I am very work on the actually the agreement that was reached in Europe within this context because I hope it will come down the successive pessimism and avoids deceitful feeling downwards spiral that could lead nowhere but to add recessive pleasures. Now looking at WABCO in this context, in the last two years we have more than fully leveraged to be coherent in our industry practically doubling our revenues. But we have increased capacity with the full awareness of the increased uncertainty (Inaudible) the global economy. We have indeed generating a super flexibility in our labor force. We have also pursued a strong build up of a strong infrastructure in emerging markets also diversifying the sources of revenues.

In other words, we have built a very resilient franchise WABCO that can anticipate and adapts to market fluctuations. After we go through the details of the third quarter achievements I’m going to share with you some very preliminary thoughts and assumptions around the market dynamics in the different regions of our world. And then I will share with you how this resilient company that we have built along the last two years can cope and adapt to market fluctuations.

Now looking at the first page on those results again we ended up the third quarter with a very solid growth up 30% reported 20% as we eliminated the impact of foreign exchange. Foreign exchange had a significant impact this quarter, leading to the performance gross profit margin of 29.1% versus 27.7% a year ago. Performance operating income of $94.5 million versus $56.4 million at the performance level and that translates into an operating margin of 13.4% just down from an all time record that we had seen during Q2 at 13.6%.

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