Good morning and good afternoon everyone. Welcome to TEVA’s Q4 and full year 2005 earnings conference call. We hope you’ve all had a chance to review our press release which we issued earlier this morning. A copy of the press release is available on our website at www.tevapharm.com. Additionally, we are conducting a list web cast of this call which is also available on our website. Today we are joined by Israel Makov, President and CEO, Dan Suesskind, Chief Financial Officer, George Barrett, President and CEO of TEVA North America, Bill Marth, President and CEO of Teva USA, and Moshe Menore, VP of Global Products. Israel and Dan will begin by providing an overview of our results. We will then open up the call for a question an answer period. Before we begin, I’d like to remind everyone that the safe harbor language contained in today’s press release also pertains to today’s conference call and the web cast. I would like to now turn the call over to Israel Makov, our President and CEO.

Thank you Kevin and welcome everyone. And thank you for joining us today in the review of Teva’s results for the fourth quarter and for the year of 2005. We had a great quarter and an excellent year and when we consider our achievements in the context of 2005, I believe we can even . We reached many all time highs in both the quarter and the year. We ended the 4th quarter with records sales of $1.4 billion, supported by strong performances across our company. Our operating profit of $361 million was again a new record, as was our quarterly net profit which reached $305 million. This was a fitting end to a record breaking year for us. Our sales reached an all time high of $5.25 billion. 2005 was the 7th consecutive year in which we hit new sales records and the first year in which we crossed the $5 billion mark. Yet another milestone in our annual net profit as we crossed the $1 billion mark for the first time to reach $1.72 billion in annual net profit, or 20% of our total sales. We also generated approximately $1.4 billion in cash from operations in 2005. and we broke the $1 billion barrier in several other areas as well. I will just mention that our in market tests of copaxone approached $1.2 billion, making copaxone the first drug. We also crossed the mark in our sales of generics in Europe, as well as in overall sales of . While of course we enjoy speaking of breaking the $1 billion barrier we’re even more pleased about what lies behind these numbers and that is the strength of our business and our leadership in each of these areas. In 2005 we continued to lead the US generic market by…

Thank you Israel and good day to all of our friends in whatever time zone you are. I hope you had a chance to review the excellent results, topline, bottom line that we released this morning. We are summarizing today a quarter and the year which ended only 59 days ago, but seems like a decade back in the history of the company. Following the Ivax acquisition, we are today a different company in many respects, financially, geographically, in terms of complexity and not least in terms of our potential. But we have to the history and therefore I will walk you in a minute through our 2005 numbers. As we indicated in the past, we expect to talk to you about the new future in May of this year, concurrently with the release of our Q1 ’06 numbers. The first quarter in which we will report combined results of Teva and Ivax. And we will not at this stage be presenting any material forward looking data on the combined company. We thought it would be prudent not to hold our traditional quarterly lunch in New York. We will however extend this call somewhat. So after this introduction, let me dive into the data of ’05. Before walking you through the various line items I want to highlight, the critical success indicators of this quarter, all of which were a record high. Sales of $1.4 billion, up 6%, causing annual sales to break through the $5 billion mark for the first time and totaling $5.250 billion, up 9%. Net income, which for the first time exceeded $300 million to $305 million, up 9% and annual net income for the first time broke the $1 billion mark to reach $1.07 billion, representing a 20.4% margin on sales. EPS of $.45, which…

The first question is from Rich Silver with Lehman Brothers.

Can you hear me? Good morning. You talked about your manufacturing sites, R&D sites as well. Can you give us some sense of what the plans are? Whether you plan to maintain all of those sites or over the next year whether we should expect some rationalization.

We have about 44 manufacturing sites and 15 or 17 R&D sites. And, we are now making plans for each of the sites. Some of the plans are for upgrading the sites and actually expanding the sites and some of the plans are to rationalize the operation and the sites. I won’t give you details in terms of the number sites that we are going to either upgrade or to rationalize, and also I have to tell you that this is not a very fast process because it’s regulatory approvals and so on and so forth. So once we make it internally known to the workers who are going to leave and who is going to stay.

And then on that gross margin which as you pointed out was certainly at the high end of the range, even exceeding the range, can you give us just a better sense of how much of that was driven by North America vs. Europe, which you did mention did see a number of new product introductions? In terms of the quarter to quarter swing.

I would say that without the introductions that we have seen in the US, we would be back to around the norm that we have shown in previous quarters; it is roughly 47%.

Okay and then lastly, can you provide any detail on the R&D number and why that was up sequentially?

It was up sequentially relatively little but we indicated that we passed for the first time the $100 million mark, but it wasn’t that much of an increase quarter over quarter.

And just one more, and that is on Agilect. Other than what you mentioned from the press release on the call, can you give us some additional details as to the discussion with the FDA and what your best guesstimate now might be for final approval?

We have a dynamic dialog with the FDA and we do not even try to focus, to make an estimate when it’s going to end. In the but we cannot give you any timeline.

Okay. Thank you.

The next question comes from Dimi Tomsulis, with UBS.

Good morning, just a few questions. Can you talk about the pricing environment in the 4th quarter in the US generics business? And given the strong launches and contributions of Fexafendine and Zithromycin in that quarter, which is the base business to apply of those contributions? That’s the first question. The second question may be for Israel, can you just give us some commentary or color now with some of those moving into the German market and you’re more aggressive with large acquisitions. Has this changed the European dynamic for Teva at all? What sort of inroads do you think some of those local providers might be making into the European market and will it be similar to the US? And finally, with respect to is that coming in the next week or so?

Good morning Dimi it’s George. I’ll touch on the first one and then let Israel follow up. You asked about the pricing in Q4, I think I would generally characterize it as quite similar to what we’ve seen through much of the year. I would say it has not materially changed since our Q3 call and at that time we had mentioned that the rate of base erosion was somewhat higher in 2005 than the prior year. I would say that as we completed the year that it confirmed. There are certainly individual products that we knew during the course of the year would experience competition like Gavapentin, where there’s significant erosion. But as we look to the face of the business, we probably had a slightly higher rate of erosion in 2005 than we did the prior year. The only noteworthy change late in the year was a drop in the price of Oxycodone, as you may remember the Ivax/Purdue relationship resolved and we ended up with a new player and with a new player you can experience some new dynamic in the market. So we had a bit of erosion there. But otherwise, as I said, characterize it as generally a higher rate in ’05 than in ’04.

Let me comment on the Europe, actually on Germany. We said many times that we are interested to do something more than we are doing now in Germany. But we also said that we are going to buy a company, the appropriate company at the right price, at an opportune time. We have seen many companies in Germany, we have reviewed many companies in Germany, but none of them met our criteria for acquisition. We have patience and we are not by other influence into the German market like the last company you referred to the case. And we will be there when we think that the time is right and when we have the right opportunity. It doesn’t change our dynamics in Europe. in Europe we are growing. Europe is big, Germany is the biggest market but, Europe is big and we are making very good progress in Europe. we have still a long way to go and in this way we have also Germany .

Dimi, can you just repeat the last part of your question?

Just and how with respect to the upcoming panel meeting, I guess the expectation of the market is that will be back on just your thoughts on how it may or may not effect capacity.

Firstly, I’m not sure that we’ll e back. Obviously we’re watching the advisory committee carefully, as you are. So it’s hard to know exactly the result of that. It think our view is that we do feel confident that this hearing is going to address and certainly needs to address some unanswered questions about the safety of future. Some very important questions about how you measure the treatment risks vs. the benefits and what kind of patient screening criteria you have before using the drug; how you establish safe duration, how you predict the onset of PML. So there are very important questions that we feel certain will get addressed there and how to project the outcome of that is one that we can’t visit today.

Okay, thanks.

The next question comes from Ken Cacciatore with Cowen.

Thanks. A couple of questions. George you have in the press release 160 product applications. If I recall and correct me if I’m wrong, pre the purchase of Ivax, I think you had 140, Ivax I believe had 60, that adds to 200 and now we’re at 160. Is this just a rationalization of the 2, picking the A&DA that you want to go forward with? What’s the explanation or do I have the number incorrect?

The numbers are probably correct. The challenge is that its very difficult to add one and one equals two here because you’ve got ins and outs both in terms of program and their own program in the last few months, in addition to the consolidation of the program. So what you’re looking at in these 160 products is in fact the now rationalized combination of the two programs where we eliminated from those numbers the overlap. Although as I’ve said in the past calls, some of those overlaps that we’re actually eliminating numbers can be qualitatively very important because they add to the positioning in a couple of cases that are very important for our filings of the drugs. So what you’re looking at actually here is the consolidated, rationalized R&D program.

Did anything surprise you in that? Or are these about the number you thought they were going to put out?

These are roughly about the percentages we expected to see at a gross level when we looked at the probability of overlap and certainly we knew of the high profile products. So I’d say this is roughly what we wanted to see. Bill, did you want to add something? Bill Marth, President & CEO, Teva USA: Well there were a number of approvals that brought that number down.

So that’s what I said, the moving parts are approvals, filings and then the rationalization.

Okay. One of the major opportunities for Ivax going forward was the generic, I mean was the albuterol, being a leading manufacturer of generic CFCs. It’s our understanding that the generic CFC pricing is increasing, that there’s worries about a supply issues coming from you all via Ivax. Could you discuss this opportunity and how you think broadly speaking the timing of this conversion is going to play out, understanding that the pulled generic CFC’s have to be out of the market by December of ’08. Can you give us a sense of what’s going on here and how you feel the transition is going? To describe it as a transition might even be early. It’s a very interesting time. We are certainly seeing on our side depletion of the CFC gases and we’ve actually notified our customers that that’s going to expire. What’s happening around the rest of the market is still a little bit uncertain. Even if it’s one company that has a shortage, you sometimes see some interesting market behavior like cording and those kinds of things. So I would say that right now it’s a little early for us to tell you what the overall situation looks like and to make any predictions base on that other than to say that we’ve advised our customers that sometime in and around the summer, we’re going to be out of CFC gas. Of course we do provide albuterol in HAS formulation.

Thanks and one last question. Just on Zocor, understanding that Ivax is pursuing trying to reclaim exclusivity, any timing of a ruling? Is there going to be more argument and should we have any expectations of I guess ?

Again at this point there’s nothing scheduled. So, I think we would expect given the timing of the patent on the drug that there’s some likelihood that it would be taken into account and this would move along, but at the moment we have no specific dates.

Okay, thank you.

The next question comes from Tim Chang with Metaxis Bleischroeder.

Just a couple of questions for George. Could you just provide an update on flonase an application that you inherited from Ivax? I was wondering what your expectations are for potential approval and launch? Could that occur in the 2nd half of this year? Also, could you just provide a quick update on the lexpropaten challenge? Have you had any discussions on the potential settlement?

On the Flonase, as you probably know, we typically do not give you projections of approval timing prior to getting them. So I can’t give you any specific timing. You are aware that there’s been some interesting legal maneuverings in the last several days and with the PRO put in place, the court will have to hear as it relates to the preliminary injunction over the next few weeks. So this now adds a new dimension to it. One is the natural question of the approval process and the timing and the other is how is that going to link to the treatment of the legal case and the TRO and the various legal movements? So, now a lot of moving parts here. This is something we’ve grown to understand and anticipate but we certainly are findings ourselves often in these kinds of situations.

Let me just restructure the question. In terms of Ivax’s filing, how confident are you that this filing has basically been completed years ago? And that the FDA has done its best to review that application?

All I can say for you on that Tim is that we have filed the product. Obviously when we file the product we believe the filing’s a strong one, we believe we defended it well. You know also that this is the kind of product that is actually very tricky and we hope that we’ve provided the data that will bring us an approval. But predicting the timing is difficult. As relates to the Lexapro or any discussions with 3rd parties on settlements, that’s certainly something at this point that I couldn’t comment on.

Great. Thanks.

The next question comes from Amy Deegans with Susquehanna.

Yes, hi good morning and thanks for taking the question. I guess just a couple of quick ones. In terms of Ivax and they obviously have a number of innovative programs, could y9ou highlight which you see as sort of the most promising. Obviously there will be some rationalization and you’re not going to get into detail on that. But maybe highlight which you see as definitely promising programs going forward. And the other is just as relates to the settlement. You commented that in terms of the specifics of the litigation that you cannot comment specifically, but overall as you look at settlements going forward, are your goals really to sort of monetize some of the paragraph 4 challenges, whether its through a royalty stream or what have you and kind of get some extension over time of that income stream? Or, would you be interested in sort of co-promoted arrangements and expanding your ability to have more of an innovative product line, perhaps co-promotes on branded drugs that might give you more exposure there. And then finally just on generic biologic in Europe and how you see that opportunity developing over the next year. Thanks.

On the Ivax innovative pipeline we are currently reviewing the innovative pipeline with Ivax. As you know they are mainly focused on neurology and oncology with the other products. We see some of the interesting products; we don’t have any of the innovative other than those currently in phase iii product launch. We completed the review related to the Ivax innovative with several innovative and we’ll create an innovate pipeline for Teva.

Amy as it related to settlement. Our goal when we develop a product is to launch the product in the generic market. That’s what we do. Along the way when we are in patent disputes, then a lot things come into the story. How is the case unfolding, what’s the strength of the case? have there been activities along the way? For example, claims construction that may signal something about the nature of the case? what are the risk management issues? So there are times where we see settlement as a very viable tool that allows us to get to market with predictability and to create some kind of value. As it relates to using that to find value in other parts of our business, we have had a few deals where we’ve looked creatively at building on the relationship, ironically, that you develop with the company when you’re in these kinds of discussions. I know that sounds paradoxical, but that’s the reality of it. Is that you wind up looking at a lot of things in the business and when we find those opportunities to use that asset to help us build a relationship that creates something for another part of the business, we’re certainly open to exploring that.

The next question comes from Michael Tong with Wachovia Securities.

A couple for Dan, actually. One you previously mentioned about synergy and about $150 by the second year. Now that you’ve had a chance to look further into Ivax, is that still something that you stand by? And secondly, your prepared remarks you talked about optimizing manufacturing capability to minimize your tax rate. In your mind, what is the optimal contribution from the different regions of the world from a manufacturing perspective that would lead you to that lower tax rate?

As to the first question, we still stand behind the same numbers. If we have anything to change positively we may do it in may, but so far it seems that our estimates were on track. Regarding the tax, the main two areas where we have a low tax is in Hungary and Israel. In Israel, as you may know we have just inaugurated a new pharmaceutical plant which can produce up to 8 billion tablets with a 10 year tax holiday. In Hungary we have also tax holiday which goes into the next decade, so these are the two main centers where we try to change the weight towards them in order to reduce to the extent possible the blended average of the taxes.

Thank you.

Our next question comes from Elliott Wilbur with CIBC World Markets.

Good morning. My first is for George. I want to pursue the earlier line of questioning with respect to the additives in the portfolio. I understand there’s a lot of moving parts there but may be just in terms of broad brush stroke terms, if I think about this correctly, it looks like the overlap was maybe on a lot of commodity type products, which would be favorable, and it looks like you’ve kept a lot of the first of files. Is that kind of a fair assessment George on the combination of the Ivax and Teva portfolios?

Yeah. I think that’s actually a good characterization. We wound up with overlap on many different kinds of products but certainly a fair number that you described as commodity type products and picked up some significant value in some of these interesting paragraph 4 cases and first to files.

And I have a follow up question. On sort of an emerging industry issue, I guess. There’s been a lot of noise recently about the number of pending at the FDA and whether or not the OGD is going to be able to continue to effectively process those at the same pace we’ve seen historically. So, from your perspective at this point, have you seen any sort of slow down in terms of the timeline? Have you changed your modeling assumptions on some of your non first time generics? Or what are you thinking about the concept of some sort of a user fee program for the generic industry?

Let me start and then I’ll let Bill jump on and talk a little bit about the user fee question. I’ll start just on the slow down issue. Statistically, the data probably doesn’t lie which is that there’s a backlog that is slowing technically the review time down. Having said that, I’m not sure that I can cite an instance where the actual review time has prevented the launch, for example, of a new generic drug. So, I think that the FDA is probably doing what they need to do to do some kind of triage and manage this backlog that they’re gotten. We’re typically not working, we try not to work in such tight timelines that we would be altogether affected by a time of a month or two. So I guess the answer is there is not doubt that the backlog is increasing and reviewing times are changing, but remember that we seem these days to be more effected not by review times but by actual final approval through all the legal stuff. And that may relate to observations…

And on the user fee issue?

Yeah, Elliot, I’m not sure that backlog is the correct word to use there, that’s the only point I would add there. And don’t forget that generic companies file years in advance. So that always needs to be taken into consideration. Also with respect to your question about the user fees .

Our next question comes from David Licorice with HSBC.

Good morning gentlemen. Just a couple of quick questions going back to the manufacturing and research and development sites. You previously said that you had 44 manufacturing sites, 17 R&D sites. How many of those are located already in advantageous geographies?

Probably the minority. Now also, the geographies is not an absolute definition. Not every plant that is in Israel or in Hungary enjoys the zero tax effects and costs will change over time. We are trying to roll over those advantages with more investments, etc. But there is no such think. In Israel we pay zero tax, in Hungary we pay zero tax and in the rest of the world we pay normal tax.

What about the tax rate specifically attributable to Copaxone? Can you give me what the effective tax rate is on that? Is that a big part of why the tax rate might have been lower this quarter?

No, but it definitely has an impact on the tax rate, but the effect on the specific tax rate for this quarter was a minimum.

And if I may, just one final question.

The is minimal.

Just sort of broadly speaking without getting the specifics of the Ivax merger now that you’ve had a chance sort of to review the different opportunities in different areas, can you speak very broadly and again not being specific in any way, speak broadly to any areas that you now see that maybe offer more significant opportunities than previously realized?

I can answer this question. I think that we are now quantifying the opportunities. I think that basically we have in the broad sense the opportunities that we saw before and these are substantial opportunities, these are not small opportunities. Even in we have initial opportunities or maybe less opportunities in a certain area, it doesn’t really change the global picture. That with in comparison to the beginning and just in the middle of our integration, we’re in the middle of exercising or starting to realize some of these opportunities, which as you know they are not immediate opportunities, however they will take time. But we haven’t made a quantitative comparison. But I don’t think that we have any major change in the opportunities, definitely not downwards.

Thank you.

Our next question comes from David Marris with Bank of America.

Hi, a couple of questions. One of the things that’s emerged on this call is this tax and manufacturing arbitrage of Hungary and Israel vs. the US with the Ivax acquisition. I don’t think this was really explored before. Can you give us some examples of just what the difference in manufacturing costs might be? Sort of round numbers or your average tax rate in the US of the blended company vs. in Israel and Hungary?

I’ll address the tax question. The tax we pay in the US is the regular tax; we don’t have any special concessions there. So, in comparison to that, in our pharmaceutical plant in one of our pharmaceutical plants in Hungary and in new established chemical plant we are going to pay zero tax. As I said before, beyond actually flowing over to the next decade. In Israel I mentioned before the plant that we just inaugurated where we have 10 years of tax holiday. In our other plants in Israel, they are actually mixed plants, which means that some of these have a tax holiday and some where the tax holiday expired. So I would say that we have on the average of those plants, we have something in the teens.

And then are there also manufacturing costs differences or R&D costs differences that are sizeable?

We have of course a different cost both in the US compared to Israel or to Hungary. In the US . What matters is the productivity. it is not efficient you have to see what the productivity of the different in manufacturing and R&D and therefore we measure the effectiveness of the R&D or operations teams based on their costs and the productivity of these teams. And of course you have highly productive teams in all of these countries .

And then separately, for generic sales, if we take out the Copaxone and take out maybe this and that, Allegra, what would sales growth globally have been after acquisition in generics and then globally?

David, we really don’t make the comparison in this situation, you know. our company’s comprised of 146 launches in Europe and many launches in the US and the only thing that I can tell you is that in the last 4 years, the compounded growth of our topline was 26% and the compounded growth of our bottom line was 39%. And any…

You had provided a guesstimate about what the gross margin would have been without Allegra and without Zithromax. Is there any estimate of what the sales number would have been, just to give an apples to apples?

But we haven’t disclosed the sales of both.

Fair enough, thank you.

The next question comes from Randall Fenicki with Goldman Sachs.

Thanks. A few follow-ups. First on Zocor. How does the timing of the play into market formation for both pricing and supply ahead of launch, first of all? And a second question just to follow up on the settlement question. Are you guys seeing larger pharma companies more interested or may more urgent in settling up on their patent risks vs. previous years? Does it feel like we’re going to see some more effexor-like deals in the near term?

I’ll comment first on the Zocor. In terms of market formation, I think the key date here is really the patent expiration, which I believe is the 23rd of June. How this will be influenced by the legal question on exclusivity will inform the market on how it’s going to play out. It’ll dictate whether or not you’ve got essentially an open market where every player who’s got the approvable status can launch or the tentative status can launch or whether or not there’s going to be some sequencing of companies into the market based on exclusivities. And I think that will follow the normal pattern but we don’t yet know what that pattern is going to be until we’re clear on the exclusivity. On the issue of settlements, you asked whether or not the originators are more prone to…is that the question?

We’ve seen a number of settlements on a lot of smaller compounds; Effexor is obviously a big one. There are a couple of compounds out there on the larger side that clearly there’s a focus on. From a big pharma perspective I feel like there’s more of an urgency and I guess getting some of that risk out of the marketplace.

I think there are probably 2 things going on. One is that there may be and again I can’t speak for any particular company. We’ve heard several companies have different views on this, on the pharma side. But certainly companies are looking at the risk issue, no doubt. And, trying to assess the likelihood of success vs. the costs of losing. And I think each company makes its own judgments there. The other certainly significant component is that the FTC issues have become interesting in that you have these 2 circuit courts giving a different interpretation of what’s possible in a settlement than we’ve seen prior. I think it’s probably created an environment in which companies will look to see whether or not in that current environment there’s any more likelihood of success or settlement than they would have in the past.

Are there still a lot of opportunities for you guys to do more deals than you did with ?

There are opportunities for us to launch product and in our pipeline if one of those product is a patent case and in that patent case the right set of circumstances come together then the answer would be in that case, yes.

Alright, thanks a lot.

As we are almost 80 minutes into the call, I suggest we take one more question.

Our final question comes from David Woodburne with Prudential Equity Group.

Thanks and a nice quarter guys. Can you give us an update on the albuterol actuated inhaler, where we stand on that? And specifically on CFC propellants, the Ivax operations are they receiving US-produced propellants still? Or yet, I should say? Or are you still working on inventories or working off inventories of the European produced propellant?

I’ll give you some color on the DAI but not too much. This is the breath actuated albuterol that has been in the Ivax pipeline. It’s a product we’re very excited about by the way. It is in approvable status and we are hoping that we’re making the kind of progress that we need to. We’re just obviously getting involved over the last few weeks since the acquisition and so it’s hard for me to give you a lot of information other than to say that we continue to be excited about the product as we were prior to closing the deal and we will now get very involved in trying to help bring that product to the finish line. As it related to the CFCs, it’s really coming through the European allocation, that’s where the CFC gases are allocated from.

So you’re not getting anything from the US plant yet?

No. we’re not getting. Remember our CFC comes through the EU. That production is in Ireland. And so our allocation has to be approved by the EU. As we previously stated, sometime over the summer we will be phasing out of CFC, just because of the increase in demand and the lack of allocation. So we’ve come to that realization that we will not be able to do that.

Okay, great. Thank you.

There are no further questions at this time. I will now turn the conference back over to Mr. Kevin Mannick for some closing comments.

Thank you Diego. We’d like to thank everyone for joining us today. We will be happy to take additional question offline if you have any. And Diego if you could please provide the replay information I’d greatly appreciate it.

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