We expect Ford to continue to improve its top-line, aided by gradual recovery in industry volumes, attributable to improvement in global economic conditions, improving market share in core markets, North America and Europe, and improved average realizations aided by new products. Solid growth in demand for cars in emerging markets, India and China, also augurs well for Ford's top-line growth. While scrapping incentive schemes boosted industry volumes, particularly in the US and Europe, during 3Q 09, we expect auto industry volumes to taper off at closure of the schemes over the rest of FY 2009. We believe that FY 2010 auto industry volumes will be suppressed by the absence of these incentive schemes. Hence, we expect only a marginal recovery in FY 2010 followed by relatively higher sales in FY 2011. We expect significant improvement in Ford's operating cash flows supported by improved top-line and operating efficiency. We believe that improving cash from operations coupled with Ford's efforts to reduce its high debt levels will lead to significant improvement in its balance sheet going forward. Hence, our outlook for the company remains positive.

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