Good morning and welcome to the United Rentals Fourth Quarter and Full Year 2012 Investor Conference Call. Please be advised this call is being recorded. Before we begin, note that the company’s press release, comments made on today’s call, and responses to your questions contain forward-looking statements. The company’s business and operations are subject to a variety of risks and uncertainties, many of which are beyond its control and consequently actual results may differ materially from those projected. A summary of these uncertainties is indicated in the Safe Harbor statement contained in the release. For a more complete description of these and other possible risks, please refer to the company’s Annual Report on Form 10-K for the year ended December 31, 2012 as well as subsequent filings with the SEC. You can access these filings on the company’s website at www.ur.com. Please note that United Rentals has no obligation and makes no commitment to update or publicly release any revisions to forward-looking statements in order to reflect new information or subsequent events, circumstances or changes in expectations. You should also note that today’s call will include references to free cash flow, adjusted EPS, EBITDA and adjusted EBITDA, each of which is a non-GAAP term. Speaking today for United Rentals is Michael Kneeland, Chief Executive Officer and William Plummer, Chief Financial Officer and Matthew Flannery, Executive Vice President and Chief Operating Officer. I will now turn the call over to Mr. Kneeland. Mr. Kneeland, you may begin.

Thanks, operator and good morning, everyone, and welcome. With me today as operated stated is Bill Plummer, our Chief Financial Officer; Matt Flannery, our Chief Operating Officer and other members of our senior management team. Typically on the fourth quarter call, I’ll summarize the key results and then turn to the coming year and I know this is all adventurous in our operating and volume and we’ll certainly address that today. But I also want to touch on the broader invocations of our fourth quarter results. 2012 as you know it, was not a typical year for us and I think it’s important to view the quarter in that light. First, the results we reported were clearly strong finish to a very good financial year, a year which we transformed the company for superior returns. In addition to the merger with RSC, we’re also successful executing our strategy in an expanding marketplace. Second, the numbers reflect a substantial progress, we made on the integration for the beneficial effect on margin and the alignment of our operations is now largely complete and we’re working together as one. Bear in mind that the merger happened less than a year ago and we realized some significant efficiencies in the brief time. In the fourth quarter, we captured another $42 million of cost synergies bringing the total to $104 million for the year. Before I recap the numbers, I’ll remind you that any year-over-year comparisons I give you are on a pro forma basis, as measure against the combined results of the United Rentals and RSC for 2011. On the top line, our rental revenue for the quarter was up about 90% year-over-year and total revenue was up more than 7%. Our adjusted EBITDA was $553 million for the quarter and a 44% margin,…

Thanks, Mike and good morning to everyone. As always, I’ll try to add a little bit more color to the quarter and the year that we just reported and also spend a little bit more time on our guidance for 2013. But before I get started, let me just remind everyone what Michael said that all of our discussion here is about our pro forma forecasted or actual performance, anything that’s not pro forma, we’ll call out as we go through. So, let me start with our rental revenue performance for the quarter, up 8.7% year-over-year with good contributions from rate and volume as always. Rates were up 6% over the comparable quarter last year, and they were up eight-tenths of a percent sequentially versus third quarter of 2012. That brought us to a full year rental rate performance of 6.9%, very consistent with our guidance of about 70%. If you look at volume and time utilization, we had nice growth in overall volume in the year; what we see on rent, which is our measured volume was up 7.2% in the quarter, to an average of $5 billion of OEC on rent, clearly reflecting what is an overall strong demand environment and certainly reflecting the investment that we’ve been putting in our fleet over the last year, year and half or so. Time utilization on that OEC on rent was 68.7% in the quarter and that by any measure a very strong level of utilization for the fourth quarter. It certainly consisted with the demand that we’ve seen, consistent with the ability to deliver price and certainly is a focus of how we manage our business. It is down 90 basis points from the fourth quarter of the prior year, but I’ll remind everyone that that’s less of a…

(Operator Instructions). Our first question comes from the line of Set Weber from RBC Capital. Your question please. Set Weber – RBC Capital: Hey, good morning, guys.

Good morning.

Good morning. Set Weber – RBC Capital: I just wanted to get a sense for how committed you are to holding the line on this $1 billion net CapEx number. What sort of the optimal mix here if you can get 68.5% utilization and keep the 4.5% rate, I mean would that trigger a higher CapEx number or how are you thinking about the balance there, because your 68% number would actually be above what you’ve done the last couple of years.

Yeah, this is Mike. I’ll answer at this way. Look we are trying to drive profitable growth, if I were to see both rate and time, start to accelerate, I have no hesitation to spend more, but I would like to see the both of those come into play. And the other thing is I would say is that – a lot of free cash flow and we’ve got a lot of blue-sky in order to meet customer demand. Set Weber – RBC Capital: I mean as you’re looking at your guidance, would you think that there is more relative upside to the rate number or to the utilization and which would push – would you prefer to push rate I guess versus utilization if you had a choice.

I think you know me. I would tell you that obviously rate is near and dear to my heart has the biggest flow through and the highest potential for our margin expansion. And I think that, that’s a fair statement. So, rate I think, if you go back last year, we started out the year saying 2005, we ended up just here underneath 2007. We will continue to focus on it. We are going to continue to drive it and I think the team is low equipped. We got tools. As I stated in my opening comments, we’re now a unit as one and we’re going to focus on that. Set Weber – RBC Capital: And are you seeing anything from a competitive standpoint, are the smaller independent guys refleeting or they becoming more aggressive with pricing or is everybody kind of being rational here?

Hey Set, this is Matt. Overall, I think everybody is being very rational. And you know the national players are in much the same mode that we are and I think the rest of the industry is following suit and that’s good for the entire industry. So, I’m very comfortable and encouraged by that. Set Weber – RBC Capital: I mean, but do you get the sense, the smaller guys are refleeting or they based on capital constrained.

No, I’ve not seen a trend there at all. Set Weber – RBC Capital: Okay. Thank you very much guys.

Thank you.

Thank you. Our next question comes from the line of David Raso from ISI Group. Your question please. David Raso – ISI Group: Hi, good morning.

Hi, David. David Raso – ISI Group: Two bigger picture questions. You keep referring to global insights outlook for 2013, but the guidance you’re giving appears to be no better than the industry outlook, so I’m just trying to see how you’re framing the year end, you keep referring to your ability to penetrate and take share but your guidance is really only in line with – that seems like how you’re viewing the industry. So, can you just sit back for a second and explain us why you don’t think you’ll be able to outgrow the industry this year?

I think David, the way which we look at the world, you can parse out the numbers however you want but we believe that we’re going to outpace the industry this year. As I stated, and I continue to state whether it’s driving profitable growth, but don’t lose focus on the fact that our key accounts and our national accounts grew at very nice numbers and those are the areas that we continue to focus on, and you’re going to see us put more effort on growing that segment of the business. David Raso – ISI Group: I’m trying to backdoor and to build town as the rental revenue growth for the year, because if you look at the implied used equipment sales, which is obviously the second biggest driver to your revenues, that implied to be up nearly 13%. Total revenues were implied only up 7%. So, I’m just trying to get a feel are we thinking that rental revenues were up, 7, 8, 9, and 10, I’m just trying to get a feel for that, and then the segue question is, we’re implying the core incremental EBITDA margins, forget about the synergies, dropping at 1,000 basis points year-over-year from roughly 73, 74, down to an implied 63. So, I’m just trying to get a feel for why are the incremental margins be 1,000 basis points lower and again why the rental revenue, maybe it’s not faster than the industry, but if you can help us in any way with those two questions it would be appreciated.

So, David, it’s Bill. What I would say on the rental revenue growth is, it’s at a certain level, it’s a systematical question about outperform the industry. We do have a rental revenue growth within that center point $5 billion revenue number that we gave. That is an excess of anything that we’ve heard from forecasting services for the industry in the year and we haven’t given the exact number, but you can back into it reasonably close. I think you would have to know a little bit more about our assumptions for contractor supplies new equipment and so on in order to get super-precise. But we feel very comfortable in saying that we will outperform the industry in the year and that’s what underlies that guidance. In terms of the flow-through performance and the change versus last year, we view 63% as being very robust flow-through performance when you exclude the impact of synergies. That’s – if you look back over the history of the company and the industry, I think you have to say that – that’s a good level of performance, it is as good as the 73,74 range that we were in 2012, clearly not, but I think what we got in 2012, it’s hard to imagine that you’re going to be able to sustain forever. We don’t have as much rate realization assumed for 2013 as we actually had in 2012. That backs off the flow-through impact. We aren’t putting as much fleet in on a percentage basis in 2013 as we did in 2012 and you know the benefit of flowing more fleets through the fixed cost basis pretty significant. So, that would back off your flow-through in 2013. So, when you start parsing through the things that – that we wouldn’t have there on our 2013 forecast, compared to what we had in 2012. It’s not shocking to me that our flow through ex-synergies would be down and we can have a robust debate about how much they should be down. But we feel good about 63% ex-synergies based on what we expect for the year. David Raso – ISI Group: Yeah. I’m not denying to get absolute numbers. I was just wondering, you closed 187 stores over six months stretch. I have to believe that would hurt the flow through to some degree. But I guess you’re seeing the other items, you cited more than offset the positives of 2013 won’t have those branch closures?

Yeah. I think along with the branch closures, there were variety of activities going on. I’ll tell you, one of the things that benefited 2012 for example is as you’re going through those consolidations and figuring out new responsibilities and how things are going to work, there is a level of uncertainty that’s introduced the cost – some people to say, you know what? I’m going to hold off on adding head count even though, I know that I might need to add head count. So, in that environment, ex-synergies – you might actually be operating a little bit understaffed relative to where you otherwise should be. That’s not going to be as much of an impact in 2013. At least we’re not forecasting it to be. And so that’s part of the story that causes ex-synergy flow through the back half a little big. But please don’t lose sight of the fact that 63% is still pretty good. David Raso – ISI Group: No, that’s all fair. Right, I appreciate it. And quickly just on tax rate for 2013?

We’re saying the upper half of the 30s. So, 35, 36, 37, in that area. David Raso – ISI Group: Thank you very much.

Thank you.

Thank you. Our next question comes from the line of Joe Box from KeyBanc. Your question please.

Hey, Joe. Joe Box – KeyBanc: Hey, good morning, guys.

Good morning. Joe Box – KeyBanc: Mike, question for you on your metro model. I think you mentioned earlier that you’re looking at about 20 current implementations and then maybe another 15 or so this year. I guess, one is that full opportunity and two, what percentage of your overall markets might fit within this type of model?

I’m not sure. I’m going to ask him, because he’s deeply involved in it. So, Matt?

Great. Joe it’s – so, it’s 20 that are already implemented and another 15 that we’ve got planned to rollout. There’s probably another 10 to 12 after that. If you look at branch count, which – it is necessarily tied the revenue, it’s about 50% of our footprint. It is condensed enough to take opportunities of shared services that the Metro Model offers. I don’t know if that answers your question, but we’ve been encouraged by the results of the models we had, and obviously the longer ones, and ones that have been in place in early first quarter 2012 have significantly better metrics than the company average. So, we’re very encouraged by that. Joe Box – KeyBanc: That’s – that’s perfect. And then I know at your Analyst Day you talked about one to three points of EBITDA improvements from this. Is that still fitting for the some of the other markets, did you plan to roll this out this out too?

Yes. So we’re not certain yet, but if we – if we make the assumption that we took the biggest opportunities first, which would be a safe assumption, we’ve probably frontloaded that and some of the additional markets that we rollout, you don’t have as much density in. So, the scale may have some effect on where you’re going to fall between that 1% to 3% range, but we expect to be in that range. Joe Box – KeyBanc: Excellent. Maybe one more for you real quick. Can you just dig into some of the moving pieces that would drive upside or downside to the 4.5% of rental rate guidance? And maybe just to add to that, it looks like both used and new equipment prices are well above the prior peak as opposed to the rental rates that are still below. How does new and used price play into your ability to raise rental rates, and I guess, is it normal for rental rates to lag this for behind?

So – to your last question, I don’t feel that the new used pricing really has an effect on our rental rate whatsoever. It’s in the big scheme of things, it’s not a driver for the – for end users, so the rental still such an attractive value versus all the cost that come along with owning, I don’t think that’s part of a decision process. Your first question was about 4.5% rate, and if I recall what the opportunity is, we’ve pegged 4.5, because that’s it we think. If you look at the 2% carryover that we referred too, and then the figure at first quarter, some of the middle quarters are where we have our opportunity, we make some sequential assumptions that get us to that 4.5% rate that we are very comfortable with. If the demand picks up sooner, Mike had said earlier, the second half of the year we feel stronger. If we see the demand in the first half of the year increase more than we’ve forecasted, we will – I think we have proven in the past, we won’t hold off on getting that opportunity. And that can very well show up in rate. Yeah, the other thing I would say just – look we’re trying to be as transparent as we possibly can. We’re trying to make sure that everyone can try to look at how we see the world and the metrics to go behind the revenue that we’re putting out there. So to the extent, it’s a balancing act as Matt mentioned and we are going to continue to drive rate, it’s – this is an industry that has to get over its cost of capital and to the cycle, and that’s what we’re focused on. Joe Box – KeyBanc: Sounds good. Thanks guys. Take care.

Yeah. Thank you.

Thank you, our next question comes from the line of Nick Coppola from Thompson Research. Nick Coppola – Thompson Research: How are you doing?

Hi, Nick. Nick Coppola – Thompson Research: I want to ask about the impact of Hurricane Sandy, is there anything you can quantify there.

Yeah, Nick this is Matt, we had in the fourth quarter about $6 million of revenue that was directly – was a result of the impact of Sandy. There is about a third of that, that remains on rent today. So not a large number. As far as forward looking the start have been now starting to come in as far as the construction planning starts now that the – the government since approved the funding specifically for the Jersey Shore, but we forecast maybe $20 million, $25 million of additional what we see on rent in those affected areas so it will be big in that in those communities and in that area and we’ll play a big role, but we don’t see it as a needle mover a big impact on the overall company’s scale. Nick Coppola – Thompson Research: Okay, that’s helpful. And then can you also give us rate by month on a year-over-year basis?

Yeah. Rates by month on a year-over-year for the month of October, it was 6.5%, for November it was 6.1% and for December it was 5.3% and for the full quarter it was 6% on a weighted average. Nick Coppola – Thompson Research: Okay. And can you tell us anything about how things are turning into January?

Yeah. I’ll take that one, so January is tracking as we expected both for rate and fleet on rent and time utilization. It – it’s started – I’ll step back and say one of the things that you saw this year with Christmas being on a Tuesday as we saw the latter half of December, things softened up a little bit more than you normally would see, if Christmas were on a Monday or Friday or over the weekend so the second half of December was little softer. And so we started the year a little lower than we otherwise might have. But we’ve called out all that back and so January is on pace both in terms of rate and in terms of getting fleet into the market and it feels pretty good at this point. Nick Coppola – Thompson Research: Okay, all right. Thank you.

Thank you.

Thanks.

Thank you. Our next question comes from the line of Ted Grace from Susquehanna.

Hi, Ted. Ted Grace – Susquehanna: Hi, guys. Congratulations on good quarter.

Thank you, Ted. Ted Grace – Susquehanna: Michael, I saw in come back to some of your comments about the end markets, I know you commented oil and gas and power were strong. Could you frame kind of were those strongest in 2012 and would you expect that to carry into 2013 as well or do you see other groups maybe improving in a relative basis and kind of maybe get a little more granular about the end markets based on the client surveys or the other metrics that you’re looking at?

I’ll start with the client survey and it’s a great point because our December survey of our customers, 62% of the key customers expect growth over 2012, which is up slightly from what we had in our last quarterly call. So, we take that as a takeaway from our customers’ confidence level is – is beginning to rein bullish and we take that as a positive. With regard to some of the industries, the power sector is still an area, where we are – we participate in, in a broad sense and we think in 2012, it will continue in 2013. We could debate whether there is a pipeline, there is an half a lot of work is being done once we’ve got all of the – all of the wells are drilled for natural gas and for wet gas. It’s an efficient way of fuel and we see that demand.

We’re also having a colder winter than last year. Unlike last year, there was more, one of pause, because there is oversupply of natural gas.

And given that the temperatures that were – we are unfortunately going through right now, whether it’s rather cold that’s going to I think acerbate some of the demand or the need for that fuel in energy sector. Our power grid continues to be – needs to be refurbished, that’s underway, and it’s a long-term project. The same goes for coal and all of fossil fuel plants, their aging repairs ongoing, and then I would say that – one of the things that we’re seeing is more investment in the chemical side of the business, particularly in the Southwest or in the Gulf area and from foreign investment coming in here, but stable, and we have lower energy prices. And so we’re seeing more of that start to play out inside of our industry. Having said all that, I’ll also point out that one area that we’re looking at markets, we don’t see there is a growth in Northeast Canada, it came off of high. It’s still going to grow, but not at the rate we saw historically. Western Canada will remain strong and that’s – hope I answered all of your questions. Ted Grace – Susquehanna: Yeah, that is helpful. And in terms of – just I was hoping to next touch on the synergies for 2013, and I don’t know if this is a Matt question or Bill question or Michael, but the guidance is for step up of, I think, $96 million. Could you help us understand what that allocation looks like between COGS and SG&A, and how the realizations in 2012 split between those two buckets?

Ted, I’ll take a stab at it, and Matt certainly feel free to chime in. So, as we look at what’s to come in 2013, I would say there is a majority of it that comes in cost of rent, because it’s – it’s clearly become out of areas such as operational head count metrics that we track, delivery efficiencies that quite honestly we haven’t recognized any synergies for as of yet, but we know that there are some benefits that are going on, we just got – get our heads around how do we capture them and calculate them. So the majority of that incremental 96 will be in the cost of rent lines of the company, that said we still don’t have opportunities in SG&A. I think there is still some process changes to play out in some of the administrative areas, but it will be skewed toward cost of rent during 2013. We have been more heavily skewed toward SG&, savings so far in the $104 million that we realized in 2012, and that’s just natural, right. A lot of it came out of reducing redundancies in the corporate functions, reducing sort of the management structure in the field and we’ve done a nice job of that, it’s gone very well. The stuff yet to be is going to be more – is the hardest stuff quite honestly, but stuff that’s more directly tied to operation. Matt, do you want to add anything?

Bill, touched upon on it right, a lot of the operational efficiencies, you need to time to actually achieve right, so specifically as we report achieved synergies, you’ll see more achieved synergies from branch operations coming in 2013 than you did 2012, and we’ll get to our 200 million achieved for the full year and that bring us to a run rate of 220 by year end 2013. So most of the achievement will be done by year end 2013, to get to our 230 and 250 fully developed plan. Ted Grace – Susquehanna: Got it. The last thing I was hoping to ask is and I apologize if I missed it earlier. How should we thinking about the cadence of CapEx for 2013? Is it falls in normal splits of 60:40or?

It’s – Ted, it’s Bill, again. We’ve thought very carefully about it this year and so I think what you will see is that the cadence by quarters in 2013, will look a little bit more like what you’ve seen in prior years like 2011 for example then what you saw in 2012. We’re very heavily frontend loaded things in 2012 roughly I think I have got the numbers here in front of me. In the first quarter we spent about 36% of our total year spend last year in the first quarter and then another 35% in the second quarter and then it went 18% and 11%. For 2013, I think you can look for us to be more like what we were in 2011, which was 19% in the first quarter of 2011. We’re probably going to be around that – around that level again this year. And then the second quarter may not be dramatically different than it was in the prior year, so probably 35%, 36%, 37% in that area. We’re probably loaded a little bit more of a spend in the third quarter than we normally might. So, call it 30% or so, and then remainder in the fourth quarter of this year. That’s – we think it’s important you understand the pacing, so that you get a good sense of how that capital spend will play out across the year. That helped? Ted Grace – Susquehanna: That’s super helpful. Best of luck this quarter, guys.

Thank you.

Thanks, Ted.

Our next question comes from the line of George Tong from Piper Jaffray. Your question please.

Hi, George. George Tong – Piper Jaffray: Thanks and good morning.

Good morning.

Good morning, Joe. George Tong – Piper Jaffray: Could you outline some of the specific steps that you’re taking to ensure rental revenue growth in 2013 will outpace the overall rental market?

Specific steps, I think, if you take a look at our investor presentation, Juan, who is our Senior Vice President of Sales and Marketing, laid out a very detailed map of how we’re looking at the world and how we’re planned to attack it. Using total control, going after verticals, specifically and also implementing the sales force automation tools that we have out there, and – I mean, those are lot of dynamics that we’ve laid out. It’s a lot of the best practices that we’ve learned between both companies of how we’re going after the market. And core is another one that we’ve rolled out and we got to educate the legacy employees and that’s been fully laid out, and they’ve been educated on that. And 2012 was as much as really kind of integrate and learn. So that in 2013 that we could be prepared. And those are probably the biggest things that I can think off. Matt, if you want to add anything?

Yeah, I mean if you’re just talking about – talking about overall from 10,000 feet. We spent more time and energy in the past six months on preparing our sales team for sales force effectiveness through new tools in training then we have – in my 20 years in the industry and this I really think we’ll see the benefit of that. On top of the stabilization of everybody being there, new territories, there are new stores and just the overall, the full year effect of having the team together I think we will be able to achieve the growth that we have forecasted.

I would also point out that there is going to be some things that we are going to roll out this year, that we just haven’t announced. We are going expand on some of the technology and leverage that, some of the best practices that we haven’t yet implemented, will be rolled out, and you know so to be more to come. George Tong – Piper Jaffray: Got it. That’s very helpful. Next question is related to margins, the midpoint of your 2013, guidance suggest EBITDA margins of 46% will that be the new steady state or do you see additional upside to 46% beyond 2013.

Well, I will be missed and tell you I think there is upside, right. Because the idea is that you know we continue to drive profitable growth. We have a lot of things that we are going to be utilizing some of what, we just mentioned some of the things around profitability by product and by customer, that technology exists rolling that out, implementing those type of tools, further capital efficiencies around, what’s not available for rent all to margin improvement. So, for me I would tell you that there is just more to come. George Tong – Piper Jaffray: Very helpful. And then last question, could you give us some color on how much revenue synergies you expect to achieve in 2013?

Hi, this is Matt. We haven’t pegged specific number on it. I will say that we are well on target to hitting our commitment of $50 million of incremental EBITDA that we reported last year is our target. And if you recall that will come at a high flow through, because where we are getting that will be somewhere between 460 million and $70 million of additional revenue. And I’m not even trying to avoid giving you an answer. The real challenge is unlike cost synergies, we have set things in motion to achieve revenue synergies, but we actually have to build the revenue, which is going to come throughout the year to take credit for. But we do feel that we’ve the actions in place to meet and probably exceed our plan.

Yeah, on that point, just to point out, the harmonization of all the contracts, although we kind of, almost all being done, they are not all done. We’ve got about 90% done. We’ll get the balance of those baked into this quarter. I think Matt’s exactly right as you see the quarters unfold this year, you’ll see more visibility around those numbers. George Tong – Piper Jaffray: Right. Thanks and congratulations on the quarter.

Thank you.

Thanks, George.

Thank you. Our next question comes from the line of Timothy Thein from Citigroup. Your question please. Timothy Thein – Citigroup: All right. Thank you. Good morning and congrats again on a good year and in terms of the acquisition as well, in terms of your integration. Question back in terms of the EBITDA guidance, Bill and if you kind to walk through some of the key pieces, I’m trying to get a feel for how we should think about the volume impacts. And you just mentioned that the incremental costs synergies of that’s give you call it $100 million incremental benefit. The benefit from rate should give you another call it $180 million and obviously these are not given of course. But I’m trying to think about if you assume a more weak equal weighted spent on that billion of net CapEx implies about $500 million in higher pro forma average OEC and you’re saying that utilization is up some on 12. So, what should we kind of an appropriate drop through range that we can think about on that incremental volume

Tim, so make sure I understand your question. You’re looking for the drop through of just incremental volume alone. Timothy Thein – Citigroup: Yeah, exactly.

So, what I would say is we haven’t parsed it at that level, we got I mean we gave the guidance that shows you the increment – the drop through for overall revenue, whether it’s price, volume, mix, whatever – fleet, whatever is implicit in the guidance. And David Raso earlier talked about 63% if you exclude the impact of synergies. We haven’t broken out the incremental impact of volume at that level of detail. So, I’d – I actually don’t even have number committed to memory that I’d want throw out there. Clearly volume is going to be a focus for us. We’re putting more fleet in. We’re going to raise utilization and certainly that’s going to be a key driver of our overall profit improvement. But why don’t we leave the discussion at the total revenue level. Timothy Thein – Citigroup: Okay. All right, fair enough. And then, Bill, in terms of the mix impact, how should we just kind of bridging that price versus volume and then the additional kind of unknown. What should we think about from a modeling perspective in terms of what that mix factor looks like in 2013 as you’ve moved more of your business toward to these monthly contracts.

Certainly. So as we look at 2013 and what’s implicit in the guidance is a mix impact that’s somewhere around a 0.5 of headwind. So, 4.5% rate whatever your model for volume is and explicitly we’re saying about a 0.5 of mixed headwind, that will give you the high-single digits creeping upon 10% revenue growth that’s implicit in that overall total revenue growth that we’ve guided to. So, that’s how we’re thinking about it. Timothy Thein – Citigroup: Okay, great. Thanks a lot.

Yeah.

Thank you. Our next question comes from the line of Philip Volpicelli from Deutsche Bank. Your question please? Philip Volpicelli – Deutsche Bank: Good morning. I have two quick ones and then one more philosophical. The first where do we stand on the stock repurchase authorization and where do we stand on the RP basket? And then the last one is, with regard to acquisitions clearly the integration of RSC is going well. In 2013, would you consider looking at other targets of upsides?

So on the share repurchase, Phil, we’ve got about $85 million left to do, and we will – we will manage that the way we said initially, which was we’re going to get it done over in 18-month period post – post the close, and we will just spend it as we go along. In terms of the RP basket, I’m going to look over at Irene, I’m sure she’s sitting here, and say where is that on your cheat sheet, Irene, help me?

It’s the acquisition notes, and then the most restricted within the $50 million. Philip Volpicelli – Deutsche Bank: I’m sorry could you say that again.

$250 million. Philip Volpicelli – Deutsche Bank: Thank you, Irene. And I guess Michael, maybe the acquisition question?

Yeah, with acquisition, we always are going to be focused on driving profitable growth, I would say, and you’re going to hear me say that over and over. Strategically, it has fit, it has to – there have been a lot of rigor around this, it also has to be accretive, and the cultural fit. And having said all that, we always look at what’s out there and I think one of the areas that was very evident that we’re going to be focusing on is our specialties side of the business, which is a very high return and bodes very well with our current customer mix, as we go forward. So again opportunistic, but no need to rush out there, and we’ll continue as we stated earlier, we’ve got a lot of free cash flow and not only this year, but the years to come. So, but we’re going to be in a position. Philip Volpicelli – Deutsche Bank: That’s great. And then maybe I can just ask, are the number of books coming across your desk, are opportunities increasing or decreasing in terms of potential M&A that you’re analyzing?

I don’t measure it in that way. I think that people try to get into – and to talk to us to get a sense of what our thoughts are and I will tell you that I turn away as many years I open up, so I don’t measure it in that form, it’s just I think people are trying to understand what our appetite is and we’ve got this – these integrations underway that’s foremost on my radar screen. It’s delivering what we said we’re going to deliver and then some we got the best in class, we got to deliver on the best practices and then it has to be strategic. How can it fit with our long-term view. Philip Volpicelli – Deutsche Bank: Great. Thank you very much. Good luck.

Thank you.

Thank you. Ladies and gentlemen, due to time constraints, this does conclude the question-and-answer session of today’s program. I’d like to hand the program back to Michael Kneeland for closing comments.

Thanks, operator and thanks, everyone for joining us today. You’ll find our Investor presentation on our website. We’ve got some updated data that we hopefully find – you find is useful for all of you and as always feel free to call us or Fred Bratman here in Greenwich and you can discuss the details in more – all of the comments in detail. And also if anyone would like to extend visitation to anyone of our sites to get a better sense of how we operate it. Thank you very much and we look forward to our next quarterly call.

Thank you. And thank you, ladies and gentlemen for your participation in today’s conference. This does conclude the program. You may now disconnect. Good day.