We debuted at the Paris Air Show the all-new Ford Ka, a stylish sub-compact car that goes on sale in Europe late this year and is featured in the new James Bond movie, Quantum of Solace, and launched the Ford Focus in China and Ford Escape in key Asia-Pacific and Africa markets.

Slide 6 details some of our key business accomplishments this quarter. We improved the vehicle quality again, marked four consecutive years of progress, Ford Lincoln Mercury vehicles collectively reduced things gone wrong by 7.7% compared to last year, pulling into a statistical tie with Honda and Toyota, and topped the list of Seven Major Auto makers in the U.S. Global Quality Research Systems Study. We achieved a leading number of top safety picks from the U.S. Insurance Institute of Highway Safety with the 2009 Ford Flex and the Lincoln MKS earning top honors. This builds on Ford’s achievement of the most U.S. government five-star safety ratings in the automobile industry. We reduced North America’s salary personnel cost by about 15% and reduced hourly personnel by about 3,000 since the end of the second quarter.

On October 8, Volvo announced restructuring plans to reduce salaried personnel by an additional 3,300 and agency personnel by an additional 700, bringing the total planned Volvo personnel actions to about 6,000 world-wide since June, equal to about 25% reduction. Ford Credit continues to execute its funding plan and increased its liquidity available for use to about $25.0 billion despite a very challenging credit market. Ford Credit continues to support Ford’s core business.

At this point I would like to turn it over to Lewis to go through the third quarter results in even more detail, Lewis?

Lewis Booth – Chief Financial Officer

Thanks Alan. Let’s move on to slide 8, which provides more information on our third quarter results. Start to your lower left, our net loss for the third quarter was $129.0 million. Our net loss included minority interests in profitable affiliates. This net loss also included $462.0 million of tax benefits, more than explained by an adjustment for accounting standard FAS 109 which relates to our deferred-tax asset evaluation allowance which may at least be partly reversed in the fourth quarter. Adjusting for these items leaves a third quarter pre-tax loss of $540.0 million. These results include favorable pre-tax special items of over $2.2 billion and we will cover these on the next two slides.

Excluding these special items, we recorded a third quarter pre-tax operating loss of over $2.7 billion. Most of the following slides will focus on these pre-tax operating results. Now on to slide 9, which covers special items in the third quarter, we recorded a charge of $197.0 million, largely related to hourly and salaried personnel reduction programs in the U.S. Largely offsetting these changes was a $320.0 million gain due to reduction in the number of personnel in our job security benefits reserve, primarily due to changes in the ACH plan. We also incurred $94.0 million of charges primarily related to personnel reduction programs in Europe, Australia, and Volvo. Finally, the $2.3 billion improvement near the bottom of the slide primarily represents the curtailment gain related to the VEBA agreement with the UAW. We will provide more information on the VEBA agreement on the next slide.

On slide 10, during the third quarter, related to our UAW retiree health care settlement agreement, we received court approval and successfully concluded our pre-clearance review of the accounting treatment with the SEC. As a result, we recognized a curtailment gain in excess of $2.0 billion. This was included as a special item on the prior slide. This, and other efficiencies, resulted in ongoing health care cost savings of about $2.0 billion, about the same as our earlier estimate. About half of these savings will be recognized this year, with all of the savings being recognized in 2009. The annual ongoing net cash flow benefit is about $1.0 billion, unchanged from our earlier estimate. The net cash savings include health care savings of $1.6 billion, offset by interest on the debt that will be used to settle the health care obligation. Between the third quarter effective date and year-end 2009 implementation date, all income and expense related to UAW retiree health care will be defined as a special item. This reflects Ford’s obligations to pay into the new VEBA are capped, as provided in the settlement agreement and that all related amounts will be eliminated on an ongoing basis after 2009.

Moving to slide 11, I would like to talk about the status of our ACH divestiture actions. ACH was formed in October 2005 with 17 plants, two of which were subsequently transferred to Ford. It had two missions: to ensure continuity of supply and the support of new product programs while improving quality and cost, and to sell or close its facilities by year end 2008. The status of divestitures at the end of this year will include five plants sold, two plants closed, and two additional plants to close by year-end. Looking forward, a fifth plant is scheduled to close in 2009 and a sixth scheduled in 2010. While we remain engaged in discussions with prospective buyers for three of the four remaining plants, we currently expect that we will continue to operate at least a portion of these plants. We have made good progress to date, while limiting the need to invest substantial incremental resources in these businesses. We are intent on transitioning these businesses to the supply base as soon as practical in an orderly and economical manner.

Turning now to slide 12, this shows our pre-tax operating results by sector. The third quarter pre-tax operating results were a loss of over $2.7 billion. These results included a loss of $2.9 billion for the automotive sector and a profit of $159.0 million for Financial Services. Let’s move to slide 13, which shows pre-tax operating results for each of our automotive operating segments and other automotive. We will focus here on other automotive and then cover the operations in detail on the next slides. In the third quarter other automotive was a loss of $411.0 million. The net interest expense was higher than our previous expectation, primarily due to lower returns on our cash portfolio. Given the continued turbulence in the financial markets and the impact that this has had on our portfolio returns, we are not going to provide guidance on net interest expense at this time.

Slide 14 shows the change in third quarter results compared with a year ago, a deterioration of $2.5 billion. Compared to 2007, volume and mix was $2.1 billion unfavorable, primarily due to lower volume and unfavorable mix in North America and Volvo, partly offset by improvements in Europe and South America. Net pricing was $200.0 million unfavorable, more than explained by declines in North America, partly offset by improvements in South America and Europe.

Costs were $300.0 million favorable and we will cover this on the next slide and exchange was about flat. Net interest and related fair market value adjustments, were $400.0 million unfavorable, primarily due to lower cash balances, lower interest income rates, and portfolio losses and finally, the non occurrence of Jaguar Land Rover profits in 2007 also adversely affected the year-over-year comparison by about $100.0 million.

Now to slide 15, which explains our year-over-year cost reductions, which were about $3.0 billion in the first nine months, including $300.0 million in the third quarter, net product costs were $300.0 million higher for the first nine months, more than explained by commodity cost increases and higher product content, partly offset by material cost reductions. In the third quarter net product costs were up $900.0 million, more than explained by higher commodity costs and unfavorable mark-to-market adjustments on commodity hedges, which reversed gains recorded earlier in the year. Warranty expense was about $200.0 million lower, mainly due to favorable first quarter adjustments to Ford of Europe warranty reserves reflecting improved quality. Manufacturing and engineering costs were about $700.0 million lower, more than explained by the continued benefit of our restructuring actions in North America.

Spending-related costs improved by $900.0 million, primarily reflecting a non-recurrence of accelerated depreciation and amortization for facilities that we recently closed and lower depreciation expense related to the North American asset impairment at the end of the second quarter. Pension and retiree health care expenses were $700.0 million lower, primarily reflecting health care efficiencies, and overhead costs were about $600.0 million lower than a year ago, primarily due to our restructuring actions and advertising and sales promotions were about $200.0 million lower than a year ago.

On the next section of slides we will cover each of the automotive operations starting with North America on slide 16. Third quarter wholesales were 462,000 units, down 187,000 units compared to the same period in 2007, primarily reflecting the decline the U.S. industry saw of 16.2 million units in the third quarter of 2007 to 13.1 million units, and a decline in U.S. market share from 13.4% to 12.4%. In addition, during the last quarter we reduced U.S. dealer stocks by over 80,000 units, compared to the reduction of less than 20,000 during the same period a year ago. Third quarter revenue was $10.8 billion, down $5.9 billion from a year ago, consistent with lower volumes, unfavorable model mix, and lower net pricing. For the third quarter Ford North America reported a pre-tax loss of about $2.6 billion, down about $1.6 billion from a year ago.

Slide 17 provides an explanation of the change in North American results compared with a year ago. Volume and mix was about $1.9 billion unfavorable, primarily reflecting the decline in U.S. industry volumes, unfavorable product mix, lower dealer stocks, and lower market share. Net pricing was unfavorable by $400.0 million, more than explained by higher retail incentives in the U.S. and Canada. Volume and mix and net pricing both were adversely affected by very low production of full-size pickup trucks during the third quarter of 2008, as we sold down dealer stocks of the 2008 models prior to the launch of the new 2009 model.

Cost changes were over $500.0 million favorable, primarily reflecting $1.2 billion of lower structural costs, including lower pension in OPEB and spending-related manufacturing and engineering and overhead costs. The structural cost reductions were partly offset by higher commodity costs, including unfavorable mark-to-market adjustments on commodity hedges because of the recent declines in commodity prices, which reversed gains recorded earlier in the year, and exchange is about $200.0 million favorable.

Slide 18 provides an explanation of the deterioration in North America for the third quarter results compared with the second quarter. Volume and mix was $1.3 billion unfavorable, primarily reflecting declines in dealer stocks. The U.S. industry saw a reduction from $14.6 million units to $13.4 million units and U.S. market share from 14.4% to 12.4%. Net pricing was $100.0 million unfavorable, more than explained by higher retail incentives. Cost changes were $100.0 million favorable, primarily reflecting $600.0 million of lower structural costs due to lower manufacturing engineering, spending-related on pension and OPEB costs. The structural cost improvements were partly offset by unfavorable mark-to-market adjustments on commodity hedges and higher commodity costs. Exchange was $100.0 million favorable and other was $100.0 million unfavorable.

Slide 19 shows U.S. market share for Ford and Lincoln Mercury. For the third quarter our market share was 12.4%, including 9.3% for retail and 3.1% for fleet. Retail market share declined by over 1% from last year, primarily explained by segmentation shifts away from full-size pickups and traditional SUVs. Fleet share increased by two tenths of a point from last year, primarily reflecting a slower decline in fleet sales relative to the overall decline in the total industry.

Slide 20 provides a summary of actual unprojected cost reductions in North America. In the third quarter operating-related cost reductions totaled $500.0 million, compared with a year ago. Net product costs were about $700.0 million unfavorable, with material cost reductions more than offset by high commodity costs and added product features. Structural cost reductions totaled $1.2 billion in the third quarter, compared with a year ago. The favorable change includes about $250.0 million for reduced depreciation from the fixed asset impairment in the second quarter. Hourly and salaried personnel in North America totaled 80,000 at the end of the third quarter, down 5,000 people from the end of the second quarter and we remain on track to achieve or exceed our $5.0 billion cost reduction target.