Good afternoon ladies and gentlemen. Thank you for standing by. Welcome to the Research in Motion fourth quarter fiscal 2008 results conference call. At this time all participants are in a listen-only mode. Following the presentation we will conduct a question-and-answer session. Instructions will be provided at that time for you to queue up for questions. If anyone has any difficulties hearing the conference please press the * key followed by 0 for operator assistance at any time. I would like to remind everyone that this conference is being recorded today April 2, 2008 at 5:00 p.m. EST. I would now like to turn the conference over to Ms. Edel Ebbs, Vice President Investor Relations.

Thank you. Welcome to RIM’s fiscal 2008 fourth quarter and year end results conference call. With me on the call today is Jim Balsillie, RIM’s co-CEO and Brian Bidulka, RIM’s Chief Accounting Officer. After I read the required forward-looking statements disclaimer, Jim will provide a business and strategic update. Brian will then review fourth quarter results and I will discuss our outlook for the first quarter of fiscal 2009. We will then open the call up for questions. I would like to note that this call is available to the general public by a call in number and web cast. A replay of the web cast will also be available on the www.RIMM.com website. We plan to wrap up the call before 6:00 p.m. EST this evening. Some of the statements we will be making today constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. These include statements about our expectations and estimates with respect to revenue, gross margins, operating expenses, CapEx, depreciation and amortization, investment income, earnings, earnings per share, channel inventory, seasonality and ASPs for Q1 and beyond. Our expectations regarding RIM’s near and long-term tax rates, our estimates of the number of BlackBerry subscriber accounts, subscriber account additions, replacement device sales and other non-financial estimates, our product development initiatives and timing, developments relating to our carrier partners, new and expanding markets for our product and other statements regarding our plans and objectives. We will indicate forward-looking statements by using words such as expect, anticipate, estimate, may, will, should, forecast, intend, believe, continue and similar expressions. All forward-looking statements reflect our views with respect to future events and are subject to risks and uncertainties and assumptions we have made. Many factors could cause our actual…

Thank you Edel. We are pleased to end the year and fourth quarter with revenue growth over 100% versus the same quarter last year and earnings more than doubling year-over-year. It has been an exciting year at RIM with the introduction of a record number of new devices, numerous new software introductions and a strong focus on expanding our distribution channel. We continue to diversify our customer base and at the end of the year approximately 38% of the BlackBerry subscriber base were non-enterprise while over half of the net new subscriber account additions in the quarter came from non-enterprise customers. CDMA in North American was particularly strong in Q4 with the launch of BlackBerry Pearl 8130 branching across all of our North American CDMA partners. While we also saw strength in a number of European markets, the out performance in the quarter was largely North American based. The percentage of subscriber account base outside North America was approximately 33% at the end of the quarter. Demand for BlackBerry products and services in Q4 was strong with approximately 2.18 million BlackBerry net subscriber account additions, which was in line with our February 21, 2008 update but much higher than our December forecast and 32% higher than the approximately 1.65 million subscriber accounts added in Q4. This takes the total BlackBerry subscriber account base at year end to over 14 million. This growth was driven by a strong showing by our carrier partners throughout December particularly in North America, the ramping of new direct distribution channels and the success of numerous promotions in January and February that mitigated the typical seasonal slow down in the consumer market. In addition, the heavy promotion of the CDMA Pearl drove high numbers of net new activations throughout the U.S. and Canada. While we saw…

Thank you, Jim. Revenue for the fourth quarter ending March 1 was $1.88 billion up 13% from $1.67 billion the previous quarter. Handheld devices represented $1.52 billion or 81% of RIM’s revenue during the quarter, up from 80% of total revenue during the previous quarter. Total devices shipped in the quarter were approximately 4.4 million or up from 3.9 million in the prior quarter. Approximately 3.9 million new devices were activated in Q4 either from new customers or from replacements and upgrades, not including phone only sales. Phone only sales in the quarter increased somewhat as AT&T began offering a voice SMS only package for BlackBerry smartphones in the fourth quarter. In Q4 channel inventory was drawn down as sell through run rates outpaced forecasts at most North American carriers. The effect of this was the normalization of forward week’s inventory at the end of the quarter. Number of units in the channel increased slightly at the end of Q4 and we expect an increase of forward week’s inventory in Q1 as carriers replenish stocks following the holiday season and as our CDMA partners gear up for the launch to occur later this quarter. Device ASPs in the quarter were approximately $348. We expect ASPs in Q1 to be slightly lower than Q4 at approximately $345. Service revenue was $254 million or 14% of revenue for the quarter, up $22 million from Q3. Monthly [r accrued] declined slightly from the prior quarter due to the ongoing growth in BES as a percentage of subscriber account base and as certain carriers reach new price tiers because of the growth in their total BlackBerry subscriber account base. Software revenue was $63 million at 3% of revenue. Other revenue including non-warranty repairs and excess rates was $43 million or 2% of revenue. Gross…

Thanks, Brian. Before we discuss our outlook for Q1, I would like to remind everyone that these forward-looking statements reflect management’s best current estimates and should be taken in the context of the risk factors listed at the beginning of the call and outlined in our public filings. We are forecasting revenue for the first quarter of fiscal 2009 to be higher than Q4 in the range of $2.23 billion to $2.3 billion. We expect hardware shipments to be over 5.3 million units and an ASP of approximately $345. The increase in volume expected is due to channel replenishment following the higher than expected sell through in Q4 as well as ongoing carrier ramp plans and a continuing strong replacement cycle. We believe we are in the beginning of a new leg in our replacement cycle in which many BlackBerry 8700 users are coming off their 2-year contracts and are ready to upgrade to a new BlackBerry handset. Software revenue Q1 is expected to increase slightly. We are targeting net subscriber account additions for Q1 of approximately 2.2 million. In the fourth quarter we had a number of record breaking weeks in terms of net subscriber account additions due to unprecedented and aggressive holiday and post-holiday promotions. We believe that as penetration into the consumer market has grown as a percentage of our business, these types of season marketing programs are more of a factor than in the past. Some of these post-holiday programs ended in late February and so far in the first quarter we have seen strong net adds but not the record levels we averaged in Q4. We believe that the positioning of the BlackBerry solution as a mainstream offering by our partners in late Q3 and throughout Q4 has led to a new base level of…

Thank you very much Edel. We are pleased to be entering fiscal 2007 [as stated] with such tremendous momentum in our business. We are looking forward to continuing to leverage our partnerships and strong product portfolio to grow our subscriber base and expand our presence in new and existing market segments. This concludes our formal call. Due to the large number of people on the call we ask that you please limit yourselves to one question per person. We plan to end the call today shortly before 6 p.m. Will the operator please come on to handle questions?

Thank you. Ladies and gentlemen we will now conduct a question-and-answer session. If you do have a question please press the * followed by 1 on your touchtone phone. You will hear a tone acknowledging your request. Your questions will be pulled in the order they are received. Please ensure you lift the handset if you are using a speakerphone before pressing any keys. The first question comes from Mike Abramsky of RBC Capital Markets. Please go ahead.

Thanks very much. Could you just give us a little sense of the conservativism in your Q1 guidance? I was listening to your comments regarding returning to more normalized levels following some very strong promotional but you have had so much implied shipment strength here going forward in your guidance and you did 30% quarter over quarter growth Q4. Could you just talk to us a little bit about why you are expecting the guidance and what kind of factors into some of your thoughts?

Well that is a fair comment. We just keep getting into newer and newer ground really in the business and we’re looking at a varying run rate…what are the holiday seasons, what are the buying cycles, what are the new device strategies, what are the programs? With this faster growth we are always heading into sort of new situations and there is an element of uncertainty. We are still pretty early into this quarter and you go through Easter and all that and we don’t have a lot of data like we normally would. We have a pretty good handle on revenue. Subscriberage is sort of [placant] with programs as it carries on with the quarter and it is a fair comment. We are heading to lots of new ground and we could be pleasantly surprised on these things but that is our best level of guidance at this time but there is a lot of new programs and new initiatives and new launches and soon to have new products and yeah there could always be positive things in these areas.

Thanks.

The next question comes from the line of Jim Suva with Citigroup. Please go ahead.

Great. Thank you very much. Can you comment on your increase in R&D? Is it more focused on the infrastructure side as I know you had an unfortunate BlackBerry outage this last quarter or was it more on the product side? Then I have a follow-up.

Well the investment is pretty broad based. Very, very heavy investment on a broad number of handhelds and I think you are seeing that and there is an incredibly powerful road map we are excited about for the rest of the year. So definitely heavy R&D in the handset. There has been very exciting R&D in the road map for BES and there has been new service packs and a new BES architecture coming out as well as Unite!, which is garnering a lot of attention as well as the BES side. And yes we are growing our infrastructure and more high availability and distributed architectures and so when you are growing this fast it is pretty fair to say it is kind of on all fronts. All areas are growing and all areas are getting lots of R&D. They are all equally important. They are all critical organs in the system and critical parts that are requiring enhancement so I wouldn’t weight it to any one. I would put it pretty broad based.

Thank you. As my quick follow-up I believe you said in your guidance it does not include new product launches if I’m correct. I just want to be clear on that because some people may interpret that to mean that you are actually not going to launch any new products in the next quarter or some people may infer that to mean what you announced is definitely enough to get you through your guidance. Can you just help us understand what you meant by that type of statement? Thank you.

Sure, Jim. I think what we said is that the guidance that we have given for Q1 isn’t based on the launch of a new platform in the quarter. As you saw we announced the Curve for CDMA with Verizon and Sprint so that product is included, but any new product beyond that would not be included and not [scheduled].

Great. Thank you very much and congratulations.

The next question comes from the line of Deepak Chopra of National Bank Financial. Please go ahead.

Good afternoon. I was wondering if you could talk about how are the carriers going to position BlackBerry in the second half of the year and 2009 with respect to marketing or subsidies and how are they looking to push the market share of BlackBerry substantially higher?

That’s a fair question. I would say there is two elements of positioning; one is predictable I guess and one is particularly exciting. For sure there is a much bigger main stream play going on, much bigger lead up holiday season positioning, and all of the main stream and probably the most pleasing stat for me this quarter beyond obviously sort of the obvious financial numbers…probably my proudest stat is the Face Book on over a million users. This is very viral. It is the demographic of Face Book is known to be quite young and they are a form of collaboration. So if people think of BlackBerry’s for email and you are better to think of it as collaboration and you are even better to think of it as a communications architecture of which collaboration is part of. To sort of shift to some of the newer forms of collaboration, instant messaging and social networking is a real validation of the overall architecture as opposed to just seeing it as now. So the positioning is absolutely and things like the Unite! and the UMA and all that stuff, so it is much more of a main stream thing. It is much more of that kind of holiday thing. So those are very, very good omens for sure. I think the other part which we are seeing pretty interesting activity is deeper B2B, particularly the voice synchronization was pretty exciting for a lot of process re-engineering and shifting to sort of fixed mobile convergence and PBX synchronizing like email. I would say one of the things which is kind of predictable is the more process or re-engineering with almost more of a voice leap to it and you’ve seen even a couple of announcements with Sprint and Verizon this week and take a look at that because those are real clear indicators that the B2B process re-engineering and using voice synchronization and PBX integration is a real sort of B2B transformation trend, along with the web servers we know and the desktop. But the bigger one is the main stream stuff and obviously that is something that has really got our attention.

Maybe one last quick question. Could you talk about what the $310 million in intangible assets in the acquisition for the quarter was?

That was a patent acquisition.

I mean it is basically just buying a patent portfolio. Some of them are encumbered in some areas and some are not. It is a lot of fundamental IPR. Very fundamental IPR. It is very, very helpful in having a strong, strong patent portfolio in licensing discussions and we are very fortunate to have been able to acquire and develop a very powerful patent portfolio and we will likely continue.

Thank you.

The next question comes from the line of Jeff Kaval of Lehman Brothers. Please go ahead.

Thank you very much. I was wondering if you could talk to us a little bit about the trajectory that we could expect in operating margins over the next several quarter? Obviously the op ex itself is going up steeply and there is also a bit of a currency headwind. Thank you.

Hi Jeff. Yeah I mean I think you know we don’t guide out more than one quarter. It does get tough. We did mention that we expect to be ramping R&D throughout 2009. I think what it really comes down to is how fast we can really grow the top line while we are also investing for the future. We talked about some of the initiatives we have coming this year in terms of new product and new service offerings and new software that really should help by that but I can’t give a trend line at this point on what our operating margins are going to look like throughout 2009.

Okay thanks. Then you mentioned briefly that there is no enterprise impact. I was wondering if you could go into a little bit further detail in that? Does that include net ads or replacement rates or any particular verticals? Thank you.

Yeah, I think I mean I make these statements with a fair bit of in market feedback but a lot of caution because I want to be right and obviously things are subject to change but I think it is such a productivity tool that in fact I will tell you with the MVS, the mobile voice service, a lot of companies are looking at that precisely because it is such a good cost savings in challenging [it throughout our time]. It saves so much in so many core areas that there is almost infinite because of the economic headwind the better controlled mobility costs, the better control op ex and we are negligible if almost zero capex. So it is kind of people aren’t shutting off their phone in the economic times but they want to do these things in an efficient way. We haven’t seen it. If we do see it we will let you know. We are in such a productivity cycle with this stuff I think the growth drivers are much more sector specific and much more sort of management and execution specific than they are macroeconomic. Don’t get me wrong, there are very intense sector specific forces and there are very intense pressures on management to perform but interest rates going up or down a little bit and stuff like that or credit issues have not seemed to be principle drivers on the factors that are moving our industry and our sector we are in. That could change and if it does change and we start to see evidence that it does change we will absolutely communicate that as quick as possible.

Please do. Keep us posted. Thanks.

The next question comes from the line of Andrew Neff of Bear Stearns. Please go ahead.

Just a question…can you give us an update on the rollout of BlackBerry Unite!? What’s going on with that in a little more detail? How you see that having a little more impact just in general?

BlackBerry Unite! is out goaled now and carrier deployments are just beginning. It is very exciting in two segments; the family, sort of the individual/family consumer, and for the cell phone. It fundamentally gives us the power of a BES on a windows machine for free. So it is incredibly attractive to carriers who are looking at 2 and 3 and 4 screens integration strategies with the mobile being defining so it really compliments that. Like when you look at the UMA with T-Mobile that is a 2-screen play right, roll in your local home phone into your mobile, and so creating a broadband synchronization from your PC to your mobile is a big part of that two screens there. Architecturally it is a broadband to mobile which is a lot of the carriers want to tie those together both for the cell phone/[SME] and for the consumer. Our strategy has really been the communications with BlackBerry. BlackBerry is a communications systems. Both efficiency with seamless connectivity, both security with reliability, but when you get to the family and you got to the soho it was always in the cloud and the PC was kind of an island. So what is the effect going to be? Profound no doubt. Absolutely defining. But when you use it it blows you away. You can take a picture, upload it to your directory at your computer. You can download it, you can share. You can do policy controls. Limit browsing or limit certain kinds of phone calls. Turn on GPS to track somebody if they have permission enabled to the phone for safety, secure wireless family calendars and on and on it goes. It is truly powerful and it applies also to the cell phones too for business stuff. It is early in its market impact because it is just early. It is a definer. No question. I haven’t met a carrier that isn’t incredibly excited about it because it strengthens there 3-4 screen strategy and it strengthens their strategy of being a platform and their big concern is are they going to get dis-intermediated or be a platform and there is lots of alternative architectures that people are pushing to just dis-intermediated carriers and does the wireless carrier have an important strategic role in the 3-4 screen evolution which again is also a big risk to these phones. So it really supports them in two key strategic thrust areas where there is also a strategic vulnerability or risk on their part where they have to surge or be hurt and we’re part of the strategic surge. So the level of engagement is very positive but it is early.

I’ve been told you have launched it in Spain. Are you launching it elsewhere? When do you think the rollout will be?

We’re just rolling out in North America literally this month. And the trial, the [quiet beta] is in trials have been really quite exceptional. The things you can do with this in synching to your music and things like that. It is just so powerful and seamless – you can synch to your music, to synch to your pictures, so many things. I’ll sort of reiterate it is free. You can run it on an old PC. So if you have an Internet connection in the house with a PC and you have a BlackBerry with whatever kind of data plan or WiFi all of a sudden you can kind of have that sort of client server relationship with your BlackBerry and you can also use it with the BES too so you can integrate or keep separate or merge pins with the BES and the Unite! and it still doesn’t preclude you from having your BES stuff in a cloud too. So we kind of let you converge where you want to converge and present them all to your one universal presentation thing with the BlackBerry front end. So North America is imminent and it is all very, very, very exciting and positive for sure.

Thank you, Jim.

The next question comes from the line of Rob Sanderson of American Technology Research. Please go ahead.

Hi. Good afternoon. Thanks for taking my call and congratulations on having a great year. My question has to do with the relationship between assets sold and net subscriber additions. That is something we continually see pick up. I think it was 1.95 in fiscal 2007, 2.12 in fiscal 2008 you just reported. What should we expect going forward for maybe the next few years? Is that going to continue to increase? Related to that is there any way you can help quantify the number of non-data attached units? How do we reconcile that contributor to the growth in that relationship? Thank you.

Sure, Rob. I mean it really has…we have seen a really big ramp up in the number of devices that have been sold through replacements and upgrades. I think as our base grows that has to grow as well. I really don’t see any reason for a significant slow down in that as we go out into 2009. I think as we said on the prepared remarks if you look at the 8700 series the big bulk of people who bought 8700’s are really just coming off their 2-year carrier service contracts now and that makes them ripe for an upgrade and I think by the time those folks are upgraded you’ve already got people with Pearl’s who are going on two years old as well. So I think because we have had such a rapid rate of product introductions over the past 18 months or so that I think it has to keep the replacement rate quite strong. On the devices that are sold without a BlackBerry service plan, it did increase in the quarter. AT&T this was the first time they offered BlackBerry handsets without any BlackBerry plans attached to them. I can’t give you any exact numbers, but it would be in total in the few hundred thousand range.

Okay. Thank you very much.

The next question comes from the line of Peter Misek of Canaccord Adams. Please go ahead.

Good afternoon guys. A big question really is if you could elaborate a little on the platform that BlackBerry has become. We had an announcement today from one of your partners on XM Radio on the BlackBerry and what is fascinating is this is over cellular and when you talk to the carriers they say this kind of stuff is impossible or very difficult to do and then you are rolling out Unite! which is a phenomenal multimedia platform. Can you help us really understand how come you guys are able to do it and other people can’t?

I think what some people may or may not know is we have 20 years in wireless data and that BlackBerry was launched with the evolution of 7 or 8 generations of wireless protocol stacks that were just sort of broken apart with different interfaces and repurposed elsewhere. We have close to 150,000 or so servers around the world. Then with BlackBerry we’ve got eight years or nine years of BlackBerry hardening and multiple iterations and you have to remember that carriers operate with very, very hard system tolerances. Because there is something that’s not simple and intuitive and reliable the customer stats just plummet and their customer call care stuff just soars and it just collapses all their operational and proxability metrics and carriers operate on incredibly tight metrics. Kind of what we realized is there is kind of an irony in wireless because people thought that the door to the B2B was through the B2C. In fact, we felt that the door to the B2C was through the B2B because we had all this time to harden the protocols and the processes and the leased lines and the procedures selling BES, but you didn’t have the care metrics just perfect because you had an IT director in the middle looking after customers and there was such a high business hour lay on it the keys were obviously security and seamless integration and of course you build your reliability as fully and completely over time and then all that hardening sort of did the overwhelming majority of the work to evolve into the B2C in the cloud in the BES. Then when you look at Unite!, Unite! is just a port, a BES to a Window’s machine. People are getting the benefits of 20 years in wireless data, a…

So Jim, one last thing. As the web goes way more broadband and wireless do you think the carriers have really started to appreciate how much more technologically advanced you guys are than everyone else?

I think so because what is happening with a lot of carriers is you say the web goes more broadband, you have to remember that Shannon’s law is fixed in physics that a bit per unit of hertz and that doesn’t change. So if you 10x the bit rate you 10x the spectrum consumption. For these light spectrum and global propagation they are very expensive to deploy and that is why things like WiFi and side loading are important because they side load the capacity. When you look at somebody saying they do 1mb per second, so it is important to understand that voice with a good codec is 5 kbps so a 1 gb stream is using the capacity of 200 concurrent voice channels. Well those of you in urban corridors can let me know if any of your carriers are sitting around with 200 concurrent channels of latent capacity there to use? So plus when you release for the packaging the energy and thus you deplete batteries and if you try to deplete too much energy too quick you get the very unstable and heating and flaming characteristics of batteries and so you get into several thermodynamic issues, you get into storage issues, you get into size issues, you get into cost issues. So yeah, our carriers are realizing you have to respect the network. The BlackBerry users, as an example, there have been some multimedia launches that have had high profiles in the United States and these high profile multimedia devices use on average 20-30 times the data that a BlackBerry does and yet they get the same or less revenue per device. So the marginal revenue of scarce capacity consumption is off by using a factor of 20, 30, 40 or 50. So, we have all done sort of microeconomics and the sort of value of marginal increment of something scarce and some do the math and some don’t.

Thanks Jim. That was fantastic. Have another wonderful year.

Ladies and gentlemen due to time constraints we have time for one final question. Your last question comes from Michael [Urlacher] of GMP Securities. Please go ahead. Michael [Urlacher] - GMP Securities: Thank you. It’s great when you go in alphabetical order. My question is if Jim if we could step back from the financial modeling and technical stuff and really look at from a customer standpoint when you think about the teleco customers and the consumers, can you describe for me what you think are the new problems or increasing problems they have that you are trying to solve for them?

Sure, and that is a fair thing. I think the core question for the Telco, there is a couple of core questions, but the principal core strategic question I believe for the Telco is what is my role in this world of voice data conversion with lots of contention in the ecosystem? So if you saw at 3GSM or stuff like that where some of the tech guys are saying we don’t need the carrier or the carrier doesn’t matter and stuff like that…the most strategic issue for the carrier is what is their relevance to the customer because they have been selling an add, voice, with a little bit of pure texting. That has been a principle business but that has been shifting and shifting rapidly. Our strategic offer to the carrier is they become a managed server platform for the market. Others say get out of the way, be a pipe and just make it a really high volume, high coverage, cheap pipe. We think in the nature of wireless has very adverse economic consequences to the carrier and actually very questionable possibilities for the consumer. So I think that the strategic issue for the carriers is how do they play in the platform game? You see all these text players and all these service guys playing in that. You’ve seen how economic fates can shift. Think of the music industry. They had a known model and then it shifted to sort of a sinking model with the MP3 player and all of a sudden their economic state shifted dramatically and quickly even though they didn’t do anything. The value of the content shifted. So these things can change when new enablers come into the equation and they know that. I think that is the key thing and…

No. I think that very, very seamless synchronization to your PC for everything on your PC would be a very, very nice start. That is something I completely agree with you on. Put that in the category of eminent.

No. I think that very, very seamless synchronization to your PC for everything on your PC would be a very, very nice start. That is something I completely agree with you on. Put that in the category of eminent. Michael [Urlacher] - GMP Securities: Thank you very much.

This concludes the question-and-answer session. Ms. Ebbs please continue.

Thank you. In closing I’d like to remind everyone that there is a post view service available at 416-640-1917, pass code 21221696# or you can listen to the call which has been recorded and is available on the Investor Relations section of our web site at www.RIMM.com. Thank you. We appreciate you joining us today.

Ladies and gentlemen this concludes the conference call for today. Thank you for your participation. You may now disconnect your line.