Welcome to the Gold Fields Third Quarter Fiscal 2006 Conference Call. My name is Gregory and I’ll be your coordinator for today. (Operator Instructions) I would now like to turn the call over to Mr. Willie Jacobsz. Please proceed, sir.

Thank you very much. Ladies and gentlemen, thank you for joining us for this third quarter results teleconference call. Ian Cockerill is going to give some introductory remarks, after which Nick Holland will take us through the financials, and then the rest of the lineup will be Brendan Walker, who joins us today for the first time to talk about the South African operations. After which Terence Goodlace will talk about the international operations. Ian Cockerill will then wrap up again. I’ll hand it over to Ian now.

Thank you very much indeed. Let me also welcome Brendan here to his first teleconference call. I think it’s fair to say that if his previous performance in Ghana is anything to go by, I think we can all look forward to some positive local results in the not-too-distant future. Now, it’s said that the gold industry is never a dull place to be in, and certainly I think that would characterize this past quarter. We saw the gold price rise to some of the highest dollar levels seen in years and, despite a strengthening Rand, we saw Rand denominated gold prices also reaching new recent highs. Naturally, these all assisted with the results we’re going to be presenting here today, but I think it would also be fair to say that would mask what has been a very good overall performance for the group as we build up the platform that we’ve established these past few years. Certainly we’re currently benefiting from a confluence of positive factors -- a high dollar price, a good Rand price, a diversified and growing production base, and the business model that has the make-up to benefit from those features. But what were the highlights for the quarter? Well, net earnings were up 90% in U.S. dollar terms to $76 million. Gold production was down marginally 2% to 1.023 million ounces, on the back of good performances from the international operations in Driefontein and Beatrix. Along with the previous guidance that we gave last quarter, Kloof did have a poor quarter that showed signs of improvement in the last month of the March quarter. Once again, our total cash expenditure was well contained, and this certainly helped on the back of slightly lower production limits, the cost drivers to $372 per ounce. Pleasingly, our operating margin is up from 28% to 32%. We also conclude the Bolivar transaction in the last quarter, and we’re now commencing the bedding down period of this acquisition. Terence will go into a little bit more detail on that later on in this call. Finally, and probably the most significant event in the quarter, was the sale by Norilsk of their 20% stake in Gold Fields. This was a record setting sale of over $2 billion, the largest ever placement of gold stock, and all completed within 48 hours into a fairly restricted market. Proof I’m sure that you’ll all agree that Gold Fields is a highly sought after counter in what is a very, very exciting gold market that we have at the moment. With those brief introductory remarks, let me hand you over to Nick who will go through the financials.

Thank you, Ian. As Ian mentioned, operating profit has increased substantially from the previous quarter. In this quarter, we had operating profit of $190 million, that’s against $46 million in the previous quarter. As mentioned, that’s on the back of the higher prices achieved for the quarter. $550 an ounce compared to $482 an ounce. Interestingly enough, if you look at where we are today, we’re roughly $100 an ounce higher than the average price achieved in the last quarter, and I’m sure you can re-work the numbers yourself on the basis of today’s price, assuming that all other parameters and production steps and costs are the same. No doubt you’ll see substantial upside potential in these earnings for the forthcoming quarter. Net earnings for the quarter being $76 million, and in terms of cost initiatives, I think it’s fair to say that we continue to deliver on those cost initiatives. The main cost initiative is the supply chain project, so-called Project Beyond at the South African operations. Pleasingly, I think that by the middle of next financial year, we will have largely achieved our objectives at the local operations. Also, we’re rolling out these initiatives to the international operations, and we’re looking for similarities where possible across our operations to take this forward. I think the one thing that is becoming clear in this industry as well as other industries, however, is that the cost of inputs are going up all over the place. We’re seeing oil going up, we’re seeing steel going up, we’re seeing things like cement and timber going up locally, and also the cost of labor is going up. Scarce resources are becoming more expensive. So certainly these initiatives are important, just to make sure that we can maintain these operations where they are, and…

Thanks, Nick. Good afternoon, ladies and gentlemen. At the selected operations, both in Driefontein and Beatrix saw production similar to the previous quarter. The Christmas break having had little impact at both these operations. At Kloof, gold production decreased, resulting in an overall decrease of 7% and a total production of 646,000 ounces for the South African operation for the quarter. Operating costs increased by $10 million to $276 million as a result of the Rand strengthening during the quarter. Total cash costs increased by 13% to $415 dollars per ounce. As a result of the 7% lower gold production and the 6% increase in the strength of the Rand. Operating margins increased from 21% to 22%. Capital expenditure for the quarter was at $27 million, and forecast to go to $33 million in the next quarter. Driefontein gold production of 284,000 ounces was nicely in line with the previous quarter. The reduced underground gold production as a result of the Christmas break was supplemented by 25,500 ounces from the final gold clean-up of the No. 1 gold plant, and additional surface tonnages milled. Operating costs increased by 6% to $110 million, and total cash costs increased by 10% to $376 per ounce. The operating margin was at 29%. Gold production at Driefontein for the June quarter is forecast to be between 5% to 10% lower than the March quarter, as a result of lower than anticipated underground grabs at No. 1 and No. 4 shafts, while surface gold production will also reduce as the final clean-up at the No. 1 gold plant was essentially completed during the March quarter. Addition focus will be placed on the underground clean-up of old gold to reduce impact of the lower grade. Gold production at Kloof decreased by 18% to 207,000 ounces. Underground…

Thank you, Terence. Now normally at this stage in the conference call, John would give you some feedback on the projects. John is currently on leave, so I will just give you a brief update as to where we are on Cerro Corona. During the quarter, we received all the remaining permits that were required for this mine -- that’s the environmental permits, the mining permits, as well as the construction permits. The construction in this project is now underway. Certain of the contracts have been awarded already, several to local operators, as well as international operators. And as things stand at the moment, and bearing in mind any unforeseen mishaps, we are still online to be producing concentrate from this operation before the end of calendar 2007. Back home in South Africa, we continue to evaluate the drop-down projects, both in Driefontein and Kloof, and we’ll be presenting our latest findings to the board later this month. So far, the reviews show that prospects look good for a positive decision, which will be made over the next four to five months, once final design and costings have been completed. Terence mentioned that we’re looking at further expansion at the new Tarkwa mill. This will be to facilitate the treatment at greater quantities of ore, particularly from the southern end of the lease. This area, the heap leach pads will be reaching their final capacity in a few years time, and when one bears in mind the higher prices we’re currently receiving, we’re now forecasting the higher prices that we’re forecasting. This makes no treatment for this ore together with the better recoveries through the mill process rather than heap leaching, albeit at higher unit costs, a much more attractive option. It’s unlikely it leads into any significant increase in…

Greg, we are ready for questions now.

Okay, sir. (Operator Instructions) Your first question comes from the line of Alan Cook with Nedcor Securities. Please proceed. Alan Cook - Nedcor Securities : Good afternoon. Just a quick question, in the booklet that we received today, you mentioned that maintenance costs at Tarkwa will increase as the mining fleet moves to higher maintenance rates based on increased usage, and you’ve given us some pieces this quarter, your mining costs went from $0.96 U.S. to $1.03. Could you indicate what kind of increase in your mining costs at Tarkwa you’re anticipating there? Terence Goodlace : I think unfortunately, the fleet is now reaching the 12,000 hour mark, and that is the time when we most need maintenance. Based upon that, we thought it was apt to reflect that in the book. As far as what’s going to happen with the unit costs, as far as the unit costs are concerned, our aim is to try to keep them at $1.03 and not increase them, and the way to do that is to increase productivity and to increase volumes mined. That’s what we are aiming to do. Alan Cook - Nedcor Securities : Thank you. Just a last one, something else I picked up in the booklet, you mentioned that you guys have withdrawn from the Shandong JV in China. Anymore detail on that? Should we find that Sino Gold still there? Or is China essentially an area that you’ve gone cool on. Terence Goodlace : Not at all, Alan. You see that we actually increased our stake in Sino Gold. The Shandong joint venture was really one of pure exploration play. But we’ve increased exposure to the Sino certainly with the forthcoming commissioning of the [Jantung] mine. We think that’s very interesting, and also you will note that exploration activity has increased in the Fujian Province, along with Zijin Mining. So we’re certainly not cool on China. I think the withdrawal from the Shandong JV reflects the inevitable consequence of not coming up with some of the positive results from that area that we hope there will be, and it is simply a question if we set walk-away criteria for our exploration crews, if they don’t match up to that criteria, then we stop and we move on to somewhere else. Alan Cook - Nedcor Securities : Thank you.

Your next question comes from the line of Victor Flores with HSBC. Victor Flores - HSBC : Thank you. Good morning. I was hoping that for some of the costs at the South African operations, can you give us a sense of how much of the increase from the December quarter to the March quarter is due to the lower production as a result of the holiday season. How much of that is due to ongoing cost pressures, inflation that is outside South Africa? How much of it is due to South African inflation, and how much of it is a positive impact of whatever cost-cutting initiatives are ongoing?

In Rand terms, our title costs for the quarter actually decreased by 27 million Rand. That was largely offset by Kloof’s drop in production. On absolute terms, Rand terms, they did drop, but with the Rand strengthening to the dollar of about 6%, that put pressure on the dollar side, and then with our production being down 7%, and if you add those two, that basically gives you the effects. But in absolute terms, we kept the costs level with sizing due to production.

I think the other thing, and Nick mentioned it this morning in our discussion with journalists down here, if you look at consumables in South Africa, over the past three years, taking our consumable expenditure and measuring that against area broken, our cross selection remains flat for three years. So what you’re seeing is a high unit cost expressed in gold produced, bearing in mind that the expenditure for area broken is constant. I think that’s simply a reflection of the natural declining grades in our ore body. Victor Flores - HSBC : Great, thanks. Second question goes to Choco. You mentioned that the production you reported was only for one quarter. Could you give us a sense of what the assets produced for the entire quarter and what the cash costs were? Terence Goodlace : Yes, this is just for the one month. I don’t have what it was for the full quarter, but it was probably something like 20,000 ounces, and that probably freed some of the cash costs. Victor Flores - HSBC : Great. Could you give us a sense of what the ramp-up is going to be throughout the year, because I saw what I thought was a quote attributed to Ian saying that the production this year at Choco would be 120,000 ounces. Terence Goodlace : Yes, the ramp-up, once we have everything in place and once we’re happy with the factory in and about the processing plants, and once we’re happy with the actual plant itself, I don’t foresee any problem with getting to that trigger that Ian has actually mentioned. As I said a little earlier, we are currently busy with the two-year plan, and that is only being presented to me next week, so it’s a bit premature for me to actually say what’s happening. I do expect that we should easily be able to get to those 120,000 ounces.

Just before Terence goes off that point, I think what is important is to clarify. There seems to be some confusion in the marketplace. Some commentators have been saying that there was supposed to be 190,000 ounces this year. You have quite correctly picked up that I had flagged that it wouldn’t be 190. 190 was a number that we published on the back of information that was in the public domain by the previous owners, and until such time as we had done the review, we felt it inappropriate to put out any other number until we had a chance to review the process. When we had our first full review on the mine, post the due diligence, management at the mine indicated that 190 was not possible, 120 was closer, and we concurred with that. Also important to remember that we never factored in 190,000 ounces in the first year of production, unlike some people have suggested well have you not overpaid for this effort -- far from it. We didn’t even assume we would get those levels of production in the first year. But the most important thing about this asset is that it’s a very, very prospective area. We have two choices. We can either push production in the short term and not sort out some of the bottlenecks, some of the issues that need to be sorted at this mine, and create an ever longer unstable performance in the operation, or take a short-term hair-cut and provide a solid platform to build off in the future. This is Terence’s desire, what he wants to do, and I fully support him in doing that. I suspect that once he had a chance to have that review, we’ll be able to put out a much fuller statement on that build up. But the build-up will come and I think people, over the next couple of quarters, listeners will be able to see just how well Choco 10 has performed, and in fact, it was a very good acquisition. Victor Flores - HSBC : Thanks, Ian. I think part of the confusion may have stemmed from comments attributed to the company back in November, where they did quote that 190, but I understand that that’s not a number that you put into the market.

That is a number clearly put out for promotional purposes. Victor Flores - HSBC : I can’t believe they would do that. Thank you very much.

Your next question comes from the line of Muneer Ismail with Deutsche Securities. Please proceed. Muneer Ismail - Deutsche Securities : Good afternoon, guys. Two questions. Sorry to harp in about this Choco 10 thing, but it did kind of catch us by surprise, 5,000 ounces coming through. I fully understand that it’s only one month of production, but just looking forward, it’s 20,000 ounces what you’re projecting for June. Now, it’s all good and well saying it’s premature to sort of release what sort of numbers we get, or whether this mine can get up to 190,000 ounces, but if you could just give us an idea of the timing of that. As we put our numbers into our model, we sort of need to project forward and we might deny you the value by looking at it as prospective of the total value required under the model. Can you not give us some indication of for how long you’ll run 20,000 ounces? Terence Goodlace : I think the key thing for us is that we’ve got 19 projects on the go right now, just looking at the processing plant. All of that is being timed, all of it we need to procure everything in terms of refitting the plant and recapitalizing the plant to our standard, and that is on the go right now. The engineers and company have only just returned from Venezuela and from that basis, as I say, it’s premature to give you guidance on something that we haven’t fully timed ourselves yet. But my expectation is certainly towards the end of the year, we are certainly going to be above the 20,000 ounces. But if you look from beyond June, I expect, and based upon what I’ve been told so far and what actually is happening at the plant, I expect that we will quite comfortably be able to beat the low number of 20,000 ounces. All I ask is that you give us a bit of time. We are going through the process. We’ve had the operation for a very short period of time, and we will give you guidance in the June quarter. Muneer Ismail - Deutsche Securities : Fair enough. On Kloof, I’m not sure if this is for Brendan or for Ian, but look at Kloof, 7.5 tons per quarter, I’m okay with that, but just tell us what sort of grade are we looking at, or what sort of volumes? Is the problem with the volumes or is the problem on the grade side? Can you give us an indication of that? And when would we look to sort of benefit from a higher production number going forward, once again for modeling purposes.

In the shorter term, the issue will be grade. We see a slight decrease in grade going forward, until we can bring the number one short pillar into play, which is between 18 and 24 months away. So that’s really what’s going to make the difference. But in the shorter term, there will be a slight drop-off in grade, but volumes will be the same. Muneer Ismail - Deutsche Securities : Thank you very much.

Your next question comes from the line of Joachim Berlenbach with Craton Capital. Please proceed. Joachim Berlenbach - Craton Capital : Good afternoon. Could you give us some guidance regarding the re-etching at Essakane? Firstly, when will it be finished, and secondly, which direction do you see the grade going at Essakane?

Joachim, I think we said previous quarter, that whole re-etching probably will be complete first that we can publish a final bankable resource statement, I think it was by September. We’re still online to be able to do that. My sense is that what will eventuate is a number that will give a slightly lower grade overall, that’s spread over more tons for more ounces in totality -- rough guidance. Joachim Berlenbach - Craton Capital : Thank you.

Your next question comes from the line of Peter Townsend with Bernard Jacobs. Please proceed. Peter Townsend - Bernard Jacobs : Good afternoon. Just to follow-up on what Joachim was asking. On Essakane, even if you do get a slight increase in your tonnages and overall goals, at somewhere between 3 million and 4 million ounces, if you presume some of that inferred and move them to a mine-able category, is that enough for Gold Fields at the moment? Your old rule of two’s I’m guessing probably no longer strictly applies, but does this project still look like one that is a Gold Fields size project?

Peter, the rule of two’s is an aspirational entry level for project size. Clearly we would like to acquire assets which are larger than that. I think the numbers that you’re looking at really go around the Essakane main zone. There are other satellite deposits in this district, all within relatively easy trucking distance, that have not been factored into these numbers as yet. We don’t know what that is going to come out at. To be honest with you, it will be nice to have something which is larger than 4 million ounces. However, what is more important to us is the size of the margin on those ounces, because we could find a 10 million ounce deposit and it has $2 an ounce of margin. That’s not of any interest to us. But if it’s a 3 million or a 2 million ounce deposit, it’s got $200 - $300 an ounce, I know which one I’d rather go for. So I am not fixated on the size of the deposit. I’m more fixated on the size of the margin that that deposit can deliver. Peter Townsend - Bernard Jacobs : Thanks, Ian. Then just on one of your other projects, your developing project, Cerro Corona, is there anything you will or can do in the next 12 months in Peru as a caution against political changes there, or are you still comfortable with the political environment and we’ll just proceed with the mine construction as you originally envisaged?

We have some excellent people on the ground in Peru, people who are I believe politically very adept. They’re very good at reading the political straws in the wind. They interact on a regular basis with the authorities in the country, and they keep us abreast of what is happening. We are not hearing anything at this stage that is giving us major cause for concern. Clearly there is a degree of instability. We don’t know what the final outcome of the elections is going to be. We don’t even fully understand what is going to be the political direction of the country. We monitor it. We keep abreast of those situations. I think possibly the best indicator I can give you is that we raise project finance on this particular project and the banks didn’t insist on us taking out political risk insurance. You know about banks when they give you an umbrella, they ask for it when it rains. So if they’re reasonably comfortable that we didn’t need political risk insurance, I think that speaks volumes. But that’s not to say that we aren’t keeping a very, very careful eye on the situation, but as things stand at the moment, the project is continuing on pace, and as I said, we still stick by our ability to deliver concentrate by the end of 2007. Peter Townsend - Bernard Jacobs : Thank you.

Your next question comes from the line of Sam Robins with Robins Planning Company. Please proceed. Sam Robbins - Robbins Planning Company : Congratulations on the superb job. I have a couple of questions, but the first question is assuming that the gold price increased say 20% in that quarter, does that mean that 80% of your earnings improvement came from your own cost controls and management?

Are you talking about the 20% improvement in the revenue in the March quarter, Sam? Sam Robbins - Robbins Planning Company : I’m putting it this way. I guess my question is how much of the increased earnings is due to the increase in the gold price, how much is due to your increased efficiency despite the fact of that declining stock option.

Bear in mind that the production for the quarter dropped by 2% overall compared to the previous quarter, and as we mentioned, that is mainly because of the seasonal Christmas break in South Africa, which has impacted the operations. In fact, the international operations, as you heard earlier, in fact increased. Our costs at the local operations in total Rand millions, it’s actually reduced quarter on quarter. So we’d like to believe that some of the cost initiatives have impacted the bottom line. The unit costs did go up, mainly because of Kloof’s drop in production. You’ve got to remember that 70% roughly of the costs at the slack in operations don’t vary with production, so if your production comes down, you often can sit with a lot of those costs, and that’s why you’re seeing the unit costs impact having gone up. But in total cost terms, the costs have been very well controlled over the quarter, and the price increase, as you heard earlier, has gone from $482 an ounce to $555, so I think a significant part of the earning increase we have to accept is due to the price increase, with production having gone down. I hope that’s clarified the situation for you, Sam. Sam Robbins - Robbins Planning Company : Yes. My next question is, it’s been mentioned already of the political risks in Peru. Can you talk about the political risks that are going on perhaps in Venezuela?

Well, Sam, I think it’s fair to say that we went into Venezuela with our eyes open. We knew what we were letting ourselves in for. When we looked at the type of asset that Choco 10 was, we came to the conclusion that the risks of mining in the country was certainly worth the potential reward. I think the way that Gold Fields deals with political risk is by falling a sample folio management approach. Don’t have too much exposure to any one particular area, spread your eggs, don’t put them all in one basket, and in the event that something does go wrong in one particular area, then it’s disappointing, but it’s not a complete train smashing. It doesn’t jeopardize the future of the company. And that’s what we’ve done. I do believe that there are challenges about mining in Venezuela, but I do think it’s a very, very positive place to mine gold and to make some money. I think that once we stabilized the ship at Choco 10, I think people will realize that that’s exactly what we’ve done. Sam Robbins - Robbins Planning Company : My final question is you’ve got some kind of an operation that you’re going to earn your way into in Mali, and I wonder if you could spell out the potential of that operation.

Are you talking about the joint venture, or the exploration on the Glencar, Sam? Sam Robbins - Robbins Planning Company : Yes, where you are earning in your ownership as you develop and explore there.

Yes, that’s the one in Guinea, Sam, it’s in the Sankarani project in southwestern Mali. Basically it’s a typical gold field exploration earning, where we partly fund the exploration activity and for that, we get ourselves an interest in the project. At this stage, all I can say to you is that on a geological rating system, that part of the world features very highly. We do know that Mali over the last decade has grown in importance as a gold province, and from a real estate and an address perspective, this particular area is a very interesting area. But it’s still very, very early days, and there’s nothing that we can report on substantially. One’s hopeful that with a good address and with some good crews drilling there, we could come up with something fairly interesting. Sam Robbins - Robbins Planning Company : Thank you.

Greg, we’ve got time for one more question.

Okay, sir. Your next question comes from the line of Barry Cooper with CIBC World Markets. Please proceed. Barry Cooper - CIBC World Markets : Just to follow-up on some of your other commentary and questions that have been laid out so far. One of the key components of the issues at Kloof seems to be the great variability. Can you just flesh out a little bit more what it is that you’re seeing on that great variability? Is it an interpretation that’s changing, or how are the reserves behaving, or just what’s causing this variability?

One of the problems at Kloof is that while we have grade variability, we don’t have a lot of flexibility, and that’s what we need to do, is plan more flexibility so that we can better manage the grade. In other words, when we hit areas where we hit a fault or something, we don’t have the flexibility to move those crews elsewhere while we negotiate the geological fault, or whatever, we’ve got a low grade. So that is our focus, is in increased development to improve our mining flexibility. But no, I don’t think from a grade variability point of view that it’s any different to what we’ve been talking about in the last year.

I think it’s also fair to say that one particular shaft that has not delivered be opening up a reserves to the extent they should have done, is the Kloof 4 subvertical. Certainly that’s an area Brendan mentioned an increase in development meterage in the upcoming quarter. That has been some improvement, but we need to increase it even more. That will open up the reserve and, as Brendan says, will give us the flexibility. But we know the VCR at Kloof is highly variable, so there’s no real, at this stage, major changes in our interpretation. As Brendan said, it’s simply a question of having the ability to move crews from un-pay to pay, and having that reserve available. Barry Cooper - CIBC World Markets : Thanks. On Choco 10 again, how significant is the fact that you don’t have your blasting permit there? Is that something that we should be overly concerned about? Terence Goodlace : Yes, while it is something of concern, but we have got our way around it. We do have access to contractors who have blasting certificates or licenses, so we are conducting blasts using their licenses. So all in all, we do know that the explosive permit is actually sitting in the halls of Caracas, and it’s waiting to be signed. It’s gone through all of the hurdles as far as meeting the hurdles for the department’s concerns, and we’re just waiting for it to be signed, so we do have a way around it. Barry Cooper - CIBC World Markets : Right, do I sense though that there’s any kind of ransom being held here, that they’re not signing it for a reason? Terence Goodlace : No, not that I’m aware of, no. Barry Cooper - CIBC World Markets : Okay, good enough, then. The final question is one dealing with Essakane. I’m going to read a statement there, maybe you could clarify something for me, because I’m not sure exactly what it means. On the top of your page 9, it says “The resource calculation represents a recoverable resource after applying change of support by uniform conditioning.” Now, I’m not sure what that last portion, applying change of support by uniform conditioning, what does that exactly mean?

Barry, when you apply geo-statistics to a the drill results, as you know, the change in support refers to the spacing between values, and if you have a 100 by 100, and then you go to 50 by 50, that is a change of support. It gives you a more accurate, unless you went the other way, potentially a less accurate or less level of confidence about the numbers. What you’re seeing there is really just a statement that we’ve applied uniform conditioning using proven methods. We have gone to what we believe is a more appropriate level of support, and don’t ask me what that is because at the moment, for the life of me, I can’t remember what it is now, but that’s exactly what it means. So it’s really just giving an indication of the process that we have applied to calculations of reserves using geostats. Barry Cooper - CIBC World Markets : Okay, when I went and took my geostats course, that may have been summed up in the word precision?

Well, not necessarily precision, but increased levels of confidence I think is the correct terminology to use in geostats. Barry Cooper - CIBC World Markets : Right, okay, thanks a lot, that clarifies that. Thank you.

Okay, well, Greg, ladies and gentlemen, thank you very much indeed for joining us today. I think what you’ve heard is a company that has had in this last quarter, has had some up’s, it’s had some down’s, and certainly in the upcoming quarter, we’ve indicated where we think the improvements are coming. Certainly we’re expecting some improvements at Kloof. We’re very pleased with what we’re starting to see is settling down of the Choco 10 mine in Venezuela. I think just to summarize, if one looks at the upcoming quarter, Nick did allude to this earlier, we currently sit at a received price, which is $100 per ounce higher than the received price for the average of the March quarter. And on the assumption that those prices hold, then I think we should be looking forward to a very interesting final quarter in the year. We look forward to meeting up with you again after the June quarter, where we can actually talk about the strong finish to the year. With that, I would like to thank you for listening, and cheerio to everybody.

Ladies and gentlemen, thank you for your participation in today’s event. This does conclude the presentation and you may now disconnect. Have a great day.