Ladies and gentlemen welcome to the Weight Watchers International fourth quarter and full year end 2009 earnings conference call. During the presentation, all participants will be in listen-only mode. Afterwards, you will be invited to participate in a question-and-answer session and instructions will be given at that time. As a reminder, this conference call is being recorded today, February 25th, 2010. At this time, I would now like to turn the call over to Sarika Sahni of Weight Watchers International. Please go ahead.

Thank you, and thank you to everyone for joining us today for Weight Watchers International’s Fourth Quarter and Full Year Earnings Conference Call. With us on the call are David Kirchhoff, President and Chief Executive Officer and Ann Sardini, Chief Financial Officer. At about 4:15 P.M. Eastern Time today, the Company issued a press release reporting its financial results for the fourth quarter and full year 2009. The purpose of this call is to provide investors some further details regarding the Company’s financial results, as well as to provide a general update on the Company’s progress. The press release is available at www.weightwatchersinternational.com. Before we begin, let me remind everyone that this call will contain forward-looking statements. Investors should be aware that any forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from those discussed here today. These risk factors are explained in detail in the Company’s filings with the Securities and Exchange Commission. The Company does not undertake any obligation to publicly update or revise any forward-looking statements whether as a result of new information, future events or otherwise. I would now like to turn the call over to Mr. Kirchhoff. Please go ahead, David.

Good afternoon, and thank you for joining us, as we review Weight Watchers International’s performance for the fourth quarter and full year 2009. Overall, our Q4 results slightly exceeded our earlier expectations, as we saw moderating trends during the quarter in several of our business units both the volume and profitability basis. While our business continued to be adversely impacted by the global recession, particularly in the U.S. our actions helped moderate negative trends in the fourth quarter, most notably in our international meetings businesses and in our WeightWatchers.com business. In particular, we saw a significant improvement in the trends in our Continental European business following the soft launch of the new program Pro Points. As I begin to review our financial results, for comparability, I would like to remind everyone of several key items impacting 2009 and 2008. First, fiscal year 2008 had 53 weeks compared to 52 weeks in fiscal 2009. The majority of the impact of this extra week in 2008 was in the fourth quarter. In order to provide comparability in our results, we’ll be providing comps in which we compare our fiscal Q4 2009 with the comparable 13-week period in Q4 2008. Second, reported Q4 2009 profitability was adversely impacted by our taking of $37 million accrual to reflect our recently announced adverse ruling regarding tax withholding for our leaders in the UK. The EPS impact for this for both the fourth quarter and the full year 2009 was $0.33. Of which, approximately $0.29 relates to the prior periods of 2001 to 2008 and approximately $0.04 related to fiscal 2009. This ruling relates to our long-held position that our leaders in the UK are independent contractors and not employees. We plan to appeal this ruling. Third, in fiscal year 2008, we recorded charges to reflect…

Thank you, David, and good afternoon, everyone. First to recap, our fourth quarter 2009 results are summarized as follows on an as-reported basis before adjustments for comparability. Consolidated company revenues of $311.3 million, decreased by 10%. Operating income of $50.2 million declined by 49.7%. Net income of $18.7 million was 60.7% below the 2008 level and EPS of $0.24 versus $0.62 last year. As David noted throughout his remarks, our fourth quarter 2009 and 2008 results included a number of items that distorted the comparison between the quarters. In summary, these were as follows. In the fourth quarter of 2009, we recorded a $36.7 million charge to cost of revenues associated with an adverse UK tax ruling which we received in February 2010 regarding the self-employment status of our leaders in the UK. The $36.7 million accrual represents $25.2 million for assessments made for the year’s April 2001 through April 2007 and an additional $11.5 million in accordance with GAAP for years beginning April 2008 to the end of fiscal 2009, which have not yet been assessed. The amount accrued for 2009 alone, which would be similar in 2010, was $4.2 million. There were also two items of magnitude that impacted our fourth quarter 2008 results which (inaudible) comparability. As you may recall, in 2008, we also received a negative UK tax ruling with respect to Value-Added Tax or VAT. While this ruling caused us to reduce revenues in the second quarter of fiscal 2008 based on the then assessed amount, our assessments for period prior to 2008 were reduced later in the year, resulting in a fourth quarter 2008 benefit to revenues of $9.2 million. Secondly, as we guided in our last earnings call, our fourth quarter 2008 benefited from an extra week. This year’s fourth quarter was a…

Thank you, Ann. As we enter into 2010, we expect to face another challenging year, particularly, in our U.S. Meetings business. While there are some indications that the economy may be beginning to improve in certain sectors, frankly, we have not felt it in our U.S. market. On the plus side, it seems that the near panic that gripped the consumer during the first part of 2009 has subsided into dull acceptance. However, the fact remains that unemployment is still at recent historic levels, investment retirement portfolios are still depressed and there’s little evidence of a meaningful recovery in home values. Reflecting all this, consumer confidence is at historic lows and as a result we expect the U.S. consumer to remain cautious throughout much of 2010. I will now review our early 2010 results, growth strategy and full year volume forecast for each of our major business units. NACO; NACO has seen the most difficult set of circumstances of any of our major markets and business lines during the first six weeks of this year. Our business here has been significantly affected by three major factors. One, the continued drag of the consumer economy, as just noted. Two, we are comping the launch of Momentum program last year. As we continue to analyze the trends of 2009 and 2010, it is increasingly clear that while the Momentum program was not able to overcome the effects of economy in Q1 '09, it did bring meaningful benefits to our enrolment trends and propensity to attend trends in our Monthly Pass installed base during Q1 '09. In comparison, NACO does not have the benefit of a new program innovation in Q1 of this year. Three, weather. While winter storms create problems for our Meeting business every year, the series of storms we have…

Thank you. (Operator instructions). We have a question from Jerry Herman with Stifel Nicolaus. Please go ahead.

Thanks, hi, guys.

Hi, Jerry.

Hi, Jerry.

David, I’m wondering if you can help us with the competitive landscape in addition to the economic impact. I’m wondering what you’re seeing there. It appears that we’re seeing a little bit more of your competition talking about the use of coaches and consultants. And I’m wondering if anyway that might be cannibalizing your methodology in anyway?

We’re certainly not unfamiliar to the pattern of our competitors and to draft off of our proven methodology and the strength of our brand. They’ve been doing it for years. And we think that, of course, a testament to the strength of our model. I think that if I look at the competitive landscape, in general, I guess my comment would be that it felt to me somewhat anecdotally, because all the data hasn’t come in, that there certainly seem to be quite a bit of volume in terms of noise from the overall weight management category. And that’s not just the commercial competitors we’re all familiar with, but just a wide range of things, from cookie diets to cleanses and all sorts of other good stuff or in this case probably not so good stuff in terms of cannibal weight loss. And so, I think our feeling is that with all this increase in noise, our expectation is that over time that’s going to continue to be the case, if not amplified. I think it’s one of the reasons why we’re feeling that with all the gains and improvements and enhancements we’ve made in terms of the quality of our marketing programs, we think that we have an opportunity to once again up the volume, in terms of the impact that our marketing programs have. And it is important to note that that includes on one hand, traditional brand building advertising. But, I think it also has a lot to do with the fact that we have a huge asset in the millions of people who have had fantastic success with Weight Watchers. And I think that the opportunity for us is to harness that, both in our traditional marketing communications, but I think, most significantly, to find a way to couple that even more effectively in PR, to make a very clear point that while all these competitors are out there claiming to be like us and claiming to have elements that resemble us. There is only one Weight Watchers, and there is only one Company out there that has our model and the opportunity for us is to drive that message home.

Question about the actual centers and the lectures in fact. Could you quantify what the CapEx impact is going to be the center revamp as well as what sort of expenses might flow through there? And also related to the UK ruling on the contractors versus employees, has there been any noise in the U.S. with regard to a similar treatment?

Let me take the last question first, which is the U.S. is not a self-employed model. And so the U.S. does not face the same kind of threat of a tax authority going after us that was the case in the UK, so it’s a completely different labor model. In the U.S., the people that work at Weight Watchers are employees, primarily part-time, they are not considered contractors. In terms of your first question, in terms of the centers, it’s a great question and let me try to help dimensionalize it a little bit. When we talk about revamping the centers, first off, you heard me talk about real estate, and as you heard me say, we have an opportunity, particularly, in this environment to lock in leases, in which we’re able to either negotiate better rates in locations that we like or to upgrade locations in probably a way that’s fairly cost-effective, particularly, if you consider the improvements in visibility and branding and marketing benefit, everything else that we get. And so that’s why earlier in our remarks, from a real estate perspective, we don’t anticipate in having any kind of material effect on our economic structure. In terms of open hours, yes, our plan is to be open longer, but what we’re finding so far is we’ve been gradually increasing hours, is that we have an opportunity to do things like increased product sales and potentially over time increase enrolments in a way that makes it fairly easy to cover the incremental labor expense. Again, we don’t see a long-term impact on our economic structure. If you look at the centers themselves, think of it this way. First-off, on one hand, we have a lot, which is 825. On the other hand, they are small. The average size…

And then just one last one for Ann, before I turn it over. And relating to David’s comment about interest burden for the full year, maybe just a clarification there, I know in your annual report last year you gave a very good sensitivity analysis, I’m wondering if we can talk either about a sensitivity analysis or specifically the 5% comment?

The interest expense that we’re expecting for 2010 is about $70 million on the year. Part of that is because we’re anticipating that we’re probably going to do an extension to smooth out some of our payments on our debt. So that’s what you should expect to see, with about $19 million in the first quarter, just to clarify that for you.

Great, thanks very much, guys. I will turn it over.

Thank you. Our next question is from Chris Ferrara with Banc of America Merrill Lynch. Please go ahead. Chris Ferrara – Banc of America Merrill Lynch: Hey, thanks. David, I was wondering, you’re talking a lot about things like changing locations of centers and more open hours and things like that. I guess I’m trying to understand, as you see it, the weakness in attendance, particularly, in North America, how much of that hinges on the need to have the Weight Watchers name, out there more, versus just needing to shake up dieting, like pointed it back in 1999? How do you balance those two? Because it sounds like a lot of the dialog is around some of these shorter-term fixes and I just want to get a sense from you like how big a deal you think those shorter-term or – sorry, more marketing type pitches are relative to just the need to get something new out there?

Yes, I guess, Chris, I would say that I partially agree with you, because I agree with the point that you are making, which is substantially upgrading our retail infrastructure, does have a marketing benefit. Having more visible locations and having sort of more obvious external branding appeal is a very useful thing to have from a marketing point of view just in terms of increasing overall brand impression and kind of points of contact. What I would characterize differently is that I actually believe that if you look at the net effect of sort of what is going to feel like to go to a Weight Watchers center when we’re done with the process versus what it feels like right now, it represents a fairly substantial shift in consumer perception. And again, I go back to the barriers to participation. When people tell us that they’re concerned or they say, I know Weight Watchers, I trust it, I’ve friends who have lost weight, I’m just not sure if its what I want to do right now, a lot of what they’re telling us is that there’s some of these continuing misperceptions about sort of how modern the brand is. And part of that is exacerbated when they show up or see or hear about a center that it would look like it was sort of decorated circa 1985 and it’s behind a strip mall you’ve never been to or sometimes even in an industrial park. I will share with you an interesting insight, is that, when we have things like open hours, what we find is that people are able to sort of, if they miss the meeting, they simply show up and have a weigh-in and they can talk to somebody briefly. If you look at that, it…

There’s a couple different things in there. First off, you asked why am I confident If you ask me why I’m confident of this overall program, the first thing I’d say is it’s very different than a CPG, which is an industry I’m familiar with based on my own past experience, where you have the product and then you have the way that you market it and the lab coats and everything else. What you’ll tend to see in service businesses, particularly, if you look at things like retail, that if you follow the retail trade and then you have a retailer saying that they’re doing a complete and total revamp of their store network, the expectation of the analyst following that retailer would be to expect a significant shift in volume trajectory. It’s sort of standard fare. And so, I would suggest you is that some of these things that we’re talking about, I think it’s easy to underestimate the kind of impact they have in terms of consumer impression. And I think it’s important to understand also. I mean, if I look at the sheer quantity of market research that we’ve done, we know why people like us and we know the barriers to participation and we know that the things that we’re doing are going to be addressing those barriers to participation. And so, therefore from my perspective it’s simple math. And so, from that point of view, if you look at service industries, because, I mean, sometimes there is sort of speculation that somehow the need for kind of going to a place going away. I don’t believe it. I don’t believe it. First off, because I know from clinical research it simply doesn’t work in behavioral therapy for most people if they don’t have the benefit of a face-to-face interaction. There were people a number years ago who said universities were going to be going away because of online education that bank centers or bank locations were going to be going away because of ATMs, none of that really happened. The consumer finds new equilibrium; they begin to recognize what they get from face-to-face and then you eventually get people recognizing that. I really believe that providing the modern version of the Weight Watchers meeting and service experience and all the innovations that come with that is substantial. I also believe that when you couple that, not one in isolation, but when you couple that with a significant program innovation and this is a more significant program innovation, knowing what I know I know about it, the ones we’ve launched in the past, I have absolutely no doubt that as we start putting these things into place that they’re have the kind of impact on the business that we think that they’re going to have. Chris Ferrara – Banc of America Merrill Lynch: Thanks, I appreciate you taking the time.

Thank you. Our next question is from Greg Badishkanian with Citigroup. Please go ahead. Alvin Concepcion – Citigroup: Hi, this is actually Alvin Concepcion in for Greg. Just a question, you mentioned weather impacted NACO so far in the first quarter. Historically, when weather has been an issue, is there pent-up demand such that customers just start to dilate or extend it out or do you just sort of lose those sales?

I think the sad reality is a couple of them come back; actually, what I would say is it depends when. So, for example, in the UK, impulse purchases matter. And impulse purchases in any category matter and if you lose an impulse purchase, very definition that impulse is gone and therefore that opportunity is lost. Our biggest period for impulse purchasing is obviously in the winter. In the case of the UK, if you look at the first two weeks of January, it really was sort of cruel fate that we got hit when we did, because if I’m just being honest, a lot of those customers probably won’t be coming back to us for some period of time. They went off and did whatever other things they were going to do. And we’re going to just have to catch them next time around. And the thing about weather is I tried to make a promise myself when I first assumed this role over three years ago that I wasn’t going to talk about it, because some weeks you have good weather, some weeks you have bad weather and it seem like ridiculous thing to keep going on about, but I can’t ignore the fact that the weather we’ve been seeing this year has been absolutely ridiculous. And I have absolutely no doubt that if you look at the trends that we’re seeing in NACO in Q1, weather plays a significant role on it, if you look at the impact of weather had in the UK, in January, it was very real. And over time, I believe that we’re going to have an opportunity to bring those customers back in, but unfortunately particularly, with respect to Q1, at this point it is what it is. Alvin Concepcion – Citigroup: Okay. And then I was just wondering if you could provide a little bit more color on your centers in China? I know it’s early. What’s the response been like there and what are some of your learnings so far?

Here’s the thing in China, which is that if you’re going to do business in China, you have to recognize that you’re going to have to try 20 different things and most of them aren’t going to work but a few are. And you have to have a high appetite for experimentation, because there are enough differences in the culture and the way the consumer operates, and the infrastructure and the environment, everything else, that you can’t just take a template that you have in a Western country and pass it to China and think it’s going to work. And so, what the team has been doing in China throughout 2009 is trying sort of different retail operating models. The fact that they now have three fully functioning centers that are operating at a pretty high level of performance, particularly, sort of early versions, we find to be incredibly encouraging. What I find to be most encouraging is that we now have meetings in China with over 40 people per meeting attending. And that’s the kind of meeting average that we would typically see in a mature market. When I see that, I see a real Weight Watchers meeting happening. And when I see that, I see the beginning of templates that can start to get rolled out. We don’t know everything we need to know in continuing to build out the business in China, but we’re starting to move up the learning curve and we’re going to continue to push hard on that in 2010. Alvin Concepcion – Citigroup: And lastly, do you see an opportunity to create a product to address increasing childhood obesity and if so, what’s that opportunity like for you?

We’re incredibly attuned to the fact that childhood obesity is getting the attention that it deserves. The First Lady has chosen this to be her signature issue and she’s got a lot of support from the White House. Weight Watchers is a big believer in the fact that it can find a way to contribute to childhood obesity on a number of different dimensions and let me just leave it at that. Alvin Concepcion – Citigroup: Okay, thank you.

Thank you. Our next question is from Ken Goldman with JPMorgan. Please go ahead. Ken Goldman – JPMorgan: Hi, good afternoon, everyone.

Hi. Ken Goldman – JPMorgan: Question on how you balance I think what is a very smart strategy of getting people back into the meeting rooms, that’s your unique advantage, right? With the tendency of individuals in the United States right now to not want to go to meetings and to really do more of their work so to speak on the iPhone, at home on the Internet. That’s a tough balance, because I think there’s the opportunity on the Internet for you to gain some market share and to make some money, correct me if I’m wrong, by your own admission, that’s not quite as effective as having them go to the meetings all the time. I know they’re complementary, so it’s not either/or but I’m just curious how you think about that in terms of your marketing and how you want to work with the consumer in those different formats going forward?

What we’ve seen is that, over and over again, is that the kind of person that’s gravitating toward online does tend to be somewhat different and have a somewhat different set of needs than the kind of people that are gravitating toward our meeting. And so we have always believed that Weight Watchers online was a primarily incremental product in terms of the consumers that it was bringing in, based on everything we observed. A little bit less weight to lose, looking for a little bit less intensive form of behavior modification, kind of wired in a different way. What I find interesting, I was just in a meeting out in Connecticut, a couple of weeks ago, and there was a guy, which I’m always glad to see, there was a guy who was having great success going to the meeting, and he had gone last year as well with maybe not quite as much success, but he is going gangbusters this year, and the leader asked him, what’s working for you this year? He said, well, I’m tracking for the first time. She said, well, what were you doing last year? He said I wasn’t tracking; I was sort of vaguely following the program. And she said, well what changed? He said the IPhone. He said it made it really easy to do it. It’s right in my pocket. There’s always a reason to track. But he’s the same guy who was also saying that he couldn’t do it without the benefit of the weigh-in and the support of the group and everything you learn from the group. And so for him, didn’t want to have to choose; he wanted it all. He wanted all the tools and all the resources. And so what we find is that our…

Okay, just a couple of things. If you look at the beginning of 2010, again, it is a fundamental reality, is that we are comping against a new program last year which we don’t have this year. And so, there’s no doubt that that’s impacting results, particularly, in the important first quarter, which has knock on effects throughout the year. And as we noted, we do expect things to moderate over the course of the year. If I look at the marketing and the advertising we’re doing, it’s not like I believe that there is a variant of it that is so perfect for a recession that I believe it would have resulted in a fundamentally different outcome. I think that thought it’s fair that on some level that there is a version of our marketing and an evolution of our marketing program that will allow us to do a better job in terms of driving near-term results and we’re working hard to push against that, so that we can start sort of clawing back a little bit of the hit that we took in Q1. But nonetheless, I think that the reality is that I think some of the things that we’re fundamentally doing with particularly the economy, which hasn’t gotten any better, and the things that we believe that are necessary to completely sort of change around people perception of the meeting experience, we’re just not going to have the benefit of it being in place. And so, we are incredibly confident and positive that the strategy that we’re talking about right now, which is a strategy that we started talking about last year that these types of things will have the kind of impact on the results that we think that they’re going to have. But in truth, I will admit to, in the first quarter, being a little bit surprised by the magnitude of some of the hits that we saw, and with the benefit of hindsight, of course, we are scrambling to sort of think through or the different ways that we could have and should have marketed and that we can potentially apply throughout the course of this year, but I believe that a lot of this is for us continuing to sort of ride out what is obviously a difficult environment; but to do it in a way that we’re going to do the things that are going to lead not to sort of an aspiration of flattening out, but rather an aspiration of significant and sustained growth going forward. Ken Goldman – JPMorgan: Okay, thanks very much. And thanks as always for the detail, both backward looking and forward looking, it’s very helpful in understanding the Company.

Sure, thanks.

Thank you. The next question is from Michael Binetti with UBS. Please go ahead. Michael Binetti – UBS: Hey, thanks, guys. Ann, maybe could you help us dimensionalize the impact on the gross margin in the quarter from maybe some of the different push and pull in there? Maybe look at the mix shift, the higher margin businesses versus the BOGO, maybe versus the closure of some of the weaker meetings that you guys talked about?

Going into 2010 specifically? Michael Binetti – UBS: In the fourth quarter I guess and then maybe in 2010, how you see it as well?

Let me start a little bit with the 2010, because I think everybody’s going to need that for their modeling and then we’ll kind of backtrack a little on the fourth quarter. David talked through the volume and revenue guidance, which I will just remind everybody of. We’re talking about negative single digit revenue change; we’re talking about paid weeks being negative low single digit and attendance being negative high single digit. And when that attendance, particularly, piece happen, you’re going to see some compression in the gross margin. The attendances per meeting will be a little bit lower. And to your point, the change in the geographic mix, with NACO not doing as well, more towards the international, which has somewhat lower margins. So we’ll see some growth margin compression. We’re not talking about significant, but maybe 100 basis points, something like in that neighborhood of compression there. In terms of the G&A and the marketing, with the negative revenue, you’re probably going to see some increase there in terms of percentage of revenues for G&A and marketing combined. On the cost side, we’re continue to be prudent managing our costs, focus on reducing where we can, but we’re not anticipating another major restructuring similar to what we had in 2009. We’re going to continue to invest in our marketing and will see some slight increase there, given the innovation and the dot.com marketing success, we’ll see something there. Just to finish up in terms of the interest expense, I think I answered Jerry; we’re looking at about $70 million right now on a full year basis for interest expense. We may end up refining that because as you probably recall, we put an amendment in place to our debt covenants in June of last year that allows us to extend some of our maturities on some of our tranches and we’ll probably do that at some point this year, which may affect what the interest expense is within 2009. So that’s kind of the picture for 2010 In terms of 2009, the fourth quarter, you did have an impact from the BOGO, but, generally speaking, between the cost initiatives that we put in place throughout the year, the meeting compression a little bit in the international that pushed up the gross margin and the dot.com performing well and it having a higher gross margin, that’s what you are seeing in terms of the dynamics of the gross margin.

I think one other point I might add in, and this goes back to the earlier question in terms of sort of even the gross margin compression and some of the things that Ann talked about, is that, our belief is fundamentally that notwithstanding the current challenges that we’re dealing with in 2009 now going into 2010 that we do not believe that meetings are necessarily in a point of cycle of decline, but meetings are in need of being revamped and it is going to put them into a point of ongoing growth. And so, with that in mind, we made the very conscious decision, as we said before, to basically hold on to our infrastructure where appropriate. Now, in appropriate places, we can look to do some meeting consolidation purely as a function of sort of coalescing our membership base around stronger locations and time slots. But I think that we’re making again the conscious decision not to shrink our meeting infrastructure significantly, because although we recognize that there’s a near-term margin hit in some of the compression that Ann’s referencing, that it would be the wrong thing to do in preparation for what we see is a pick-up in growth as we go back into 2011. Michael Binetti – UBS: Okay. And then if I can just follow-up with one quick final question there. I know you walked through a couple numbers before and I think I missed the actual number, but I’m focusing a little bit on the location changes that you guys are making. And I’d really like to know if there is any kind of financial metrics you can give us related to the investment, the investment of the new locations for one, but secondly, maybe the lift that you’re seeing on average as you move to these new locations; lift in attendance, lift in revenues. And what kind of hurdle rates of return on the investment you’re using to justify the decision, so we can think about that versus your corporate rate where that may trend as we work through our models and long-term forecast?

Okay, for whatever it’s worth, you might find the transcript helpful, because I ran through a bunch of the metrics on the first question. But to sort of recap that, real estate, again, we believe that the new locations themselves are going to be effectively economics neutral and that we believe that we’re going to be able to significantly upgrade many locations with no change in rent, because the environment in which we signed the lease three years ago versus the environment today, that we have a number of locations where we’re going to be able to get lower cost leases. And so those locations where we actually decide to pay up, those are going to offset those, and in some cases, where we pay up where there would also be an expectation in terms of increased foot traffic resulting in higher enrolment levels and everything else. And so, we’re going to be sort of carefully doing our analysis on that. Because the change over in locations is going to start happening shortly, we don’t yet have the data that we can share back to you to sort of show you kind of the proof in analysis and metrics. But we are pretty confident and comfortable that we’re going to be able to achieve that. In terms of center economics, the cost of these fit-outs, again, those were some of the CapEx numbers that I referenced earlier, in which, the variables that you’re going to want to consider is capital cost per center of what we used to spend, i.e. $20,000 to $25,000 versus what we’ll be spending on the new designs, i.e. $50,000, period of depreciation, historically, three years, now, five years as we extend out leases and the rate of change. So, historically, maybe turning the system over a nine-year period of time, and in this case, accelerating it to a three-year period of time. And so those are the metrics that are in place. Michael Binetti – UBS: Thank you.

Thank you. There are no further questions registered at this time. I would now like to turn the meeting back over to the presenters.

Thank you for joining us today and I look forward to speaking with you on our next call.

Thank you. The conference has ended. Please disconnect your lines at this time and we thank you for your participation.