Good day, ladies and gentlemen and welcome to the VimpelCom’s First Quarter 2013 Investor and Analyst Conference Call. At this time, all participants are in a listen-only mode. Later we will conduct question-and-answer session and instructions will follow at that time. (OPEARTOR INSTRUCTIONS) As a reminder this conference call is being recorded. I would now like to introduce your host for today’s conference Jennifer Milan. Ma’am you may begin.

Good afternoon ladies and gentlemen and welcome to VimpelCom’s conference call to discuss to company’s first quarter 2013 financial and operating results. Before getting started, I would like to remind everyone that forward-looking statements made on this conference call involve certain risks and uncertainties. These statements relate, in part to company’s dividend guidelines, plans to optimize cost in Russia and Middle East and expected future debt position and refinancing plans. Certain factors may cause actual results to differ materially from those contained in the forward-looking statements, including the risks detailed in the company’s earnings release and presentation announcing first quarter 2013 results, the company’s annual report on Form 20-F, and other recent public filings made by the company with the SEC. Please note that the actual financial results of the first quarter of 2013 are unaudited. If you have not received copy of the first quarter 2013 earnings release. Please contact investor relations and it will be forwarded to you. In addition, the earnings release and the earnings presentation each of which includes reconciliations of non-GAAP financial measures presented on this conference call can be downloaded from the VimpelCom website. At this time, I would like to turn the call over to Jo Lunder, Chief Executive Officer of VimpelCom.

Thank you. Good afternoon for those in Europe so and good morning to our guests from the United States and welcome to our first quarter’s 2013 earnings presentation. I’m joined here in Amsterdam by Henk van Dalen, our Chief Financial Officer who will be covering the financials in detail and Gerbrand Nijman, our Head of Investor Relations. Our first quarter results reflect continued delivery on our strategic priorities highlighted by profitable organic growth. The Group recorded revenues $5.6 billion with an organic growth of 1%. Excluding the impacts of the reduction of mobile termination rates in Italy, VimpelCom’s revenue growth would have been 4% organically. EBITDA increased 3% organically, leading to an EBITDA margin growth of 1 percentage points to 42%. Organic EBITDA growth was led by solid growth in Russia, and CIS. Excluding the impacts of reduction of MTR in Italy. VimpelCom’s organic EBITDA growth would have been 5%. Operational developments continued to be positive in Russia and we continue to outperform competitors in Italy. In the first quarter, we achieved solid overall subscriber growth with an increase of 4% year-on-year to 250 million mobile subscribers. We saw contributions from CIS, from Ukraine, Africa and Asia. Strong growth in fixed and mobile broadband subscribers was achieved in Russia, in Italy and also Ukraine. The company generated solid cash flows in the first quarter of 2013 and net income increased substantially to $408 million. Before moving on to other performance of the business unit level. I would like to mention a few recent events. On April 18th, we announced the approval of the final dividend 2012 and also the approval of an extra-ordinary dividend for total payment of $2 billion. At the same time, we also reaffirmed of dividend guidelines. Then on April 19th, we announced sale our stake in…

Thank you, Jo. Our first quarter reported results were impacted by the appreciation of the U.S. Dollar against the local currencies and most of our operating units compared to the same period last year. In the reported basis, revenues were stable year-on-year from an organic basis however, overall revenues increased 1%, asset excluding impact of the MTR cuts in Italy organically growth would have been 4%. EBITDA and organic basis increased 2% year-on-year while reported EBITDA increased 2% supported the operational excellence initiatives. Excluding the MTR cuts in Italy, EBITDA would have growth by about 5% organically. EBIT in the first quarter grew 9% to $1.1 billion reflecting by their operational performance and the positive impact of decline in amortization applied to certain intangible assets as well as lower losses recognized on asset disposals. Profit before tax was $543 million down 8% from last year primarily due to a lower foreign exchange gain. However, net income attributable to VimpelCom shareholders in the first quarter increased 28% to $408 million, as a result of the (inaudible) higher EBIT, somewhat higher from financial expenses and a favorable impact attributable to non-controlling interest mainly related to losses in OTH. Then on the debt, cash and ratios. If you can see on this slide 13. Our financial position remains solid on a consolidated basis. The actual net cash from operating activities in the first was $1.3 billion primarily impacting the temporary negative of changes in the working capital compared to the same period last year and the phasing of the tax and interest payments and receivables. The change in working capital was mainly caused by higher inventories and receivables related to handset sales and not yet converted into cash lower customer advances and deposits on top ups and lower payables as a result of…

Thank you Henk. We will wrap over the last slide before we open for questions. I think the first quarter of 2013. We continued to deliver profitable organic growth with revenues and EBITDA increasing despite the impact of regulatory and governmental measures. If we excluded impact of underlying results, it will both show mid single digit growth in revenues and in EBITDA. The result demonstrates, I think our continued focus on profitable growth as well as our continued focus on operational excellence and cost control. We are confident in our ability to make further progress. We are committed to implementing our programs focused on customer excellence, capital efficiency and operational excellence designed to deliver against the value agenda that we presented back in January on our analyst and investor day. So with that, we are ready to open the floor for questions. Back to you operator.

(OPERATOR INSTRUCTIONS) Our first question comes from Cesar Tiron of Morgan Stanley. Your line is now open. Cesar Tiron – Morgan Stanley: Yes. Hi. Jo mentioned is, it is upside Russian business in the next quarters, would that be an acceleration of revenue growth or is it more on OpEx side and if it’s on the OpEx side, can you please explain to which cost items that would apply? Last question on Russia, I would like to understand where do you stand in terms of matching your competitors networks in terms of 3G? I remember for example that Anton to committed to double 3G base stations in Moscow at the investors day. So if you could, please comment on that. Thank you very much.

Very good. Thank you. I think when I, talk about upside in Russia. I think that, what we’ve seen progressed during 2012 and also what we saw progress in the first quarter of ‘13 is that, we are building now stone-by-stone and building ourselves stronger and stronger. I think, we clearly admit that we have some difficult years in 2009 and 2010 and 2011. We did oversee the numbers and also earlier today from MegaFon that, we’re growing as slowly than then on the top line, but at the same time, I think we also this gives us some upside and potential for improvement. We focus a lot on the network right now and at the end of this year. We will have catched [ph] up with our two main competitors in Moscow and all the key regions outside Moscow in Russia. This is the number of 3G base stations and this goes with network quality and a capacity and of course, this is the core product we delivered and it’s going to help us projecting further. At the same time, we also think that there is still upside to gain on the cost side and for that reason. We hope to see the trend we see right now, with a gradual improvement on the top line relative to competitor, as a result of improved network and the base product and at the same time, we will keep working on operational excellence and bring cost down, so that we can also see margin expansion in Russia. So my take on Russia is that this is a long-term play, where we need to be patient and allow ourselves time to close the gap. We are doing that this year in terms of network and we clearly see that the performance is quite good to many other markets, but not good enough yet relative to competitors. Which I had no problems admitting to and as I said, that’s why I also believe its upside. Cesar Tiron – Morgan Stanley: Thank you very much.

Thank you. Our next question comes from Dalibor Vavruska of Citigroup. Your line is now open. Dalibor Vavruska – Citigroup: Good afternoon. I just had one question, just a follow-up on the Russian situation. If I understand correctly, your aim was to stop losing revenue market share this year. I don’t know exactly how you define these, but assuming that you’re talking about more wireless service revenue market share. It seems that you still have some work to do, even you look at the MegaFon numbers and I’m just wondering, I mean assuming that the upgrade in network and that you’ve done improved the quality. How are you’re going to persuade your customers to – what are you going to do commercially to stop reversing market share trend or you think, that it will just calm itself or do you think, that you’ll have to take some actions. Also I think, if you could comment on this in wide of what’s happening now in the market for example, I understand that MegaFon, MTS are now pushing these very low cost smartphones. If I understand correctly MegaFon now has open up the 4G network, which they have to smartphones as well as dongles. I mean, do you think that these things are important? I mean, are you going to respond to some of these things. I just wanted to get a little bit clarity on how you want to tackle the market shares issue in Russia? Thank you.

Thank you Dalibor. Good questions. I think we want to stabilize the revenue market share this year and the main driver for this objective is really the catch up from the network side. And as I said, we are now and we also told you that in January that we will have a CapEx to revenues this year in Russia 22%, which is much higher than the last 12 months and the whole catch up is related to that. So that main, of course it starts with the basic products and in addition to that, frankly speaking Beeline is also having a very strong brand. We have a very strong position in Moscow and we have a number of good activities ongoing on the commercial side. We are also growing the number of mono-brands this year, from 400 to 1,000 at the end of the year. And the combination of an improved network building on a strong brand and growing the number mono-brands. We hope, this is enough to stabilize the revenue market share this year and then we will enter into 2014, even stronger than the year started and when it comes 4G. We will also commercially open our LTE network at the end of this year. If you look toward the market, it’s not going to happen and lost with 4G, not in Russia either this year. I think we talk probably 2015 until LTE will have real commercial impact on the performance in the marketplace. So we also believe that, the plans we have on LTE and 4G, is good enough and for sure, we are not going to put ourselves in the position, where we also have to catch up and delayed on LTE compared to what the experience on 3G. So this is very much focused area for us, but at the same time there is no need to spend money too early and too much before, it has real impact on the current two shareholders. So I don’t have a better answer than that. Dalibor. Dalibor Vavruska – Citigroup: Thank you. Jo.

Thank you.

Thank you. Our next question comes from Alex Kazbegi of Renaissance Capital. Your line is now open. Alex Kazbegi – Renaissance Capital: Yes, hi. Just wanted to get a bit more details maybe on the so to say, dealer commission side and just understand again because I mean moved off of course on the revenue sharing model with the dealers pretty much with all of them, is that all basically already included in the benefit of that, is included in your Q1 numbers, do you expect anything an improvement going further or actually to the opposite side, do you actually recognize already all the cost associated with that, as we so to saying in Q1 because the revenue share presumably is connected with the longevity of the subscriber, which stays on the network? So when on these cost to so to say, recognized? And secondly just to understand also the general competitive situation maybe in Kazakhstan which as you mentioned was fairly tough in the beginning of the year, what’s going on now? Do you see any stabilization of the market? Do you see still market being very aggressive from the point of view of the Tele2 and the offers? And actually yourself as well introducing quite aggressive offers, where you do see the market moving? Thank you.

Thank you Alex. On the accounting treatment of the dealer commissions, we will get back to you and give you a more detail update on that, but they’re clearly linked to revenues that we’re now. So we now pay dealer commission as we pay, as revenues are growing. So they’re much to revenues. I think in the first six months, but we’ll get back to you on the accounting treatment exactly of this, but there is no big thing that is being pushed forward or any sort of – (inaudible). Alex Kazbegi – Renaissance Capital: On the records, yes.

Yes on the number, but let me be instead of speculating on this call. I mean, be precise and get back to you and have someone call you on, exactly how we see that. When it comes to the general question on the overall market sentiment. I think the Russian market is performing quite well actually believing that, there is an increased type focus on product quality, on innovations, on service offerings, on rolling out mobile broadband. All operators are having focus on profitability and cash flow, so that money can be reinvested in to the market and continue to grow on the new data services. And I see at least that same behavior from all the big players from time-to-time, you also of course have price competition and it should be like that. It is of course a competitive market, we saw some Tele2 [ph] attempts, but in general I would say that it’s a healthy good competition with focus on profit and cash flow, so that we can build the next generation of networks and products through consumers and businesses in Russia and we feel good about Russia. We feel good about our position and we think, we have a good plan to catch up and come back over the next year or two. Alex Kazbegi – Renaissance Capital: Okay, that’s fine. The actual question was Kazakhstan as well in terms of the competitor situation there.

Well about – no Kazakhstan is very competitive and being Kazakhstan we try now to move as much as we can over bundles and we as you know, we have appointed our Chief Commercial Officer from our Ukrainian operation, new CEO in Kazakhstan and the whole idea is looking to bring with this experience from Ukraine on movement to bundled and the way we develop ourselves Ukrainian business into Kazakhstan, so but there is clearly a strong competition in the marketplace. As I said, we will concentrate on subscriber base growth now and focus on bundles and bucket pricing and also trying to move more into the ARPU segment right now, but Tele2 it’s clearly a difficult competitor in Kazakhstan. Alex Kazbegi – Renaissance Capital: But was the priority in Kazakhstan still the revenue preservation or the rather than margin preservation at the moment?

We would like to stabilize the revenue market share and to secure the base, and secure the position and then after, we’ve done that, we would like to move to focus on margins and profitability. So right now, we don’t want to slip [ph] anymore on revenue market share. Alex Kazbegi – Renaissance Capital: Okay, clear. Thank you very much. Jo.

Thank you.

Our next question comes from Ivan Kim of VTB Capital. Your line is now open. Ivan Kim – VTB Capital: Yes, good afternoon, two questions please. One on the potentials listing. You were talking previously about European listing, is there any progress on that? And also now (inaudible) since you have changed the treatment of Russian listing on foreign companies and there is a better view as it gets into an index from what I understand, so are you thinking in the direction of Russian listing problem as well. And then the second thing on the leveraging, so can you – the high yield bonds are callable from the mid-July. So is there is anything before when you start to assign any preparations or anything (inaudible) you can probably rate on this size of the initial debt to refinancing, thank you.

I will do the first and then and then I’m sure Henk would like to answer on deleveraging and the second question. We’ve put secondary listing and the index on hold, right now and it’s mainly related to the low free floats we have, we are still discussing this with our two main shareholders. We would like to increase the free float to the company and I think as part of that clearly to look at the secondary listing and also index inclusion would be very logical and good for the company. So we have not at all abandoned the ID, but we have put it on hold until we get more clarity on how the two strategic view free floats of all the company going forward. So that’s basically the answer on the first question and then Henk on the second.

Yes, on the deleveraging. I basically can refer to the presentations of January that we did at the Analyst Day, that we have been looking at several elements to optimize the financial structure including implementing financing company for the group, including looking at the total structure of the group that legal entities as much as possible, directly linking to the VimpelCom Holdings Amsterdam level to, prevent holding taxes on dividends, maximizing the up streaming of cash. So all these instruments are being brought in place as we speak. The first funding steps from the financing company have been realized in the meantime. So that is I think a good signal that the whole process is starting to come on stream, is starting to work, but we also mention I think during this analyst meeting. Is that of course we have a range of plans and alternatives scenarios in place, which we will pick based on the what the best approach for the group is, but as we’ll not do is, give exact timings and roadmaps on that because that would of course, not lead to the optimum outcome for VimpelCom. So I cannot be specific on your request and your question, but we’re like this of course give you elements of what we are doing and how we will move in the period to come. Ivan Kim – VTB Capital: Okay. Thank you.

Thank you. Our next question comes from Herve Drouet of HSBC. Your line is now open. Herve Drouet – HSBC: Yes, sorry. Good afternoon. My question is in fact regarding more Orascom Telecom and how that has impacted your numbers and how you see that looking forwards on in. It looks like in Asia and Africa there have been some relatively weak numbers are being posted on and part of it is due to the from regulatory change, but if you look Pakistan for instance, that was the interest had in subscribers in the past eight quarters. If we looked at Bangladesh, the revenues declined quite significantly. I was wondering, if you can share with us, how do you see your main subsidiaries Orascom Telecom reacting to that, and how do you see in the short-term, the Asian and African business progressing? Thank you.

Let’s focus on the three big markets Pakistan, Bangladesh and Algeria. I think, all three of them had as I said, governmental activities and situations in the first quarter that hopefully not is permanent. Algeria of course has banned on importing equipments that not very helpful for the company, and that is clearly influencing their revenue numbers right now compared to others. In Bangladesh, we have new regulations on Voice over IP as I mentioned, we also have this 10 second billing, that is going to affect us all during 2013 because that is change that will affect the revenue bar of our operation in Bangladesh and that’s kind of about 12 months perspective on that one. Pakistan I think is probably is slightly different. If you look into the first quarter, I think our relative performance to competitors are strong. I think we’ve had some network shutdowns on a number of days that has affected of course revenues and earnings. So I would say, Pakistan is clearly something we can expect seeing improvements from in the quarters to come. Bangladesh will have this new regulation on Voice over IP affecting them this year and Algeria is still dependent on how we resolve the conflicts with the government there. And then of course you have, the 3G coming up in all three countries. Bangladesh clearly this summer. Pakistan little bit unclear and also Algeria on hold for now, but assuming also 3G being issued in this market will lead to a good growth I think in revenues from data services also there. We have strong positions in all three markets. So we are looking through the short-term challenges and looking at long-term opportunities in all these three markets. We are very committed and big believers in all three markets. Herve Drouet – HSBC: Just a follow-up question on Algeria. I mean they were at one stage on news into the first quarter that CapEx restrictions could be lifted in Algeria. I just wanted to get any comments on your side on that. And also there were some piece of news saying that Algerian Government where reviewing evaluations for Djezzy and wanted to get your comments as well on how you see that impacted the current negotiations and agreements with Algerian Government on Djezzy?

Yes there is, some there has been also in the past lots of press reports and the rumors of different nature on Algeria. What I can say today is that, we are still negotiating with the government, but we don’t have any news, we don’t have any updates outside what we’ve said in the past on the situation there. Herve Drouet – HSBC: And on the CapEx, I mean can you confirm if a list is happening or if it’s still constraint off any imports of equipments in Algeria?

There is no changes, the ban is globally. There is no changes and if so, we’d have, we would have communicated this. Herve Drouet – HSBC: Okay. Thank you. Thank you very much.

Thank you.

Thank you. Our next question comes from Olga Bystrova of Credit Suisse. Your line is now open. Olga Bystrova – Credit Suisse: Good afternoon. I wanted to ask you, to comment on potential news reports on Canadian asset sales as well as recent reported interest of Mr. Xaverius [ph], WIND in Italy. What you think about it, has your strategy changed in anyway, have you progressed on your decision regarding particular Canadian asset that also maybe WIND? The second one is follow-up on your comment about increase in free float. As per we sort of question, maybe not a fair question to you but, how would you think likely execution on that could be, do you think one of the shareholders would be sellers or you would be doing recapitalization as per you etc. And finally to follow-up on the question on cost in Russia. Your sales and marketing cost tracking, basically double for your competitor, who just supported today. Your subscribers are pulling, you have very similar sort of distribution platform. So I was just wondering to see, where could discrepancy come from and whether we should see some upsides and downside risks to those cost items that are going forward? Thank you.

Okay, let me take, that was actually four questions. Let’s take Canada first. In Canada, we’re still in process of getting the regulatory approval for converting our non-voting stake into voting for the acquisition of shares from Mr. Tony Lacavera our partner there, and of course, when we get that approval, we will get to 100% ownership that approval is not yet given. So for that reason that’s the focus right now and then we – we will conclude that we do an organic growth play there, and (inaudible) that we merge with, try to merge with some of the regional players or that we simply dispose the assets. And we keep our options open in Canada, but as I said focusing now on getting this regulatory approval for converting the non-voting stake. On Italy, I mean if you look at WIND in Italy it’s I think stunning current performance, which is 100% of the net debt in the first quarter and we grow revenue market share, we grow subscriber market share. We have a very strong brand there, we have a very strong spectrum package for LTE and we have a good team. So we are big believers in WIND and committed to Italy. Will be managed now, the company basically focus two purposes. Number one for instance, our relative position. Number two, trying to secure the same absolute cash flow. This year as we have last year, of course EBITDA will go down as a result of termination rate cuts, but at the same time we are also cutting cost and we are also making investments more attractive, but hopefully we will be able to deliver more or less within cash flow in absolute terms. If we are able to do that and come through this and MTR…

I don’t have a timeline for you, unfortunately. I think this would be good for the company, but I don’t have a guidance on any timeline, sorry about that. Olga Bystrova – Credit Suisse: Okay. Thank you very much.

Thank you. Our next question comes from Anna Kurbatova of BCS Financial Group. Your line is now open. Anna Kurbatova – BCS Financial Group: Good afternoon. Thank you very much. My first question is, well whether you could provide the numbers for your handset sales and the respective cost of handset sales because it would be very helpful, to continue tracking your performance in let’s say, in mobile retail and my second question is follow-up of previous question. Well I wonder, whether your terms of corporation [ph] with Euroset are absolutely the same, with those which MegaFon now has, so you are fixed [ph] shareholders on Euroset or both and whether your have absolutely equivalent terms of corporation [ph] with Euroset or the process is that your deal with Euroset to negotiate with Euroset separately because see some benefits for MegaFon on entering Euroset capital, but still in your results it’s not that obvious. And my third small question is, what’s your strategy with regards to Russian fixed-line broadband assets, with in light of previous rumors of potential decision to dispose those assets? Thank you.

I can do the number two and three and then Henk can explain, how we report our numbers. That the terms of VimpelCom and MegaFon to my knowledge similar. We don’t disclose the details of course, but commercially its similar terms as far as I know on the fixed-line in Russia, this has only been market. We never said that, we are in the market to sell our fixed-line operation in Russia. This is an integrated part of VimpelCom. This is an operation, we have spent a lot of time to integrate into our offerings and into our operations. And I’ll call this market rumors and we are happy with the way, we have organized our business in Russia.

Yes on the handset sales, I think we included in the press release a couple of remarks that the sales of handsets and related equipment was somewhat high in the first quarter this year and the first quarter last year. We did not provide the specific details because we feel it also has a competitive element in it. Which we wouldn’t like to be in detail in the market available, but of course we will also continue watch our competitors are disclosing information and at a certain moment that might also lead to certain adjustments from our side. Anna Kurbatova – BCS Financial Group: Yes, that’s really clear. Now I’m unable to track your mobile service revenue separately from your retail sales. Thank you.

I see the background of your question. Anna Kurbatova – BCS Financial Group: Yes, thank you.

Thank you. Our next question comes from (inaudible) of Deutsche Bank. Apologies, if I mispronounced that.

Well, it’s okay. Thank you. It’s (inaudible) from Deutsche Bank. A question relating to the cash flow. Considering your CapEx plans, I understand that you’re going to increase the CapEx to sales ratio to 21%, also the redemption of dividend payments and looking at the operating cycle of the company. Do you expect that considering, if the debt serving CapEx and any potential M&A that you’ve planned, you would have to borrow to breach the gap in your cash flow because it looks like, first quarter you had a negative free cash flow. If you consider it post dividends and post CapEx. Which means that your debt obviously increased, so do you expect the total debt to continue growing this year? Based on your CapEx projections and so forth? Thank you.

No, we wouldn’t expect that to further grow. Bear in mind of course, that the situation for the end of 2012 was relatively advantageous with a relatively high level of cash in the group, related to the effect that we having been paying dividends in the year 2012 itself and those payments were done in the beginning of 2013. The run rate of the net cash from operating activities, if you take that after interest in after taxes paid. You saw that 2012 had about $7.3 billion. We would expect with all of the actions that we do that in principal 2013 will end up at a higher level than that. And if you then from their demand, start to deduct the CapEx based on the 22% that you mentioned and normal dividend payment for the year itself, for the year 2013 then, no we do not expect that is (inaudible).

Wonderful and just to double check, whether I’m correct with my calculations here. If we take out Italy from your debt and obviously we take out the Italy’s EBITDA, am I right in assuming that’s the net leverage ratio of VimpelCom excluding Italy is about 1.5 times.

It’s about that.

Okay, wonderful. Thank you so much.

Thank you.

Thank you.

Thank you. Our next question comes from Vivek Khanna of Deutsche Bank. Your line is now open. Vivek Khanna – Deutsche Bank: Hi good afternoon actually my question already announced, so it’s a apology to try to get offline.

Thank you. Our next question comes from Alex Balakhnin of Goldman Sachs. Your line is now open. Alex Balakhnin – Goldman Sachs: Yes, good afternoon. A very quick one. Your effective tax rate was declining quite nicely over the last four quarters and then in the first quarter, here is time and up again. Can you clarify why this is happening and probably more generally that g gives us a seasonality thing or some steps to streamline the tax structure from off the group not bearing fruits that soon and basically where you’re with streamlining the tax structure of the firm? Thank you.

Well, I have always have indicated this that in order to look at the tax position, whether to look at the cash taxes paid, so the cash taxes paid for the group are roughly between 9% and 10% of EBITDA per year and there is well, (inaudible) of the action that I explained in January during the analyst meeting. We would like to bring back to about 8% on EBITDA that is aim because at the end of the day that is auditing that really counts. In the current structure, we still have a couple of inefficiencies that have to do with non-deductibility of certain interest costs in countries of all the (inaudible) as well as in Italy. There are also elements relate to impairments that we can only take the positive tax effect after we have had income to which we can offset the certain tax losses related to the impairments and particular in this first quarter that was also the case, it’s regard to the impairments related to CAR and Burundi. If you will have taken, this tax asset basically on CAR and Burundi impairment actively, then the underlying tax rate would have been around 34% instead of 39% that we are talking about now. So also that is continued into move in the right direction, whether this quarter-to-quarter relative impacted by these specific elements for those who are helping for your models and for the models that are used of course related to cash, then it’s important to have this percentage of EBITDA as a notion for taxes paid. Alex Balakhnin – Goldman Sachs: Thank you.

Thank you and at this time. I’m not showing any further questions. I’d like to turn the call back to management for any closing comments.

All right. Thanks very much and thank you for all good questions and I think also that, all the questions for our performance as I said, this year good about the quarter and if you’ll we have good opportunities going forward. We’re committed to the plant that we’ve had explained and then told you about and then with that, I suggest to end this call and of course, our Investor Relations team is available for any follow-ups you might have and I also hope to see some of you in my future trips plans off this release as well. So with that, I wish everybody a good day and thank you very much for the interest.