Good morning, ladies and gentlemen. Thank you for standing by and welcome to the third quarter 2018 financial results conference call. At this time, all participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session. I must advise you this call is recorded today, on Thursday, November 1, 2018. And I would now like to hand over to your first speaker today, Mr. Kevin Mannix, Senior Vice President, Investor Relations. Please go ahead.

Thanks, Tracy, and thank you, everyone, for joining us today to discuss Teva's third quarter 2018 financial results. We hope you've have had an opportunity to review our earnings press release, which was issued earlier this morning. A copy of this PR, as well as a copy of the slides being presented on this call, can be found on our website at www.Tevapharm.com, as well as on our investor relations app. Please note that our discussion on today's call includes certain non-GAAP measures as defined by the SEC. Management uses both GAAP financial measures and the disclosed non-GAAP financial measures internally to evaluate and manage the company's operations to better understand its business. Further, management believes the inclusion of non-GAAP financial measures provides meaningful supplementary information to and facilitates analysis by investors in evaluating the company's financial performance, results of operations, and trends. Reconciliation of GAAP to non-GAAP measures are available in our earnings release and in today's presentation. To begin today's call, we will hear from Kåre Schultz, Teva's Chief Executive Officer; Brendan O'Grady, Teva's Head of North America Commercial; and Mike McClellan, our Chief Financial Officer. We will then open the call for a question-and-answer session that will run to approximately 9 a.m. Eastern time. And with that, I'll now turn the call over to Kåre. Kåre, if you would, please. Kåre Schultz - Teva Pharmaceutical Industries Ltd.: Thank you, Kevin. And thank you to all of you for listening in. Today, on the date, it's one year ago since I joined Teva. It has been a exciting and challenging year, and I'm very happy about the results that we have achieved. I would like today to thank all our shareholders for the trust and the confidence they put in me and in the company. And I hope…

Thank you, Kåre, and good morning to everyone on the line. Today, I'm going to give you an overview of the North American business. And I will start with a high-level summary of the U.S. Generic and Specialty business, as well as our Canadian and Anda businesses. Teva is positioned as a dynamic and diversified pharmaceutical business within the North American health care sector. We have the largest Generics portfolio in the world, a wide range of specialty products. as well as a unique distribution business in Anda. Strategic investments in AUSTEDO and AJOVY, which I'll discuss in more detail on the coming slides, play a significant role in our long-term plan to stabilize and grow our business. The combined businesses in the U.S. and Canada will collectively deliver $9 billion in revenue in 2018. In looking at each of the businesses separately, I would first focus your attention on U.S. Generics where we continue to be the market leader with approximately 14% share of the U.S. generic market, backed by a stable of future product launches and increased price stabilization. As I mentioned earlier, the major growth drivers in the Specialty business come from AUSTEDO and AJOVY, while we maintain our specialty focus in our primary therapeutic areas of CNS, respiratory, and oncology. Taking a quick look at Canada. Our share of the generic market is 24%, making us the number two generic player in Canada and very close to number one with drivers similar to the U.S. Lastly, our Anda business is the fourth largest distributor of generic pharmaceuticals and the largest secondary supplier in the U.S. It offers a wide range of solutions for many manufacturers and customers. And we continue to both optimize that business as well as look for creative ways to evolve the Anda…

Thank you, Brendan. Good morning, everyone. I hope you've had a chance to review the press release we've issued earlier this morning. I'd like to take some time now to review the numbers for the quarter and provide some more detail on our updated outlook for 2018. So turning to slide 15. We start with a review of our GAAP performance. We posted a quarterly GAAP net loss of $208 million, and a loss per share on a GAAP basis of $0.27 during the third quarter of 2018. As we will detail in the next slide, the GAAP results were impacted mainly by impairment charges and recurring amortization. So turning to slide 16. Looking at our non-GAAP adjustments, the largest were due to the impairment of product rights and in process R&D assets acquired in the Actavis Generics transaction. In addition, we had amortization of intangible assets totaling $297 million, which is consistent with prior quarters. Restructuring charges of $88 million in the quarter were significantly lower than the first two quarters of 2018, as the majority of the actions have already been recorded. So looking at our non-GAAP performance on slide 17. Revenues for the third quarter were $4.5 billion, a decrease of 19% compared to Q3 2017. The reduction in sales was mainly due to generic competition to Copaxone and price erosion in our U.S. Generics business. We also saw a minor impact from the loss of revenues following the divestment of certain products and discontinued business activities. Our gross margin declined roughly 200 basis points compared to Q3 2017, mainly due to the price impacts on Copaxone and Generics in the U.S. However, we did see a slight improvement in gross margin compared to Q2 of 2018. The cost savings from our ongoing restructuring program, which Kåre…

Thank you. And please limit your questions to one question per person with one follow-up. Thank you. Your first question comes from the line of Randall Stanicky from RBC Capital.

Great. Thanks very much for the question. Kåre, just a bigger picture question for you. You've previously pointed to next year as a trough year. And the results that you put out today certainly support some of that outlook. As you think about 2021 and 2022, outside of AUSTEDO and AJOVY, can you talk about some of the puts and takes here that may drive that trough 2019 outlook and growth beyond? And does the generic result today, which seems stable with potentially improving margins, does that add support to how you're thinking about the outer year growth? Thanks. Kåre Schultz - Teva Pharmaceutical Industries Ltd.: Yeah. So of course, there's a lot of moving parts. And it can be difficult to predict exactly when things are going to happen. But I'll be happy to comment on the bigger picture. So the bigger picture, in a way it's unchanged from what we discussed during the past year. The bigger picture is that we have Copaxone going down. But of course as the numbers get less if you assume a certain percentage loss per quarter so to speak, then of course the absolute effect from Copaxone going generic gets less and less over time. So that's the key negative driver. Then you had one very severe negative driver over the last three years, which has been the U.S. Generics. I think the actions we've taken have stabilized that situation. The U.S. Generics remain extremely attractive from a volume point of view and from a, I would call it, inflow point of view. There's no reduction in the inflow of new products coming in over the next one, two, three, four, five years. There's no reduction in our pipeline of ANDAs that we have sitting out there waiting. There's just been a…

But you would still call 2019 an EBITDA trough year? Kåre Schultz - Teva Pharmaceutical Industries Ltd.: I think it's difficult to say exactly. But the most likely is still that 2019 will be an EBITDA trough year, correct.

Okay. Awesome. Thank you.

Thank you. Your next question comes from the line of Chris Schott of JPMorgan.

Great, thanks so much for the question. My first one was on AJOVY. You've obviously seen some very encouraging volume trends here. But can you talk a little bit more about formulary access and some of your gross to net expectations for the product as we watch this launch proceeding? I guess specifically, do you see most payers covering all three of the CGRPs that are available? Or could we see more outcomes like what we heard last month with only two of the three products being covered? Thank you. Kåre Schultz - Teva Pharmaceutical Industries Ltd.: Yeah. So I think I'll give just a few general comments. And then I'm sure Brendan can give you some more details. So first of all, you have to realize what happens every time a product launch. Every time a product launches, there's this whole negotiation element, where the PBMs on behalf of their customers will be negotiating with the manufacturers, all the manufacturer launching a new product. The whole thing in the United States is quite complex, as I'm sure you all know. It's not just that you negotiate one kind of access with one rebate. You negotiate a whole access grid with different types of access. Either you're one out of three, you're two out of three, you're three out of three. There's an NDC block, there's not an NDC block. You have to go through one, two, three step edits. There's no copay, there's $20 copay, there's $50 copay. So the whole thing, when you get down to the details of it, which I've been enjoying for more than 20 years, is quite technically complex. That being said, of course there's some general trends. And the general trend is of course the less competitors there are, the less rebate is…

Sure. Thank you, Kåre. So negotiations with most of the payers started back in the September timeframe, most of the manufacturers who were in discussions. I expect that most of those discussions will continue through November and even into December, as payers decide what they're going to do in 2019. I will tell you that we are still in active discussions with all of the major payers, national as well as the large regional payers. And those are proceeding very well. We think that we have some unique benefits, as Kåre mentioned, in the fact that we're the only ones that offer quarterly dosing. And as I mentioned, we're seeing about 20% of patients take advantage of quarterly dosing. So that gives us a little bit different place in the marketplace, because a patient can obviously quite easily inject at home, as most patients will. But for those patients that may not want to inject at home, they can either – and they're usually seeing their physician about every two or three months anyway. They can either bring the product in with them, have the physician inject it there. Or there's even potential to do this on the medical side. So it gives us a little bit different of a value proposition I think, and takes a little bit longer to work through those dynamics with some of the payers. So I wouldn't think that there's any reason for panic about how this class evolves. And I would expect that you will see not everybody on every formulary everywhere. Some of the large national plans or PBMs may select two of the three. Some may select three of the three. We think that although from a population level that these products are all very similar, at an individual there may be differences and there may be preferences. And we should probably wait for this market to form before we rush to judgment (37:52). So those are some of the dynamics that we're working through. As far as the gross to net, I think that that's part of the discussion that's ongoing. And I think that we're typically seeing in this marketplace probably a gross to net evolve somewhere north of 25%, something like that. But it's all very fluid, and those discussions are ongoing.

Great. I appreciate that color. Just... Kåre Schultz - Teva Pharmaceutical Industries Ltd.: Maybe as a concluding...

I'm sorry. Kåre Schultz - Teva Pharmaceutical Industries Ltd.: As a concluding remark, Chris, I'm convinced that we will see good access for AJOVY and for the competing products.

Great. And I could just have a follow-up on that 25% gross to net. Is that something we should expect in the nearer term? Or is a that a longer term? As we kind of maybe think later in 2019, 2020, once a lot of this initial market formation dynamics play out, I'm just trying to kind of just set expectations as we go through these first few quarters of the launch.

No, I mean, I put that out there as a – obviously as a – not necessarily a benchmark but as a placeholder. We'll see if it's more or less than that, but I don't expect – what I expect will happen is that the – as market evolves here and we get to 2019, that we'll settle out at a certain gross to net. And it'll probably stay there, relatively stable I think as we go through 2019 and 2020. So again, it's still very early, it's still very fluid, and we'll see where we eventually end up.

Thanks so much.

Thank you. Your next question comes from the line of Esther Rajavelu from Oppenheimer. Esther Rajavelu - Oppenheimer & Co., Inc.: Good morning. Thank you for taking my questions. I have a couple on AJOVY as well. Can you share any feedback you've received from prescribers on how they are choosing between the quarterly and the monthly options? And then if you can provide an update on the autoinjector plans, that would be helpful as well. Thank you.

Yeah, sure. So as I mentioned, about 20% of patients are taking advantage of the quarterly dosing, which quite honestly, is a little bit higher than what we thought would happen at the beginning. There's not a – it's early still and we're still in the fourth week, fifth week of launch. So it's still early days. And I think it's largely being driven by a patient preference. If you can have the convenience – if you think about this patient population, and it's overwhelmingly young females that are very busy and have very hectic lives. If they can take a product quarterly and then not have to worry about it for another 90 days, if they're traveling for work or doing other things, I think it drastically simplifies things and makes it very, very easy for patients to control their migraines as much as possible. I think that's a lot of what's driving it. I have been out in a couple of the large national headache centers. And that seems to be the general feedback. But it's anecdotal and it's early, so we'll have to wait and see how it continues to form, and if that quarterly dosing continues to drive above 20% or stays right there. One would think that if it's 20% at this stage, that that would compound a little bit. And we would see even higher usage of the quarterly dosing as we move forward. And I'm sorry, you had a second question? Kåre Schultz - Teva Pharmaceutical Industries Ltd.: Yeah, I can still – the question on the autoinjector plans. We are working on a plan to also offer an autoinjector. But I would like to stress, actually based on my long experience with injectable therapy in the diabetes space, that it's not like…

Yeah, and just to add on to that. As I said, I've been out in a couple of the headache centers. And the prefilled syringe does not seem to be an obstacle or a barrier for patients. As Kåre said, it's a very easy, simple way to administer a once a month injection or a quarterly dosing regimen. So it has not been a limiter at all. Esther Rajavelu - Oppenheimer & Co., Inc.: Great. Thank you. And then quickly on the guidance. So the revenue guidance is largely the same, and your EPS guidance is higher. So can you please help us understand the breakdown between the impact from lower taxes versus operating expenses?

Yeah, thanks, Esther. So the reason we haven't taken the revenue guidance up is the currency headwinds we've been talking about. Now we do have some natural hedges. So the slightly lower operating expenses, slightly better gross margin, and the lower tax rate are really what's driving the increase in the EPS margin. Esther Rajavelu - Oppenheimer & Co., Inc.: Thank you.

Thank you. Your next question comes from the line of David Amsellem from Piper Jaffray. David A. Amsellem - Piper Jaffray & Co.: Thanks. Just a couple of quick ones. Just going back to AJOVY, I just wanted to just probe further on your color on gross to net, this, the 25%. I mean isn't that a little bit generous for heavily contracted product and product class? And I'm just trying to get a sense of why you feel that it'll be at that sort of 25% level. And then just switching gears to AUSTEDO. You just talk about the mix between chorea and tardive [dyskinesia], and sort of where much of the growth is – has been coming from of late? And maybe an update also on when we'll see data in Tourette's. Thanks.

Yeah. So when you say 25% and you say generous, are you meaning that that's a little too high? Or you don't think it's high enough? David A. Amsellem - Piper Jaffray & Co.: I don't think it's high enough. In other words, wider spread gross to net.

Yeah. So it'll be – like I said, it's early days. And it'll be interesting to see how this market forms. Having three come to market with relatively similar perceived efficacy I think is a dynamic that we'll wait and see how it plays out. Is it going to be 25%? Will it be 30%? Where will it be? I think it'll vary by payer. And I think it'll vary by whether a payer decides to put all three on the formulary and have relatively open access. Or if they want to limit it to two of three. And there may be even some that go exclusive with one of three. So we'll wait and see how it goes. Like I said, 25% I think is a good general point to use. But as I said, all the conversations are fluid and ongoing. So where it lands I'm not really sure. As far as AUSTEDO in HD versus TD, it's about a three-to-one as far as TD. So I think most of the growth is coming from TD, although we are still getting HD patients. And there are still many HD patients out there that are either covered on another product or aren't covered at all. So I think that there's an opportunity in HD. But a lot of the growth is certainly coming from the TD segment. As far as the Tourette syndrome data, I believe that that is another 12 to 24 months out. David A. Amsellem - Piper Jaffray & Co.: Okay. Thank you.

Yeah.

Thank you. Your next question comes from the line of Ami Fadia of Leerink.

Hi. Good morning. Thanks for the question. A couple of follow-ups on the AJOVY discussion. Firstly on the gross to net, we've heard that the gross to net in some of the signed contracts have been more closer to the 40%, 50%. So I'm just curious what drove the 25% number that you talked about? Secondly with regards to the prescriptions, are all prescriptions quarterly prescriptions? Even though 20% of the patients are really availing of quarterly dosing? And then the next question is on just the Generics business. You commented that you're starting to see the Generics business stabilize. Are we at a point where we can expect 2019 Generics to probably be flat versus 2018? Thank you. Kåre Schultz - Teva Pharmaceutical Industries Ltd.: Okay. Let me just start with the last one. And then I'm sure that you will get some comments from Brendan on AJOVY again. So it's too early to say exactly where the Generics will be for 2019. I'm assuming you are asking about North American Generics.

That's right. Kåre Schultz - Teva Pharmaceutical Industries Ltd.: It's far too early to say. Yeah. So North American Generics, just to repeat, we went into this year with the assumption that we would have a gross business of $4 billion. And then we went in with an aggressive tail cutting of nonprofitable products. And we are seeing now, we are probably going to come out close to something like $3.9 billion. And that's basically because we are cutting out some $100 million plus of revenue this year from nonprofitable products. And all that is of course part of the dynamics that is slowly improving our margin on the Generics business. We will be continuing driving in that direction. We have done the majority of the tail cuts on the nonprofitable. But of course we will do some more of it next year. So where it comes out exactly remains to be seen. But of course in February when we give the full-year guidance for 2019, we will be specific about it. Then on AJOVY, just a comment to this thing about the 20% of the scripts being for the quarterly dosing. Now it's a tricky thing to calculate, once we move into the coming months. Because if 20% of scripts remain quarterly, then of course a person who gets quarterly dosing only gets a script every third month. So that actually means of the sold-out volume, you are at sort of 45% of volume being quarterly. Which means of the doses taken or of the patients taking a dose every day in a steady state, it's more than 40% of patients who will be taking what you could call a quarterly dosing only. So that's very exciting for us to see how it develops. We don't know. Nobody knows.…

Thank you.

Thank you. Your next question comes from the line of David Maris from Wells Fargo.

Good morning. Just on European Generics, it seems like there was a swing from growth in the second quarter to a small decline. And sequentially, historically, there's not been a sequential decline. You mentioned in the press release that you saw price reductions. Is that just boilerplate language? Or is there, even if it's just a small change, a small change in the pricing environment that impacted that? Thank you.

Yeah, I can take that one. So if you look at Europe, Europe when you look from Q2 to Q3, there's a couple things that are impacting that. There's a little bit of seasonality in the business. You will see that if you go back and look at Q2 versus Q3 of 2017. And the currency impact is starting really to take hold. The pricing impact we talked about was on Copaxone. Copaxone in Europe actually doesn't have a substitutability. But in many of the countries there is a reference pricing mechanism when a follow-on enters the market, and then there's some pricing impacts. If you look 2017 to 2018, the vast majority of that decrease is actually the businesses that came out, the women's health business as well as the Hungarian distribution business. So as Kåre mentioned earlier, the European business is fairly stable, but there is kind of a pattern amongst the quarters that you do see play out Q2 to Q3. And that's exacerbated unfortunately by the weakening euro and other currencies in the euro basket. Kåre Schultz - Teva Pharmaceutical Industries Ltd.: So another way to put it, like for like in local currency, we have a growing Generics business in Europe.

David, do you have another question?

No, that's it. Thank you. I just don't see the seasonality that you mentioned in the Generic products, but I'll go back and look again. Thank you.

Thank you. Your next question comes from the line of line of Liav Abraham from Citi.

Good morning. A final question on AJOVY from me. Any change in your thoughts on the peak revenue potential for the drug following the first few weeks of launch and given the competitive dynamics? Do you still view this as being a potential blockbuster for the company? And then secondly, perhaps you can talk a little bit more about the pricing dynamics for Copaxone. I think in the prepared remarks you talked about positive growth to net dynamics in the quarter. I don't know if you can elaborate on that. And have you seen any impact from Mylan's price cut last quarter? And in terms of updated guidance for Copaxone, are you still anticipating, I think you mentioned last quarter, $1.5 billion is the number for Copaxone this year with $900 million in the U.S.? Thank you. Kåre Schultz - Teva Pharmaceutical Industries Ltd.: Yeah. So let's talk about AJOVY first. And as you know, I never give any specific peak sales for any product. But I'd like to discuss the trend. And I know all of you listening in are very good with numbers. So if you look at the chart we provided that has a volume trend of you will see products going out the door. And of course you can look at that and then you can do your math. You know what the list price is. You probably know what the list price is in Europe. You know the size of the market in Europe roughly. So if you do all those calculations, and you just assume that there is going to be three or four players, so they will get a third or a quarter or whatever, then you'll get to some numbers. And that will tell you roughly where we're going. And then of course it's no secret that this class is predicted to be a multi-billion-dollar class. And that means also if you're competitive and if you get your fair share of the market, you will have a blockbuster on your hands. But we're not going to get specific in any way about when and where and how much. But we think it's a really great product. And it has great potential, both in U.S. but also in Europe and in the rest of the world. So that was one of the questions. Then there's a question on Copaxone. And maybe you can comment on how we see the price development, Brendan?

Yeah, sure, I'd be happy to comment on Copaxone and the price development. So when Mylan dropped the WAC price of their generic, I think it was June, late June that that happened. It certainly put some additional pricing pressure on the category. And you saw our market share erode from the 84%, 85% of the 40 milligram market, at the close Q3 at 77%, 78%. So there was about a 7% market share decline. And as I said there was some additional pricing pressure on our 40 milligram Copaxone. But it was less than we had forecasted in Q3, hence the positive growth and that adjustment, which was partially responsible for driving that Q3 number that you saw. And as far as the updated guidance, that was the one other piece for Copaxone. In the U.S., we see Copaxone probably ending in the $1.6 billion range for this year. Kåre Schultz - Teva Pharmaceutical Industries Ltd.: So that's slightly higher than last time.

Next question.

Thank you. Your next question comes from the line of Umer Raffat from Evercore ISI.

Hi, thanks so much for taking my question. Kåre, what Generics – North America Generics floor do you think truly exists now? Is it still $4 billion? Is it closer to $3.7 billion, $3.8 billion? And I ask that because I've heard the word stabilize come up several times on this call, which also makes me ask when you guys reference price stabilization, what specifically are you seeing which is suggesting that Generic pricing is starting to stabilize? Kåre Schultz - Teva Pharmaceutical Industries Ltd.: Thank you for that question. So first of all, I think we need to get things into perspective. When I joined this company a year ago, I think the Generic market in the U.S. had been in free fall, basically getting halved in terms of dollar value roughly in a three-year period. Now that's serious dynamics when things get halved in a three-year period. What we're talking about when you talk stabilization, well, stabilization is that whatever parameter you're looking at gets to a certain level and then swings a bit up and down around that level. So theoretically if something stabilizes at 100, it might swing between 95 and 105, up and down, but there's no clear trend. It's not clearly going up. It's not clearly going down. That means stabilized. As opposed to a turnaround, where it starts growing again or a continued decline, which keeps on declining. So that's how you should read my rhetoric, that I think we are seeing the beginning of stabilization. And what I mean with that is that you will have some quarters who might be up and down. But that there will be no clear trend that it's dropping like a stone, like it's been doing for the last three years. And it's not that it's going to grow again and get back to where it was three years ago either. That's really what I mean with it. Is that going to be at whatever number X? I don't know. It could be maybe one number, another number. If it's within 5% we're talking about, then that's kind of random. And nobody can analyze whether it's going to be one or the other. But there's a big difference if you talk about something that's at 100 today, whether it's going to be 50 a year from now, close to 100 a year from now, or 150. And what I'm saying is if something is at 100 today in U.S. Generics, it's going to be close to 100 probably a year from now. Does that explain it?

Sure. But also, Kåre, price stabilization? Because the word price stabilization was specifically mentioned on the slides too. Kåre Schultz - Teva Pharmaceutical Industries Ltd.: Yeah, that means – what price stabilization means is that if you have a downward pricing spiral, then you have ever increasing discounts, which takes prices down to unsustainable level. That's what's been happening in U.S. Generics for the last three, four years. I believe we stop that by our actions, starting last year in December. And then what we've been doing all year until now, which is basically talking to all customers, explain, this product we can supply at this price, and it's sustainable. If you don't want to pay that, go to some Indian or Chinese manufacturer, buy there if you want to do that. But you can't get it from us. Now that has the effect that you can double the portfolio that's priced at what I would call fair commercial value, which is profitable for us, beneficial for our customers. Once you get to that point, you don't have this pricing spiral anymore. That does not change the overall dynamic of Generic pricing that the first launch gets a higher price and the second launch or the third launch, and that's kind of like a syntopical approach towards a stable price at the end of the day for the long list of products or whatever you want to call them. So the basic dynamic will of course still be there, but it's just not accelerating. Again, the dynamics are stabilizing, which means the totality of the market is stabilizing.

Yeah, and I would point out that the slides actually say stable revenue, they don't say stable pricing. So we didn't mention that.

Thank you.

Thank you. And your final question today comes from the line of Ronny Gal from Bernstein. Aharon Gal - Sanford C. Bernstein & Co. LLC: Hi, good morning, everybody. Congratulations for the nice quarter and appreciate you fitting me in. Two questions. The first one is around Generic, the Generic margin in North America. So appreciate the stabilization. I've done a little math, where I basically took your reported revenue for the branded product and assume it has 60% operating margin. If you do that, you end up with a Generic new North America operating margin being around 15%. You add to that a little bit of global G&A and a fair CapEx, which is typically for Generic companies in the 10%, 15%. And you end up with a business where you're stumped between the cost of capital and no profit. So I guess the question is twofold. First of all, am I misunderstanding the division of the operating margin here between the branded and Generic? I just used your 2017 when you used to report those segment? And second, at that level you obviously have to push that Generic operating margin up a few percentage points. Where can we get there? And where do you think it'll stabilize? The second question is around the Rituxan settlement. So first, thank you, appreciate the conversation for the settlement. I guess the question is, do you have the freedom to operate in all the indications? Or are you limited to the ones in your label? And you can still get sued if the product gets prescribed outside of the labeled indication? Kåre Schultz - Teva Pharmaceutical Industries Ltd.: Thank you very much, Ronny, for those two interesting questions. The first one, I won't get into the details about the different numbers and…

Okay. Well, thank you, everybody for joining us today for the call. We look forward to talking to you today, tomorrow, and next week. And thanks again. Have a good day.

Thank you. Ladies and gentlemen, for those wishing to review this conference, the replay facility can be accessed by dialing within the UK on 0844 574 8951 or alternatively, on country code +44 3333 009785. The reservation number is 7193665. That does conclude your conference for today. Thank you all for participating, and you may now disconnect.