Good morning and good evening. First of all, thank you for attending today’s conference call and now we will begin the conference of the fiscal year 2007 third quarter earnings results by LG Philips LCD. This conference will start with a presentation followed by a divisional training session. (Operator Instructions) Now we shall commence the presentation on the fiscal year third quarter earnings results by LG Philips LCD. Please go ahead, sir.

Thank you. Welcome to LG Philips LCD’s 2007 third quarter conference call. My name is Daniel Kim and I am the Vice President of Investor Relations. On behalf of LG Philips LCD, I would like to welcome everyone to our global quarterly earnings conference call. I am joined by our CFO, Ron Wirahadiraksa; and Vice President of Marketing, Brian Kim. We have approximately one hour for this call. We’ll spend the first part of the call discussing the key issues for the quarter, which correspond to the slides available on our website. Following this, we’ll take your questions. Please do not hesitate to contact us after the call if you have further questions. Before we move into our discussion of the earnings results, you should be aware that this conference call may contain forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act and Securities regulations in Korea, including statements, among others, regarding LG Philips LCD’s expected future financial performance. You are cautioned that these statements may be affected by important factors, among others, set forth in LG Philips LCD’s filings with the U.S. Securities and Exchange Commission, and in its third quarter of 2007 earnings release. Consequently, actual operations and results may differ materially from the results discussed or projected in these forward-looking statements. LG Philips LCD undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. Now, please take a minute to read the disclaimer. We are reporting in consolidated Korean GAAP with an appendix to the presentation that includes our reconciled U.S. GAAP numbers. I would now like to turn the call over Ron.

Thank you, Daniel. Let me begin by saying that we were generally pleased with our results in the third quarter, which exceeded our expected profit levels and followed the successful turnaround in the second quarter. The results of this quarter reflect our continuous focus on four key areas. First, over the last five quarters, we have implemented a company-wide directive to develop innovative cost reduction efforts, specifically in how we more effectively and efficiently engineer and manufacture our products. These efforts resulted in cost savings of 9% in U.S. dollars in Q3, which is ahead of our guidance, and also which positions us well to meet our annual target of around 30%. Second, we continue to maintain a very disciplined capital expenditures management. This has translated into an approach that requires us to be extremely close to the market, working collaboratively with our customers and our suppliers. And as to prepare for the future demand, we have decided to move forward with the gen-8 facility. Today, after thorough review, our Board of Directors has approved the investment in a gen-8 facility with an additional CapEx of WON 2.5 trillion. We are targeting ramp up during the first half of 2009 in the already constructed building called P8. The total CapEx for gen-8 will be around WON 2.7 trillion. We believe the timing is in line with expected market demand of large-sized LCD TVs. Next page. I’m sorry, not next page. Third, we are developing marketing initiatives focused on the needs of our customer base. Specifically, we are co-designing products that better reflect their needs. We will continue to work with our valuable customers to make sure that our products are ideally suited to meet their demands. Fourth, we are managing our inventory levels to better match both the current and…

Thank you, Ron. This concludes our earnings presentation for the third quarter of 2007 and we would be pleased to answer your questions now.

(Operator Instructions) The first question will be given by C.J. Muse from Lehman Brothers. Please go ahead, sir.

Good evening. C.J. Muse with Lehman; a couple of quick questions on my end. I guess first off, on the 120 hertz panels, can you comment on what percentage of the TV mix you see penetration there in the second half of ’07? And then where do you think we will be in 2008?

In this year, 42-inch case, 120 hertz penetration is 31% and next year, over 50%. And 46--inch and 47-inch case in this year, normally 76%, but our company gives over 85% and next year, we will touch on almost 90%.

And in terms of the embedded electronics, are you looking to drive the smart panel adoption or are you seeing thus far in design-ins this year, where your customers are using MEMC technology from the likes of Trident, Philips and Micronis?

At this moment, we are not particularly incorporating smart panel technology there.

Secondly, I guess on the inventory front, can you comment by category, both TV, notebook and monitor, where you are seeing tightness and then where you are also possibly seeing some excess, as we are reaching sort of the peak panel seasonality?

As you know, in the channel inventory is still healthy. The back-to-school sales were as expected, so we expect notebook and monitor most -- four weeks inventory but normally, the inventory level is 4.5 weeks, so we can say they still got the health. TV case, we think a normal inventory level is two months but now the market is still strong, so their inventory is below two months.

And can you comment on where you are seeing the strength in demand on the TV side? Is that sort of tier two brands emerging markets or is that broadly across all geographies?

Basically, we are seeing the strength across the board. As you might have noticed, I don’t know whether we should call them [inaudible] anymore but the brands such as Visio has been particularly strong this year.

I guess I was trying to figure out more about the end market. Are you seeing strength across the board there or is possibly more strength Europe, less U.S.? Any visibility to that?

At this moment, we still see strength. Of course, everybody is mainly concerned with the possible fallout and impact on the U.S. economy of the sub-prime mortgage issues. We have seen slower housing starts and car sales down but by and large, we have no indication at this moment that there will be some large demand drop for TV. We expect that to continue. We will be continuously monitoring it, of course, very closely and there will be some impact but at this moment, it is difficult to assess. Things look fairly okay. By the way, may I ask that you hold the rest of your questions and give other people first a chance to ask something?

Of course. Thank you.

The following question is by J.J. Park from JPMorgan. Please go ahead, sir.

Good evening. I have a question on the [inaudible]. Looking at the effective tax, I think you paid almost 20% effective tax rate in the third quarter. Can you a little bit elaborate how it was, given that you had the huge balance of the tax credit?

Yes, well, of course, as you know, at a lower CapEx level, also the investment tax credit have come down and we have a carryover loss from last year, so basically income tax rate is still zero. But we came out of last year with a quite significant deferred tax asset position and we are lowering that as we make profit, so that explains why we have booked a taxable -- tax charge in the income statement.

So assuming you can continue to generate decent profit, is it safe to assume that your effective tax rate will be around 20% going forward?

Yes, it will be around that area. But as I said, this was mainly to the DTA. The income, the effective income tax rate for this year will be we think not very high.

Okay. Thank you.

The next question is by Andrew Abrams of Avian Securities. Please go ahead, sir.

I have two questions; first, can you give us a little detail on the cost reduction program for the third quarter and going forward, how it broke down -- I mean, was it new design, was it materials, or how that breaks down?

Yes, well, as we already guided last quarter, the second half of this year the purchasing price down from zero cash purchases would be a little bit more modest. But of course, it still contributed. We would say the main contribution comes from development innovation. So we have uploaded more of the cost innovative models in both TV and IT product segment.

Okay, and on gen-8, once you open, what is going to be the total capacity available to the facility if it is fully built out and where do you think you will be by kind of third quarter of ’08?

We are having an initial design capacity of 83 and we’ll try to ramp that up in a reasonable speed in line with market demand. At this moment, it is too early to say where we will be in Q3 but as we said, first half so let’s say midpoint of Q1, so we’ll probably be well on our way, but not 83,000 that time of year.

Thank you.

The next question is by Evan Erlanson from Bear Stearns. Please go ahead, sir.

Congratulations on a great quarter. My first question is on CapEx. I just wanted to reconfirm whether the 3 trillion number for 2008 is a cash CapEx or is that an addition? And also, to reconfirm the 1.7 trillion for 2007?

Very good question, thank you. That is the 3 trillion, around 3 trillion, not yet cast in stone, is what we call delivery CapEx, so the addition to the balance sheet. And as we expect this year to have -- sorry, end of next year to have slightly higher equipment at the end of the year, we expect the cash out to be lower. I think at this moment half 0.5 billion dollars lower.

So we are talking 2.5 trillion cash CapEx?

Yes, that’s it -- WON 2.5 trillion. But it’s a very tentative number.

And for the -- there was one comment in the presentation actually about the effect of a strengthening WON on the operating income. I guess you have a guidance for EBITDA margins in the mid-30s for Q4 and then you are guiding for operating income to be slightly lower than it was in Q3, so if you could help me to understand the FX impact, why would it fall through the operating income level rather than the EBITDA level, that would be great.

You know, what goes in the operating income level also translates ultimately back into the EBITDA level, so it is true that we think that the exchange rate to the dollar will be probably around 9.10, maybe a little lower, so that is very different from what we have experienced in the previous quarter. That was above 9.20 or 9.25 on average. So yes, there will be a for-ex impact but that is, of course, in operating income -- but the operating income plus the other business income expenses where for-ex is booked is basically EBIT plus depreciation and amortization, you have EBITDA, so the number comes straight back into EBITDA.

Okay, and also, finally on the OLED business theoretically to be acquired from LG Electronics, is this going to be closing by the year end and do you have an update on what the plans are for that?

Are you talking about the OLED business? Did you say that?

Yes, the OLED.

Yes, so that’s not really a business takeover. We are not taking over the activity. We are taking over the resources, basically meaning some of the engineering and if there is usable IP, we will do that but we are reviewing that now. We hope to conclude that in this quarter.

In Q4, and so that is going to be classified as a capital expenditure or is that going to be some sort of other investment?

Well, not really capital expenditure because if we take over the people, then we have to pay I guess some good will for having them brought, them having been educated to a good technological state, plus the IP. And if we buy IP, then we will write that down subsequently. So there is more on the intangible side, there will be some slight increase. But I think the amounts are not very big, frankly speaking.

Okay. Thank you very much.

The following question is by [Harsh Agawa] from Lehman Brothers. Please go ahead, sir.

My question has been answered. Thanks.

(Operator Instructions) The next question is by Mr. Dinwoodie from UBS. Please go ahead, sir.

Thank you. Could you tell us a little bit more about the SG&A jumping it seemed quite considerably in the third quarter, and if we should expect that going forward?

The increase in SG&A is mainly due to an increase in transportation. We are doing a lot of air shipments to satisfy customers’ requirements. Unfortunately, that leads to increase in transportation across the -- as you see, it is much more expensive than road transportation.

Do think that it -- is it seasonal or should we expect it to come back down in the first half of next year? Is it going to be tied to the fourth quarter as well?

It should be coming down through the fourth quarter, so we expect the fourth quarter, the amount will be lower than in Q3.

Okay. Thank you.

The following question is by Jeffrey [Totter] from ABN Amro. Please go ahead, sir.

Good evening. A couple of questions; first, your guidance for decline in cost of goods sold, is that in U.S. dollar terms?

Yes.

And is that average on average or year-end, 4Q on 4Q?

It is Q4 on Q3.

No, no, not for the guidance -- the full year guidance of a 30% reduction.

That is average ’07 over average ’06.

I calculate actually that you are already running ahead of your 30% guidance.

That is on a year-on-year basis, correct, but --

A year-on-year basis, yes.

But we still have to make the fourth quarter.

Well, if you make the fourth quarter, it looks like you will do about 35% for the year, which is a fantastic improvement. I was wondering what you think your cost improvement might be next year.

Next year, probably slightly lower. I am not giving a guidance number yet because we are also will spend money on getting resources for gen-8 started and I think it will be slightly lower than the 30% but I cannot guide you at this moment.

And your inventory turnover, which you pointed out, has come down substantially. I was wondering if you have a target rate for that or if part of the reduction, you said you are shipping more by air. That brings your inventory levels down. What do you expect a normalized level might be going forward?

A normalized level for us is around four weeks, between three and four weeks, I would say. So at this moment, it is really tight inventory. The business units are basically complaining a lot but this is the situation. We are living in a shortage time. And of course, we have a lot of customer complaints so we have to maneuver. I expect that to ease down towards the end of the fourth quarter and going into the first quarter of next year.

And going into first quarter last year, the supply/demand dynamics were obviously a little bit different but a lot of panel makers, including yourselves, made some reductions in utilization rates. Are you -- any plans -- obviously you are running at 100% now. Any plans on how you might approach first quarter?

By the way, I think you mean this year first quarter, not last year first quarter.

This year first quarter, it was down. I was asking about 1Q08.

Right, so maybe around 5%, between 5% and 10% that we reduce our production operating rate, depending on the outlook for demand. It depends also on how we are coming out of the fourth quarter, inventory wise for ourselves and for the retail.

Okay, and I guess as a -- just as a final question, you mentioned that you are accelerating your -- you paid back some of your debt early. What do you see as your target gearing ratio now? You mentioned in the last call that you might be looking at net cash as your target rate instead of I think 30% was your previous, is your current target.

Yes, that is still a discussion that we are having and in the meantime, we are trying to bring down the debt as much as possible.

Okay. Actually, one final question; for the CapEx for next year, that would not start depreciating until 2009 when you ramp up the facility, is that correct?

Yes, of course.

Great. Thank you very much.

The following question is by Oliver Lee from Alliance Capital. Please go ahead, sir.

Could you please give me the guidance roughly for the capacity increase next year and potentially, if you add P8? How would it look like for the 2009?

We expect next year, the demand will increase 35% compared to this year. But the supply is a little bit [limited], so we expect the supply will increase to 31%. But our company case will increase 34%. We will increase 34% compared to this year, so we can sustain our market share using that capacity.

What Brian is trying to say is that the demand next year is going to increase by about 35%, according to the display surge. And industry’s supply is going to be increasing at about 30%. Our capacity increase next year, inclusive of all the max capa min loss, programs that we are incorporating, we are running in line or slightly ahead of the industry’s supply, but below the market demand growth. So that is one of the big reasons why we are expecting a tightness next year.

Okay, so in 2009, you basically will follow these strategies, slightly lower than the market demand growth. Is that right?

2009, we will be ramping our gen -- starting to ramp our gen-8, so at this moment, we do not have a firm idea what the demand is going to look like. I cannot comment on whether it is going to be below the industry norm or not.

To be more specific, Oliver, we think capacity growth will be around 25%. Oliver? Hello?

Hello? Operator?

Yes?

Did we lose Oliver Lee? Can you try to contact?

Okay. Wait a moment, please. Sir, should I go to the next person? Hello?

Yes, please do that.

Thank you. The next question is by [inaudible] from [inaudible]. Please go ahead, sir.

Thanks, guys. Congrats on a great quarter; two quick questions. One, can you talk a little bit, Ron, about the size mix in Q3 and your guidance for Q4 on the TV side? What did 32-inch do on a Q-on-Q basis to 42 and 47 and above?

We’ll give you the answer in a moment. Do you have any other questions?

Sure. The second question I have is on your gen 8, what are your plans for the panel cuts? Are you planning to focus on 47-inch and above or will you follow in Sharp’s lead and use a gen-8 for cutting 32-inch panels?

We intend to cut 47, 52 and possible also 32.

Okay, possibly 32.

Yes, and then to answer your question, you want to know in the 40-inch segment, it’s about a 40% increase and in the 32, 37 -- also the portion, 43%, and the 32, 37 portion, 47%.

Could you repeat that again? 40-inch was 40%?

42, 47, the portion was 43%, and 32, 37, the portion was 47%.

And what is your outlook for Q4?

I think it is more or less the same.

Great. Thank you.

The next question is by Oliver Lee from Alliance Capital. Please go ahead, sir.

Sorry about the disconnection. My second question is in the second quarter, the throughput is higher than the third quarter. Is there any reason for the reduction of the throughput in the third quarter?

Well, we have increased shipments in the third quarter by 11% and that was good, but it was actually a little bit below the expectation. So as I said, we have taken some new initiatives which we call max capacity, minimize loss in the gen-7 line and we were a bit slower than our ambitions. So that explains why we have a little bit less shipment than we intended but there was still more growth than in Q2.

Okay, so in the fourth quarter, can we expect the throughput increase or pretty much the same as the third quarter?

It will increase but we will experience shipment increase in the fourth quarter also, as we guided.

Okay, thanks.

Oliver, I want to check with you; did we answer your first question? I’m not sure if the message came across but to give you the intended number, we think we are able to increase capacity by about 25% at LPL and our shipments will probably be over 30%.

Okay. Thank you.

The following question is by Mrs. [Dash Pand] from Principle. Please go ahead, Madam.

Yes, I just wanted to check on the notebook panel side, are you seeing any slowdown in demand for the fourth quarter [inaudible] component -- this is like from your budgeted all year, budgeted is a slow down.

At this moment, we do not see a slowdown in the notebook but as you may have heard, there is a disservice in the battery supply recently, so for the time being, we do not believe notebook is going to go into shortage but if that shortage of batteries prolongs, then there might be some effect that comes to the panel makers. In that case, maybe more of the panel makers will probably shift their notebook panel production into monitor panel production.

Right, and I have a follow-up question; I wanted to get your thoughts on what’s the kind of PDP price competition you see for the fourth quarter?

Well, PDP as we have seen last year, when they had the overstock, in the November timeframe they had -- they dumped the price and cleared the inventory. But because of the shortage of the LCD panels during the third quarter, even the PDP had a pretty good sales. We will still have to see going into November but the plasma TV at the retail channel inventory level has become better. I don’t know whether it has come to the level that will alleviate and therefore not, you know, for them not to dump the prices or not.

Thank you.

The next question is by Jeffrey [Totter] from ABN Amro. Please go ahead, sir.

I just wanted to clarify; you mentioned that capacity would increase by 20%, which is consistent with the last call. Where do you expect your 7 and 8G fabs to be at the end of the year to reach that number?

Basically we said capacity growth would be 25%.

Right, but if you break that down on a fab basis, what would the capacity of P7 and P6 be say 4Q08?

P7 will be around 130.

Which is ’08 -- that’s ’07, right?

Yes, around 130, that is correct. So as I said, it will remain the same more or less at the end of this quarter. And for the gen 6 line -- do you have another question? We’ll have to get back to you on that.

The 130K is the guidance for 4Q07?

Right.

4Q08 is still going to be 130K?

No, we will try to ramp the fab further.

Right, that’s what I was asking, actually, is where -- well, P6 for I guess 4Q07 but also to achieve that 25% growth in 2008, where I assume most of the growth is still coming from these two fabs, what the capacity at the year end might be.

Capacity this year end for, as I said, for gen 7, around 130.

Right, but year end 2008.

2008, I am not going to guide for that at the moment but for the gen 6 line, we think around 165 at the end of this year.

165K, okay, great. Thank you.

(Operator Instructions) The following question is by Mr. Jeff [Soo] from Merrill Lynch. Please go ahead, sir.

Good evening. Sorry, I just had a quick question more on the overall industry trend because it seems that one of the trends we are seeing across the landscape is sort of panel makers working more closely with the assembly or the system integrators, whether it’s for to sort of help the loading during the slow season or to eventually prepare to pave the way for TVs. We’ve seen this recently with TPV and [Gema] and some of the other Taiwanese making cross prints into the assembly side as well. I was wondering if you could highlight or share with us LPL’s thinking on this particular aspect and maybe the long-term strategy for this type of business model going forward. Thank you.

Thank you for the question. Actually, as we said last quarter, we are looking into a similar kind of business model changes but at this moment, there is no specific plan. We are reviewing what is the best way forward and looking at suitable partners but yes, we are also looking in that direction.

Okay. Thank you.

The next question is from [Chun Tan] from [Nevas] Capital. Please go ahead, sir.

Good evening. I wanted to clarify again about the capacity increase for 2008. I think earlier you mentioned that 2008 demand would increase 35% and supply by 31%, with LPL by 34%. I’m not sure if I got that right because we were later on talking about 25% capacity growth, so which is it for 2008?

We expect our capacity to growth with the 25% and our shipment will be probably a little over 30%.

Okay, and for your capacity growth, even 25% sounds like quite a high number, given your CapEx cuts this year. How much of that will be driven by that max cap initiative versus just a normal ramp of P6 and P7?

It will all basically come from additional ramp of the gen 6 and the gen 7 line, as I said. So the gen 7 ends the year at 130K and the gen 6 at 165, as I answered the previous question. And for next year, those two fabs will help generate the bulk, the vast majority of the growth in capacity and in shipments. As you know, we have been talking a lot about what we call, I repeat again, max capa, which means increasing the capacity through things like tech time reduction and also minimizing loss through increasing the operating ratio of the fabs. So we expect some effect from the effort that we have made in this year, also continuing to next year.

My second question is have you got any plans to temporize your production within Q4 or are we only looking at that in the first quarter of ’08?

Well, assuming that demand holds out as we see it now and as I said earlier, still there are some signs that there could be some slowdown. Those are the uncertain things. We haven’t seen that yet for TV but it may happen and if we see that, so we are watching very careful our retail inventories and sell through and talk a lot with our customers, then we will temporize production as we have been doing for the last year. We will try to sustain our inventory policy of around three to four weeks of inventory.

Thank you very much.

The following question is by [Tor Miza] from Moon Capital. Please go ahead, sir.

Just a follow-up question on the supply and demand; you mentioned that demand will increase by 35%. That’s going to be on the unit side, right?

Square meters. It’s area growth.

Area growth -- but your area growth is 25%.

In capacity, but through some efficiency, the shipment can be higher so that’s why I said capacity growth 25%, shipment --

Okay, gotcha. That’s the shipment growth, 34%. And what about the size migration as we go into next year? Do you think it is going to be a pretty big shift in size to a larger size TV or are you just trying to understand the relationship between area growth and unit growth for next year?

We think 42-inch which I already is making a lot of progress, will continue to grow and 47 will become more popular. And even within existing capacity, we are serving some of our customers with 52-inch. So by and large, the mix in larger panels should increase next year.

Okay, and my second question is on the sale of stake. I wonder if you guys have any comments on the progress on that and the resolution on that sale.

Basically, that’s a question that you have to ask Philips, but they have said they are going to sell down probably within this year. At this moment, there is nothing specifically known to us on initiatives that they are deploying to sell.

Right, but are you talking to any potential -- just in terms of just playing the situation, like just trying to figure out what could be potential partners that you could have?

That’s a good point. Of course, there are a few people that we’ve been talking to but at this moment, it doesn’t seem that a deal or something is very imminent, so there is not a lot of initiative going on there at this moment.

Okay, great. Thanks, guys.

We’re not aware of those initiatives because they are not telling us. Let me also, on the supply and demand side, our intention is to sustain our market share and we will do our best with the capacity we have and the initiatives that we will be deploying to sustain market share, even next year. We will make an effort to prolong that. I thought it would be good to clarify our intention.

Thank you.

The following question is by Daniel Kim from Merrill Lynch. Please go ahead, sir.

I have just one quick, simple question. Despite the excellent results in Q3, I think LPL missed the volume guidance in Q3. The previous guidance was like mid-teens volume growth. Actual volume growth in Q3 was only 11%, so I’m just wondering what was the main reason behind this missing volume guidance?

Actually, the shipment -- the less than guided shipment was basically in part came from shifting of production to some degree to IT products and the second part was that we in the third quarter have largely inputted the second generation of the re-engineered co-designed new products into our fabs, and there are sometimes at the beginning of production, low yields problems. But we were compensated by the bigger than the usual profit levels.

Thank you.

The next question is by Mrs. [inaudible] from Principle. Please go ahead, Madam.

Just following up on the earlier question from Jeff Soo --

Operator, can you give assistance?

She is not connected, sir.

All right. Let’s go to the next question. Maybe there will be a rebound.

(Operator Instructions) Mrs. [Dash Pand] is back now, so the next question is by Mrs. Dash Pand from Principle. Please go ahead, Madam.

I just wanted to follow up on what would be your thoughts on the assembly side when you said you would look at probably doing something out there. Would it be okay with LPL to get a brand along with the assembly operation or would you look at a pure assembly operation?

We would look basically to partner with somebody and thereby adjust our business model.

Right, so in terms of partnering, would it be okay with LPL to partner with a person already at a brand?

No, probably it will be with integrators and we foresee that TV manufacturing will also go more the way, like IT manufacturing, toward system integrators instead of making it by the brand, so we will be looking more at partners in those areas.

Thank you so much.

The following question is by Mrs. [Jin Li Wuan] from [Sora]. Please go ahead, Madam.

Thank you. Can you please talk about inventory in the supply chain? In other words, the downstream distribution guys’ inventory level as healthy as you? Thank you.

The inventory level that we have checked, as Brian has already mentioned, the sell-through during the back-to-school season has been as we expected. The inventories at the retail channels when we checked, the IT inventories were at about four weeks, four to six weeks, which is healthy, and for TV, normally we regard inventory levels of six to eight weeks to be healthy and it was within that range. So throughout both IT and TV, the inventories were very healthy.

Thank you.

Currently, there are no participants with questions. (Operator Instructions) The next question is by William [Lan] from [Invisible]. Please go ahead, sir.

I just wanted to get any guidance that you would be prepared to give on depreciation for next year.

Depreciation next year probably will be slightly below this year’s depreciation. Yes, slightly below.

And Q4 this year will be roughly the same as Q3?

Yes, that’s right, so bringing the annual depreciation number, as we mentioned a couple of times, to around to WON 2.7 trillion.

Thank you.

Currently, there are no more participants with questions, sir.

There are no more questions. We would like to thank you all for attending our conference call and if you still have further questions, you can always contact us. Thank you.