Welcome and thank you for standing by. At this time, all participants are in a listen-only mode. (Operator instructions). I would like to introduce your host for today’s call Mr. Tony Takazawa. Sir, you may begin.

Thank you, Diane. Good morning. Welcome to EMC’s call to discuss our financial results for the second quarter of 2009. Today, we are joined by Joe Tucci, EMC Chairman, President, and CEO; and David Goulden, EMC Executive Vice President and CFO. David will provide a few comments about the results that we released this morning. He will highlight some of EMC’s activities this quarter and discuss some modeling assumptions for 2009. Joe will then spend sometime discussing his view of what is happening in the market, EMC’s execution of the strategy, and how EMC is positioned. After the prepared remarks, we will then open up the line to take your questions. I would like to point out that we will be referring to non-GAAP numbers in today’s presentation unless otherwise indicated. The reconciliation of our non-GAAP comments to our GAAP results can be found in the disclosure today in our press release, supplemental schedules and the slides that accompany our presentation. All of these are available for download within the investor relations section of EMC.com. As always, we have provided detailed financial tables in our news release and on our corporate website. And with regard to details of VMare’s results, we refer you their financial release from last night. The call this morning will contain forward-looking statements. And information concerning factors that could cause actual results to differ can be found in EMC’s filings with the US Securities & Exchange Commission. And lastly, I will note that an archive of today’s presentation will be available following the call. With that, it is now my pleasure to introduce David Goulden. David?

Thanks, Tony. Good morning and thank you for joining us today. I am pleased to announce that EMC achieved solid future results. Our focused execution this quarter resulted in EMC achieving revenues of $3.26 billion, non-GAAP EPS of $0.18 and free cash flow of $400 million. The sequential revenue growth, improving profitability, and strong cash flow is encouraging given the continued economic environment. Within these results, our EMC information infrastructure business achieved $2.8 billion in revenue, a little over $0.14 of non-GAAP EPS. And as you saw last night, VMware also had a solid quarter coming in at the high end of that expected change. VMware’s results contributed $455 million of revenue and $3.03 of non-GAAP EPS for EMC. This morning, I am going to make some comments about the future spending environments, our business outlook for the second half of the year and some specific details from our Q2 results. Turning now to the financial results for EMC’s information infrastructure business, we believe that overall IT spending levels in Q2 were relatively flat with Q1, however, Q2 spending seemed more stable and a little more predictable during the quarter. We attribute the stabilization to customers having more confidence in their IT budgets that they had at the beginning of the year. Although the economic environment remains very tough and customers continue to scrutinize their spending very carefully, the stabilization is a positive sign. Within this IT spending environments, I am pleased that we achieved sequentially better revenue profitability in Q2. During the quarter, we experienced more normal linearity compared with Q1 and the business delivered sequential revenue growth across all our major geographies and in all of our business units. The area of our business that most exceeded our expectations was our information storage business in North America, where…

Thanks, David. I would like to begin by welcoming everyone to today’s conference call. As always, we thank you for your interest in EMC. Overall, given the tough economic and tight capital spending environment in which we operate in, I am pleased with our Q2 results. The EMC and VMware teams around the globe met and exceeded both the top and bottom line goals, which our Boards of Directors set for us this quarter. Now, I would like to take this opportunity to publicly thank each and every member of our team for their hard work and dedication. I would like to give you our view on IT spending, what we experienced in Q2 and what we expect to experience going forward for the second half of 2009. In Q2, we saw IT budgets firm up quite a bit, albeit at lower levels than in 2008. Customer approval processes and the timing of their spending appear to be more normal. In fact, the calendarization of our order flows in Q2 was very close to what we experienced a year ago in Q2 of 2008. Simply put, our business felt more predictable and customers seem to be more comfortable with their spending processes. We are also seeing a definite trend with our customers where they are significantly cutting back on a number of suppliers they want to deal with. They want their supplier relationships going forward to be more strategic, deeper, broader. In short, more partner like ensuring them a greater value proposition. We believe this trend will benefit EMC. Looking forward to the rest of 2009, we continue to believe that Q3 will show slight improvement over Q2 and that Q4 will be the strongest of the four quarters. These beliefs were included in the outlook that David just provided…

Thanks, Joe. Before we open up the lines for your questions, as usual we ask you to try to limit yourselves to one question, including clarifications. This will enable us to take as many questions as possible. Thank you all for your cooperation in this matter. Diane, can we open up the lines for questions please.

Yes sir. (Operator instructions) Keith Bachman of Bank of Montreal, you may ask your question. Keith Bachman – Bank of Montreal: Thank you very much. I wanted to ask a question on Data Domain if I could please. I know you mentioned Avamar and Data Domain would add about incremental billion dollars. I was wondering if you could parse that out a little bit and it’s been sometime since you had your conference call if you could tell us how you are thinking about -- or relate it how you are thinking about the accretion potentials related to Data Domain as you look out into calendar year ’10. Thanks.

Well, David gave you Data Domain’s growth rate and revenue for Q2. We didn’t give you Avamar. We did tell you that Avamar, I will say Avamar is slightly smaller than Data Domain and had a growth rate a little bit higher in the mid 40s, so we get the deduplication which Avamar excels at which is at the source where information is created and of course you have to target as where Data Domain excels, and we feel that this market together we will continue to grow at over 40% next year and those two products alone is not an incremental billion, just remarkable growth to over $1 billion next year on those two products, Keith. Keith Bachman – Bank of Montreal: Okay, Joe. And then in the past you have talked about the accretion potential, is there any color that you can give on the incremental opportunities with just data demand on how you are thinking about the accretion potentials?

Keith this Dave. Let me jump in and just kind of recap what we have said. So, we gave you some information in the news release about, 2009 we said that there'll be no impacts on a non-GAAP basis and a little less than $0.02 on the GAAP basis this year. 2010 still will be accretive to us on a non-GAAP basis, but we are not going to qualify that yet, we will give you more information and that was to get closer to year-end. Keith Bachman – Bank of Montreal: Okay thank you guys.

Thanks Keith. Next question plus.

Benjamin Reitzes of Barclays Capital, you may ask your question. Benjamin Reitzes – Barclays Capital: Yes thanks a lot. My question is on Symmetrix. I believe you said the product was down 3% sequentially, but correct me if I'm wrong, what is the pent-up demand in that upgrade cycle heading into the back half? Is that part of the reason you have a better tone and a visibility and just what you kind of envision for the velocity of this product? Can a cycle last well into 2010, and what are customers telling you, because it clearly seems like it hasn't gotten going yet, and just talking about the velocity of that product price, you know going out, as far as you'd like would be helpful.

I will start and I will ask David to add some color. This is Joe. First of all, the V-Max we are very pleased with, we set a plant for Versus-Max and we slightly beat it, and it's being well received by customers. This is the biggest change we've had in Symmetrix since its inception, and so obviously the customers are being careful. What we're going to add only, I think killer applications like colors you have been asking for, which is what we call fast technology, which is fully automated storage tearing, and that comes in the end of the year and of course as that kicks in we do expect that this cycle will carry us also into 2010 very robustly. Want to add to that David?

Joseph very good. Ben you are right, Symmetrix are down 3% sequentially. Obviously as Joe said this is a huge transition. You know some customers or many customers are going straight into production others are still going through their tech labs and a typical transition is three of four quarters to go through the transition to fully transition across and then of course you've still got the bow wave of it being a brand-new technology. So, Joe said, you expect fall through benefits through 2010. Benjamin Reitzes – Barclays Capital: Great. Dave, just remind us of the margin profile of Sym versus other products?

Which particular product spend did you have in mind? Benjamin Reitzes – Barclays Capital: Well, just, you know is it a positive mix shift in general and vis-à-vis the CLARiiON and other areas of hardware?

Yes. I think as we said before, at the system level there is not a lot of difference between Sym and CLARiiON per se, but of course typically, you know Symmetrix have all things wrapped around in terms of more management software and more services, so the total margin, the solution margin tends to be a little richer on the Symmetrix sales. Benjamin Reitzes – Barclays Capital: Thanks guys.

Thanks Ben. Next question please

Mark Kelleher of Brigantine Advisors, you may ask your question. Mark Kelleher – Brigantine Advisors: Great, thanks for taking the question. It looks like total product gross margins were down about 100 basis points sequentially, you mention storage gross margins were up 17 basis points sequentially, so my question is, what products where under a little bit of pressure to move that overall gross margin number down and could you comment on the overall pricing environment as a factor to those gross margins? Thanks.

Mark let me start and Joe may comment on the pricing environments, but I think we said that overall EMC improvisation, infrastructure margins were up 80 basis points sequentially. If you kind of look at that product versus services, product margins were actually relative flat quarter-on-quarter, so not quite sure whether you're getting your down probably handle that offline later. Basically a couple of factors in that, we did get volume growth, we did get volume benefit in margins, and mainly on the services side, this quarter sequentially, product margins, we actually did get some help from volumes sequentially, but then it was kind of offset by some of the product condition cost associated with kind of running both the DMX-4 and the Versus-Max lines in parallel. So, we are trying to question things we're pretty stable from a front margin point of view. Our pricing environment continues to be tough out there, but if you kind of look at how are margins have basically have faired, let's say you take last Q4 as the baseline, basically all the change can be tied back to volumes that differently, obviously there has been pricing pressure from customers, we mail to offset that through efficiencies and are cost based in manufacturing benefits in the product line.

Thanks Mark. Mark Kelleher – Brigantine Advisors: Thanks.

Next question please.

Aaron Rakers of Stifel Nicolaus, you may ask a question. Aaron Rakers – Stifel Nicolaus: Yes thanks and congrats on a great quarter. I guess my question I want to dive back into the Data Domain assumptions that you're making, if we just take the expectations that are out there for Data Domain right now from Street estimates, it seems to be given that you're recognizing maybe two months of revenue from that, you're implying a decent amount of relative upside to the Street expectations looking into Q4 for Data Domain, so I would like to understand, you know what you're seeing from a revenue synergy perspective, already in the Q4 timeframe. And then if you can also help us understand how you look to position Data Domain i.e. driving synergies out of the expense structure of Data Domain going forward? Thank you.

This is Joe. I just kind of break the mystery here. Late into our second half plan, we have about $200 million to pay to domain revenue, okay, to cost Q3 and Q4 okay. The Data Domain story is not about obviously there are some cost and synergies that we can get, but that's not what this is about and that this is not really where we're going, we intend to increase investment in R&D and obviously the big win here is to leverage the EMC go to market force through 85 countries and thousands and thousands of people and really kind of pop this product line to make sure that we actually increased our investment in R&D. So that is going to be the winning story here and then we do believe that by working in better harmony, what we call Avamar source based duplication with target based duplication, we can really create a tremendous win. So, this is all about revenue synergies not cost synergies, not to say that there is not a few cost synergies.

Thanks Aaron. Next question please.

Wamsi Mohan of Bank of America/Merrill Lynch, you may ask your question. Wamsi Mohan – Bank of America/Merrill Lynch: Thanks guys. I see, another gross margin question I mean, when you look at the information infrastructure gross margins, why shouldn't that get better in 2H from 51%? In Q1, you had noted that there had been four from volumes to smaller extent from pricing, but as you go through product refreshes and volumes improve as your revenue guidance would imply and you get benefits from cost savings that are flowing into cods and you notice some product transition cost that you incurred in this quarter why should we not expect the second half gross margins to trend significantly higher?

Yes, Wamsi I think you may have -- perhaps that wasn’t cleared up in exactly which margin I was talking about, I was talking from an information storage gross margins, obviously an important substance of inflation infrastructures, so just to clarify our storage margins were 48.5% in Q2. They were up 70 basis points in Q1 and that margin rate is the number I was talking about going back up to 51%. Okay got it thanks.

Thanks Wamsi. Next question please.

Brian Marshall of Broadpoint AmTech, you may ask your question. Brian Marshall – Broadpoint AmTech: Hi great thanks guys. I actually had a question on the information stories gross margins, as well as, if you look at it, the forecast -- well you did about the 64% incremental gross margins in the June quarter, looks like that is going to strike up quite a bit in September and that increase, you know by my calculations in the 60% range in December. I was wondering if you could comment on, you know if we do expect calendar year 2010 to return to some sort of level of normalcy out there, you know would you expect that incremental gross margin on the information storage side of the business to kind of remain constant next year?

Brian let me take that. I think that we said and recapped what I said about the margin changes from the end of 2008 into this first half of 2009, obviously we do have some fixed cost rolling through that. Of all those fixed costs related to our warranty expenses in the business as well as some of the manufacturing overhead, so you do have a fixed versus variable equation and that is what we kind of giving you a hint as to what’s going to happen with some variable increase in volume in the second half and you see that margin bounce back again. So, I think I have given you the pieces of the equation as we talk about 2010, we will able to update you from what impact we might think volume could have could have at that point in time. Brian Marshall – Broadpoint AmTech: Any help on the fixed versus variable structure at this point?

No not going to break it down, but you can always do a little bit of modeling just based upon what happened in Q4 to Q1 and get to a pretty good answer yourself. Brian Marshall – Broadpoint AmTech: Understood thank you.

Thanks Brian. Next question please.

Amit Daryanani of RBC Capital Markets, you may ask your question. Amit Daryanani – RBC Capital Markets: Thanks. Yes just a quick question. The VMware amortization expense on the EMC results, I think it was supposed to be $0.02 a share, is that what the headwind was this quarter and do you expect that to be a similar issue for the next few quarters?

Well I think you're talking about intangible amortization? Amit Daryanani – RBC Capital Markets: Yes.

If I had understood the question correctly. Yes, I think what we basically told you is that if you go to the press release where we put the non-GAAP to GAAP reconciliation information in there, we expect intangible asset amortization to be $0.08. So, your $0.02 a quarter is approximately correct. Amit Daryanani – RBC Capital Markets: Thanks.

Thanks Amit. Next question please.

Toni Sacconaghi of Sanford Bernstein, you may ask your question. Toni Sacconaghi – Sanford Bernstein: Yes, thank you. I appreciate the commentary around the market and your belief that it has stabilized. I suppose if I would have looked at your results and your guidance, it actually wouldn't appear clear to me that things have stabilized your year-over-year growth rate at constant currency in Q1 was minus 5.7. It was minus 18 in Q2 and yes you had a tougher compare, but that was only one point tougher. So the year-over-year growth rate actually into that incremental deceleration and your sequential growth guidance up 2% to 3% is a bit lower than history and you're going to get a one or two point currency benefits, so it is more or like zero to one or zero to two, which is below normal seasonality. So, could you comment on the extensible discrepancies between the deceleration in Q1 and Q2 and your perception of stabilization and then you commentary around sequential guidance versus history and how that is also consistent with things firming, perhaps you can talk about your visibility, your pipeline, your backlog, or what else is contributing your view because the numbers in then of themselves don't jump out obviously has being high conviction stabilization.

Yes. First of all Toni, maybe it is the way we presented it. For a while, we have been saying and I still think we are going to be right. I said that Q2 is going to be the bottom and then as I said, you know, I don't expect any kind of V-shape recovery. So, as you know and as you right point out, we grew 5% in Q4, we declined 8% in Q1, we climbed 11% in Q2, right. That was year-on-year. So, you're right about your trend, but what we are trying to focusing on is the predictability, you know the forecast we had last quarter were tough and the business came in late and the visibility looking at the windshield was incredibly foggy. This quarter, you know our forecast held up well, the calendarization, which is our term we use in an internally, it is not actually a real word, but we use internally as how the flow of orders everyday of the quarter and we compare that to the same time last year, same time year before that, same time last quarter, last month -- last month, last quarter, and we have all these kind of metrics that we use and from all those perspective it was a lot more predictable. When you talk to customers, customers are saying, hey I do have a budget now. Yes it is less than last year by x- percent or whatever the case might be. But I can now have a more normal approval process. So that is kind of what we are saying Toni and maybe we said it wrong in the first time, but that kind of color I think -- and of course if you look at Q3 and our predictions, the year-on-year decline would reverse, right as it did get now get a little bit better. So that is what we are saying in macro. And then we had enough predictability that we actually could give you a forecast for the second half of the year, we did in terms of the year, but since you have the first half, we gave you a second house forecast in essence, right. So, I think those are the things that we're trying to point out today Toni. Does that address that part of it? Toni Sacconaghi – Sanford Bernstein: Yes. Just on the – I hear you on the year-over-year growth getting better, but you're compare off gets a lot easier, so sequential is more valid and with the currency tailwind you should get, the sequential growth feels a little bit less than normal seasonality, is that just some, you know a little bit of conservatism in there or is there anything else you can comment on?

Tony this is Dave, let me jump in and try out a little bit of flavor there. So, as Joe said, we are talking about stabilization, but from a much lower level of spending, still have a very tight budget environment then we had seen, obviously in the last couple of years. So, yes there should be potentially a little bit of tailwind from currency sequentially, but remember my comments about what happened in Q2 and where we really had the most upside to our internal expectations was in the storage business in North America where some of that was stabilization effect and some of that was some kind of Q1 orders, it just didn't get going in Q1, it came into Q2. So you're going to understand the baseline has impacted a little bit by that. So, taking all things into account, we are also looking for a sequentially stronger Q3 than Q2 and obviously with Q4 being our strongest quarter, I think that pretty positive signs given the economic backdrop. Toni Sacconaghi – Sanford Bernstein: Thank you.

Thanks Tony. Next question please.

Chris Whitmore of Deutsche Bank, you may ask your question. Chris Whitmore – Deutsche Bank: Thanks very much. It looks like on a consolidated basis services margins where a pretty significantly both quarter-on-quarter and year-on-year, wanted to understand the outlook for that line item and perhaps on a consolidated basis, what the outlook is for product margins and service margins as they move through the back half? Thanks a lot.

Yes, Chris you're right we had -- we saw some nice increase in services margins, couple of impacts that -- one of course we had some volume effects, particularly on our customer services business where fixed costs are relative – where the costs are relatively fixed and obviously volume has a nice benefit. Also, a number of the cost transformation programs that we have been driving have also gone through the services lines. So, you have to benefit on both of those. I have given you a very strong hint on kind of where the biggest piece of product margin is going to go for the second half of the year, and kind of given you the full lookout for the full-year outlook. So, you can kind of triangle at around that, but obviously we are expecting to see, you know margins continue to improve a little bit as you go through second half and you know that is backed into our overall guidance for the year.

Thanks Chris. Next question please.

Bill Choi of Jefferies, you may ask your question. Bill Choi – Jefferies: Okay thanks. I kind of want to follow up on an earlier question about this guidance. I guess one comment notably missing this time around from David’s prepared comment is, you know thoughts about second-half being a much stronger and that revenue will be more backend loaded this year then perhaps has been historically and if you look at your guidance you are suggesting about 53%, excluding data demand to be generated in the second half. You know that is pretty much right in line with historical trends of 53% to 54%. So, I'm just curious, given update as to why that that wouldn’t be more backend loaded especially if the budgets are getting stabilized? Thanks.

Yes Bill I think couple of factors here. One, when we were predicting Q2 to be roughly flat with Q1 and by definition the second half was getting that much stronger, you know we did see much better sequential growth in Q2 than we expected certainly back in April when we made the comments we made about what was happening to the market at that point in time and then I gave you some of the flavors of kind of what some of the drivers where around that Q2 of growth. So, what the year is now looking to be is to be a little bit more normal from a sequential point of view, clearly with the second half still being stronger than the first half, but the progressions throughout the quarter is being a little bit more normal. Obviously, you want to think as a big driver in the second half of a normal year is a fair degree of budget flush in Q4. And whilst we obviously predict a little bit and off that and we are predicting some pretty good sequential growth in Q3 to Q4, a budget flush is not going to be at normal levels. So, you know that all adds into what we are telling you about the $13.8 billion or 13.6 with our Data Domain for the year.

And remember to, if you looked at Q3 of ‘08, and that quarter was a pretty quarter for us, we grew 13% over Q3 of ‘07. So this is not yet one of those kind of really done compares. Where we spell off a little bit, were as in Q4 of last year, we only grew 5%. So, I think when you look at all that I think that probably is well for our forecast. Bill Choi – Jefferies: Yes.

Thanks. Next question please.

Mark Moskowitz of JPMorgan, you may ask your question. Mark Moskowitz – JPMorgan: Yes thank you good morning. David I was wondering if you could talk a little more about the software revenue stream in the quarter as it relates to license and maintenance and the insights that you could on the growth profile with two, particularly with respect to renewals, trying to a sense of your Sym, a greater level of focus of add-on software, I think your customers who are not really willing to deploy new system yet?

Yes Mark sure. As you know we are now looking at the business on a kind of product versus services basis and we give you the kind of gross margin color for proxies of what's going on. Wasn't really a whole lot of mix shift, in fact almost no mix shift during the quarter within products. Certainly, for the storage business hardware and software performed pretty similarly, and you can see for a content security the profit is software, so you can see what is going on there. Maintenance renewal is doing very well and you saw good sequential growth in this customer services business and software maintenance was a big piece of that. So, we certainly see customers that are wanting to get full value from the maintenance contract from the upgrades that come with that. We view that has a very strong indicator.

Thanks Mark. Next question please.

Bill Shope of Credit Suisse, you may ask your question. Bill Shope – Credit Suisse: Okay great thanks. Wanted to extend on a question from earlier on the call and it is not on guidance. I want to ask about pent-up demand across both Symmetric and CLARiiON and assuming conditions continue to improve, is there any data that you guys have to suggest that utilization rates are perhaps reaching critical levels or that a normal portion of the installed base is up or passed leased renewed points, or any other data that would help us gauge the potential pace of hardware recovery not just in the second half, but also in the 2010?

Bill I could tell you apparently for sure that customers are driving utilization rates up and they are at our beliefs an all-time high. Whether that is critical – whether it is a critical level and they have to abide, I mean we are certainly there is only so far you can storage and you got to do it next by, so whether it is critical or not I don't know, but that certainly had an all-time high in terms of utilization rates that I can tell you. Bill Shope – Credit Suisse: Okay very helpful. Thank you.

Thanks Bill. Next question please.

Troy Jensen of Piper Jaffray, you may ask your question. Troy Jensen – Piper Jaffray: Yes quick question for Joe here. Industry consolidation, obviously last quarter we saw a lot of it, just curious to know if you think it is going to continue and is there any holes in EMC’s product lines that need to be filled in the near term?

I do think it is going to continue Troy, as an industry trend for sure. As far as holes are concerned, there is nothing glaring, but there are -- we are always on the look for opportunities and there are a couple or little areas that we would like to expand and obviously it is my policy as always been not to comment on them because I just kind of work against myself when I do that or work against the Company when I do that. So, there is nothing major that we have to have, it would all be only in the case that they are really could drive a lot of shareholder value. Troy Jensen – Piper Jaffray: Keep up the good work gentlemen.

Thanks Troy. Next question please.

David Bailey of Goldman Sachs, you may ask your question. David Bailey – Goldman Sachs and Co.: Great. I was wondering if you can give us an idea of what percentage of your cost cuts have been completed so far and when do you expect to wrap those up?

Yes, sure David. We have told you that we do plan to exceed our original $450 million reductions for 2009 and that’s factored into guidance. To give you a flavor, we have basically done two thirds of the headcount reductions now. Sorry, three quarters on headcount reductions are now complete. While some of the other programs like real estate, like some of the other infrastructure costs reductions will basically come out during the second half of the year and go into 2010. So, we are actually a little ahead of our original targets of the year, we will beat the original target for 2009, and we're still confident about the $500 million for 2010. David Bailey – Goldman Sachs and Co.: Great, thank you.

Thanks David. We have time for one more question, and then we will have some comments from Joe.

Our last question comes from Alex Kurtz of Merriman Curhan, you may ask your question. Alex Kurtz – Merriman Curhan Ford & Co.: Yes. Thanks for sneaking mean here. So, Joe what kind of activity levels are you seeing between he enterprise and commercial groups in North America. So, how do you see that projecting to the rest of the year and then underneath that sort of is the competitive landscape shifting it all and any comments around IBM and XIV would be helpful. Thank you.

The competitive landscape hasn't really changed in all that much. Right now, we see a little more kind of action I would say in the commercial marketplace than we do in the enterprise. Activity levels are quite high in both, but the actual buying patterns of the commercial is a little ahead right now and basically, as far as the landscape is concerned I don't really see any change and I would include IBM and XIV. We have always had high competition with IBM and it continues at about the same level. Alex Kurtz – Merriman Curhan Ford & Co.: Okay, thank you.

Okay. Well in closing, I just like to remind you that we really do believe that our business model is serving us quite well and is working as is evidenced that we are weathering this pretty tough economics doing fairly well. We have a strong product portfolio and cycle going for us right now. We are focused on, what we think is going to be four very large, very high growth markets in IT, which will help our future, and gives us confidence. We continue to focus as David has told you on our cost structure. And I think the most important thing, which is a little bit of an intangible if you could be inside of the EMC and feel. The people of EMC are excited and VMware are excited about the future and kind of pump and with that I would like to, as always thank you for being with us. It is great chatting with you and we look forward to seeing you soon.

Thank you for your participation. Your call has concluded, you may disconnect at this time.