Good day everyone you are on hold for today’s International Flavors and Fragrances conference call. We are currently admitting additional participants and plan to be underway shortly. Thank you for your patience and please continue to stay on the line. Please stand by. Good day everyone, and welcome to the International Flavors & Fragrances third quarter 2007 earnings conference. Just as a reminder today’s call is being recorded. All participants’ lines will be muted until the question-and-answer portion of this call and instructions will be given at that time. The speakers for today’s call will be Mr. Robert Amen Chairman and Chief Executive Officer, Mr. Douglas Wetmore, Senior Vice President and Chief Financial Officer, and Yvette Rudich, Director of Corporate Communications. Please go ahead. Yvette Rudich – Director of Corporate Communications: Hello and thank you for joining us today. During the course of this web cast we may make certain forward looking comments. The complete texts regarding our forward looking statements is included in our press release and in our filings with the Securities and Exchange Commission. In addition during this web cast we may refer to certain non-GAAP financial measures in order to supplement our GAAP financial results. Examples of such measures include our discussion of local currency sales performance and a clickable geographical regions and earnings per share, excluding restructuring charges and other non returning items. We will leave this slide up for a moment, to ensure that everyone has an opportunity to review it. Now here is what we will cover on today’s call. Rob will speak about market dynamics, third quarter highlights and the business unit overviews. Doug will then provide a third quarter financial review. Following some closing comments from Rob, we will then take your questions. And with that, I will now turn it…

Thank you. [Operator Instructions] We’ll first go first to Mike Sison of Key Banc. Michael J. Sison – Key Banc Capital Markets: Hey guys. Hi Yvette nice quarter. Rob when you assessed the organic sales growth this year for 2007, the one of the things that you noted in the long term growth that you felt that market growth would be about 2%. So you are tracking more on the plus side of the four plus, is that more of what you have done internally in terms of new products winds or is the market actually going faster than the two? Robert M. Amen – Chairman and Chief Executive Officer: That’s a great question Mike; I mean clearly our expectation is. We are going to grow relative to the market first and foremost. We believe that we have got the tools in place to enable our customers to succeed and consequently we will be rewarded with best organic growth. Our understanding in the markets were when we set those goals that on balance of markets were growing at 2%. I think there is increasing evidence that perhaps growth is more than that, but I am not prepared here today to give you a hard number. We are evaluating our data, our customer’s data and we will update that number. If that number goes up, my expectation is that we will again expect to grow faster than the market. But stay tuned we will come back when we will have more analysis there. Michael J. Sison – Key Banc Capital Markets: Okay. Then when you think about the momentum heading in 2008, I know it’s a little bit early but you know can you give us a little sense on the new project when sort of the momentum there, do you…

[Operator instructions] We’ll go next to Dino Menzo [ph] of Stanford Capital. Dino Menzo – Stanford Capital: Hi guys, nice quarter. Just want to re-highlight something that makes me understand it properly. If we excluded $3 million gain that happened in Q3 of FY06 regarding insurance settlement, we’ve got out of Q3 FY06 EBIT numbers, we are really showing EBIT margins kind of pre-amortization 17.1 percentage share over 17% last year and post the amortization of 16.5 versus 16.2. So we did expand EBIT margin when you wiped out that $3 million gain is that right? Douglas J. Wetmore – Senior Vice President and Chief Financial Officer: And we think its appropriate to wipe that out because that was, we had to explain all that because that impacted both FY05 and FY06, but that’s a one off item that had to go through the selling and admin but you really have to exclude it for purposes of analysis. Robert M. Amen – Chairman and Chief Executive Officer: It wasn’t a period item really. Dino Menzo – Stanford Capital: I agree, whenever the sales side notice this morning, I didn’t excluded I made it look like your EBITDA margin was down, 40 basis points year-over-year, so I just wasn’t sure that-- Douglas J. Wetmore – Senior Vice President and Chief Financial Officer: I think that’s a very good point, we tried to highlight in both the 10-Q and in the press release and its certainly evident in the slides that we reviewed just a few moments ago. So, we tried to provide as much information as we can and then the reader has to progress from there. Dino Menzo – Stanford Capital: Understand. I just wanted a couple of book keeping things, Doug who’s the, I’m sorry, was it the share count you ended? How about this, or was it the share count you began Q4 with? Douglas J. Wetmore – Senior Vice President and Chief Financial Officer: Well whenever we announced the, we bought back 900,000 shares in the open market and we retired 7.6, so, again it works from that. Dino Menzo – Stanford Capital: Alright, but it seems to be about 80 million or so? Douglas J. Wetmore – Senior Vice President and Chief Financial Officer: Oh the share is outstanding at the end of its September 30th are 80.9, 80.9. Dino Menzo – Stanford Capital: Got it, got it. Alright, great, thank you very much guys. I appreciate it.

[Operator Instructions] We’ll go next to John Roberts of Buckingham Research. John Roberts – Buckingham Research: Good morning guys. Douglas J. Wetmore – Senior Vice President and Chief Financial Officer: Hi John. Robert M. Amen – Chairman and Chief Executive Officer: Good morning John. John Roberts – Buckingham Research: The margin pressure in the fragrance ingredients, was that concentrated in Asia were the sales were done so much is that you weren’t able to pass through raw material cost? Douglas J. Wetmore – Senior Vice President and Chief Financial Officer: Oh John, think of it more as sort of the fragrance ingredient equivalent of suitables going generic, was isolated in items where people could [inaudible] smaller commodities and they took icing down. The decline John, in Asia was primarily volume driven, but in each of the regions there was an element of pricing. John Roberts – Buckingham Research: Is it excess capacity or what’s preventing you from passing through the raw material cost increases? Douglas J. Wetmore – Senior Vice President and Chief Financial Officer: Like any commodity its demand and these are still profitable, prices have come down. John Roberts – Buckingham Research: Okay. And then in the functional fragrance decline in North America that minus 14% on a reported basis, is there any one thing or couple of things that I can for that? Douglas J. Wetmore – Senior Vice President and Chief Financial Officer: It was a couple, there is a beeping going on in the back which kind of interrupts I think you have said that asking about North America but that was a couple of different things, no individual product accounted for that but as Rob mentioned and I think I mentioned, that there was some transition from old fragrances or existing fragrances and there was a delay in the launching of the replacement. John Roberts – Buckingham Research: Was it in the fabric softener area where you’re kind of hoping to make it up? Douglas J. Wetmore – Senior Vice President and Chief Financial Officer: Yes primarily in fabrics, fabric care and as you know that’s the area where the first launch is of being capsulation technology have been and will be, will continue to take place, so we viewed as more of a temporary aberration. John Roberts – Buckingham Research: Is this North American fabric care customers flushing inventory of old product? Douglas J. Wetmore – Senior Vice President and Chief Financial Officer: That’s an element of it.

Okay. Thank you. Robert M. Amen – Chairman and Chief Executive Officer: Sarah.

And it appears we have no further questions at this time. Robert M. Amen – Chairman and Chief Executive Officer: Well, thank you. Again we are pleased with the quarter. We are excited with momentum we think we’ve got a three solid quarters growing and we look forward to future results. Thanks for joining us. Douglas J. Wetmore – Senior Vice President and Chief Financial Officer: Thank you very much.

And that concludes today’s conference. We thank you all for joining us.