Good morning, and welcome to Dana Holding Corporation’s Third Quarter 2012 Webcast and Conference Call. My name is Sarah and I’ll be your conference facilitator. Please be advised that our meeting today, both the speakers’ remarks and Q&A session will be recorded for replay purposes. There will be a question-and-answer period after the speakers’ remarks, and we will take questions from the telephone only. (Operator Instructions) At this time, I would like to begin the presentation by turning the call over to Dana’s Director of Investor Relations, Craig Barber. Please go ahead, Mr. Barber.

Thank you, Sarah. And welcome to all of you that are joining us, either on the phone or by webcast. On behalf of the Dana management team, I would like to thank you for joining us this morning. With me is Roger Wood, President and Chief Executive Officer, and Bill Quigley, Executive Vice President and Chief Financial Officer. Also in the room is Mark Wallace, Executive Vice President and President of Light Vehicle Driveline Technologies. Before we begin, I would like to review a couple of items. Copies of this morning’s earnings release and the accompanying slides have been posted on Dana’s investor website for your reference. Today’s call is being recorded and the supporting materials are the property of Dana Holding Corporation. They may not be recorded, copied or re-broadcast without our written consent. Today’s call will also include a Q&A session. In order to allow as many questions as possible, please keep your questions brief. Finally, today’s presentation contains some forward-looking statements about our expectations for Dana’s future performance. Actual results could differ materially from those suggested by our comments here. Additional information about the factors that could affect future results are summarized in our Safe Harbor Statement. These list of factors are also detailed in our SEC filings, including our annual, quarterly and current reports with the SEC. With that, I’d like to turn the call over to Roger Wood.

Thank you, Craig. And good morning, everyone. We are pleased to report solid financial results for the third quarter despite volatile demand and a rapid softening in some of our end markets. Sales for the period were more than $1.7 billion, with currency impacting us again this quarter versus last year. Net income for the period was $56 million, marking our sixth consecutive quarter of positive net income. And our adjusted EBITDA margin was 11% for the quarter, 80 basis points higher than the same period in 2011. All-in-all, Dana responded very quickly and continues to respond to the changing market conditions during the quarter, judiciously spending capital and reducing costs in all areas of the business, while generating positive cash flow of $88 million. In addition to the common dividend that our board of directors declared, I’m pleased to announce that our board of directors has also authorized a share repurchase program for up to $250 million of our currently outstanding shares of common stock. This program reflects the strength of our balance sheet, our confidence in the long-term prospects of the business and a solid commitment to delivering value to our shareholders. Turning to the next slide. This is the latest breakdown of our sales by region for the year-to-date. Our regional diversification gives us a distinct advantage in creating synergies and leveraging products and technologies across our markets. But more importantly in an environment of volatility, this regional diversification coupled with vehicle market and customer diversification allows us to better weather the economic storms. The right side of this slide provides market highlights from the third quarter. As you can see, there was softening in many markets in regions that we have. While light vehicle production in North America remained strong, we saw a fall-off in commercial…

Ladies and gentlemen, we are experiencing technical difficulties, please hold the line. (Operator Instructions) And you may continue.

Okay. we’re back and live again. Sorry about that, everyone on the line. I believe where we got cut off was investing for new technology. So I’ll end that slide by just mentioning that the next generation technology will be designed to increase fuel efficiency, reduce emissions and improve overall performance of passenger, commercial and off-highway vehicles and that was on slide eight. So looking in slide nine, let’s turn back to the here and now. Bill will be providing full-year revenue guidance in a few minutes, but before he does, let’s take a look at the global markets and how we see the remainder of the year shaping up for us. Starting in North America, the overall light vehicle market including the light truck market looks flat compared with Q3. However we see Dana sales lower for that segment in Q4 as we conclude the program roll-offs that we told you about last quarter. In the North American commercial vehicle market, we see further production declines in the fourth quarter compared with Q3. We see the overall off-highway market as flat in North America and while that’s not a large segment for Dana in this region, our sales will be lower due in part to the Q3 divestiture of our business that serve the leisure, utility and all-terrain vehicle market. We also relocated a product line to China in support of a customer that we have there. This will further impact the reported North American sales force. Looking at South America, the commercial vehicle market saw a modest improvement off its low point in Q2, but we see somewhat lower production volumes in the fourth quarter. Moving to Europe, we see continued softness in light and commercial vehicle but within the expectations that we had laid out previously. As…

Thanks, Roger. And good morning, ladies and gentlemen. Before I begin the financial review, I would like to highlight that we completed the final wind-down of our Structures business in the third quarter. And, accordingly, this business is now being reclassified and reported as a discontinued operation in our consolidated GAAP financial statements. Just for perspective, sales from our Structures business in the third quarter and year-to-date were $8 million and $34 million respectively. We continue to reflect the results of the Structures business in adjusted EBITDA to maintain comparability with prior periods as well as our external guidance. Also, for consistency purposes, we include Structures sales when presenting adjusted EBITDA margin throughout our presentation. Slide 12 provides a summary of Dana’s 2012 third quarter financial performance with a comparison of the same period a year ago. As Roger indicated, Dana posted a solid third quarter while navigating difficult market conditions. Sales were $1.7 billion for the quarter, lower by $225 million compared to a year ago, driven principally by unfavorable currency and lower volume, most notably lower commercial vehicle production volume, in both North America and South America. While sales were lower by almost 12%, adjusted EBITDA for the quarter was $190 million, about 5% lower than last year, reflecting the benefits of both our margin improvement plan and continuing cost discipline. Adjusted EBITDA margin in the quarter was 11%, an 80 basis point improvement over the third quarter of 2011. Net income totaled $56 million compared to $110 million a year ago. As you’ll likely recall, we recognized a $60 million gain in the third quarter of 2011 from the sale of our Getrag non-controlling equity interests. Diluted adjusted EPS for the quarter was $0.37 per share compared to $0.45 in 2011, reflecting lower net income after adjusting…

(Operator Instructions) Your first question is from Brian Johnson with Barclays.

Hi, Brian.

Hi, Brian. Brian Johnson – Barclays: Just looking at the kind of moving around to the margins in the quarter and also how we should think about those going forward, is this type of improvement we have on the margin side in Off-Highway sustainable, or is this something just for this particular quarter that drove that?

Hey, Brian. It’s Bill Quigley. Yeah, with respect to our Off-Highway, obviously they had a very good quarter with respect to the margin that they posted given sales. In my comments I indicated that there were a number of items impacting that material pricing, certain material recoveries, pricing recoveries, and other actions. Obviously, some of that has some lumpiness in this and we wouldn’t expect that type of trend at the margin they posted in the third quarter to continue into the fourth quarter. Brian Johnson – Barclays: Okay. And, similarly, on Power margins, we’ve sort of become accustomed to increasing margins there. Is it just purely an incremental volume issue there?

Yeah. This is certainly a volume issue, with respect to PT. Obviously, there will be an impact given the end markets that they serve, but this clearly is just a contribution margin impact. Although we believe the PT group is working very hard to offset that as they move into the fourth quarter. Brian Johnson – Barclays: Okay. And then Light Vehicle Driveline, the one program rolled-off. I mean, roughly how big was that in terms of revenue?

Yeah. There are several programs that we had talked about in our second quarter call, Brian. It’s not one particular program, but a number of programs. And I think if you kind of look at the movement from second to third, from a clinical volume perspective, ex-FX, the bulk of that was the roll-offs of those programs. Brian Johnson – Barclays: Okay. And in terms of your particular, could you maybe update us just on maybe the four or five most important Light Vehicle Driveline platforms?

Hey, Brian. It’s Mark Wallace. I’ll give you an update. Actually, the two major ones for us is the Jeep Wrangler, as you well know. The inventory remains low, it’s around 51 days, and so we continue to see a good volume from Chrysler and Jeep. On the Super Duty, again, inventory days are up a bit on the F-150, which is the grouping that includes Super Duty. But, overall, we continue to see strong demand there with an additional couple days of overcome plan this year for November and December as well. Brian Johnson – Barclays: And if you think about the North America part of Light Vehicle Driveline, about roughly what percent of the revenue might that be? Those two platforms?

Yep. Brian, I don’t think we’ve given out that type of information in the past. But just one thing to keep in mind, the bulk of the LVD business is centered around the larger pickups and full-frame vehicles. Brian Johnson – Barclays: Okay, which is why you continue to point out those don’t necessarily move the same as Japanese-manufactured small cars.

Exactly.

That’s correct. Brian Johnson – Barclays: Okay. Thanks.

You bet.

Your next question comes from the line of Brett Hoselton with KeyBanc.

Hi, Brett.

Hi Brett. Brett Hoselton – KeyBanc: So, in answer to Brian’s question on the Off-Highway margins, my interpretation of what you said is kind of 11% range is a more reasonable go-forward range. Is that a fair assessment, Bill?

Yeah, I think that’s a fair assessment given the performance in the quarter. But again some of that lumpiness with respect to certainly the actions of the group has been taken in light of softening demand, that’s probably a good range. Brett Hoselton – KeyBanc: And then, I could be mistaken here, but it seems like PACCAR, which is a pretty large customer of yours, is expecting to see actually an increase in production from the third to the fourth quarter. You seem to be seeing something different than that. Is it that the other portion of your volume is significantly down and therefore net, net as a whole, CV is down?

Yeah, Brett, this is Roger. The way we looked at that fourth quarter in our Class-8 market if you will in North America is, we saw some pretty rapid changes in the third quarter, as you know from what we’ve talked about here. And, we would have probably expected this to have a little bit more foresight on those changes than we did. And, as you know, the way they came to us were through taking out specific days of production as opposed to lowering the overall volumes in the third quarter. And that’s one of the reasons that we have to scramble a little bit to catch up on the cost side of things which our guys are doing a great job of doing. We have decided that because of that shortness of visibility, if you will, and the outlook that we see in the overall marketplace, that we are not tagging it on anyone individual customer, but we think the overall marketplace is going to show us on aggregate slightly lower volumes in the fourth quarter than what we saw in the third quarter. And it’s just mainly due to that real shortness of visibility that we were able to see. Brett Hoselton – KeyBanc: Excellent. Thank you very much, gentlemen.

Your next question comes from the line of Patrick Nolan with Deutsche Bank.

Hey, Pat.

Hey, Pat. Pat Nolan – Deutsche Bank: Just a couple questions. Could you give us some color on how the $42 million of performance improvement broke down in the quarter, kind of when you think about in big buckets of the internal stuff you can control versus the external stuff like pricing?

Yeah, let me see if I can kind of give you some sizing on that a bit. I think if you think about the sales walk that we provided on a slide previously, there was an $18 million to $19 million in items that were impacting the top line, largely price and material recovery. So that’s part of the $42 million. We did see some material inflation, though in the quarter year-over-year. We call that about $10 million. And then going down the list, obviously with respect to what the operations can do within the plant from a conversion cost perspective, as well as lower cost in both “corporate” as well as our regional structures. That made up the bulk of it. So if you kind of go $19 million on price and material recovery, offset by $10 million in net commodity, the remainder of that is our conversion cost actions as well as our overall actions with respect to taking down our structural cost in the quarter. Pat Nolan – Deutsche Bank: Got it. And I mean you had really strong margin performance in the quarter given the revenue pressures. Is there any thought process that you may be pulled forward some of these cost-saving actions that maybe you don’t have a similar type of benefit next year?

Well, this is Roger, Patrick. We continue to work on all the levers that have been in our control as we’ve consistently maintained to march toward that 2013 target that was out there. We continue to do that. So, no, this is just the natural progression of continuing to pull those levers. And as I’d mentioned in the end of my talk, as we march toward that 2013, we were not expecting a dramatic uptick in sales. But we were just expecting a continuing moderate growth as we’ve experienced over the last year or so. As we pull those levers and we continue to pull the levers to take advantage of opportunities to become more efficient in our operations and in our overhead structure and things, without an increase in sales, obviously, we’re just continuing the margin expansion by handling the cost side. And whether it’s a decrease in sales, we’re just making up for that. So it’s a combination of factors that we’re doing. But I don’t believe that – I know that we haven’t done anything in the third quarter as a unique thing that would pull anything ahead from the fourth quarter. So we continue on that march. Pat Nolan – Deutsche Bank: And if I could just squeeze one more in. How should we think about the size of the buyback authorization? The $250 million over two years, I mean that looks like – you’ve acknowledged before that you have excess cash on the balance sheet. It looks like you’d be able to fund at least $200 million of that buyback authorization just with that free cash flow next year, even if earnings were flat. So, how should we be thinking about this authorization as kind of a first step? Do you think it’s appropriate size? Any color you could give there would be helpful.

Yeah, Pat. This is Bill. Obviously within our capital allocation framework, we’ve got a number of levers and things that we focus on with respect to how we look at the capital structure of the company – how we continue to invest in the company, opportunities with respect to organic initiatives and, of course, shareholder return. To your point, I think with respect to the authorization that the board has provided us with respect to a repurchase program of $250 million over a two-year period, it’s a measured and moderate step towards incremental shareholder returns given what we see, at least, in the near-term environment, the ability of the company to continue to generate cash flow in light of even some pretty choppy markets, quite frankly, if you take a look at our third quarter results. So I think it continues to be steps. We’ve taken steps. We’ve initiated a common dividend this year. Obviously now announcing a share repurchase. And it’s all within the framework of how we view the business with respect to deploying capital, both from an investment perspective. But obviously always keeping in mind in priority, shareholder return. So a step towards that direction. Another step.

Yeah. I would build on what Bill is saying. This is Roger, Patrick, that our board is solidly committed, as are we and the management team, to shareholder return, shareholder value. And this is another stepping stone to be able to achieve that objective on top of the dividend that we started last year. So, I would agree with Bill, this is a step, and we will continue to do that. Pat Nolan – Deutsche Bank: Okay, thanks. Good quarter.

Now our next question comes from the line of Patrick Archambault with Goldman Sachs. Pat Archambault – Goldman Sachs: Hi, good morning.

Hi, Pat.

Good morning. Pat Archambault – Goldman Sachs: I’m sorry if you went over this, just because I got disconnected from the call at some point. But in terms of the 12% margin target, is that something that is still within, sort of, the purview of being doable if volumes are okay next year? How are you thinking about that?

Yeah, thanks, Patrick. This is Roger. Well, as we’ve mentioned, there’s about five levers that we’re utilizing on this march that we’ve been on here for the last few years. We talk about material and pricing leverage, and that’s within our control and that’s one that we continue to march on and make some good progress with. Conversion and structural costs in the business, again, within our control. We’re making really good progress in that area as it’s resulting in the improvements that you’ve seen over the past several quarters. Product and process complexity is one of the levers as well. That one is a bit more medium-term. That’s because products need to be validated as we reduce the number of SKUs and take the complexity out. But it’s good for our customers and it’s good for us, so we’re getting a lot of support, it just takes some more time on that one. And then our technology margin profile, if you will, as we introduce new products into the marketplace that afford better value for our customers, we are able to command better margins on those. Those are the four areas within our control on a daily basis that we work on consistently across the organization. The fifth one was, again, not an expectation that we would see a dramatic sales increase or need a dramatic sales increase to accomplish that. But we had expected to maintain the moderate pace of increase that we’ve experienced over the last year or so. And that one is the question right now that we’re doing – we’re right in the middle of a deep process of making sure that we can understand what’s happening with this volatility that we’re experiencing, to see if it is a flattening or a slight decrease, or if it’s just an anomaly that we’re going through a bump here and we’re going to see some increases. That’s an open question, and we believe that by January when we talk to you we’ll have the answer to that fifth one. But those are the five levers. Four of them we continue to march on, and the one we’re watching really closely. Pat Archambault – Goldman Sachs: Okay, that’s helpful perspective. And just on, kind of, just simplistically looking at the fourth quarter guidance, if I’m not mistaken I think the midpoint is down. Is it 14% on a revenue basis? Obviously, the margin performance there implied is pretty good, though. Can you just, kind of, help dimension that for us? I mean, there’s so many end markets. Like, how much of that really is the anticipation of weaker end markets? How much of it is mix? How much of it is other issues like some of these roll-offs that you’re experiencing in the light side?

Yeah. I think – this is Bill Quigley. I think from the light vehicle perspective, it’s predominantly roll-offs as we kind of look at quarter three to quarter four with respect to our moves there. With respect to commercial vehicle, it certainly is the market as we’ve just taken and lower our estimates on Class 8 vehicle production for full year. With respect to off-highway, we had some comments with what we’re seeing in the marketplace that really kind of popped up during the latter course of the third quarter, but certainly the construction market in both Europe as well as to a lesser extent for us in North America is certainly on a different trace than what we had previously thought. So I think largely it’s around volume impacting commercial vehicle and off-highway the most significantly quarter three to quarter four. Pat Archambault – Goldman Sachs: Okay. That’s helpful. And then one last real quick one if I may, you had a very strong improvement in margins in the off-highway, but clearly less so in some of the other segments. As you go into subsequent quarters, is there still some pretty good low-hanging fruit to see margins improve in those other segments year-on-year? Or is it something that maybe just negative operating leverage is preventing you from being able to do?

I think certainly from the other business units just given the flight, if you will, of the sales and as well as the profitability now of those businesses vis-à-vis maybe even a year ago with respect to all the actions that the team has taken to position those businesses for the future, I think I wouldn’t call it negative leverage but obviously offsetting the contribution margins in kind of a falling demand environment, is becoming more of a challenge for the business. That’s the positive actually because these businesses are in a much different profitability picture than they were even a year ago. So I think it’s more of volume, as Roger stated, even moving into 2013, certainly you can see from a number of past quarters that with some volume we’ve been able to convert in a contribution margin fairly well and now we are working hard to ensure that as we see down drifts in the top-line that we can offset those. But obviously it’s more challenging given the profitability of business overall.

Yeah, and this is Roger, and I would also build on to that by saying in the commercial market where we saw in the third quarter in North America, it was very choppy, because the way the volumes decreased weren’t just taking the volumes down and running at a different runway. It was taking days, specific days out of the production schedule that were not well planned that the marketplace did not allow us to plan for those. So taking days out and then coming back full-steam and then taking other days out, there’s a different way to try to manage that cost picture. So that’s the reason that we have taken the actions that we’re taking now. We’re taking that volume down such that we can run at a more reasonable pace. But I should say even in light of that difficult challenging environment in the third quarter, our folks in the commercial vehicle business segment did a fantastic job at reacting to what they could react to and will do an even better job of it in the fourth quarter because we’ve made the decision that we’re making to get to a different level. Pat Archambault – Goldman Sachs: Okay, great. Thank you. Thank you very much.

Your next question comes from the line of John Lovallo with Merrill Lynch.

Hey, John.

Hi, John. John Lovallo – Merrill Lynch: How you doing? And I apologize I got cut off as well. So if you addressed these, apologies. The first question I have is in regard to the reduction in CapEx. Is this more of a timing issue or are you guys cutting back on investment? How would you characterize that?

Yeah, well thanks for asking that question, John, because this is a really important point that we need to make sure people understand. We are not cutting back on any necessary investment that we need to make for our – for solidification, if you will, of our growth. None of that is being cut back. But there’s two aspects of what has really affected the cutbacks. One, our guys are doing a fantastic job as we look at the business and what the capital needs really are, they’re finding ways as we’re getting into all these levers that we’re telling you we’re working on. They’re finding ways to do more with less of an investment, and that’s kind of an ongoing thing that we’re discovering in the organization that our investment in certain areas is less now than it may have once been at Dana to accomplish the same thing. So, greatly reducing the amount of capital in some of those areas that we need to invest to get the same amount that we did before. The second area is from a capacity standpoint. In light of this, what we’re doing to understand where next year is going, we’re not rushing into putting the capacity in for the high growth that we thought once might be there. We’re holding that back because we don’t need it in there sooner than what we really need it. So we’ve taken the decision to not put some of that in because we don’t think at this point in time that’s going to be needed. So those are the two areas that have affected the reduction in capital, but we are not at all, in any way, restricting the investment in places in the company that we need it. John Lovallo – Merrill Lynch: That’s very helpful. Next question is, there seems to be a couple of programs in Brazil to try to stimulate commercial vehicle demand. I think one is lower finance rates and the other is basically incentivizing novice to local source. Are you guys – how are you thinking about these programs?

Brian, it’s Mark Wallace. You know honestly South America obviously has been quite a negative surprise this year, as we continued to see weakness all throughout the entire year. And right now we’re very cautious on Brazil specifically. I think we’ll see additional continued weakness in Q4. Additional down days or weeks in December. So I think we’re very much in a wait-and-see. I mean clearly we have the capacity available to ramp back up, but we’ve taken aggressive actions in South America to offset the temporary labor cost, et cetera. But right now, we’re still in a wait-and-see attitude with Brazil and its recovering commercial vehicle. They are doing quite well in the passenger car market at this stage. But we have not seen the benefit of those incentives in commercial vehicle yet. John Lovallo – Merrill Lynch: Okay. Great. If I could sneak one more in here. Given the volatility that we’re seeing in the market, are you guys seeing any additional push back from OEMs on pricing?

This is Roger. On that subject I wouldn’t say that it’s any different than any other times. In good times, in bad times, neutral times, the pressure is about the same and it’s always there. So we’re not seeing anything different. John Lovallo – Merrill Lynch: Okay. Great. Thanks very much guys.

Thanks.

Your next question comes from the line of Ryan Brinkman with JP Morgan.

Hey, Ryan. Amy Caroline – JP Morgan: Hi. This is actually Amy Caroline for Ryan.

Okay. Hi, Amy.

Hi, Amy. Amy Caroline – JP Morgan: Hi. Just one quick question. You talked about the different levers that you can pull. And I just wanted to understand this a little bit differently. If you could just help us think about in terms of percentage of completion, of how much you think you have achieved relative to your expectation? Like for improving in pricing? What percentage or where along the line do you think you are on that?

Well in virtually all the levers that I talked about where we control them, the four that we control, that will always be an ongoing process. Five years we’ll be sitting here and telling you that we’re still working on those things in a continuous improvement mode. You’re right though that in certain instances there are areas that, there are lower hanging fruit than other areas. And, I’d say the real low hanging fruit has already been mine. But we were very confident in the march toward that 2013 objective with the four levers and remain very confident that our cost picture on each of those four is going to be where we had anticipated it to be. The question in our mind at this point is that fifth lever, the one that is more market based and that we have to react to and understand where that market is going, whether it’s going to continue its moderate climb, be neutral, or even slightly down. And that’s the one question right now that we’re still working with our internal folks, as well as some external folks, to try to get a better answer to that one. But to give you a percentage on each of those, I guess the best way to answer that, Amy, is just that they are where they need to be, where we anticipated they needed to be for the march that we’re making towards that 2013 objective. Amy Caroline – JP Morgan: Okay. And when you say the weighting on all the levers are about roughly the same?

No. Because material cost and conversion costs are things that we can affect on the inside of the company. Product complexity, reducing product complexity and introducing new technologies is something that requires validation and engineering testing and thinking in coordination with our customers’ platforms that has staggered ability, if you will, to implement. So the four are on different schedules, if you will. Amy Caroline – JP Morgan: Okay. And then just one last housekeeping question. Can you just remind us what the inside of your off-highway, what the mix is between ag and construction?

Yeah. We’re about 40%, 40%, 20% is a good mix. 40% construction, 40% ag, and then the 20% with mining and all the other areas, material handling and so forth. Amy Caroline – JP Morgan: Great. Thank you.

Your next question comes from the line of Brian Sponheimer with Gabelli. Brian Sponheimer – Gabelli: Hi. Good morning. And very good job on execution.

Thank you. Brian Sponheimer – Gabelli: Couple of questions. Given, or first of all, can you bucket the friction cost that you saw in the Commercial Vehicle division because of the lost days in the quarter?

Oh the, Brian, you’re referring to the impact of the choppy demand pattern that we saw... Brian Sponheimer – Gabelli: Yes.

With respect to Commercial Vehicle in the third quarter. We haven’t necessarily mentioned that, but make no doubt about it, obviously, given how those production schedules were coming and then going, there is certainly, if you look at it kind of overall, we had about 16% or so margin impact, contribution margin impact, in the business in CV. One is obviously the profitability of that business is much different. But two, it’s certainly posed additional challenges to the manufacturing folks to try to realign the operations given, kind of, an hang-off switch being made. So it’s probably a touch high with respect to that. But as they kind of move forward, to Roger’s point as well, we’re working towards a different – maybe a different expectation of production throughout the course of the rest of the year that maybe other customers may not be. So we’re working hard to align to a level of demand that we’re comfortable with or expected demand through the fourth quarter. Because we certainly had some challenges with respect to addressing the demand patterns that we saw in the third quarter. Brian Sponheimer – Gabelli: Okay. Thanks. That’s helpful. Second question, given that you saw the commercial construction market fall off in Europe, do you anticipate having to do any additional restructuring there as far as head count or footprint to handle what you might think of as some prolonged weakness?

Yeah, good question. We don’t anticipate major footprint changes or restructuring activities. And as I mentioned before, we’re always looking at our entire cost structure, which includes support and overhead costs in it. Those areas we always continue to look at to make sure that we’re optimizing it in relationship to the revenue streams that we see out there. But major footprint changes we don’t really see. Once in a while we’ll be doing those things as an ongoing basis, but no major initiative. Brian Sponheimer – Gabelli: Okay. And then last one, if I can. You called out the Ford Super Duty as an important platform for you on the light vehicle side, and obviously with housing coming back, at least as strong as it has thus far, why shouldn’t we think that the light vehicle side could be a major source of improvement for you next year?

Yeah, Brian. Hi. It’s Mark Wallace. And I’ll see you Monday, actually. Actually on the Super Duty, year-over-year we see that volume is already up year-over-year on the Super Duty. So that Super Duty volume along with the Chrysler JK, as we talked about the last couple of quarters, is offsetting those programs that rolled off starting in August of this year. So, overall, we’re not saying that there’s not tailwind from these type of programs. But again with the roll-offs that happened, it may not be as dramatic as we’re expecting or what you may expect by looking at potential increases in programs like Super Duty. Brian Sponheimer – Gabelli: All right. Thank you very much. See you Monday. And excellent execution, once again.

Thank you.

Thank you.

Ladies and gentlemen, we have time for one final question. Your last question comes from the line of Tim Denoyer with Wolfe Trahan.

Hi, Tim. Tim Denoyer – Wolfe Trahan: If I could ask the CapEx question a little bit differently. In terms of 2013, do you think that the reductions in CapEx this year would cause 2013 to be a little bit of a catch-up year, where things might be above the $225 million to $250 million that you were initially planning for this year? Or is that kind of range more realistic?

You know, I think we’re just kind of finalizing our plans for what 2013 will be and we’ll announce that in January, Tim. But I do not anticipate that the changes that we make next year would be reflected – the changes that we’ve made to the forecast this year will be reflected as an addition to whatever would be next year. I do not anticipate that at all. Tim Denoyer – Wolfe Trahan: Okay. Thanks. And then one quick one on the Europe truck market. You said on slide five that the volumes were down about 15% from 2Q to 3Q. Is that just the two weeks of seasonal downtime? Or are you talking about production rates on a per-day basis there?

Yeah, Tim, a couple things on Europe. Again, for Dana, we were pretty pessimistic on truck production in Europe, especially Q1 and Q2. In reality, it actually has been better than we expected. But, again, when you look at the year-over-year volume, it’s down about 11% roughly year-to-date. We had been expecting that we would see decreases in Q3 and Q4, a lot of that driven by the fact that just the economic situation in Europe is pulling down those volumes. So I would say that we’ll see the weakening as we did in Q3 again in Q4 as well. Tim Denoyer – Wolfe Trahan: Okay. Thanks. And then, Roger, if I can ask the question about the 2013 margin target in a different way? Can you quantify perhaps or just give us a sense of how much of the 100 basis points of implied margin improvement in that 12% target is within those levers that are within your control?

No, we haven’t broken that out, Tim, in the past. We’ve been looking at those on the aggregate, because in the answer to one of the previous questions here, each one of them is on a different time schedule path, if you will. Revenue is the only one that’s on a fixed path; it is when it is. So we have not been able to break that out yet, but in January we’ll be able to let you know where we’re at in that whole thing. Tim Denoyer – Wolfe Trahan: Great. Thanks very much.

At this time, there are no further questions. Presenters, do you have any closing remarks?

No, I think we’ll say thank you, everybody, for joining us. And if we didn’t get your question, we can follow-up with you later. Thanks.