To summarize, our operations continue to surpass our expectations and as a result we have been able to deliver higher than anticipated distributions to unitholders.

We believe the higher monthly distribution rate of 10 cents per unit is sustainable, and is a reflection of the confidence we have in the current and future outlook for the business.

The outlook is favourable, and the early signs of an improving economy are beginning to show in demand from our end-use customers.

We mentioned the reduced emissions levels that Inco has committed to by 2006 and the positive impact that will have on Chemtrade as a result of our exclusive removal agreement with Inco.

For all of those reasons, we are confident about the immediate and long-term outlook for Chemtrade, and that we will continue to generate reliable and steady distributable cash for unitholders.