Jen Kneale - Director, Finance Joe Bob Perkins - CEO Matt Meloy - SVP, CFO and Treasurer

Darren Horowitz - Raymond James Brad Olsen - Tudor, Pickering, Holt T.J. Schultz - RBC Capital Markets Ethan Bellamy - Robert W. Baird Norman Kramer - Kramer Investments Michael Blum - Wells Fargo Securities Jon Yoder - Goldman Sachs John Edwards - Credit Suisse

Good day, ladies and gentlemen and welcome to the Targa Resources’ Fourth Quarter 2013 Earnings Webcast. At this time, all participants are in a listen-only mode. Later, we will conduct the question-and-answer session, and instructions will follow at that time. (Operator instructions) As a reminder, this call is being recorded. I would now like to introduce your host for today's conference Jen Kneale, Director of Finance. Please go ahead.

Thank you, operator. I'd like to welcome everyone to our fourth quarter and full year 2013 investor call for both Targa Resources Corp. and Targa Resources Partners LP. Before we get started, I would like to mention that Targa Resources Corp., TRC, or the Company and Targa Resources Partners LP, Targa Resources Partners or the Partnership, have published their joint earnings release which is available on our website www.taragaresources.com. We will also be posting an updated Investor Presentation to the website after the call. Speaking on the call today would be Joe Bob Perkins, Chief Executive Officer, and Matt Meloy, Chief Financial Officer. Joe Bob and Matt are going to be comparing the fourth quarter and full year 2013 results to prior period results, as well as providing additional color on our results, business performance, and other matters of interest. I would like to remind you that any statements made during this call that might include the Company's or the Partnership's expectations or predictions should be considered forward-looking statements and are covered by the Safe Harbor provision of the Securities Acts of 1933 and 1934. Please note that actual results could differ materially from those projected in any forward-looking statements. For a discussion of factors that could cause actual results to differ, please refer to our SEC filings, including the Partnership's Annual Report on Form 10-K for the year ended December 31, 2012, and quarterly reports on Form 10-Q. With that, I will turn it over to Joe Bob Perkins.

Thanks, Jen. Welcome and thank you to everyone for participating. Besides Matt, Jen and myself, our several other members of the management team will be available to assist in the Q&A session. For today’s call I’ll start off with high level review of performance and highlights. We’ll then turn it over to Matt to review the Partnership’s consolidated financial results and segment results and other financial matters. Matt will also review key financial matters related to Targa Resources Corp. And following Matt’s comments I’ll provide some concluding remarks and then we’ll take your questions. We’re pleased to announce that 2013 was a record year for Targa on multiple fronts; record adjusted EBITDA of $629 million; record Logistics & Marketing division operating margin of $424 million, driven by key organic growth projects that came online during the year; record Field Gathering & Processing volumes; record distributable cash flow of $440 million; and of course increased distributions for TRP and increased dividends for TRC. We placed over $1 billion of projects in service in 2013, largely supported by fee-based contracts. This impactful level of strategic CapEx was combined with a unique strategic acquisition of the Badlands properties, which we closed at the end of 2012. Yes, 2013 was the transformative year we predicted. The underlying fundamentals of our business are very strong and 2013 EBITDA was on the strong side of our guidance. We’re pleased that we ended 2013 with a very strong fourth quarter driven by; first, higher than expected contributions from key organic growth projects that came online in the second half of the year, particularly fractionation and export projects at Mont Belvieu and Galena Park. Demand for propane and butane exports was very robust in Q4. In the first phase of our export expansion project came online in September…

Thanks Joe Bob. I’d like to add my welcome and thank you for joining our call today. Joe Bob discussed some full year 2013 records and highlights, so let’s now turn our attention to Q4 results. Adjusted EBTIDA for the quarter was a record 215 million, compared to 131 million for the same period last year. The increase was primarily driven by a 73% increase in operating margin from our Logistics & Marketing division resulting from a full quarter of contributions from our export expansion and CBF Train 4. Our Gathering & Processing division margin increased by 40% driven by contribution from Badlands and higher inlet volumes across all our field G&P systems, except Versado which was negatively impacted for two months due to the fire at the Saunders plant, Saunders is now running again and Versado would have also had higher volumes if it were not for the temporary interruption. Overall operating margin increased 49% for the fourth quarter, compared to last year and I will review the drivers of this performance in our segment review. As we have mentioned before please note, that we benefit from the receipt of certain minimum contract payments at year that we do not otherwise see in the first three quarters of the year. In Q4 approximately 15 million of our operating margin was from the receipt of take-or-pay, reservation fee deficiency or other such contract payments. Net maintenance capital expenditures were 18 million in the fourth quarter of 2013 compared to 18 million in 2012. Turning to the segment level, I’ll summarize the fourth quarter’s performance on a year-over-year basis starting with our Gathering & Processing business. Our Field Gathering & Processing operating margin increased by approximately 56% compared to last year driven by contribution from Badlands, increasing volumes and higher commodity…

Thanks Matt. We know that year-end call always seems a little long and we thank you for your attention. To wrap-up the final portion of our prepared remarks, I’d like to briefly review some thoughts on 2014. At this time last year, we said that 2013 would be a transformative year for Targa, given the $950 million that we spent on growth CapEx helping drive a record on a number of fronts and further increasing our scale and diversity, combined with integrating Badlands, I’d say 2013 was truly transformative. After declaring transformative success for 2013, I wonder if we can say that 2014 will be transformative also. I think we asserted that during our November Investor & Analyst Meeting and we all still believe that is true today. We will continue to deploy significant capital in 2014 in organic growth opportunities across our business. Continued producer activity is driving opportunities across our Gathering & Processing and Downstream businesses and we’re not expecting slowdown in 2014. Although it has only been a couple of months since we forecasted $590 million in major project CapEx for our Investor Day. We have updated that list and have approved a couple of projects that were on the development radar screen. The 2014 estimated total for the major project list is now 650 million after we made additions in cost and timing estimate updates. Our Board recently approved the construction of a new pipeline in the Permian Basin in associate, compression, dehy and treating facilities. That new pipeline will connect our SAOU and Sand Hill systems. It’s about 35 miles of pipe, about $30 million of investment, including the facilities and it is a strategic investment providing us with some key synergies. And will allow us to move volumes across the two systems, and serve…

and:

Thank you. (Operator Instructions) And our first question comes from Darren Horowitz from Raymond James. Please go ahead.

Good morning guys. Joe Bob thanks for all the color around spot shipments regarding propane and butane. I just have one quick question there and this is with regard to the Galena Park terminal. I know that you guys can do somewhere between 5.5 million and 6 million barrels a month. Can you just remind us what the spot volume was and more importantly looking forward I know that you were thinking about engineering to do a Dock 5 so does the thought process changed there with regard to the contracted mix or if you move forward with the Dock 5 expansion would it be similar to the first two expansions where it was just about all take-or-pay long-term contracts? Raymond James: Good morning guys. Joe Bob thanks for all the color around spot shipments regarding propane and butane. I just have one quick question there and this is with regard to the Galena Park terminal. I know that you guys can do somewhere between 5.5 million and 6 million barrels a month. Can you just remind us what the spot volume was and more importantly looking forward I know that you were thinking about engineering to do a Dock 5 so does the thought process changed there with regard to the contracted mix or if you move forward with the Dock 5 expansion would it be similar to the first two expansions where it was just about all take-or-pay long-term contracts?

That was a little longer than one quick question, but thank you Darren. I did provide some color on what was going on with exports. You are correct. Our published nameplate capacity is 5.5 million to 6 million barrels after the second phase of our expansion. The additional Dock work that you mentioned is underway and there is nothing different about our expectations of the need for that additional Dock work. I think I answered the question. Didn’t I?

Yes. No I appreciate that and Matt, just a quick question back to your guidance and the basis for the 2014 guidance. Can you just give us a little bit more color around the hedge percentages for NGL and condensate production that’s built in? And also if you could just outline the processing contract mix between what you guys have allocated for fee TOL or POP I’m just trying to get a sense for the variability for those West Texas assets? Raymond James: Yes. No I appreciate that and Matt, just a quick question back to your guidance and the basis for the 2014 guidance. Can you just give us a little bit more color around the hedge percentages for NGL and condensate production that’s built in? And also if you could just outline the processing contract mix between what you guys have allocated for fee TOL or POP I’m just trying to get a sense for the variability for those West Texas assets?

Yes. Sure. We had, I think we said about 20% of our NGLs and condensate is hedged into ’14 and that’s included in our guidance. The contract mix we have really hasn’t changed a whole lot overtime for the Field out in the Permian or Texas primarily percentage of proceeds that’s commodity sensitive and that’s the volume that we do hedge. We did provide a sensitivity in our guidance that had a $0.05 NGL move but equate to about a 2% EBITDA and I think we’re still comfortable with that sensitivity.

Okay. And then Joe Bob last question, just curious about the development or the evolution of all those Badlands assets. Obviously when you look at the ramping gas inlet volumes and crude oil gathering volumes and what you’ve laid out for 2014 guidance, it would argue that you would probably have to spend more than $180 million in CapEx to keep up with the production. So I’m just curious how much incremental gathering capacity do you think that you’ll need going into 2015 and more importantly it would seem like adding incremental 20 million cubic feet a day processing plants is probably not going to be enough. So if you could just give us your thoughts on how ’15 in terms of CapEx and development could shape up that would be helpful? Thank you. Raymond James: Okay. And then Joe Bob last question, just curious about the development or the evolution of all those Badlands assets. Obviously when you look at the ramping gas inlet volumes and crude oil gathering volumes and what you’ve laid out for 2014 guidance, it would argue that you would probably have to spend more than $180 million in CapEx to keep up with the production. So I’m just curious how much incremental gathering capacity do you think that you’ll need going into 2015 and more importantly it would seem like adding incremental 20 million cubic feet a day processing plants is probably not going to be enough. So if you could just give us your thoughts on how ’15 in terms of CapEx and development could shape up that would be helpful? Thank you.

Okay. First to kind of correct so everybody understands, we’ve got about 38 million a day of processing capacity right now in the Badlands, but that’s a bit of a miss number because you beat NGLs not Mcfs and this is very high liquid content gas. But in any event that 38 million a day rating for our current capacity with some work in the additional plant will go up to about 80 million a day, so we’re doubling the plant capacity hopefully here in the recently short-term. And $180 million of CapEx really is our best estimate for 2014 to try to meet the producer demand and most of that is focused on just handling our dedicated acreage as we build out the footprint and the plant for that footprint.

Thank you. Raymond James: Thank you.

Thank you. And our next question comes from Brad Olsen from Tudor, Pickering. Please go ahead.

Good morning Brad.

Hello everyone. Hey guys quick couple of questions. Obviously quarter was very strong versus the 750 and up guidance range you’ve provided and you also provided some helpful adjustments like the 15 million of contract true-ups. Would it be fair qualitatively to say that when thinking about kind of $750 million annual run rate and the difference between that and the 250 million less the 15 million of true-ups that the remaining margin uplift that you realized in Q4 was largely due to Dock activity above and beyond what was contracted? Tudor, Pickering, Holt: Hello everyone. Hey guys quick couple of questions. Obviously quarter was very strong versus the 750 and up guidance range you’ve provided and you also provided some helpful adjustments like the 15 million of contract true-ups. Would it be fair qualitatively to say that when thinking about kind of $750 million annual run rate and the difference between that and the 250 million less the 15 million of true-ups that the remaining margin uplift that you realized in Q4 was largely due to Dock activity above and beyond what was contracted?

Brad I did enumerate, I will kind of repeat that we had high international demand for spot, I’ve said that first so it was the largest factor and we’ve benefited from that. That secondly, we had volume increases that exceeded expectations despite a very cold winter. And I said thirdly, that prices were up considerably from the $0.09 a gallon. And without giving you the exact numbers that’s pretty much in rank order.

Okay. And so the actual fee-based volumes on the Dock were the biggest factor in, I guess I can just imply from all that that those were significantly above what the actual contracted volumes on the Dock were expected to be? Tudor, Pickering, Holt: Okay. And so the actual fee-based volumes on the Dock were the biggest factor in, I guess I can just imply from all that that those were significantly above what the actual contracted volumes on the Dock were expected to be?

All we had in our guidance was what the contracted volumes were expected to be.

Okay, great. And another question on kind of a condition of the export market as you see it. Obviously most expansions including yours on the Dock side have been focused on refrigerated international grade propane. Is there anything that you’re seeing as a result of inventories getting drawn down here domestically on the propane side that shifted market interest towards more expansions focused on the butane market? Tudor, Pickering, Holt: Okay, great. And another question on kind of a condition of the export market as you see it. Obviously most expansions including yours on the Dock side have been focused on refrigerated international grade propane. Is there anything that you’re seeing as a result of inventories getting drawn down here domestically on the propane side that shifted market interest towards more expansions focused on the butane market?

Well, I won’t try to speak to other person’s expansions, but our original capability at both propane and butanes semi wrap. And if you went back overtime that was probably up to even a third butane. As we expanded our export project it gave us the capability to handle more butane as well and most of our term contracts give customers the right for butanes. You add refrigeration you can refrigerate butane at pumping capability and pipes and dock capability the butane can go with and sometimes it goes on the same ships.

Okay, great. So the latest international expansion, I guess it’s appropriate to think of that as being butane capable as well as refrigerated propane capable? Tudor, Pickering, Holt: Okay, great. So the latest international expansion, I guess it’s appropriate to think of that as being butane capable as well as refrigerated propane capable?

Yes. And we’ve got separate systems and yes you have to think of it that way, that’s the right way to think about it Brad.

Okay, great. And one more question, I know I probably asked this one on every quarterly call. But are you seeing anything in the condensate market, where you operate that would either encourage you or discourage you incrementally as you think about potentially setting up some kind of splitter or export facility on the Gulf Coast for heavier NGLs and least condensates? Tudor, Pickering, Holt: Okay, great. And one more question, I know I probably asked this one on every quarterly call. But are you seeing anything in the condensate market, where you operate that would either encourage you or discourage you incrementally as you think about potentially setting up some kind of splitter or export facility on the Gulf Coast for heavier NGLs and least condensates?

We’re still involved in discussions I think that that demand remains high and we’ve got some facilities that are pretty well positioned for the right project.

Alright, great. Thanks a lot guys. Tudor, Pickering, Holt: Alright, great. Thanks a lot guys.

Yes. Thanks Brad.

Thank you. And our next question comes from T.J. Schultz from RBC Capital Markets. Please go ahead.

Good morning T.J.

Good morning. Good color, just if some of the spot exports continue or just in general as you look at ’14 to see some of these results trend above your expectations on EBITDA, how do you look at balancing kind of growth versus coverage longer-term? Would your preference be to build additional coverage this year, or is there an upside to that kind of targeted distribution growth range, if some of these trends continue? RBC Capital Markets: Good morning. Good color, just if some of the spot exports continue or just in general as you look at ’14 to see some of these results trend above your expectations on EBITDA, how do you look at balancing kind of growth versus coverage longer-term? Would your preference be to build additional coverage this year, or is there an upside to that kind of targeted distribution growth range, if some of these trends continue?

I understand the question. But you kind of started with an if, it was high just because of some unexpected spot cargoes, then I'm going to build coverage with it. And that was how you started the if. I feel very comfortable with our distribution and dividend guidance, and our dividend guidance had a level or exceed that level.

Okay, great. Everything else I had has been asked. Thanks. RBC Capital Markets: Okay, great. Everything else I had has been asked. Thanks.

Okay, thanks.

Thank you. And our next question comes from Ethan Bellamy from Baird. Please go ahead.

Good morning guys. What could, or better in EBITDA guidance look like assuming everything runs smoothly and conversely if we had a $75 crude price this year, what would be the biggest kind of threat to guidance, would it be volumes or the CapEx budget, I just want to understand better the kind of a upside and the downside scenarios? Robert W. Baird: Good morning guys. What could, or better in EBITDA guidance look like assuming everything runs smoothly and conversely if we had a $75 crude price this year, what would be the biggest kind of threat to guidance, would it be volumes or the CapEx budget, I just want to understand better the kind of a upside and the downside scenarios?

That's two separate questions, on the first question the or better, depending on the causes, I don’t know another way to explain my or better, I think I underlines it in my notes, if I didn’t emphasize it I meant to. And I don’t think it’s going to be worse. Then you said what happens with $75 crude price. Is that a differential caused to WTI? Is that a world recession? And what are the expectations of producers for what the price is going to be in the future will determine their activity. As long as producers remain active I don’t see downside to our activity, or the guidance.

The Panama Canal expansion looks like it might be hitting some trouble with the contractors there. Do you think that that caps the LPG export opportunity or would the volumes just go elsewhere? Robert W. Baird: The Panama Canal expansion looks like it might be hitting some trouble with the contractors there. Do you think that that caps the LPG export opportunity or would the volumes just go elsewhere?

We don’t think it caps it. And I am not sure I’m not the Panama Canal expert. We know some people believe that the Panama Canal will sort of arb the difference in transportation and that it won’t matter, it will be a little bit, transportation will be a little bit shorter but they'll pay the difference at the Panama Canal. So none of our contracts are dependent on the Panama Canal getting finished, some of our contractors go beyond that dimensions, I'm sure it's impacting how the users of those contracts think about their shipping. But I don’t see it as a major difference. I see it as a potential upside to exports longer term once people figure out how to use it.

Okay. With respect to the propane deficit and price spike recently, do you see that as transitory or are there any lasting changes or impacts or opportunities for you from recent pricing? Robert W. Baird: Okay. With respect to the propane deficit and price spike recently, do you see that as transitory or are there any lasting changes or impacts or opportunities for you from recent pricing?

My view is that the recent pricing and logistics issues are a transitory issue. The longer term issues and trends haven’t changed. This was a very, very cold winter and propane wasn’t in the right places.

Excellent. Thank you very much. Robert W. Baird: Excellent. Thank you very much.

: :

Good morning Joe Bob, that was a really good quarter. My question revolves around ethane. Have you been getting enquiries regarding exports of ethanes and do you have any thoughts about this area of plans to think about going into this part of the business? Kramer Investments: Good morning Joe Bob, that was a really good quarter. My question revolves around ethane. Have you been getting enquiries regarding exports of ethanes and do you have any thoughts about this area of plans to think about going into this part of the business?

We have had discussions about ethane exports. We understand the technology. We can do that. The challenges of an export project; start first with challenges on the other side of the water combined with a willingness both that customer to term up supply at Mont Belvieu-based pricing. If we received such a contract we would undertake such a project, and it will take a couple or three years to get it done after the announcement.

Okay, thank you for that. And a second question, I know from your presentations that you have I think three facilities on the ship channel. Are there any expansion plans on the other two that are in some sort of your thought process at this point? Kramer Investments: Okay, thank you for that. And a second question, I know from your presentations that you have I think three facilities on the ship channel. Are there any expansion plans on the other two that are in some sort of your thought process at this point?

Well, taking them in order of activity, the Galena Park expansions have been going on for some time and we’ve got a little more land and a little more space and the ability to do more things in the future at Galena Park. Moving next to Channelview, great deal of activity, we acquired acreage after, we first acquired the project we have added tankage and we got other projects in the works. And I sort of addressed that relative to the condensate splitter question a little while ago. Patriot, we purchased, has less activity on it. But it's nicely located most likely to help with condensate splitter or other petroleum logistics opportunity, but could have some utilization associated with our LPG exports down the road, it’s nicely situated.

Okay. That does it for me. Thanks very much. Kramer Investments: Okay. That does it for me. Thanks very much.

Thank you, Norman.

Thank you. And our next question comes from Michael Blum from Wells Fargo. Please go ahead.

Hi, good morning everybody. Wells Fargo Securities: Hi, good morning everybody.

Good morning, Michael.

Just a couple of quick questions really, one, you’ve just seen a lot of assets trade-ins in West Texas and the Permian. And I am just curious, if that’s changed anything from a competitor’s standpoint from your perspective or are your systems really just kind of captive to where you are sitting? Wells Fargo Securities: Just a couple of quick questions really, one, you’ve just seen a lot of assets trade-ins in West Texas and the Permian. And I am just curious, if that’s changed anything from a competitor’s standpoint from your perspective or are your systems really just kind of captive to where you are sitting?

The major assets changing hands in the Permian have not really affected competitive landscape in my opinion, the big change is just so much activity in this giant trend going from vertical to horizontal. And there is a lot of room to go on that too, if you look at the percentage of horizontal in the Permian Basin. We like our position and we try to play primarily in, around and between those positions. SAOU nicely positioned on the East side of the Permian Basin, Sand Hills and what you might call sort of Southwest of the Permian Basin and we’re linking those two together, which really gives you sort of coverage and ability from the West side of Sand Hills all the way to the East side of SAOU. Then I’d like to mention Versado just because it’s so fun to see that throughput volume growing after waiting for the shale revolution to get to it and we’re expanding with pipe to underutilize processing capacity there.

Thanks, and that’s very helpful. In the past you’ve talked about a shallow backlog of projects and I think the $1.5 billion type range. Obviously you’ve got the 650 for 2014. Has that number changed at all, is that still kind of in the range that you’re looking at? Wells Fargo Securities: Thanks, and that’s very helpful. In the past you’ve talked about a shallow backlog of projects and I think the $1.5 billion type range. Obviously you’ve got the 650 for 2014. Has that number changed at all, is that still kind of in the range that you’re looking at?

Those are our official numbers right now, I think they’ve put out a new Q1 Investor Presentation on the web for this caller or immediately afterwards and that’s what those numbers will still reflect.

Okay. And then my last question actually on that presentation, I was just curious if there was anything in that slide deck that can be different from our incremental to what’s been discussed on this call today. Wells Fargo Securities: Okay. And then my last question actually on that presentation, I was just curious if there was anything in that slide deck that can be different from our incremental to what’s been discussed on this call today.

No, there should not be. I repeat.

Okay, good. Thank you. Wells Fargo Securities: Okay, good. Thank you.

Thank you. And our next question comes from Jon Yoder from Goldman Sachs. Please go ahead.

Goldman Sachs: :

There were ups and downs associated with that description. First on the Gathering & Processing side, plants performed very well considering the weather, but there was some impact during the cold waves. That impact was more than offset by sort of the unexpected strong performance not in the cold waves and pricing. Then the wholesale propane and our natural gas liquids logistics businesses, just worked very, very hard to try to help meet demand and there were some cost involved with that and there were some profits involved with that. I sort of gave a description of impact in Q4 that might not repeat in 2014 and it didn’t quite hit that list.

And as far as what you’re seeing in the first quarter has some of those trends kind of rolled through so far, what do you say? Goldman Sachs: And as far as what you’re seeing in the first quarter has some of those trends kind of rolled through so far, what do you say?

We had a repeat of some of that in the first part of January.

And looking at the Bakken on the natural gas infrastructure side, are you guys -- how was the outlook there? I know obviously you have your hands full with your crude oil expansion program there, but in terms of adding on a processing plant or incremental infrastructure, what’s the outlook there? Goldman Sachs: And looking at the Bakken on the natural gas infrastructure side, are you guys -- how was the outlook there? I know obviously you have your hands full with your crude oil expansion program there, but in terms of adding on a processing plant or incremental infrastructure, what’s the outlook there?

Yes I guess in addition to saying that we were adding processing capacity, because that was large enough on the radar scope that we thought we should mention it, Board approved it outside our authority. We are -- we continue to be active along with needing more processing capacity you have to sort of -- we continue to add pipe and more importantly we’re adding compression that meet those customers’ needs and is that the color you were looking for?

Sure, yes I guess beyond the additional -- yeah that’s fine. Thanks. Goldman Sachs: Sure, yes I guess beyond the additional -- yeah that’s fine. Thanks.

Thank you. And our next question comes from John Edwards from Credit Suisse. Please go ahead.

Yes, good morning. Great quarter. Just following up the last question, so net was weather a positive or a negative on the fourth quarter? And so far in the first quarter has the net been positive or negative? Credit Suisse: Yes, good morning. Great quarter. Just following up the last question, so net was weather a positive or a negative on the fourth quarter? And so far in the first quarter has the net been positive or negative?

I mean there is mix -- it would depend on whether you’re in a Field or you’re in the NGL marketing division. I mean if you look across the Field segment we report by area the volume and you’ll see slight incremental downs in North Texas, SAOU. The volumes were down 15 million a day across our Field and now has impacts of the Saunders fire as well as some weather impacts to the other areas. In the wholesale business it’s seasonal and we expect more margin to be earned in Q4 and Q1, but we don't necessarily get into the specifics of those, but if you can go back and look at historical quarters in trends?

I would say if you include the impact of price into weather, that you would have to say that weather was net positive to us, every way I’ve cut the numbers, but that’s because of the price part in there and because we performed very well despite really rugged temperatures, I’m proud of the operations.

Great. Thank you very much. Credit Suisse: Great. Thank you very much.

Thank you. And I’m not showing any further questions at this time. I would now like to turn the call back to Mr. Joe Bob Perkins for any further remarks.

Thank you operator and thank you everyone who attended, and for your patience on this call. We love talking about the business, hope we’ve covered the things you wanted to cover. If you have any other questions feel free to contact Jen, Matt or any of us. Good day.

Ladies and gentlemen, thank you for participating in today’s conference. This does conclude today’s program. You may all disconnect. Everyone have a great day.