Good day everyone and welcome to the Loral Space & Communications third quarter results conference call. At this time all participants are in a listen-only mode. (Operator Instructions) Now I’d like to turn the conference over to Wendy Lewis, Director of Communications; please go ahead, ma’am.

Good morning. As we proceed with the call today some of the remarks we make about our future expectations, plans, and prospects. We’ll be forward-looking statements under the Private Securities Litigation Reform Act of 1995. As you know, actual results may differ materially from those discussed here as a result of a wide variety of factors and conditions. Please refer to the most recent 10-K and 10-Q Forms that we’ve filed with the SEC for information on those factors and conditions. Now I’d like to turn the call over to Michael Targoff, Chief Executive Officer of Loral Space & Communications.

Thank you, Wendy and good morning everyone. With me today are some of Loral’s Senior Executives, including our Chief Financial Officer, Harvey Rein; our General Counsel, Avi Katz; our Controller, John Capogrossi; and our Assistant Treasurer, John Stack. The yesterday we announced our results for the three months and nine months ending September 30 and filed our 10-Q for the quarter. I’d like to take this opportunity as we have in the past to review the quarter. Draw your attention to some of the important highlights and discuss our current status. At the end of the call, as noted we’ll take questions that you may have. Despite the continued challenging economic environment, our performance in the quarter was outstanding. In the past I have cautioned that is important to measure our operations with a long term view rather than focusing on any single quarter. I have said this and discussing quarterly results that were negatively impacted by what I described as onetime events. The same applies now in light of these positive results. With that said an even modulating somewhat for these onetime events, which contributed approximately $10 million to third quarter adjusted EBITDA, our results were still excellent. I believe these performances provide evidence that we are right on track with our expectations for growing value at both Space Systems Loral and Telesat. By the way during this call when I were discuss EBITDA I will refer to at simply as EBITDA, but you should know that I am really referring to adjusted EBITDA has defined in our quarterly filling. Talking first about our Space Systems Loral, our manufacturing units are focus on operations has contributed to noteworthy margin improvement. EBITDA for the first nine months of the year was more than doubled the comparable period in 2008. The…

(Operator Instructions) Your first question comes from David Sacks - Hawkeye Capital.

Michael, could you go over the capital spending profile for the fourth quarter of this year, what your expectations are for 2010, if you have any thoughts on 2011 that you know…?

I think we’ve indicated repeatedly that, we see at the Loral level at SS/L, a normal spending pattern that would be somewhere between $25 million to $30 million in regular CapEx. We have as I’ve said, embarked upon a expansion program at SS/L, that allows us to accommodate up to as many as nine satellites and while that’s substantially completed the expenditures to updated test equipment, continue to have a requirement for spending somewhere between $5 million and $10 million, as we look forward in the next 15 months, I guess you question would. So we would see on the normal expenditures plus and approximately $10 million number for the extra test equipment. We’d also expect to complete over the next two years. The spending for the remainder of the $35 million for ViaSat-1 and $15 million of ground infrastructure equipment and that would be at the Loral level. That would be it, unless we have new or unusual items, or out of the ordinary course of requirements.

Can you speak it all to the Telesat spending requirements over the next year or two?

Well, I could, I’ve really refer you to Dan Goldberg’s remarks yesterday, but essentially they’re building T14, which I think they’ve disclosed is a total cost to them. I’m not sure whether they include the capitalized interest in or in it of somewhere between $215 million to $300 million Canadian and they will be building Nimiq 6, which again they’ve described as being in the same cost range. So I think you know that those satellites take anywhere from 24 to 28 months typically, so you can plan it out.

What do you expected in turn of rate return beyond those projects?

I don’t think we probably disclosed that and I don’t think I want to tell you more about that other than, I think Dan has indicated that the Nimiq 6 is in the pattern of contractual relationships that have historically been between Bell and Telesat, which we at Loral viewed very favorably when we acquired the company. We would hope that would be same here and 11N it’s just a typical FSS satellite and your, we thought at Loral was a fine location and the early evidence I think speak for itself.

(Operator Instructions) It appears that we have no questions sir.

Okay. I want to thank everybody for joining us. We appreciate your participation and we’ll talk to you again at the end of the year. Thank you.