and are we going to see anymore head wins after that or is the $0.01 EPS dilution for that just through the June quarter then we go positive accretiveness, thereafter? A – Thomas Smach: I mean, impressed to commit to that it would be very difficult for us. We come in here quarter after quarter after quarter saying we’ve slipped something with Nortel, we slipped in the Nortel, so I would say when it happens, it happens and you guys will be the first to know. But if we do slip it again I mean it would cause some additional deterioration of both revenue and the profitability. Once again our expenses will go up as we continue to work on the transition. And we have lots of revenue and opportunity for profit growth as a result of transition across. So we don’t know I mean if it doesn’t transition across, it has a whole set of implications for goodwill and the cash payments made in such so. I mean we are very, very bullish about it. Moving forward I think Nortel is, but I just you did really have to see it. I mean, we will certainly be ready in the June quarter, but we still have to get the switch closed and that still needs to happen.

Okay, and then as a follow-up. Can you give any additional color on what you exactly mean by completion of several major information systems, is this just getting them on to your consistent system or is there more behind it than that? A – Thomas Smach: Yeah, it just a combination of it. There is combination of systems involved, there are all kinds of systems there is the manufacturing systems there, there are various systems there and it’s a pretty complex environment because of the nature of all the different product category running in there, because, they have wireless and enterprise and other things so there is actually a whole set of complications associated with this computer transition. So its just a variety in the book of ours, and we are working pretty hard together to go make that happen, I mean there is no some particular issues but it just we wanted to be bulletproof when it comes across and we will make it sure that it’s bulletproof and so that when I say we I mean not just Flex but also Nortel.

Okay, thank you.

Thank you and our next question comes from Tom Hopkins, Bear Stearns. Q – Tom Hopkins: Yes, good afternoon. Could you guys talk about how sticky you think your market share is, and that your top five customers have obviously been some new qualifications with Microsoft in terms of vendors, another group of vendors have been qualified its Sony Ericsson, your No.1 customer. So you could just talk how sticky do you see your market share and if you expect any material shifts in the first half of this year? A – Thomas Smach: Well there is no, I mean if you look through the top customers, Sony Ericsson, HP, Motorola, you know none of these have any requirements to use us, they only use us to the extent that really it is just the value and the service we provide, it is good or better than anybody else. So you know there is not, I won’t say there is lot of stickiness, the question of what’s the relationship with these customers, I think Sony Ericsson is very good, we anticipate they will be building this next year. They are very thoughtful and process oriented and we are very happy with the allocation we’ve received. You know as they grow larger and larger there are for sure are going to use more than us, I mean its just kind of factored things, you know Kyocera is one of our bigger customers, you know we view that a little bit stickier, because you know we have a multiyear deal with them so we feel really good about that and I think Kyocera has been doing pretty okay in the marketplace now, you know Hewlett Packard like I was saying we’ve been doing $1.5 billion of business with Hewlett Packard year after…

Thank you sir. Our question comes from Steven Fox, Merrill Lynch. Q – Steven Fox: Hi, good afternoon, couple of questions. First of all on the profitability, excluding Nortel, is there anything that you see that can offset the investments, and that you can wind up with higher margins say two to three quarters from now? And then secondly just do you have an off balance sheet receivable number account? A – Mike McNamara: Yes. A – Thomas Smach: Yeah. For our margins, yeah I do, I think, you don’t want the benefit of being the No.1 provider in camera module business, it gives us an opportunity to manage the slight base in an aggressive way. I think, it gives us a lot more cycles running and you know I think, we will solve our efficiency and relations there, I think, we know how to do it. We build a lot of them today, more than anybody in the world. So I think, we know, how to do it, know what we need to do in order to get that possible. So actually I think that to be a good contribution by the second half of the year in camera modules. And you know things like, you know power supply business, some of the other business, I actually do not see that, I think there is still an investment process and I have to remind, our cumulative investment in power supplies as far is going to be, you know, $15 million. And normally what we have done in the done past is gone out and spend, you know, couple of hundred million dollars for a power supply company with a bunch of goodwill. And this is something that we are trying not to do. And what that does is the result of, it creates some expenses, you know, actually set up these business but we are thinking in the long run it is a much better return model. So I think that won’t do much, but then again I don’t think its going to be that much of a drain on our business, I think the more, I do think in, you know December quarter, December March quarter, we could see the benefit of some of our ODM programs come along with the camera module business becoming more profitable, which is a large revenue business now and I could see some of the effects of these things. Q – Steven Fox: Just specifically on that, what is the restructuring do you think in terms of cost savings, the charges that you have been thinking, or is that already in the savings, is the savings already in the numbers?

Yeah I mean there is no incremental benefit associated with that, so whatever we have assuming for profitability, now that’s already assuming the benefits of the restructuring. Q – Steven Fox: Okay. And then just off balance sheet number?

Actually we sold almost the same level this quarter as last quarter, in terms of asset securitizations, $257 million, and $184 million of that was received in cash proceeds. Q – Steven Fox: Okay. Great thank you very much.

Okay. So maybe we will take one more question.

Thank you. and our final question comes from Michael Walker, Credit Suisse First Boston. Q – Michael Walker: Thank you. Nortel, in prior quarters you have given us on the slides, you given us expected Nortel revenues for fiscal ’06 and ’07 and I am wondering if you have those numbers now?

I actually don’t remember breaking out those records specifically for year, Mike, But I would say in terms of fiscal ’06, the gulf is about a little more than a $100 million as a result of the push out that we anticipated from revenues in the March quarter that didn’t happen and about $150 million will come out of fiscal ’07 because of the scheduled reductions well and so whatever numbers you were using for Nortel, just back out, about $150 million in fiscal ’06 and ’07. Q – Steven Fox: And I guess my second question, I am confused as to why the Nortel, they would be bigger in June than it is in March?

Well, we expected full June quarter revenue load because we expected the factory to transfer over late in the March quarter. So there is a partial quarter impact in March and a bigger impact in June. Just the timing of what our expectations was versus what, when we think will transfer over now. Q – Steven Fox: Okay so assuming Nortel, still $2 billion a piece of business, and if you can confirm or deny that, do we expect to hit that full run rate, either in the $600 million range per quarter by some time fiscal ’07 or is that now more of a fiscal ’08 timeframe?

We are definitely not an year up to hit $6 to $7 million a quarter, $600 to $700 million a quarter, is that what you said? Q – Steven Fox: Well, yeah, because you have been saying 2.5 way back, you kind of guided that down to greater than two so I was kind of estimating somewhere in the 6, 7 but it sounds like it might now be 2, which would assume 500, is that what I should be thinking?

You know again, it really depends on what, you know we have all the obstacles, the wireline and the enterprise business, so whatever that runs with Nortel, is what it would be, some stain from the, there’s a few program, they have some freedom to do with few things with programs outside of that, but generally it is just a question of what they are going to do but you know I think, you know, conservatively I think you have to assume that its $2 billion program and we’d be running at that run rate by the month of June. Q – Steven Fox: Okay. And then just the last question, on the margins, it looks as though, the margin decline September to December was a little bit greater than, can you explain entirely by the divestitures, if that is the case, and if so can you just tell us what the influences were there?

It is definitely not just divestitures, I mean we are, you know I think I mentioned we are struggling with particularly with our mobile ODM investments that are absolutely loosing money, or camera modules businesses for sure are losing money, our power supply business is losing money, all these are negatives, we’ve got a lot of expectations in the camera modules, we went from a thousand people at the beginning of the year to 4000, 5000 at the end of the year, we went from one factory at the beginning to three factories at the end, we had to build clean rooms, it is a massively yield in terms of process we probably had five design wins at the beginning of the year, and at the end of the year, we were probably in 50 different zone with multiple customers, so the complexity of the business when we drove forward the high growth gain in the 15% 14% market share, you know with real fast, lot of learning curve, a lot of new people, a lot of new facilities, a lot of investments and, you know, we just weren’t able to make money but we chased the revenue. We also mentioned the ODM fees from a financial standpoint, we just didn’t do well last year, operationally in terms of positioning ourselves for this year, we did a great job, so I think that’s, but as I said nonetheless from a margin standpoint it is negative, so you take all the ODM investments from the component investments and they are actually contributing negatively as a bundle. So it is actually taking the base CMS, and printer circuit board and margins down when you put it altogether. Q – Steven Fox: Is there a quarter where we can start looking for to when those components to modules, power supplies will start to breakeven and contribute to margins?

Yeah, we went from 4 million pieces in ODM, there are 11 or maybe more, you know maybe it is not that high, maybe but it is 9 but once you hit double and triple those volume levels those investments absolutely pay for themselves. You know, camera modules, we absolutely, we actually intend to be profitable even starting this quarter, so even though our revenues are going to be down, we actually had greater efficiencies, and we have improvements this quarter as the result of the work we did at the end of last year. We actually expect that business to start turning, new freight even this quarter, I think power supply is going to another year. I mean it is a complicated business, we have to bring on a lot of IP and know how. We actually just hired a general manager for that business, we were really excited about and we also have some better leadership in that business so I think you better start, you don’t anticipate that being profitable this coming year. So that is still going to be an investment for us. So I would say, it is starting to turn, and you know what I think it will still be a little bit of a drain, you push couple of quarters, you know March and June and then I think we’ll start to see some of the benefits towards as we get into the later quarters. And after that we also expect to do some of the volumes coming online from an additional revenue.

Definitely it is important to understand this strategically we’ve made the decision to invest in certain of these business organically, even if they hurt our short-term profits. So we are doing it organically rather than investing in acquisitions and goodwill premiums and we think in the long run, and actually even in the short run it is much easier to achieve our ROIC requirements from these organic investments than through acquisitions, so that’s a strategic decision we made and we do think that is in the best interest of our shareholders and that’s what’s going to create more value than acquiring these capabilities externally.

And that doesn’t mean we won’t do acquisitions. That we’ll continue to do acquisitions, accelerate our learning and certain product categories where we need the expertise and don’t want to bring it on our, or too complicated to bring on from an organic strategy but we are going to try a lot harder to be more precise with those acquisition and investments and try to keep the goodwill down and get our return on capital items. Q – Steven Fox: Thanks a lot.

Okay. Thanks everybody for joining, we will close it up at this point and we will see you again next quarter.