Good morning everyone, and welcome to the Wright Express Corporation fourth quarter and year-end 2008 conference call (Operator Instructions). At this time, for opening remarks and introductions, I’d like to turn the call over to Steve Elder, Vice President of Investor Relations. Please go ahead, sir.

Good morning, thank you for joining us. With me today is our CEO, Mike Dubyak and our CFO, Melissa Smith. The financial results, press release we issued earlier this morning is now posted in the Investor Relations section of our website at www.wrightexpress.com. A copy of the release has also been included as an exhibit to an 8-K we filed with the SEC. We’ll be discussing a non-GAAP metric, specifically adjusted net income during our call. Please see exhibit one included in the press release for an explanation and reconciliation of adjusted net income to GAAP net income. I’d also like to remind you that we will discuss forward-looking statements under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those forward-looking statements as a result of various factors, including those discussed in our press release, most recent Form 10-K and other SEC filings. While we may update forward-looking statements in the future, we disclaim any obligation to do so. You should not rely on these forward-looking statements after today. With that, I’ll turn the call over to our CEO, Mike Dubyak.

Hello everyone and thanks for joining us. We executed well in a very tough economic environment this quarter, as planed we added three pieces of business from the Federal Government including GSA Fleet, one of the largest fleets in the United States to our portfolio and continue to diversify our revenue streams. We generated significant cash flow during the quarter and continue to maintain excellent liquidity. As a result we exited the quarter very well positioned to face the challenging economic environment ahead and even more so compared with our competition. We continue to see deterioration in the business model during Q4, if you exclude new customer editions and look only at the install base of fleet accounts on a same-store sales basis in the second and third quarters, we saw low single-digit declines in total fuel transactions. This decline continued in Q4 as the economy weekend further. The drop in volume was broad based and the vast majority of our SIC codes were down from the prior year. Customer activity continued its gradual decline in October and November and then held off more significantly in December, volume form existing customers decline 9% from December of ‘07. We believe December results were impacted by an unusually high number of businesses curtailing operations around the holidays. Even with the addition of the GSA portfolios in December, total payment processing gallons were down more than 4% from Q4 last year, below the assumptions in our fourth quarter guidance. Another big factor in our results this quarter was the drop in the fuel prices, which also reduced our revenue. The average price decline from $3.06 per gallon in Q4 2007 to, $2.59 this quarter, wile our guidance was based on $2.90 per gallon. Looking at the front end of our business for the…

Good morning everyone. Our business model was put to the test in the fourth quarter with lower volume, declining fuel prices and elevated credit losses all working against us. However, we closed 2008 with a strong stronger quarter for new business and we were reporting $0.32 of adjusted net income. The business generated strong cash flow in the fourth quarter and through the year and we exited 2008 with an exceptionally strong balance sheet. Among the other positive this quarter, we reduced operating interest expense in strong growth in telematics hardware sold. In addition near the end of the quarter, we’ve raised the fees we charge for late payments, helping to offset some of the increase in credit losses. We also paid down the significant amount of financing debt and we received the cash benefits from our hedging program. That being said, we say increasing headwinds as the quarter progressed. I’ll take some time to focus on each of these areas as well as provides some insight into our thoughts on 2009, after a quick review of our financial metrics. For the fourth quarter 2008, total revenue decreased 11% to $80.9 million from $90.7 million in the fourth quarter of 2007. Net income to common shareholders on a GAAP basis was $65.2 million or $1.66 per diluted share. This compares with net income of $4.6 million or $0.11 per diluted share for Q4 last year. The company’s non-GAAP adjusted net income for the fourth quarter of 2008 was $12.5 million or $0.32 per diluted share, compared with $19.7 million or $0.49 per diluted share for the fourth quarter of last year. Adjusted net income excludes an unrealized mark-to-market gain on derivative instruments, as well as the amortization of purchased intangible. As Mike mentioned earlier for the fourth quarter of 2008,…

Thanks Melissa. Before we’re going to your questions, I’d like to close with some thoughts about the year-head. In developing the guidance that Melissa outlined, we made what we believe are reasonable assumptions about the economy and its potential impacts on our business. Given the extraordinary uncertainty right now, we think we are being realistic by planning for lower transactions volume in a challenging bad debt environment in 2009. On the up side, we will continue to generate significant cash flow while the country is in the middle of our recession. We’ll have the advantage of the full twelve months of specific pride, versus ten months in 2008 along with the full-years benefit from the GSA fleet and the potential for approximately $2 million additional transactions from the large new portfolio we’ll be adding with Citi. We signed a new contract with Citi and expect the portfolio to be on board by the end of the second quarter of ‘09. This will be a fully funded program similar to other private label portfolios, which have no revolving credit component. We are continuing to look at ways to improve productivity across the organization and take additional cost out of the business. In addition as Melissa said, our ‘09 financial results will reflect hedging at higher prices than last year. I spend a considerable amount of time with our associates and as we begin the New Year, I can say that our people are highly energized not only to outperform the economy, but to capitalize on the competitive advantages that we have and increase our market share at a very challenging time. If you compare us with others in our space, not only do we continue to deliver great value and high quality service to our customers, but our leverage ratio is low and we are strongly positioned in having an industrial bank to fund our receivables at a competitive rates. So, if you step back and look at Wright Express today, we are profitable and financially strong. The quality of our credit portfolio and the way it’s being managed are both very high and we continue to have great confidence in our business model. We are hitting our targets for adding new vehicles and controlling attrition, and the diversification strategy we embarked on two years ago is driving new and growing streams of revenue. Our goal as we begin 2009 is to build on these strengths and maximize the results we produce even in difficult market conditions. We are continuing to invest in our growth strategies and in our people. I am confident that Wright Express will be positioned for industry leading growth when the economy turns around. With that we will be happy to take your questions. Operator you can proceed with the Q-&-A now.

Thanks Melissa. Before we’re going to your questions, I’d like to close with some thoughts about the year-head. In developing the guidance that Melissa outlined, we made what we believe are reasonable assumptions about the economy and its potential impacts on our business. Given the extraordinary uncertainty right now, we think we are being realistic by planning for lower transactions volume in a challenging bad debt environment in 2009. On the up side, we will continue to generate significant cash flow while the country is in the middle of our recession. We’ll have the advantage of the full twelve months of specific pride, versus ten months in 2008 along with the full-years benefit from the GSA fleet and the potential for approximately $2 million additional transactions from the large new portfolio we’ll be adding with Citi. We signed a new contract with Citi and expect the portfolio to be on board by the end of the second quarter of ‘09. This will be a fully funded program similar to other private label portfolios, which have no revolving credit component. We are continuing to look at ways to improve productivity across the organization and take additional cost out of the business. In addition as Melissa said, our ‘09 financial results will reflect hedging at higher prices than last year. I spend a considerable amount of time with our associates and as we begin the New Year, I can say that our people are highly energized not only to outperform the economy, but to capitalize on the competitive advantages that we have and increase our market share at a very challenging time. If you compare us with others in our space, not only do we continue to deliver great value and high quality service to our customers, but our leverage ratio is low and we are strongly positioned in having an industrial bank to fund our receivables at a competitive rates. So, if you step back and look at Wright Express today, we are profitable and financially strong. The quality of our credit portfolio and the way it’s being managed are both very high and we continue to have great confidence in our business model. We are hitting our targets for adding new vehicles and controlling attrition, and the diversification strategy we embarked on two years ago is driving new and growing streams of revenue. Our goal as we begin 2009 is to build on these strengths and maximize the results we produce even in difficult market conditions. We are continuing to invest in our growth strategies and in our people. I am confident that Wright Express will be positioned for industry leading growth when the economy turns around. With that we will be happy to take your questions. Operator you can proceed with the Q-&-A now.

(Operator Instructions) Your first question is coming from Tien-Tsin Huang - JP Morgan Chase & Company. Tien-Tsin Huang - JP Morgan Chase & Company:

Sure, the last thing that we published would show a $0.10 change on fuel prices, has above $0.10 change in earnings for 2008. It’s a little bit less than that now with the hybrids in place. So, we are getting a bit of a buffer from that and that’s obviously un-hedged. Tien-Tsin Huang - JP Morgan Chase & Company: I’m sorry if I wasn’t clear; the payment processing rate, the discount rate, and the sensitivity of that that changes in the spot of fuel prices?

Yes, it’s about a $0.15 change in rate. Tien-Tsin Huang - JP Morgan Chase & Company: Then just a couple more, just in the funding cost. What are you assuming in your outlook on the funding side? Can you give us some guidelines on that Melissa?

Yes, we are assuming they are going to continue to fund through our brokerage CDs and our Fed funds. Through the end of the first quarter, we think we’ll have more CDs as they continue to roll-off and as we reduce those cash balances. So, we wanted to see a significant change in rates in the first quarter to what we have in Q4. From that point forward, the current rates right now are between 1% and 3% on CDs and as I said in the fourth quarter for us it was about 3.9%. So we should see some significant declines in Q2 and going forward to the rest of the year. Tien-Tsin Huang - JP Morgan Chase & Company: Last one, then I’ll jump-off. The personnel expenses, what’s the good run rate to assume here coming of the 4Q level. I know that we have some Citi ramp-up as well and you’ve got the risk to. So I want to make sure, we’ve got the right run rate?

Yes, we’re presuming the year to have a similar number of average rate sources as we are ending 2008, so there are some pluses and minus. If you look at our salary cost for the fourth quarter, there’s a couple of things will change. We had a charge of $250,000 associated with the risk included in that, there is also that one-time bonus of $500,000, but it’s excluding our ongoing step, which is a little over $1 million in the quarter. Those three things are going to be kind of one-time unusual adjustments, but the run rate on people should be similar to Q4. Tien-Tsin Huang - JP Morgan Chase & Company: Okay, it sounds like it probably shouldn’t change too much then. I mean, given those pluses and minuses and the Citi coming aboard.

Yes, I think that’s fair.

Your next question is coming from Anurag Rana - KeyBanc Capital Markets.

Good mornings everyone. Melissa, could you please give us a little more details on the free cash flow, which seems a bit high in this quarter and what kind of free cash flow should we assume for ‘09?

Yes, in the fourth quarter because fuel prices declined as rapidly as they did, it allowed us to dividend more money up from our industrial bank. We have to keep a percentage of their assets and capital and that really drove the increase that we saw in the fourth quarter. .:

Great and on the low end, it assumes to be somewhere around $50 million. What do you intent to do with that free cash flow in ‘09?

Yes, we’ve talked about continuing to look at the areas where we’ve invest in the past. We saw a $70 million authorized on our share repurchase program. We’ll continue to look at that as an option. .:

Thanks. Any new portfolios that might be coming onboard that you had aware of at this time?

No, there is nothing at this point that we would say as imminent, but except for the one that we’ve talked about which is the Citi agreement that will bring on the private label portfolio in the second quarter.

Lastly, could you please give us anymore details on, some of the new credit policies that you have implemented over the last few quarters? Thank you.

Sure. The ones, we’ve implemented earlier in the year, we saw significant losses in relation to the size of our accounts and some of our heavy truck, customer base and so we changed payment term requirement within that part of our business. We’ve also across the board going through each quarter and looked at the amount of credit that we have outstanding. We look at things based on the risk grading and have restricted credit through the higher risk accounts. On an annual basis we are reviewing accounts and looking at whether or not anything has changed or deteriorated within the customer population for our larger accounts and so we’re continuously evaluating that. The late fee changes that we’ve made, it’s not a change that’s show on there credit policy, but we wanted to make sure that we had as much incentive in place as possible to deter late payment. So, it’s been a whole host of different things. In general we’ll continue to look at post mortems on any of the loss we have there more significant and we’ll make minor changes ongoing our collection and credit practices.

Your next question comes from Paul Bartley - PB Investment Research

Thanks good morning. Just on the loss ratio in the fourth quarter. So, excluding the one-time bankruptcy, are those have been in the 40 basis point range in the fourth quarter?

It would been have in the 40’s, yes. It would have been above 40 though.

Okay so, you’re just assuming some continued deterioration in 2009, from 40 levels?

Yes, we preset a couple of things. We’re presuming Q4 and Q1, they are normally high points and we are presuming that to be true again in 2009 and we’re also presuming the fourth quarter we had a higher loss. We are presuming we are going to have higher one time losses in each of the quarters, just as a planning assumption right now.

Yes, Paul there is a couple of things. First of all the big picture is the existing customer base is just contracting, so a ten vehicle fleet is now a nine vehicle fleet. We’re also seeing that vehicles they have left are buying on average fuel on average per vehicle than they were be four, but we’ve seen across most of our SIC codes the contraction. It’s primarily in areas like construction, some of the special trade contractors, wholesale trade and durable goods. If you look at it geographically, probably more so on the East Coast and the West Coast a little bit of upside in business services and a little bit upside in the Gulf Coast with business services in oil and gas customers, but they’re contracting with business slowdown is the primary issue.

You talked a bit about the new business momentum still being relatively good, you obviously had the big GSA contract in ’08. I mean if you kind of strip that out and kind of look at over the course of the year, are trends still pretty favorable are you comfortable with the value proposition and then what are you hearing from customers as you go out and try to sell them on the product?

We’re still very bullish as we said. I mean even if you take out the GSA, we added significant new vehicles last year; there is still strong demand for the product. We’re seeing as we said strong demand for the WEXSMART telematics product another way for fleets to control their expenses. So, our pipeline is strong going into this year, so the value proposition is still something that’s going to sell and we believe we’re going to see good results in our front end of this year as well.

Your next question comes from Tim Willi - Avondale Partners.

A couple of questions; first, with the industrial loan bank, is there anything around FDIC premiums or anything given, all that’s going on with the banking industry that you have heard or would expect. I heard that there has been some talk potentially of premiums going up on deposits. I’m not sure about that, is there anything there we should think about in terms of debt entity?

We have seen an increase in the premiums that we are getting for FDIC insurance, because the asset base is declining in 2009. Those are the increase in premiums being offset by the reduced asset base. So, it’s not really having a material impact on the comparability from year-to-year. From a regulatory perspective, I think that we would presume, we are going to see increased regulatory scrutiny like, we are seeing in a lot of areas, but we don’t expect this point to have much of the financial impact on our business model.

Okay, second question just around fleet growth and then sort of this some other comments you made in response to earlier questions, and your comments around the state of our customers. Outside of general business slowdown, which is clearly obvious, is there anything that you’ve sensed that small businesses have clearly been hurt by more restricted credit and it’s translated into the impact on your business, if there were some kind of fix for the banking industry? There was a lot of talk yesterday about trying to get credit to small businesses etc. That could have some kind of potential positive impact for your company. Just trying to sort of separate what might be general, macroeconomic versus somebody can’t get a $75,000 line of credit to stay in business and keep moving forward.

Yes, I think what you just said is what we’re hearing from customers, where losses as I said earlier are predominantly less than $25,000. So, it’s really coming from small business and bankruptcies have increased and what we’re hearing from them is liquidity issues. In some cases, it’s just general slowdown in their business itself, but some of it is their inability to secure liquidity or when they can at rates they cant stand business. So, I think that had an impact historically, or at least for last couple of quarters and going forward if that loosens I would expect that’s going to have a beneficial impact on us.

Okay and then last question on credit. I think on the third quarter call, you had talked about the big truck category, while smaller part of the business. Probably I think you had called out the credit deterioration there is pretty notable and you put these programs back in place in the quarter. I’m just curious. Did you see any kind of improvement with credit and collections in the big truck sector after making those changes or as it continued to sort of move with the same pace?

I’d say, there is two parts to that response. One, we’ve added new business, we’ve added it in different payment terms and so that reduced our exposure. When we’ve gone back to our existing customer’s in that particular segment in change payment terms, we’ve seen not a significant impact on our losses. I think those customers in particular are experiencing the higher level cash flow shortages right now and so change in payment terms which requires and to accelerate the payment has a negative impact that’s offsetting any pick-up or getting based on a reduced exposure.

Your next question is from Robert Dodd - Morgan Keegan & Company. Robert Dodd - Morgan Keegan & Company: Hi, guys one housekeeping one first. The $1.5 million non-cash charge. Can you tell us which line items that were embedded in?

Sure. It’s in occupancy and equipments. Robert Dodd - Morgan Keegan & Company: One of the comments you made was about 99% of your customers are still adjusted [Inaudible]. I mean, you’ve only got 1% of your customer base delinquent is what it sounds like now. I mean can you compare that if you have any data to what was a typical kind of level in the ‘03 to ‘05 period and then maybe what you sold back in 2001?

Yes, I don’t have 2001 data with me, but it’s in pretty standard for us to be around 99% level. It’s not dramatically different, what we’ve seen even through the course of 2009 is current customers, if anything are a little bit more current and the ones that have aged out and historically paid us, but just paid us more slowly or the ones that are more likely to now become delinquent. Robert Dodd - Morgan Keegan & Company: It’s really a collections issue more than an increase in delinquencies?

Yes and actually even if you look at it from a risk perspective, look at the portfolio. We rank it based on risk rating. If you look at the year-over-year December ’08 to December ’07, there are not significant changes in the overall risk ratings. It’s just the ones that are higher risk or having more trouble. Robert Dodd - Morgan Keegan & Company: One of the other things, small fleets grew 1% in the year. It looks like most of your customer fairly are very much in that small fleet area sub $25,000 in charge-offs. I mean can you give us an idea of the kind the net growth in your small fleet customers? You seem to be doing a pretty good job growing new customers, but then obviously losing some at the backdrop. Can you give us any color there?

Yes, I mean that would where we’d see higher involuntary attrition, would be in that customer base and our involuntary attrition as Mike said was 3.8%. That’s going to be largely in that small fleet category, so --.

But, even the voluntary attrition would be high with small fleet as well. Just knowing some of the portfolios on the private label side of their closing stations or things like that impact us. So, we see it both from a voluntary and involuntary standpoint. Robert Dodd - Morgan Keegan & Company: One last question; on the hedge, I assume 18 months ago when you were putting the ‘09 hedge in place, you were not presuming the level of economic deterioration that we’re seeing right now. So, would that imply essentially the over hedged in terms of the number of gallons covered, because if the same store kind of volume growth. So your customer base is going to be down 10% to 15%. I assume you didn’t bill that in. Are we going to see any abnormal hedge mismatches in any parts in ‘09 or is that what kind of washing out with GSA, Citi, etc.?

When we purchased the hedge, we’ve used pretty conservative assumptions on growth and historical cost associated with changes in fuel prices, which includes credit loss. Obviously, there have been a lot of changes to those assumptions since we made the purchase. So, based on our current assumptions for 2009, we would have more than 90% hedge. It’s pretty early to tell; we’ll go through the year-end and see how things actually perform. Right now that’s an advantage for us because fuel prices are low.

Your next question comes from Tom Mccrohan - Janney Montgomery Scott.

Hi, everyone. Melissa, what would be the normalized cash on hand if you adjusted that for the CDs that didn’t mature?

It’s about $40 million.

Just to clarify on the transactions, the payment funded transactions coming from the GSA. I had in my note $7.5 million payment transactions from that government contract, is that right?

Yes

Yes

Okay and then that I here Mike, Citigroup. I had in my notes $4.5 million of payments funded transactions from Citi this year or its lower?

Well that’s an annualized number, do it would be close to $2 million for the year. $4.5 is an annualized number.

Okay, if you just kind of ramping that up.

Right, because we want to get started in probably the later half of the second quarter.

Did you disclose the dollar amount of the dividends from the industrial loan bank this quarter?

It’s about $65 million.

Your final question comes from Jason Deleeuw - Piper Jaffray & Company. Jason Deleeuw - Piper Jaffray & Company: This is Jason Deleeuw calling for Bob. I was wondering what transaction trends you’re seeing from your installed base in the month of January relative to December?

Yes, we’re pretty much seeing as we said 9% was the drop off in December and we’re predicting that 10% to 15%. So far what we’ve seen in the first part of this year is pretty much in that range to 10% to 15% drop off, probably on the lower end though. Jason Deleeuw - Piper Jaffray & Company: Thanks and then on the rebates, I think you said they were flat in the fourth quarter versus third quarter. Can you just speak to that in terms of the customer mix; I mean there are just fewer large fleets being signed up. Can you speak to the competitive environment in winning fleets?

We talked about it in the last quarter, some of the co-brand relationships in the large fleets. So that’s pretty much stable at this point, but new large fleet business will continue to be competitive. So, we know there is going to competitive impacts on our rebates and we still have to get rebates in the large fleet market place, but it’s not a very ratable level and it’s growing significantly. Jason Deleeuw - Piper Jaffray & Company: So, we would expect those pressures to be less that what we saw in ’08, in the course of the year?

I think where you saw was increase pressure, particularly when fuel prices were escalating. So, there is the more pressure in the middle part of the year, the second and the third quarter. As Mike said, we’ve always presume there is going to be some continued increases in rebates overall over a period of time, but we decide to be more ratable in part of this year.

Then just a last question is on Citi, they’ve taken a look at all other businesses and the private label business and I was wondering if you guys are anticipating any impact from Citi’s actions and on your contract that you anticipate coming on in the second quarter.

No, we don’t because we’ll basically be taking over the management of that portfolio on behalf of Citi’s. So we’ll be funding the receivables and managing all aspects of the relationship on behalf of Citi, if you will in this relationship with an oil company.

Thank you. Mr. Elder, it appears that there are no further questions. Therefore, I’d like to turn the call back over to you for any closing remarks.

That concludes our conference call. Thank you for joining us today.