Jack Henneman – Chief Financial Officer Charles Link – Chairman and Chief Executive Officer Nicholas Vahanian – President and Chief Medical Officer.

Chris Raymond – Robert W. Baird Mara Goldstein – Cantor Fitzgerald Biren Amin – Jefferies & Company Stephen Willey – Stifel, Nicolaus Peter Lawson – Mizuho Securities.

Good morning, ladies and gentlemen, and welcome to the NewLink Genetics Corporation's Third Quarter 2014 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. (Operator Instructions).

As a reminder, this conference call is being recorded. I would now like to turn the call over to your host, Mr. Jack Henneman, Chief Financial Officer. Mr. Henneman, you may begin..

Thank you. Good morning and thank you for joining me, Dr. Charles Link, Chairman and Chief Executive Officer and Dr. Nicholas Vahanian, President and Chief Medical Officer, to the NewLink Genetics third quarter 2014 earnings conference call. Earlier this morning we issued a press release announcing our financial results for the third quarter of 2014.

Certain statements made during this call are forward-looking and actual results may differ materially from those projected in any forward-looking statements. Additional information concerning the factors that could cause actual results to differ is contained in our periodic reports filed with the SEC.

The forward-looking statements are made only as of the date hereof and the company undertakes no obligation to update or revise the forward-looking statements. I will now turn the call over to Dr. Link..

Thank you, Jack. Thank you for joining us today to discuss our third quarter results including the license and collaboration agreement with Genentech that we announced in Mid-October.

We will also discuss our enrollment and other expectations for clinical trial underway and the development around our infectious disease work and its relationship to the Ebola crisis.

On October 16, 2014, we and Genentech entered into an exclusive worldwide license agreement for the development and commercialization of NLG 918, a clinical stage IDO pathway inhibitor and a research collaboration for the discovery of next generation IDO and TDO inhibitors to be developed and commercialized under the collaboration agreement.

When the Hart-Scott waiting periods run which we expect to occur this quarter, NewLink will receive an upfront payment of $150 million. Over the term of the program, NewLink will be eligible to receive in excess of $1 billion in milestone payments based on achievement of certain developmental regulatory and sales milestones.

In addition, NewLink will receive escalating double-digit percentage royalties on Genentech’s sales of NLG919 and other products resulting from the collaboration.

Our ongoing clinical development and research collaboration will be fully funded by Genentech with limited exceptions pertaining to certain combination studies with NewLink’s HyperAcute vaccine which are permitted under the agreement.

In addition, NewLink has retained the option under the collaboration agreement to co-promote NLG919 and next-generation IDO, TDO products with Genentech in the United States, subject to certain conditions, if and when such products are approved for sale.

The agreement with Genentech is a very successful result of a highly competitive process and the achievement of one of our top objectives for the year. This is important for NewLink Genetics for several reasons. First, we and Genentech share a scientific vision.

The research collaboration is structured to permit the development of IDO, TDO pathway inhibitors concurrently with other drugs including PDL 1 and αGal combination in our own HyperAcute platform. Realizing the potential of these combinations has been our own true north since we founded the company.

Second, the scope and economics of the transaction amount to a serious external investment in and an implicit validation of our technology. Finally, the significant upfront payment potential for early milestones changed the funding landscape for our company.

We now have the flexibilities to optimize future financing to support our plans as importantly, this new money also enables us to add other therapeutic oncology assets to our pipeline as opportunities arise. Before I turn the call over to Dr.

Vahanian to review our clinical program, I will outline the basic technologies of our company for people who are new to the story. NewLink Genetics has two complementary immuno oncology platforms. The first is our HyperAcute vaccine technology, which features a wholesale approach to cancer immunotherapy.

NewLink’s HyperAcute immunotherapy platform creates novel, biologic products that are designed to stimulate the human immune system to recognize and attack cancer cells. HyperAcute product candidates are composed of human cancer cells that are tumor-specific, but not patient-specific.

These cells are then modified to express αGal a carbohydrate for which humans have pre-existing immunity. These αGal modified cells stimulate a rapid and powerful human immune response that trains the body’s natural defense as to seek out and destroy cancer cells.

The objective of HyperAcute immunotherapy is to elicit an anti-tumor response by educating the immune system to attack a patient’s own cancer cells. HyperAcute immune therapies do not require any tissue from individual patients and we use intact whole cells rather than fragment or purified protein.

We believe this unique property of HyperAcute products result in a stimulation of a robust immune response. NewLink’s other platform is centered upon the inhibition of the IDO pathway.

IDO pathway inhibitors are another class of immune checkpoint inhibitors akin to the recently developed antibodies targeting CTLI4 and PD1 that represent potential breakthrough approaches to cancer therapy. The IDO pathway regulates immune response by suppressing T-cell activation which enables local tumor immune escape.

Recent studies have demonstrated that the IDO pathway is active in many cancers. Both within tumor cells as a direct defense against T-cell attack and also within the antigen presenting cells in tumor draining lymph nodes whereby this pathway promotes peripheral tolerance, the tumor associated antigens.

When hijacked by developing cancers in this manner, the IDO pathway may facilitate the survival, growth, invasion and metastases or malignant cells whose expression of tumor-associated antigen might otherwise be recognized and attacked by the immune system.

NewLink has brought force to the clinic two unique IDO pathway inhibitors; NLG919 now partnering with Genentech, acts primarily as an enzymatic inhibitor of the IDO enzyme. We kept in doctor ward an IDO pathway inhibitor with a distinct mechanism action from NLG919 out of the Genentech deal and we will continue to invest in this clinical development.

Now, I will turn the call over to Dr. Vahanian to update you on our clinical program..

Thank you, Chuck. With that background, I will bring you up-to-date on our clinical programs. We have multiple HyperAcute vaccine programs in various stages of clinical developments including algenpantucel-L also known as HyperAcute pancreas. Tergenpumatucel-L, also known as HyperAcute lung.

Dorgenmeltucel-L also known as HyperAcute Melanoma and HyperAcute renal. Of these, the most important interim target pancreatic cancer and lung cancer.

With regard to former, we anticipate reporting of the second interim analysis results of the IMPRESS trial in the first quarter of 2015 with algenpantucel-L, our most advanced HyperAcute vaccine program.

The possible outcomes for the second interim include confirmation of continued study as designed for the preplanned endpoint of the 444 events which we expect in the second half of 2015.

The alternate outcome is, in the best case, a decision to move forward towards filing with the FDA on the basis of the interim data due to an improvement and overall survival as pre-determined by early stopping rule in the trial’s special protocol assessment.

Recognizing that, we have no basis of knowing which of these alternatives may arise from the second interim analysis. We note that the study was designed for the full 444 events. In addition, we expect the complete enrollment of our filler trial studying efficacy of HyperAcute vaccines in locally advanced pancreatic cancer in mid-2015.

Therefore, the reporting of the results will follow the accumulation of sufficient events just as with IMPRSS trial. It is an event-driven analysis in the upcoming months we will have a better idea of the timing of events driving interim and final results.

Finally, our HyperAcute lung cancer vaccine is being tested in a randomized Phase 2B study in advanced lung cancer. We expect to complete enrollment of this study in the second half of 2015. The reporting of results will follow the accumulation of sufficient events.

Clinical developments in the NLG919 and pipeline IDO, TDO program will henceforth be driven primarily by our collaboration with Genentech. So, we do not expect to report milestones except in co-operation with our partner. We do plan to continue studies of indoximod including in combination with HyperAcute product candidates.

These trials includes, one indoximod tested in combination with docetaxel, or paclitaxel in metastatic breast cancer. Number two, indoximod in combination with Temozolomide in advanced glioblastoma.

Number three, indoximod in combination with ipilimumab in advanced melanoma and finally indoximod in combination with Gemcitabine plus Abraxane in metastatic pancreas cancer. We expect to complete or substantially complete enrollment in these trials by the end of 2015.

The recently announced collaboration gives us possibility to focus our internal clinical resources which may ultimately affect the timing of these programs. Accordingly, we will provide further details concerning these and other programs when we have completed our clinical plan for 2015. Now, I would like to turn the call back over Dr.

Link to update you on our infectious disease platform more securely as it relates to Ebola.

Chuck?.

NewLink Genetics is primarily focused on cancer immunotherapy advancing multiple cancer vaccines and checkpoint inhibitors through pre-clinical and clinical developments. That has led us to develop a certain expertise in vaccines and that in turn has led to one of the few clinical stage vaccines against the Ebola virus.

We therefore find ourselves in the middle of one of the great infectious disease crisis of our age. Our goal is to advance the Ebola vaccine candidate with the help of our national and international partners and in term to aid the current humanitarian crisis in Western Africa.

We intend to do this in a thorough, ethical and scientifically sound clinical development plan, but accelerated to an unprecedented speed. We therefore, have two main objectives. First, we need to realize our ambitions as a cancer immunotherapy company.

As you have heard, we have achieved important things in that area this year and hope to do even more in 2015. Second, we entirely understand the great need for a medical solution to the Ebola crisis and we will there support all efforts to develop this potential vaccine. Both Dr.

Vahanian and myself and the rest of the NewLink team have frankly been amazed at the urgency with which the world has pulled together to solve this problem including especially the governments of Canada and the United States with respect to our vaccine candidates.

Our potential vaccine which we licensed in the Public Health Agency of Canada is based on attenuated vesicular stomatitis virus that expresses the Ebola like a protein. Our Ebola vaccine candidate has shown strong ineffective protection that is durable in non-human primate model.

Importantly, this vaccine has potential for post-exposure treatment, also according to non-human primate model. We have developed manufacturing capacity and can produce CNGP products in quantity that could scale to millions of doses in a few months depending on the dosage ultimately required for the intended use.

There are numerous Phase 1 trials underway and planned and our vaccine is already being administered to healthy volunteers at the Walter Reed Medical Center in the national incisive health. The first dose level in healthy volunteers at the Walter Reed Medical Center has been completed and the next dose level has begun.

The vaccine was well tolerated thus far, but the study is ongoing.

If these trials are successful, success being defined in terms of few side-effects in data that would give us an indication of a safe dose, far more extensive randomized trials involving thousands of patients will begin in the affected African countries, possibly as soon as the end of 2014 or the beginning of 2015.

These trials may tell us whether or not the vaccine is effective in human. We are well aware that further development of the distribution of the vaccine will take significant resources. Our objective to minimize the financial impact on the cancer therapeutics portion of our company.

To that end, we are working with different governmental and non-profit agencies 15 running for specific projects including clinical work the further development in manufacturing capacity.

In addition, we are exploring the potential for a collaboration of a larger pharmaceutical company that could complement and enhance NewLink’s development of the Ebola vaccine during this time of crisis and beyond.

Of note, the development of the Ebola vaccine program with the NewLink may serve to enhance our capabilities within the infectious disease realm. The infrastructure may support the development of other viral vaccines based upon the HyperAcute αGal technology.

Pre-clinical data suggests αGal has a potential to significantly enhance the immunogenicity of viral vaccine. We have more to say on this topic only when we have significant report. Finally, we have got many questions about the potential financial opportunity to NewLink in the Ebola vaccine.

We are focused currently on moving the Ebola vaccine forward in response to the African humanitarian crisis with a goal of obtaining regulatory approval to the vaccine. Our intent is to ensure the vaccine is available for clinical trials and for wide distribution during the crisis, should the vaccine demonstrate safety and efficacy.

Now, I will turn the call over to Jack for a brief discussion of our expenses and cash on hand.

Jack?.

Thank you, Chuck. Before we move to the Q&A, I want to touch on just a few items in the numbers. We finished the quarter with roughly $67 million in cash and equivalents. We anticipate receiving the upfront payment from Genentech in the next few weeks assuming the Hart-Scottt period terminates as we anticipate.

So we expect to finish 2014 with roughly $180 million in cash and liquid investments.

We use cash a bit faster in Q3 than in the first half of the year, but most of the increase was attributable to items that we do not expect to persist including investments in R&D and manufacturing capability for Ebola that we hope to recoup and access G&A to cover the CFO transition and legal fees in connection with the IDO, TDO collaboration.

Some investors have asked how we will account for the Genentech payments. That is the function of analytical work that we are still doing and we will discuss that when we report Q4.

We will have some federal and state corporate income tax payments associated with the upfront payment and we have factored those in to our estimates for cash on hand at the end of the year. With that, we will open up for questions.

To make sure, we can get to as many questions as possible, please limit yourself to one question and one follow-up and then get back in the queue.

Operator?.

(Operator Instructions) Our first question is coming from Chris Raymond with Robert W. Baird. Your line is open..

Hey, thanks guys and congrats on the progress this quarter. Just wanted to maybe explore indoximod a little bit.

So, you have the great deal with Genentech for 919 and I know that, you’ve expressed the strategy to continue and developing indoximod, but could you just sort of talk maybe give a little bit more color on how you think that this compound sort of fits into the portfolio going forward? I know you have this breast cancer trial and there was originally for example the plan to present that at the San Antonio Breast Cancer Conference and it sounds like maybe that’s pushed back.

But how should we sort of think about this now given the – what looks like there is a lot more focus now on 919?.

Right, thank you for the question, Chris. We are highly encouraged with the potential of indoximod as an IDO pathway in immuno modulator. In the 2101 study, we expect the patient enrollment to be completed in the second half of 2015 since, it went through an analysis we plan to provide additional guidance as the events accumulate.

So our guidance on the – when the analysis are going to be done, it will be dependent on the events and we will give forward guidance on that. As far as indoximod’s potential as I mentioned, it is – we are highly encouraged with this activity.

When you get these pre-clinical work that we – it has been published, the Phase I activity of indoximod’s biological activity Phase I (b) activity with docetaxel in combination, we are highly encouraged with that immune modulator in the IDO pathway. So we will continue with clinical development.

As I also listed, additional trial besides the one, you mentioned 2101, as we will guidance on when the events happen; we have Temozolomide in combination with indoximod for glioblastoma if you look at that in combination with indoximod in melanoma and also Gemcitabine Abraxane in combination with indoximod metastatic breast cancer as we push forward.

And also as I mentioned during the earlier discussion about indoximod complying with our own HyperAcute vaccine platform, we are very encouraged with its combination effects as well..

So, just looking on the enrollment and of the breast cancer trial, so, is that a surprise then to you that, it’s not going to be enrolled until the second half of 2015?.

We have – as you know, when the study first started, it was an 85 patient study, very early on in the study, we doubled the size. We are excited about indoximod and its potential. So it’s a larger study than we initially set out to do. But breast cancer is – as you know, breast cancer could be a challenging malignancy for enrollment.

But, we are confident that second half of 2015, we will complete enrollment..

Got it. And then, again, congrats..

Thank you..

Chris, if I may, I think it’s an important thing to understand that NLG919 and indoximod have different mechanism actions and because of that different mechanism of action, we kept and decided to develop indoximod ourselves and did not out-licensed it at our decision. .

Thank you..

Thank you. And our next question is from Mara Goldstein with Cantor Fitzgerald. Your line is open..

Yes, thanks for taking the question. I guess, I have a question just about the HyperAcute platform and the trials that are currently running and given the cash influx from the Genentech transaction.

How that plays into sort of strategically advancing these trials that affect the pace on what we might be able to think about with respect to that?.

So, Mara, as you know, the HyperAcute platform allows us to make vaccines against pretty much any tumor type we would like if we use different cells with that specific malignancy.

But one of the fundamental premises that we found at NewLink on was the belief that the combination of cancer vaccines to stimulate the right population of T-cells, followed by checkpoint inhibitors, what is really the penalty and the goal.

And so, with the collaboration with Genentech, and with future studies we’ll be doing with HyperAcute in combination with indoximod and HyperAcute in combination with other checkpoint inhibitors, these resources allow us finally to do the combination studies that we have really felt are fundamental to the field, because it’s not just having an effective checkpoint inhibitor that’s an important.

Although, those are obviously a very active class of drug and very breakthrough, but if you can develop the right T-cell population, before bringing in the checkpoint blockade, the pre-clinical data is very clear that you can get more effective and more rapid tumor destruction..

Okay, well..

Yes, I am here..

Okay.

So, you know, from that perspective, the idea around the combination phase is really gaining factor with whatever relationship you have with Roche then is that how we should think about it?.

So, through the Roche, Genentech collaboration, with NLG919, we believe that there is an opportunity, both to combine NLG 919 with other checkpoint inhibitors that Genentech currently has and to do combination with NLG919 and our HyperAcute vaccine. So the intention is to do both categories of experiment..

All right, thanks so much..

Thank you, Mara. .

Thank you and our next question is from Biren Amin with Jefferies. Your line is open..

Yes, thanks for taking my questions. Maybe I just want to start on the pillar trial which in locally advanced pancreatic cancer with indoximod.

So, I just want to clarify the timeline for that trial?.

I don’t – it’s not with indoximod..

No, sorry, I mean, it’s with HyperAcute, it’s a HyperAcute pancreatic vaccine..

Yes, I’m sorry, what’s your question again, there?.

So the question is, could we get a timeline for that trial?.

Yes, we anticipate competing enrollment in the pillar trial which is 280 patient trial, Phase III trial where HyperAcute pancreas vaccine algenpantucel is being tested in the locally advanced pancreatic cancer population. We expect to complete enrollment in the second half of 2015.

Again, since it’s an event-driven trial, survival trial, we will give forward guidance in the upcoming months. The interim as well as the final announcements..

And what type of OS difference have you assumed for that trial?.

We have not disclosed at this point statistical details of the trial. But historically, those populations in locally advanced, as you know, some were around 12 months is the survival time for the locally advanced pancreatic cancer..

Got it and then, I just want to clarify on an earlier question on the indoximod plus docetaxel trial in metastatic breast cancer. I think previously the company had stated that we would get preliminary data by year end or early next year. And so, just, and given your timeline the enrollment is going to finish in this trial in the second half of 2015.

Just trying to reconcile the two statements, I guess..

Sure, I am glad you actually got it accurately, Biren. Our guidance was, second half – end of 2014, early 2015, Q1 2015 for preliminary analysis. At this point, we are not giving anymore guidance because it’s an event-driven trial.

We are giving guidance on the enrollment and based on that and the events have occurred, we will give guidance on the interim and the final analysis regarding the trial..

And, Biren, this is Chuck. We don’t have any outcome data on that trial as yet..

Great. Thank you..

Thank you and our next question is from Stephen Willey with Stifel. Your line is open..

Yes, hi, good morning.

With respect to IMPRESS, I guess, can you just give us an idea as to where median OS of the entire study population appears to be tracking to at this point and maybe just talk a little bit about what you guys are dong, maybe ahead of this events trigger to make sure that any impact from censoring is being minimized?.

Hi, Steve. Nice to hear you this morning.

As you are aware, we’ve given guidance that the overall median in the IMPRESS trial is in the high 20s and our belief is that, given historical data, given the history of post-resection in pancreatic cancer in the United States, that the expected overall median will be in the high teens to low 20s and that there has been a very consistent outcome in resected pancreatic cancer over the last 10, 20, 30 years that really hasn’t changed.

So we remain with that guidance. And we think the timing of the second interim analysis is consistent with that, that mathematical models that we’ve done. Our view is that, there is a lot of internal work that we need to accomplish much of which is – going on to begin to develop our commercialization team.

We have done now an extensive amount of commercialization planning. We are hiring very actively different members and different components of the commercial teams, some that which we hired, some that which are coming on board and are being interviewed now.

Our intention is to commercialize the algenpantucel-L, post-resection pancreatic cancer indication in the United States ourselves. The reasoning behind that is, if you look at pancreatic cancer surgery, we believe that somewhere between 100 to 120 treatment centers roughly in the United States represent 80% to 90% of all pancreatic cancer surgery.

And so, there is a fairly small number of fixed points, because this is a territory referral surgery that patients are referred to get this type of complicated complex surgery that turns out to be really important for survival shift during the surgical part of the treatment and we believe with a relatively modest sales force that we can do that.

So that means, that developments with regard to drug supply, using large-scale contracts, manufacturers to be able to supply the potential demand in the United States for the product and that means a lot of planning and effort to prepare commercialization teams.

And parallel of course, all the activities related to the clinical trial analysis and preparation of data in format in completeness that is required for the food and drug administration is very important.

In particular, you mentioned censoring, it’s a very important issue which is not just a matter of the number of deaths in the trial, it’s a matter of making sure that is up-to-date real-time information in the database that a patient is in life so that they are fully supported through their length of survival in the log rank analysis.

An important distinction is to understand that this trial is not comparing medians, it’s comparing the log rank analysis of the two curves to discern the effect and the benefit from the vaccine, potential benefits from the vaccine..

Okay. Thanks, and, I know Nick, you had mentioned other indoximod studies that are up and running.

I guess, given that enrollment in the breast cancer study, I guess, it’s now second half of 2015 event, at least the completion of enrollment, any kind of guidance around when some of these other indoximod studies maybe reading out from a top-line perspective?.

In the early 2015, we will put out a full plan as – thank you for the question, because, again, indoximod, we are highly encouraged with its potential as a IDO pathway modulator and we will put full emphasis on the clinical development plan, we’ll share that early 2015.

But the breast cancer study that you mentioned, study enrollment completion in the second half, but obviously, interim analysis and final analysis data could differ. We will give guidance around that when that would happen.

And additionally, other trials as well, beginning of the year and some of the other combination studies with own HyperAcute platform, we are highly excited about. We will also give guidance around that with indoximod combinations as well..

Okay, and then, maybe just a quick financial question for Jack. I guess, I am trying to reconcile your 3Q ending cash balance and your yearend cash guidance, I guess, it implies about $40 million of cash flow utilization in 4Q and I think there was some mention around taxes in conjunction with the recognition of the upfront.

Is it safe to say that it’s taxes that’s seemingly driving that step-up in cash utilization?.

Yes, taxes and a little bit of rounding down. We don’t know that final tax number, but it’s going to be, call it in the ballpark of $25 million, but that could go a little bit either way..

Okay, that’s helpful. Thanks guys..

Thank you. And our last question is from Peter Lawson with Mizuho Securities. Your line is open..

Hey, Chuck. Just – I may have missed this, I am really sorry.

But, when do you think you could see Phase III pillar data? Is that still 1Q and then the IMPRESS interim, is that still 1Q, 2015 you get the interim data?.

I am sorry, would you repeat that again, Peter please?.

Just data around the Phase III trial sort of the pillar, is that still 1Q with the data and then for the interim analysis on IMPRESS, is that sill the 1Q, 2015?.

I’ll answer the question with regard to IMPRESS and pillar trial. If I have an answer to your question please, ask again. IMPRESS trial, as you know, it’s event-driven 333 events. We anticipate reporting of the analysis in the first quarter of 2015. The final analysis is necessary where the IMPRESS trial will be at 444 events.

And we expect that in the second half of 2015 if it’s necessary. That’s the IMPRESS trial. Pillar trial, we anticipate completion of enrollment in the second half of 2015 or around the mid-2015 for the pillar trial. And we will give guidance since it’s an event-driven analysis as well as events accumulating we will give further guidance on that trial..

Great, thank you. That helps.

And then, indoximod, we should be thinking about and the preliminary Phase II or Phase I 2 data for that until the second half of 2015, is that right?.

I wouldn’t make that conclusion. Right now, the guidance that we are giving is about study completion. We will give additional guidance on potential interim analysis and then the final analysis..

Which indication the indoximod yield data first you think?.

The most advanced trial is the – or the largest trial is in breast cancer trial 2101 where we combined indoximod in combination with docetaxel, or paclitaxel in metastatic breast. However, we may get reports prior to that in Temozolomide trial with glioblastoma or other trials that I listed, but the most advanced trial.

It’s a 152 patient randomized study. The trail enrollments will be completed in the second half of 2015, but again, interim analysis, we haven’t given guidance on that, yes..

I mean, just finally a question around resources.

How you split them internally over oncology versus Ebola and this Ebola project kind of delayed any of the oncology projects?.

No, the Ebola resources have been fully supported by governmental agencies and there is basically a number of different non-profit and other government agencies that are continuing to actively support the program.

That includes all the conduct as a clinical trials at the National Institute of Health conduct of clinical trials at Walter Reed Medical Center, a consortium of trials that’s being run by the World Health Organization in Geneva, Germany, Gabon, and Kenya. And the large Phase III pivotal trial.

So the resources for those are coming through those collaboration of the government agencies and that is not having an adverse effect on the advancement of our cancer immuno oncology programs..

Peter, if I may add to that, as Chuck mentioned earlier, there has been a tremendous effort and support internationally and here in the US from various government agencies in this program.

As a result of that, since the beginning of the crisis, with that support, we have hired immediately staff as our outside consultants helping us with this project..

Got you. Thank you. That really helps..

Thank you. I am not showing any further questions at this time. Dr. Link, please proceed with any closing remarks..

Well, we appreciate everybody calling in today and listening to us. We are obviously very excited about our accomplishment in 2014 and look forward to making even more progress in 2015. Everybody have a great day..

Thank you. .

Ladies and gentlemen, thank you for participating in today’s conference. This does conclude the program and you may all disconnect. Everyone have a great day..