Great, thank you, Kate. Good afternoon and thank you for joining us today.

With me here is Bill Ruprecht, Sotheby’s Chairman, President and Chief Executive Officer; and Patrick McClymont, our new Chief Financial Officer. I should highlight that during the course of this call the company may make projections or other forward-looking statements regarding future events or the future of financial performance of the company.

We wish to caution you that such projections and statements are only predictions and involve risks and uncertainties, resulting in the possibility that the actual events or performance will differ materially from such predictions. We refer you to the documents the company files periodically with the Securities and Exchange Commission, specifically the company’s most recently filed Form 10-Q and 10-K.

These documents identify important factors that could cause the actual results to differ materially from those contained in the projections or forward-looking statements. Now I’ll turn the call over to Bill Ruprecht.

Thank you, Jennie. Good afternoon everybody.

Thank you for joining us and for your interest in Sotheby’s. Today, we report to you improved third quarter results with sizable revenue growth, thanks largely to increased private sales activity and auction commission revenues.

Competition is still affecting our revenue margins but the buyer’s premium rate we enacted in March has helped stabilize the situation. Third quarter net loss improved by 7% to just over $30 million due to these revenue gains -- cost increases diminished the benefit from the revenue increase in both the quarter and indeed in the year-to-date period.

The increased costs were principally due to strategic investments, as well as inflationary pressures across the business. Since September, Sotheby’s has been actively engaged in a review of our capital allocation and financial policies.

The Board of Directors has pledged to share the results of that examination with shareholders early in 2014. In evaluating our capital allocation opportunities we have undertaken a strategic, business and cost structure review to ensure that our resources are correctly allocated to the most attractive opportunities for value creation.

In particular, we are taking a close look at our current businesses as well as potential growth areas where our expertise and brand can be relevant. This process, along with the work that we are doing on our capital structure, will help us to determine the right use of capital going forward.

We want to ensure that the future strategic investments benefit Sotheby’s future financial results, as have our past investments. For example, we made some investments to develop a new responsive design technology for our website, which allow our clients to interact with us at any time, anywhere, on any device.

As a result of that investment, Sotheby's website is seeing 50 percent higher monthly traffic by our very best clients since it was re-launched over the summer. And our efforts to develop digital auction catalogues have increased our distribution from sort of 1 million print copies to an additional 2 million digital copies, dramatically expanding our reach and relevance in every corner of the world.

As we pursue attractive growth opportunities with an analytical, returns focused approach, we are also committed to applying the same discipline to our current business. It is incumbent on us to both review our cost structure and offering some regular guidance on our expectation of investment spending going forward.

We plan to fully detail these efforts in 2014 alongside the results of our capital review, that is currently well underway, but at this time, we can say that we expect lower direct costs as a percentage of net auction sales in 2014 and that material savings can be achieved in areas of discretionary spending. Turning to the current period, the fourth quarter is off to a pretty remarkable start.

Our Hong Kong sales brought a record $538 million last month and our Impressionist sales last week contributed an outstanding $348 million, near the high-end of the pre-sale estimate ranges and the second highest totals for that category in our history. These results reflect Sotheby’s core strengths, our unique understanding of the market, our expertise in getting the estimates right, our ability to bring works of great value to our worldwide sales rooms.

This is what we call real leadership in a marketplace. Importantly, we are well positioned to continue our momentum.

We have an outstanding calendar to finish out the year. Beginning on Wednesday, we have got Contemporary Art sales here in New York where we have a pre-sale estimate of $368 million as the lowest.

On that same day we got a $60 million plus value to Pink Diamond to be offered for sale in Geneva, and the following week a $60 million collector car auction in association with RM Auctions together with our Modern and Contemporary Art sales in Beijing next month, among others. It is a very exciting time at Sotheby’s.

I will have more to say in a minute but I will turn you over to Patrick McClymont, our new Chief Financial Officer.

Thank you, Bill. It’s a pleasure to be participating in my first earnings call as Sotheby’s CFO.

I look forward to further conversations with our shareholders, understanding your views about Sotheby’s and discussing the bright future of our company. Our 10-Q will be filed tomorrow morning as today Veteran’s Day is a federal holiday.

Please refer to the end of the press release for financial information. I will start with the overall results.

Net loss for the third quarter is $30.1 million, or $0.44 per share, compared to prior year net loss of $32.6 million, or $0.48 per share, a 7% improvement. For the nine month year-to-date net income is $39.3 million or $0.57 per diluted share in comparison to $42.2 million, or $0.61 per diluted share a year ago, a 7% decline.

Turning to revenues, auction and related revenues grew $17.2 million, or 29%, to $76.9 million in the third quarter of 2013. The two main contributors to this revenue increase were an $11.3 million, or 77%, increase in private sale commissions, resulting from 115% growth in private sales, as well as a $6.6 million, or 16%, higher auction commission revenues, due to a 19% improvement in net auction sales.

For the first nine months of 2013, auction and related revenues was $466 million, an $18.8 million, or 4%, increase from the prior year. This largely stems from a $15.7 million, or 4%, rise in auction commission revenues due to a 5% increase in net auction sales.

Also contributing to the revenue improvement is a $9.5 million, or 17%, growth in private sale commissions from the 37% increase in private sales during the period. As Bill noted earlier, the competitive environment for high value consignments remains robust.

However, the change in buyer’s premium rate structure adopted in March continues to mitigate that impact on auction commission margins. Turning to the cost side of the business, direct costs of services consists largely of catalogue production and distribution costs, as well as sale marketing costs, shipping expenses and credit card fees associated with buyers from China.

For the third quarter, direct costs of services increased $3.1 million, or 72%, primarily due to a $2 million increase in private sale related expenses, attributable to the significant increase in volume of private sales, as well as higher debit and credit card processing fees. For the first nine months, direct costs of services increased $8.1 million, or 21%, reflecting the level and composition of Sotheby’s auction sales in the current period.

As we’ve said, this is going to decline in 2014 as a percent of net auction sales. Marketing expenses are costs related to the promotion of the Sotheby’s brand, consisting of costs associated with corporate marketing activities and client service initiatives, including strategic sponsorships of and charitable donations to cultural institutions.

For the three and nine months ended September 30, 2013, marketing expenses increased $1.6 million, or 44%, and $3.1 million, or 25%, respectively, primarily due to an increase in sponsorships of museums and other cultural institutions, as well as additional brand promotion activities. Salaries and related costs increased $8.5 million, or 16%, in the third quarter, largely due to higher employee benefits costs, which are up $2.6 million, or 43%, due in part to increased employee severance costs as well as increased full time salaries expense which are up $2.1 million, or 6%.

For the first nine months, salaries and related costs increased $9.4 million, or 5%, largely due to increased full time salaries expense which are up $6.7 million, or 7%. This is due in part to strategic headcount and salary increases in Asia in support of the growth of Sotheby’s Hong Kong operations and the development of Mainland China initiatives.

Switching to general and administrative costs, for the three and nine months ended September 30, 2013, general and administrative expenses increased $2.6 million or 7% and $12.2 million or 10%, respectively, largely due to increases in professional fees and client goodwill gestures. The increase in professional fees is primarily attributable to a higher level of technology and business consulting costs incurred in support of our strategic initiatives.

As Bill alluded to, as part of our annual planning process, we have initiated a full review of our cost structure, with the goal of identifying opportunities for savings in 2014. In particular, we anticipate direct costs as a percentage of net auction sales will decrease in 2014 and that material savings can be achieved in areas of discretionary spending.

We will be back to you with more specifics on this early in 2014. Turning back to the third quarter, net interest expense decreased $1.6 million or 16% as a result of the repayment of our convertible notes upon their maturity this past June, partially offset by incremental interest expense associated with the September 2012 issuance of $300 million senior notes due in 2022.

For the first nine months, net interest expense increased $1.7 million or 6% primarily due to incremental interest expense resulting from the issuance of the 2022 senior notes, partially offset by the repayment of the convertible notes. Also impacting the comparison of net interest expense to the prior period is $1 million of interest income recognized in the second quarter of 2013 upon the collection of a previously delinquent client account.

In June, we used $182 million of net proceeds from last September’s senior notes issuance to settle our convertible debt upon maturity. With this repayment, net interest expense is expected to decline nearly $5 million on an annualized basis due to lower interest rates on our most recent debt issuance.

Moving to income tax expense, the change in Sotheby’s effective income tax benefit rate for the third quarter to 30% from 28% in the prior period is primarily due to a change in the jurisdictional mix of pretax income. The decrease in Sotheby’s effective income tax expense rate from 33% in the first nine months of 2012 to 20% this year is primarily due to a $6.8 million income tax benefit recorded in the second quarter of 2013 relating to a foreign subsidiary.

We estimate that our annual effective income tax expense rate for 2013, excluding discrete items, will be approximately 30%. Finally some comments on Noortman Master Paintings.

Impacting our results is the third quarter sale the most significant item in the inventory of Noortman Master Paintings for $18 million, with an associated cost of sale of $16.4 million. This introduces some noise into the quarter.

The key point is we earned a profit of $1.6 million on the work. On a year-to-date basis we have also recorded Noortman inventory write-downs of $4.4 million, reflecting the continued weakness of that business.

As a result, we have decided to close Noortman’s remaining office in London by year-end. We are finalizing our plans for the sale of the remaining inventory.

At this time I would like to hand the call back over to Bill for his concluding remarks.

Thanks, Patrick. One or two more words about the fourth quarter to-date.

As I said in the Hong Kong we realized almost $540 million in auction sales, the highest total ever achieved by a global arts business operating in Asia, 105% increase over the prior relevant comparable in 2012. We have an extraordinary Gilt-Bronze Figure of a Seated Buddha, which brought a world record price for a Chinese Sculpture at just over $30 million as well as 118 carat D-Colour Oval Flawless Diamond, which brought an extraordinary world record price.

We also achieved the world’s record price for a contemporary Asian work of art when Zeng Fanzhi’s The Last Supper sold for $23 million, some great results from our Hong Kong sales. And back in New York just last week in the Impressionist and Modern Art market we were up 71% versus 2012, and indeed our second best total ever in the category, only suffering in comparison to the sale of 18 months ago when we had the Edvard Munch's Scream selling for $120 million.

In this more recent sale we had a Giacometti sculpture which sold above its highest presale estimate of $50 million. And there is Marie-Thérèse Picasso which brought almost $40 million also in excess of its highest presale estimate.

That sale as in much of our business is extraordinarily global these days. We had works of art from 13 countries and participants bidding from 36 countries representing most established and emerging markets.

The next big event of course here in New York is the contemporary sales where we have Andy Warhol’s Silver Car Crash. It’s one of only four very large scale car crash works and it’s the only one in private hands, $60 million estimate there, presale estimate for that series again is $368 million.

Also previously mentioned is the Pink Star, the 59 plus carat diamond that is flawless with a presale estimate also of an excess of $60 million. The presale estimate for that wholesale in Geneva is $123 million as the low.

Next Thursday, RM Auctions in association with Sotheby’s will hold the first significant automobile auction in Manhattan in over 10 years, really including some remarkable and significant vehicles that will be fun to see and participate in for many of us. You are welcome to come and visit.

During Thanksgiving week here in New York as well we are proud to offer one of the finest surviving copies of what’s known as the Bay Psalm Book, the first book printed in what is now in the United States, printed in 1640, one of 11 surviving copies, the present example comes from the collection of the Old South Church in Boston and has a presale estimate of $15 million to 30 million. From Boston we go to Beijing.

We’re in the prime of that sales season. We will be holding series of events from the 28th of November through the 1st of December and we have selling exhibitions, including some remarkable western paintings and extraordinarily ambitious educational program.

Culminating that four day series is our auction of Modern and Contemporary Chinese Art which is led by Zao Wou-ki, great painting from 1958. The work has a pre-sale estimate of almost $6 million and comes from the collection of the Art Institute of Chicago.

Our estimate for that sale is just under $20 million. And then back in New York, on December 4th, we have these seven extraordinary group, seven paintings, an extraordinary group by Norman Rockwell from the family of Kenneth J.

Stuart, Sr., the artist’s longtime friend and art editor at the Saturday Evening Post. Those individual works have a presale estimate of $24 million and we look forward to that sale where the presale estimate is just under $45 million.

And then in London, also on December 4th, we have our old Master Paintings sale where $54 million to $84 million worth of works will be offered. Highlighting those are two Canalettos coming from HSBC’s Corporate Art Collection.

Those extraordinary pictures have a presale estimate of $13 million to $19 million. This is an exciting at Sotheby’s with some great successes already in the quarter and more to come as we finish out the year.

Demand and prices continue to be strong and we remain focused on serving our clients and ensuring the success of the business. I am confident in the art market and the future of Sotheby’s and we look forward to speaking you soon in the New Year with the results of our cost reviews, capital allocation and strategic overview.

We expect and look forward to your questions now. That concludes our remarks.

Thank you. Good afternoon, guys.

So relative to the cost structure discussion I understand you can’t reveal too much yet but as I look at comparisons of the business from a few to several years ago versus the cost today my sense is you are operating in a number of additional geography you weren’t at that point. In the context of that is there much you can do on the cost side from here, meaning it’s a more expensive business to run when you are in all these different geographies?

Well I think George you are headed towards the warmer-colder conclusion of a little cost, not too much cost, how much cost and I promise you that we are responsive in wanting to give some real color in guidance going forward on investment spending. There are areas of the business that will always be volume related that we can’t easily quantify what our cost structure will look like.

But I think we’re going to work pretty hard to give you some pretty specific and pointed color on what we anticipate in areas which will be more predictable rather than reactive to specific markets. So I know I am not going to give you what you want today.

I think we ought to have a conversation early in the New Year after we have given you a substantive set of what we think is responsive guidance on the issue of where we think and as a trajectory of much of our investment spending is going and I think we’ll have an easier conversation as to what’s possible at that point.

Okay and Patrick, given that we won’t have a Q tonight, couple of questions related to what we would have been looking for in the Q. Number one on the guarantee side, it does look like guarantees are being going up.

I wondered if you could provide us an update there and just a general strategy around guarantees. And then secondly you ran through a lot of numbers relative to Noortman, I am wondering how much of the cost was taken in Q3 versus how much might we see in Q4.

Sure. On the first question the guarantee strategy I think it’s consistent with what the company talked about on the last earnings call which is we do believe that there are opportunities in marketplace where we can deploy our capital, use our balance sheet as a way to get better overall returns and it’s been effective, we believe in this current season and so there has been an increase in guarantee exposure but it’s on the context of opportunities that we really think makes sense for the business.

In terms of Noortman…

And on the guarantee, the net exposure as we sit right now George it’s around $150 million.

Okay, thank you.

In terms of Noortman, what was your question again?

Well you ran through a lot of different numbers relative to what it -- you basically sold the largest asset out of the Noortman piece. There were some costs I think you said you took in the quarter, you are planning to shut that down by year-end.

I am wondering what kind of wind down we should be expecting for Q4.

We don't expect anything further from that perspective in Q4. That’s what we did this quarter.

So there is a little noise in the numbers George because you got a big increase in costs related to the cost of the major work being sold as well as big increase in revenues. And so cost in revenue in that dealer segment move in tandem, significant net profit from the sale of that work of art and the write-downs at this point year-to-date, I think Patrick indicated were between four to five and that’s what we expect and we would not have been expecting any further restructuring costs or material write-downs.

Okay, thanks guys.

Yes, good afternoon. Bill I wonder if you can just come up briefly on the Asia where you have posted very, very strong results in the year-over-year basis and I think that some of that reversed some of the year-over-year declines you have seen for some of the last few cycles.

I am wondering if you can just comments gives a little more granularity there is, I mean some of the benefit of the investment expenditures you have put forth in last year so you are gaining share there or is it strength of the markets, maybe little more granularity there please.

I think Rommel we have enjoyed 40 years of trading out of Hong Kong this autumn and I think our team on a global basis worked extremely hard to assemble and present an ambitious and exciting group of offerings. I think you always when you have an enormous sale series twice a year in a location are subject to the mood of the marketplace in Asia.

And when we hit the market in Hong Kong and Beijing in those early days of October there was a strong sense of optimism and some buoyancy in the marketplace and I think we met an extraordinarily good response that was frankly beyond even our optimistic projections for those sales. I think we had stronger participation from the Mainland, more participation from the Mainland and very broad deep interest in a way that was a new high watermark for us not just in dollars but also penetration in the Mainland and throughout some of the other countries in the region in a way that was extremely rewarding given the kind of spending that we have been pursuing in that region to build our relevance.

So I would be misleading you if I could say that every salary dollar and every addition to headcount was being rewarded with $9 of incremental revenue in a predictable way but I think it’s fair to say that the kind of results we saw we feel were directly related to our focused commitment to the region and something we will continue to expect to be rewarding in the coming days.

Hey, great. Thanks.

Just a quick house-keeping question if I could. Did I miss auction commission margin in the quarter, Patrick, did you say that?

I am sorry?

Did you say what auction commission margin in the quarter was? I may have missed it.

I don't think I said it, it’s 21.3%.

Okay, thanks very much. Congrats on the quarter.

And Rommel you just saw that you have heard it again we would be thrilled with 21.3% as a full year number but this is a number that’s moved with mix quite dramatically depending upon what kind of value of property comes to the system.

Great, thank you.

Hi, thank you for taking my call. First question do you think this your private sales growth came against some difficult comparisons and the auction revenue that you are seeing right now is quite strong weather volume.

So is the private sales growth linked, meaning are those customers that are using private sales inordinately using that in auctions?

No, I think the private sales growth is very oriented towards large transactions and they have their own cycles and sort of pendulum swings that I don’t have any ability to gauge as related to the auction cycle or methodology at all other than to suggest that in both cases when you have things of great rarity properly positioned in the marketplace they can be rewarded with a very larger prices.

Fair enough. If you think about precious and modern getting stronger, even if we look on a blended basis, Hong Kong getting stronger, contemporary’s been robust do you think an art cycle is in the process, is this what it feels like as it starts?

You mentioned demand and prices are strong, you mentioned confidence in the art market, your view on whether an art cycle is in the early stages would be helpful.

May be you should shine your crystal bowl and I’ll keep shining mine. I think the global liquidity wealth creation at the very highest end of the economic pyramid and great rarities come together in a way which feels to us like we’re in a robust and growing marketplace.

Whether we are in the second inning or the fourth inning is a situation which you and I will know in hind sight only but I think it’s fair to we’re likely the trading environment and we like the demand for great works of us that we currently enjoy.

Okay. That’s helpful.

Last question is for Patrick, Patrick anything you’d care to share about the difference in perspective on the business, sort of the brand you have been outside and now at the company for a couple of months would be helpful?

That’s an interesting question. I guess what I would say is I have a much better understanding of how global, how complex and how competitive this business is and it’s an exciting sort of market driven business.

And it’s been a great learning experience for me over the last handful of weeks in particular with the sales of last week and heading into this week. It’s a very impressive organization and it’s an exciting time to be here.

Okay, thanks.

Hi, a couple of questions first I just want to follow up on the art cycle question. Are you seeing anything that is different in this particular cycle than prior cycle?

Well, yeah I mean the level of participation and activity coming from Asia is very different in this cycle than in any of the past cycles which I’ve enjoyed in this business. The level of intense interest in great works of art coming out of Asia, not just in Asia but in New York, in London, in Paris, in Geneva is something rather that as a trajectory of client behavior is very important to our business.

In other words it’s quite typical that our Asian client or Chinese client will begin with us in [wine] or in Asian works of Art, and then quite quickly migrate to other categories and other sales rooms. And so this is a group of clients at the top end of our business who are operating in a more nimble, more global fashion than frankly any other group of clients then we’ve ever encountered I organization in the last 35 years.

Okay. That’s helpful.

And you mentioned the traffic to the redesigned website has picked up. Are you seeing more transactions or online bidders online?

Absolutely, very significant growth in online biddings and relevance of the stories that we are telling through our website, and then people sometimes wanting to participate on the phone or through the web for our sales. Our plan and pattern in practice to have all of our sales all over the world accessible so that you can bid online or through a phone or in the room or leave a bid.

And as a result we think frankly it's the most inclusive strategy for engaging people. You can bid however you wish to bid in whatever sale you’d like to participate.

Okay and the just lastly. And the employee severance cost were those related to staff reductions in Q3 or can you just give me a little more color on that?

No I think it's all I’m prepared to say at this point Kristine about what was in those numbers for the quarter. I don’t think there is more in the queue that speaks specifically to that other than of course I don’t think that it's a predictive necessarily of anything for the future.

Got it. Thank you.

Hey congratulations on the recent sales performance. It's been very impressive.

Thanks for the incremental guidance also regarding direct cost. If you could help us along the line items of salaries and related cost for the fourth quarter do you expect there to be favorable leverage there?

Or should we think in terms of the dollar amount if it will be similar on a year-over-year or sequential? Secondly the auction commission margin that you just gave us over Q&A was pretty healthy at 21.3%.

What about fourth quarter would you expect that to be in the 16% range similar to last year?

Well, let me try it on a Patrick question Oliver. I think as it relates to salaries and related there we don’t have yet any clarity or visibility in to what the company will earn in the fourth quarter because we haven’t had the sales yet.

That will be a significant influence on that outcome. As it relates salaries and related off-course migrates in terms of incentive comp quite materially based upon performance.

So that I could I try all Oliver but I can’t to give you any guidance against that numbers without the benefit of the performance of the remainder of the sales which are quite significant in the period. You then asked if we could again comment on the fourth quarter, in terms of auction commission margins and again while I don’t think you are going to get a bunch of guide forward guidance from us ever on auction commission margins, that’s not for want of ambition that’s because it is so keyed to individual transactions and events that have carries, promotes, shunts, pauses and a variety of different of commission strategies on transactions and consignments that I simply can’t aggregate it, put it in the blender and give you any substantive guidance in that regard.

I would point back to only Patrick’s comment that earlier this year buyer’s premium increase has materially helped in stabilizing those numbers. As I think there is one other chunk that you asked a question on that was salaries that’s commission margins, it was on we were…

We were also curious Bill if I may about your longer strategies, sales, we’re excited about the new study coming out. What do you think about the main ideas for consideration in terms of the growth in revenue synergies and also there is a lot of incoming I am getting in relation to some of the online new entrants in the auction world and Sotheby’s has been kind of a very high-end positioned auction house.

Do you have any thought there with how that strategy may evolve?

I have to ask for your patience in detailing some of the strategies that we intend to articulate in the early part of the New Year. I think it’s fair to say there is a fair amount of language out in the world around the low end versus the Internet versus other things which may or may not be significant market opportunities.

Again all I’ll say of what we think of as the low end is things worth $5000 or less Oliver. And for those works of our worth $5000 or less those represent something on the order of 1% to 1.5% of our total sales volume and somewhere between 15% and 18% of our numbers of transactions.

I juxtapose that with one of our traditional large competitors who last year had 51% of their lots selling for $5000 or less, contributing 1.9% of their sales. We don't believe that a business that’s contributing 1% to 2% of your sales and consuming 50% of your transactional activity is a smart bet for the future of our organization.

How we engage the web, how we build new supply chain models of folks so that you can really scale Internet-based transactions remains something really that we actively and keenly study. I think we are anything but passive on the subject of the power of the web and it’s support to the future of our organization.

How we specifically engage with new business models and with new offerings is something really that you are going to simply have to wait on.

Okay, thanks, best regards for the season.

Hi, good evening everyone. Congratulations on the beginning of this very strong fall season.

I did want to address the timing of perhaps take a stab at least adjusting the timing of the review. Is it would it be reasonable on our part to look for this to be concluded and announced either prior to, in conjunction with or after the reporting of fourth quarter earnings, and then I have a follow-up.

Marc, it’s Patrick. So far what we have communicated is it will be the early part of next year.

We’re going through a process as a management team and with our Board and so we don't have a specific date to communicate yet other than the early part of next year.

Okay, thank you and with regards to the inclusion of the expense controls next year to some degree anywhere I was wondering if there is any similarities I suppose that you would be looking at specifically compared to maybe some of the ones that were taken a couple of years ago, I would say when 2011-2012 the issue actually had a quarter there where you had a positive earnings report in the first quarter, which is highly unusual for the company and there was a time that was sort of in cost savings mode it seems. I was wondering if you see foresee pulling sort of the same types of levers as seeing that as some form of low hanging fruit in excess of whatever you come with through the review.

Thank you.

I think you were referring to the early 2009 expense reductions that we took in the face of what was at that point 70% year-on-year sales reduction. I think the outcome of that re-scaling of our cost structure was an aggregate reduction of almost a third of our global expenses.

I do not believe that what we’re seeing today is with sales growth and global participation in our business a proxy for what we were seeing three years ago, four years ago in those circumstances. So I don’t think it’s a mirror that should serve as good precedent that is in those sense a comment on the lack of seriousness or rigor of our process.

One last point and that’s for Patrick, quick question on that you mentioned as far as the tax rate and that seems to getting a sense of the mix of business. I would imagine that, that direction could continue given the growth rates that you are looking at as far as I know you are not necessarily going to point to guidance at the moment but would it be reasonable to look at that, we are looking at those types of growth rates as something where that tax rate could come down, continue to come down on the corporate level in the next couple of years?

Yes, very difficult to predict that, really depends upon where the business is coming from and that can ebb and flow over time. So it’s difficult to give you any guidance on that.

Thank you very much.

Thank you for your interest. Thanks for being on the call.

Wish us luck over the next month as we run through the conclusion of the fourth quarter and we’ll be back early to you in the New Year with as we indicated a strategic review. That concludes our comments and concludes today’s call.

Thanks very much.