Ken Zerbe – Morgan Stanley Tony Davis – Stifel Nicolaus Aleina Kim – UBS Terry McEvoy – Oppenheimer & Company David Long – Raymond James Paul Miller – FBR Capital Markets Jack Micenko – Sam Indigo Gulf Robert Patten – Morgan Keegan

Good morning. My name is Christopher and I will be your conference operator today. At this time, I would like to welcome everyone to the Huntington’s Third Quarter Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker’s remark, there will be question and answer session. (Operator Instructions) I now would like to turn the call over to Mr. Jay Gould. You may begin your conference.

Thank you, Chris, and good morning everybody. I am Jay Gould, Director of Investor Relations for Huntington. The copies of the slides we will be reviewing can be found on our website, www.huntington.com and as usual, this call is being recorded and will be available as rebroadcast starting about one hour from the close of the call. Please call investor relations at 614-480-5676 for more information on how to access these recordings or playback, or should you have difficulty getting a copy of the slides. Slide 2, 3, 4, notes several aspects of the basis of today’s presentation. I encourage you, as always, to read these, but let me point out one key disclosure. This presentation contains both GAAP and non-GAAP financial measures where we believe that’s helpful to understanding Huntington’s results of operations or financial position, where non-GAAP financial measures are used to comparable GAAP financial measure as well as the reconciliation to the comparable GAAP financial measure can be found in the slide presentations and it’s appendix and the press release and the quarterly financial review supplement to today’s earnings release or in the related Form 8-K filed today, all of which can be found on our website. Turning to slide 5, today’s discussion including the Q-&-A period may contain forward-looking statements. Such statements are based on the information and assumptions available at this time and are subjected to changes, risks and uncertainties which may cause actual results to differ materially. We assume no obligation to update such statements. For a complete discussion of risks and uncertainties, please refer this slide and material filed with the SEC including our most recent Forms 10-K, 10-Q and 8-K. Now, turning to today’s presentation, as noted on slide 6, participating today, our Steve Steinour, Chairman, President, Chief Executive Officer, Don Kimble, Senior Executive Vice President and Chief Financial Officer, and Dan Neumeyer, Senior Executive Vice President and Chief Credit Officer, also present is Mary Navarro, Senior Executive Vice President on Retail & Business Banking Director and Todd Beekman, Senior Vice President, Assistant Director of Investor Relations. Let’s get started and turn to slide number 7, and Steve, take it away.

Thank you, Jay. Welcome everyone. I’ll begin with a review of the third quarter performance highlights after my overview; Don will follow with his usual overview of our financial performance. Dan will provide an update on credit and then we’ll turn with the discussion of our near-term outlook and key messages to our investors. I want to repeat some key points we made in our September Investor Day that are critical for understanding what is driving this company and our financial performance. First we have, we are in a period of continued economic weakness, I’m going to get back to what we all remembered for years. Economic growth will be slowly and choppy, second is the permanent change in consumer and business behavior. Consumers and businesses are deleveraging and will be reluctant to relevarage. There is a new appreciation for savings and cash accumulation, and there is an intense focus on value, and for spending lower absolute amount. And while convince is always been important to customers today it’s more important than ever, third the impact of increased regulation, this means pressure on revenue, higher compliances cost and an increase in prospective capital requirements. So, to position Huntington to win in this type of environment, we first needed to get our credit issues addressed. We believe the aggressive actions taken last year to identify and resolve credit issues accomplished this objective, but continued credit improvement in the third quarter and our ability to maintain strong reserves while also reducing provision expense is evidence of our success from this front. Next we needed to develop and implement a strategic plan that would position Huntington to grow core revenues, and win in this type of new environment. Our strategic plan was developed and lounged last year and it continues to be implemented,…

Thanks Steve. Slide 11 provides the summary of our quarterly earning trends. Many of the performance metrics will be discussed later in the presentation. Let’s move on. Slide 12 is a summary income statement and shows that the $68.6 million increase in pre-tax income reflected the benefits of a $74.2 million decline in provision expense and $10.3 million increase in net interest income, which were partially offset by a $13.5 million increase in expenses and a $2.5 million decrease in noninterest income. I’ll detail these changes and such enquiries. I think a point Steve made earlier -- this is exactly the dynamic that we were expecting, by addressing our credit issues last year we have seen a quick improvement in credit cost. This allows us to fund our strategic initiatives while not interrupting our net income growth. Further as the benefits of our strategic initiatives, continue to grow our objective is to continued earnings growth, once credit cost return to more normal levels. Turning to slide 13, we show the trends and our revenues in our pre-tax, pre-provision income on the left hand side of the slide. Revenues have continued to grow throughout the last seven quarters. Revenues for the third quarter were up 9% over the third quarter of last year. Our pre-tax, pre-provision earnings are up 11% from the last year despite a 2% decline from the previous quarter. This decline was caused by several factors including a drop in dispositive service charge revenues of $10 million. We expect pre-tax, pre-provision levels to remain relatively stable, even taken into account the remaining impact of Reg E, our Fair Play banking philosophy and lower expected mortgage banking revenues. Slide 14 depicts the trends of our net interest income and margin. During the third quarter, our fully-taxable equivalent net interest…

Thanks Don. Slide 22 provides an overview of our credit quality trends. We continue to make very good progress in improving our credit quality metrics. Both the nonaccrual loan ratio and the nonperforming asset ratio showed significant improvement in the quarter, the later aided by the sale of Franklin-assets that removed to help for sale in the second quarter and disposed in the third quarter. We continue to see continued meaningful reductions in our nonperformers in the coming quarter. Criticized loan levels also continued to decline despite unsettled economic conditions. The net charge-off ratio sold to 1.98% on an annualized basis, a further reduction from the prior quarter. 90 day loans past due and accruing interest saw a very slight up-tick in the quarter, not unexpected given seasonal patterns and consumer behavior. The ACL ratio moved from 3.67% from 3.9%, although coverage ratios on both nonaccrual loans and nonperforming assets continue to show very healthy improvement given significantly lower nonperforming asset levels. The ACL to criticized asset ratio also showed stronger coverage, an indication that we are adequately reserved against emerging problem loans. We continue to work to rebound the portfolio with an emphasis on reducing noncore commercial real estate exposure while continue to grow C&I and consumer categories. Indirect auto is originating record volumes with excellent credit quality metrics. Slide 23 provides the graphic presentation of the nonaccrual loan and nonperforming asset trends on the left side of the slide and the nonaccrual loan inflow on the right side. The overall trend and nonaccrual loans and nonperforming assets continue to be very positive and exhibits very meaningful improvement in the last four quarters. Nonaccrual inflows did experience an increase in the quarter reflecting a continued fragile economy. Several larger credits contributed much of the increase and we’re placed on…

Thanks, I’d like to use slide 30 to recap the current thinking regarding near-term expectations. The time period covered by these expectations is beyond the fourth quarter, which to some extent is driven by what happens in the economy. So here is our thinking, it’s going to remain generally weak, no meaningful change is expected, confidence continues to be a challenge at very low levels. We are not anticipating, however, a double-dip recession. We do believe, however, that any recovery is getting pushed further and further out. The key drivers of net income growth are expected to be from net interest income and lower provision for credit losses, reflecting our expectation for continued improvement in our key credit metrics including reductions in nonperforming assets and lower charge-offs which we saw in the third quarter. Again, pre-tax, pre-provision earnings will likely remain comparable to a 2010 year-to-date performance with similar dynamics of that seen in the third quarter performance. We anticipate modest loan growth driven by continued strong growth in Auto and some growth in C&I loans partially offset by continued decline in commercial real estate loans. We still do not anticipate much if any growth to home equity loans. We continue to expect growth and demand deposit savings accounts, and although we may choose to manage that growth differently if we continue to see limited reinvestment options. Fee income growth we expect will be mixed. We anticipate improvements in our strategic initiatives as they gain further traction, get much of the growth near term may be mitigated by lower mortgage banking income, and decline in service charges on deposits. Net interest expense is expected to remain relatively stable with third quarter performance with growth from strategic initiatives mitigated by lower credit related and to some extent similar marketing expenses. Taking all of this together, we anticipate continued modest growth in net income. On slide 31, in closing I want to remind all of our investors and customers with several key messages, our balance sheet is strong and our capital levels are sufficient and getting stronger with each passing profitable quarter. Our substantially improved credit quality performance position for us to obtain top hostile performance. Our strategic initiatives continue to gain traction and while the environment is challenging everyday, we are making progress. We are clearly on the move, we are growing and getting stronger. So, thank you for your interest in Huntington. Operator, we’ll now take questions.

(Operator Instructions) Your first question comes from the line of Paul Miller from FBR Capital Market. Your line is now open. Again, Mr. Miller from FBR Capital Market, your line is now open.

, :

Your next question comes from the line of Ken Zerbe from Morgan Stanley. Your line is now open.

Ken, this is Don. I think it will out, and the room is pointed my way, so I guess I will take a crack at this question. But as far as the initiative, many of them have a six to nine-month type of a payback period as far as from the investments and the people and so the challenge we’ve had is we have been compounding many of these on top of one another. So we did see some expense growth this past quarter that was an outlier compared to the revenue growth. But I would say that we are expecting us to see the returns later this year, expense increases this past quarter reflected not only from the initiatives, but also there is a benefit from some of the higher levels of mortgage production, which resulted in higher incentive cost for us as well. So each one these will have a different defined payback period, that’s a general guideline. Ken Zerbe – Morgan Stanley: Okay, alright. And then the other concern I had was on the DTA, the disallowed DTA for Reg capital, rough math I guess something like 66 basis point is still left to be recognized, but I may be off a couple points, you used to talk about the timing of when you do expect to ultimately receive all the benefit from the DTA and the other thing is do regulators view that as actually legitimate capital when they think about you guys repaying TARP?

Ken, as far as the DTA, we’ve got about $113 million left and so it’s probably a little different than the 68 basis point type of calculation. I think on roughly $43 billion and risk weighted asset, but we would expect that to be realized throughout the next several quarters of through 2011. So, I think that we will see that come back. As far as how the regulators would view that in connection with any TARP repayment, it is recognized for GAAP purposes and for regulatory capital purposes, but I don’t know there will be any differentiation as far as that type of asset. I think even though new Basel III requirement, take a look at what level of details in other more intangible assets are compared to total Tier1 capital and we will be below that threshold as well. Ken Zerbe – Morgan Stanley: Alright, great thank you.

Thanks, Ken.

Your next question comes from the line Tony Davis from Stifel Nicolaus. Your line is now open. Tony Davis – Stifel Nicolaus: Good morning Steve. Don, I hate to ask this, but I wonder if you could just address the repurchase exposure on loan sales to the GSEs and private label?

Sure, Dan you want to go ahead and take a crack there?

Sure, Tony obviously we have seen an increase in those costs. Year-to-date, we have about 4.3 of actual losses paid out compared to 1.8 last year, so that activity is not stunning numbers, but clearly more activity there.

Okay. Well I got you Dan, is there any –?

Tony, what we are reading about, it feels fairly modest. And again we didn’t offer exotic products and other things. So this will be with this probably for awhile, but we do not see this as a big area of exposure from anything that we are seeing today.

Okay. Dan, back to you. Was there any common segment or geographical theme to the NPL inflows?

There were several large transactions, but in terms of a theme, no. We had one real estate transaction. We had a metal fabricator. We had one large building supply provider. So, I think that goes along with the general theme of what we’ve been seeing in the academy. Those are troubled areas and very lumpy, and I think in this quarter it just so happened that we had three larger ones that was quite atypical actually.

Why don’t you – just a little bit o that a little bit for the benefit about how forward reaching we were and our views on them.

Yeah, so these have been obviously targeted areas for us for 18 months or longer in terms of getting our arms around those and so forth. So, the – in that instance we had three loans totaling about $100 million, but overall we have been looking very hard at commercial real estate and have taken significant credit marks on the portfolio well reserved. And again homebuilder, supply and manufacturing segments, particularly auto related have been on our target list. So, those have been quickly identified and dealt with for about the last 18 months.

Final question for Don, there was a run down in interest rate and DDA in the quarter and do you say that any of that was related maybe as a precursor to a pickup in C&I loan to me and has there been any change on that front in terms of utilization rate or anything like that?

Great question, Tony. I think more of that was actually related to the expiration of TAGP for, but that expired for us as of June 30th. We did see an increase in some of our sweep balances. So, in than other short-term borrowing, just one increase there of about $700 million, and so what growth may have normally come in or that interest during deposit over the last couple quarters was coming through that fleet process.

Thank you guys.

Thank you.

Thanks Tony

Your next question comes from the line of Heather Wolf from UBS. Your line is now open.

Hi, Elena.

Hi, just a quick question. So, I noticed that the end-of-period investment securities balance increased significantly, but the yield did not, so is it safe to assume that you are reinvesting in the same duration with more asset?

On the C&I and auto loan growth, but I just have a quick question on the new yield that you’re putting on to your balance sheet. So, I just notice that the overall yields for those two portfolios went down as volumes went up. So, I want to know what’s the sort of reinvestment risk is for those two buckets?

Sure. As far as the growth and indirect auto that the yield came down this past quarter was mainly attributed to the fact that we had an adjustment in the second quarter related to the amortization of certain fee income categories there. And that had a $3 million or $4 million lift, which artificially increased the yield compared to previous quarters before that second quarter. As far as the new yield going on the book for indirect auto, it’s another 5% to 5.5% average yield for that category. And as you know that we had very strong growth there with over $1 billion of origination. So we are still very pleased with the credit quality and also with the absolute level of return for that asset class. As far as the commercial growth that we are seeing some nice growth in some fairly low-risk categories compared to historic portfolios, and so I’d say that the average spreads are fairly consistent there with the new yield for new origination. But, Dan, have you seen anything from your side as far as differences, as far as the type of loan?

Well, I think we have seen a little bit more in the large corporate area where we are concentrating on local large corporate accounts where we have full cost flow opportunities and given the higher quality there, some of the yields may be a little bit lower, also in our equipment finance area in terms of the new business priorities are kind of more up market and so very high quality, but would also result in slightly lower yield.

Great, that’s a good color, and then just one last question in terms of funding. I know that you guys have mentioned earlier on the call that you increased your short-term borrowing significantly; I also saw a slight uptick in broker CD. Can you kind of give some color in terms of how you describe the funding?

Okay, great thanks for your time.

Thank you.

Your next question comes from the line of Terry McEvoy from Oppenheimer & Company. Your line is now open. Terry McEvoy – Oppenheimer & Company: Hi, thanks, good morning.

Hi Terry.

Hi Terry. Terry McEvoy – Oppenheimer & Company: Just getting back to the fair play banking philosophy, are there certain things that you are looking at that you are going to share with us over the coming quarters and years to make sure that that strategy was a success household growth – core deposit growth, et cetera. So, we on this side of the table could also make our own opinion whether that was the right move?

Mary you want to-- yeah please.

Terry, this is Mary. I think, yeah the answer is we will be looking at other opportunities to demonstrate to customers and future customers that we are trying to be more fair and do things right, and there will be other things that we do. So, the next thing we are looking at is our checking account line up, consumer checking, and so you will probably hear about that one next, and so far we’re very happy with what we have done with 24-Hour Grace which is one of the things we talked about at the Investor Day in September, and those numbers look right on track as far as what we said we’d have with what we give up for Reg-E other overdrafts and 24-Hour Grace. So, and we are thrilled with what customers are saying about it, and the number of customers that are coming to us because of this account feature.

Terry, we made a commitment in the investor conference to use our Qs and Ks for metrics and you can anticipate getting some of those with this quarter’s filing and perceptively. Terry McEvoy – Oppenheimer & Company: Great, and just a second question looking at the 609 million of C&I origination upon what double from last quarter, could you just talk about and it may be in the presentation, so I apologize, just geography, industry and talk a little bit about what was behind that growth?

Hey, Terry, this is Dan. I would say it is very broad based. I wouldn’t say it’s limited to any particular geography within our footprint. It is middle market, it’s business banking, it’s large corporate equipment finance. I think we have seen very equal representation from all areas, and obviously our focus is on generating high quality assets right now. And I think we are benefiting from being able to move some market share in a low growth, the economy. So I am real pleased with the breakdown of the types of additions right in the portfolio Terry McEvoy – Oppenheimer & Company: And then looking at the pipeline would you expect that number to grow in the fourth quarter?

Our pipeline is very strong and I think what we were seeing is not a typical from what others are seeing is that, the people are requesting credit and getting approved for credit. What we were not seeing as much of is the line utilization on the draw downs for capital investment. So our pipeline is very strong in fact that I think it maybe at a high point right now, so we are very encouraged by that. Terry McEvoy – Oppenheimer: Thanks, Don.

Your next question comes from the line of David Long from Raymond James. Your line is now open. David Long – Raymond James: Thanks, good morning everyone.

Hi, Dave. David Long – Raymond James: Two questions, first one for Dan and a bit of follow-up to Tony’s question looking at slide 24 the inflow to non-performing assets. You talked about the, there are fewer larger credits there that contributed to that, is that thing commentary also go for slide 25 and we were looking at the criticized loan flow and there is -- a pretty good increase in addition to there and was that the same large credits that we should be thinking about?

First, your question on the inflows I do want to stress that, again, we are pretty aggressive when we put ones on nonaccrual, one of the large new NPA is current and principle and interest. So we think we’re taking a very aggressive and proactive pastor in placing those on nonaccrual. We’re certainly out leading until there are no options left on those credit in terms of the criticized asset flow that was that was fairly broad based, we saw actually more in terms of dollars in the C&I world and in business banking and actually less in commercial real estate. And when you look at the inflows it is very diversified again amongst geographies. Given then economy there are a lot of under capitalized companies that are still struggling. Many have, made great advances in cutting their cost structure and our surviving, others are struggling at this. So I think it’s, given, kind of a slow down that we’ve seen in the last quarter which began with, kind of the European disruption and the effects of that, we’ve seen a lagged effect on that slow down and I think an increase in the third quarter. We’re not necessarily anticipating that same level of inflow in the fourth quarter but it’s kind of fully related though. David Long – Raymond James: Okay, and then a question, second question for a Steve. And Steve with your in one of your concluding slides and your expectations, you talk about managing demand deposit based on your opportunities to reinvest that. How do you manage that with your initiatives to really take share and with your whole Fair Play banking initiative?

We think we have pricing both bond and money market and as we are growing core household give us some pricing flexibility. We are very focused on core households and cross-sale ratios, and as we look at our deposit booking the rate environment, the competitive dynamic in the Midwest have changed and made them substantially over the last couple of years. We think we had some opportunities there over time. David Long – Raymond James: Alright, great thanks guys.

Thanks David.

Thanks Dave.

Your next question come from the line of Paul Miller from FBR Capital Markets. Your line is now open. Paul Miller – FBR Capital Markets: I am sorry about, before I couldn’t get my headset to work. Hey, going back to the slide 26 and you have your total commercial loans we the 30 days going up at nothing in your 90 days process is that because you’re moving everything in straight into nonaccrual, nonperforming assets status, you had give us 90 days?

Yes Paul Miller – FBR Capital Markets: And just out of curiosity, disclose what your Tier rates on this 30 day plus stuff?

I don’t know, we’ve disclosed our Tier rate for 30 days delinquency and what we talked about historically though is the level of NPAs that we’ve are still current performing which is roughly 30% of commercial nonperforming, but I don’t know if we talked about that today.

No, we didn’t know. Paul Miller – FBR Capital Markets: And then the other issue is, I mean you guys having some pretty decent long words development to your peer group, but there was -- they said I think it was the last month reported that the credit is easing which is a good thing for the economy. But I was just wondering you’re easing some of your under riding standards or you’re just seeing is better credits into the door?

I would say we’re not easing our credit standards at all. We are certainly taking into account what businesses have been going through and those that are indicating a turnaround, we are taking that into full account and we may not see the string of historical profitability that we normally would have, we may have to rely on some turnaround stories, but we underwrite that very well and look at industry business models management capabilities such to do that. So we have not eased our standards, there is certainly being some competitive pressure, with respective to the price because everyone is going after that same quality customer, but in terms of underwriting I feel really good about what we’re originating. Paul Miller – FBR Capital Markets: I mean you say – when you turnaround stories. Can you elaborate on that a little bit?

Well sure obviously getting this last cycle, there is probably in some cases a majority of certain industries were customers would have been loosing money and normally when you are looking at approving credit you like to see a nice string of the consistence earnings and that’s where the coverage where in a turnaround situation once some one is come out of it they’re generating new contract, further cutting cost, you have to analyze a shorter earnings history in track record than we might normal do and that’s where we’re spending lot of time on, in trying to help those business that have credit needs. Paul Miller – FBR Capital Markets: Okay, thank you very much.

Thank you.

Thanks Paul.

Your next question comes from the line of Jack Micenko from [Sam Indigo Gulf]. Your line is now open. Jack Micenko – Sam Indigo Gulf: That’s one way to play it. Thanks for taking the question. I have two questions, Don you talked about the $4million reduction on Franklin and other professional feel line our professional service line on the cost side, is that an ongoing sort of regular $4 million number is that one timer in the fourth quarter and then the [Inaudible] follow-up.

Great, in the fourth quarter we should see a $4 million reduction before total Franklin related expenses and that should be permanent that essentially the servicing related cost and other cost associated with the Franklin assets that where sold so those should be going forward. Jack Micenko – Sam Indigo Gulf: Okay, great and then on the auto growth side, was there any of the volume, nice growth there, any volume out of the Eastern Pennsylvania or Massachusetts dealership terms you brought on, yet are they still they worked in.

Massachusetts is still very early for us, when and much of an impact there on in the third quarter and very little impact as far as the Eastern Pennsylvania, so we think those are our opportunities for us respectively. Jack Micenko – Sam Indigo Gulf: Okay, so probably -- you and ask you about pricing on those own derivative to those core franchise?

I don’t know that we have any specific area pricing but I expect that our pricing models are fairly consistent across the entire footprint again they focus on very high on the score originations and very well excepted credit loss. Jack Micenko – Sam Indigo Gulf: Thanks great, I appreciate it. Thank you.

Thank you.

Your next question comes from the line of Bob Patten from Morgan Keegan. Your line is now open. Robert Patten – Morgan Keegan: Good morning guys, quick question this morning just a couple of questions nobody really asked about acquisition activity, I want to get your, so an update Steve and your thoughts we’ve seen a couple deal happens small banks, seems to be lower, but trying to pick partners, so you -- they would be helpful in offline noticed and MJs and kind of expense slide deck on page 153, that your rating from Moody’s and Fitch show about a year old. Any update on the meeting with the rating industries or what’s going on there?

The acquisition front – there is more activities for sure, but I understand from the federal [ph] change we’re looking to drive our core number 5 and sort of the way we think about and it’s reflected on one the pages is acquisition and something interesting is available then we pursue about this there is a lot of from what we have seen so far its nothing is [Audio Gap] part of the rating agencies that, they still have the knowledge they tend to be very incremental and their approach as far as changing rating at, we did have S&P take some negative outlook to a positive outlook and so we hope that a good time for going forward as it relates today’s rating and we continued to talk to all three of our rating agencies that we report into and hopefully we’ll start to see some reaction overtime but no commitment at this point.

With our view on the economy, we don’t play on sort of rushing in any cash and then again we’ve made a lot investments in building capacity to drive core revenue we are really focused on that and we don’t intend to get distracted. Robert Patten – Morgan Keegan: Okay, thanks guys.

Thank you.

There are no further questions at this time. I’ll turn the call back over to the presenter.

Thank you Chris, and everybody for participating in today’s call. If you have follow-up questions you can reach Todd and I at our usual numbers. I thank you again we know you got a very busy day ahead of you. See you next quarter. Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited. THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS. If you have any additional questions about our online transcripts, please contact us at: transcripts@seekingalpha.com. Thank you!