Thank you, operator and good morning, ladies and gentlemen. Thank you for joining us for our conference call and webcast today.

As usual, joining me today is Rohit Bhardwaj, our Chief Financial Officer. Before I commence the review, I would remind you that our presentation contains certain forward-looking statements that are based on current expectations and are subject to a number of uncertainties and risks and actual results may differ materially.

For further information identifying risks, uncertainties and assumptions and additional information on certain non-IFRS measures referred to in this call can be found in the disclosure documents filed by Chemtrade with the Securities Regulatory Authorities available at sedar.com. Please note that our comments on financial results on this call include the results of the Montreal business although it has been disclosed as a discontinued operation in our financial statements.

There were three factors that are very positive effects on our first quarter 2015 sresults compared with the first quarter last year. First of course is the full quarter contribution of the General Chemical business whereas last year it was only included for two months.

Additionally, our acid business is performing well and finally, the strong U.S. dollar had a positive impact on revenue.

So it was a good start to the year. For the first quarter of 2015 we generated distributable cash after maintenance capital expenditures of $41.7 million or $0.61 per unit compared to $14.3 million or $0.26 per unit for the same period last year.

Our adjusted EBITDA for the quarter was $58.1 million which is an improvement of $34.3 million over the first quarter of this year. The inclusion of the additional mark of General Chemical accounted for approximately $8.4 million of the improvement and foreign exchange approximately $5.8 million.

The balance was due to the lower corporate costs, primarily acquisition related costs in January last year. From a distributable cash perspective, the quarter also benefited from lower maintenance CapEx spending and our anticipated run rate.

We still expect maintenance CapEx for the year to be about $50 million so the catchup will be reflected in the results during the balance of the year. Business conditions continue to be stable during the quarter and demand for most of our products remains consistent.

The acid market is strong and this produced solid results for SPPC and international. WSSC produced good results although there are comparative forces in the water solutions part of that segment.

As we noted on recent calls, we are taking initiatives to enhance our leadership position in water treatment industry including the building of new PAC facilities. The first one at our East St.

Louis site will soon by staring and it is expected to be producing by the end of June. We have plans to build a number of additional facilities at other Chemtrade sites over the next few years.

To summarize, we had a solid start to the year. Our businesses are all performing well.

We are reaping the full benefits of our integrated operations as well as solid demand for acid and benefiting from a strong U.S. dollar.

Rohit will now provide you some additional details on the first quarter financial results. Rohit?

Thanks, Mark and good morning everyone. In general, our businesses performed well during the first quarter of 2015.

Comparisons with last year was still affected by last year's acquisition as 2015 results includes General Chemical's results for the full quarter, whereas 2014 results include them for only two months. Also during the second quarter of 2014 we announced the sale of our Montreal East business to Suncor.

For the purposes of this call, 2014 results other than distributable cash do not include results from the Montreal East business. Revenue for the first quarter of 2015 was $326 million, an increase of $59.9 million over 2014.

The primary reason for the increase were the additional month of revenues from the General Chemical business and the positive impact of the stronger U.S. dollar on U.S.

denominated revenues. Additionally, the international segment realized increased revenues due to higher volumes and higher prices of sulphuric acid compared with the same period of 2014.

For the three months ended March 31, 2015 distributable cash after maintenance CapEx was $41.7 million or $0.61 per unit compared with $14.3 million or $0.26 per unit in 2014. Please note that the first quarter of 2014 included a substantial amount of acquisition related costs.

Also the per unit amount is based on a weighted average number of units outstanding of 68.5 million units in the first quarter of this year versus 55.5 million units outstanding last year. Adjusted aggregate EBITDA for the first quarter of 2015 was $58.1 million compared with $23.8 million in the first quarter of 2014.

Turning to segmented results for the quarter, SPPC generated revenue of $160.8 million and adjusted EBITDA of $40.4 million compared with $137.8 million and $30.6 million respectively in 2014. The main reason for the increased revenue and EBITDA was the inclusion of the General Chemical business for the full quarter.

The higher EBITDA also reflected the positive impact of the stronger U.S. dollar of approximately $3.6 million.

WSSC reported first quarter revenue of $108.3 million compared with $87.8 million in 2014. EBITDA was $29.2 million compared with $24.9 million in 2014.

The higher revenue and EBITDA generated in this segment is primarily due to the inclusion of results for the acquired business for the full three months compared with only two last year and the impact of the stronger U.S. dollar.

International reported revenue of $57 million for the first quarter compared with $40.5 million in the first quarter of last year. EBITDA for the quarter was $4.8 million compared with $3.4 million last year.

The higher level of revenue and EBITDA reflect the impact of the stronger U.S. dollar as well as high volumes and prices of sulphuric acid in international markets.

Maintenance CapEx in the first quarter were $3.7 million which was the same as the first quarter of last year. As Mark mentioned, we expect maintenance CapEx for 2015 would be approximately $50 million.

So spending in Q1 was well below the run rate. However, this is mostly a timing issue and we believe we will reach our expected spending level as the year progresses.

Excluding unrealized foreign exchange gains and losses, corporate costs during the first quarter of 2015 were $16.3 million which was $18.8 million lower than the first quarter of 2014. The primary reasons for the lower cost are $17.7 million of acquisition related costs and realized foreign exchange losses incurred in the first quarter last year.

Additionally, LTIP expenses were $3.7 million lower than the first quarter of 2014. Our balance sheet at March 31 was in sound shape.

We had drawn about U.S. $501.7 million on our senior credit facility.

Our term loan is fully drawn, but we maintain about U.S. $408.9 million of undrawn capacity on our U.S.

$500 million revolving credit facility which provides us with ample liquidity. During the quarter, we amended our credit agreement by extending its term by one year to 2020 as well as a few other enhancements.

I'll now hand it back to Mark.

Thank you, Rohit. Results for the past three quarters have provided a clear [ph] picture of the enhanced earnings of the enlarged Chemtrade and we believe that these earnings are sustainable.

We're very pleased with the integration and the potential for additional organic growth that is starting to emerge. We've already talked about the PAC plants we are building and how they will provide incremental earnings over time.

There are other opportunities as well and I will be reviewing those at our Annual Meeting which takes place this morning in Toronto. These opportunities are attractive because they require relatively nominal capital that extends our business and markets and our products that we already manufacture.

So in summary, we're pleased with the start of the year and remain confident that our portfolio of businesses, business models, strong balance sheet will allow us to sustain our distributions to our unitholders. We thank you for your attention.

A quick note of appreciation for those of you on the West Coast who got up to participate in the call and right now I would now be pleased to answer any questions you may have.

Great, thanks. Good morning everyone.

Hi Nelson.

So, Rohit you mentioned the maintenance CapEx, you've maintained your guidance for the year. Can you talk about the seasonality in terms of which quarter will be the highest on your list in terms of the spend?

Well, I would say that the highest will still be the back half of the year, so Q3 and Q4 should be the highest.

Okay that's great. And then, I was just looking at the working capital increase.

It looks like its seasonal, but I just wanted to confirm that it was normal in terms of the increase in working capital in Q1 and what does it generally relate to, I noticed cash taxes paid were a bit higher too?

Yes, so there were a couple of things that happened in Q1 and it is seasonal. One of it is if you recall we booked significant amount of maintenance CapEx in Q4 of last year, so that all got paid out in Q1.

We also financed the Hydor-Tech acquisition, which come out of cash flow in Q1. We also had, the cash factors you mentioned, those relate to the – there were some tax items that we had inherited as part of the General Chemical acquisition for which we got a price reduction, but those were partly due in the first quarter of 2015 and there will be another payment probably in Q3 as well.

But other than that it was kind of normal stuff and you should see working capital work its way back down for the rest of the year.

Okay, thanks. And then in terms of growth and acquisitions, I was wondering whether what's your view in terms of entering the chloralkali space given your water treatment footprint and your use of chlorine?

Is it something for sale?

Yes, look, the chloralkali itself is actually at a high level it sounds like it’s a chemical that fits our portfolio. It depends on two things, one is actually where the facility is, because chlorine used to find a hole, which are going to make costs stick or vice versa.

But secondly from our perspective where we've always looked at actually is the cyclicality of earnings and as a general statement chloralkali is a cyclical industry. So depending on the size of the acquisition and the stability of the earnings of what we're buying is imminently not being appropriate asset for us, so as a general statement.

Okay. And then just one last question, you mentioned that FX was a tailwind, can you just remind me about your hedging strategy for FX?

So, we don’t have any kind of short-term hedges. What we did was when we financed the General Chemical acquisition, we put all of our banks debt in U.S.

dollars which acts kind of a long-term hedge and also as you know, our intention currently with the excess cash that we generative, which is primarily U.S. dollars is to pay down that U.S.

debt. So from that economic perspective fluctuation in the currency won't have much of an impact for us.

They clearly affect our financial statements and from a competition perspective, and that's where our strategies are getting things to short-term hedges.

Okay, thanks. Those are my questions.

Thanks.

Hi, good morning.

Good morning Joel.

It looks like sulphuric acid has been trading about sideways in the U.S. in recent months.

Maybe you could talk about that and talk about maybe some of your specific outlook for the sulphuric acid business and maybe for the water coagulant business too?

Yes. So the tone and parts of the sulphuric acid market a little bit right is that come under the software [ph] and the merchant sulphuric acid market is actually I'll say is strong deferment right, is there is indications of that due to some supply reductions and the U.S.

economy running well is that there should be we think some upward pressure on merchant sulphuric acid pricing. So that's one of the comments that you see reflected in our statements.

The second statement is that with cheap oil is it seems like Americans are driving more and buying bigger cars and all that kind of good stuff. So that if you look at refinery utilization rates in the U.S.

they seem to be creeping up which has a knock on effect as you know Joel on the regen acid we sell to refineries. So net-net is, we're cautiously optimistic, mildly positive, fixed [ph] terminology on our aggregate acid business going forward.

In the water business, as we mentioned this before too is we're the largest market share guy in the inorganic coagulant business and particularly in the alum business. It doesn't surprise us that a couple of local competitors want to take shots that the new guy which we saw some of that and but as you remind, I guess everyone on the phone, anyone else that wants to listen is we're basic in sulphuric acid which is the key raw material for our products.

We like the business. We continue to like the business and we are looking to expand it.

Some of which we mentioned on our call and I'll add a couple more tidbits on that at our AGM, but some margin pressure from some regional competitors, but all-in-all it's a great business for us.

Okay, returning to the U.S. dollar thing here, how much of this you think you could afford if the spot currency dollar to hold [ph], how much of what you achieve or gain in Q1 in the earnings and the dollar strength, can you maintain for rest of the year?

Well, we just kind of, in our MD&A we mentioned the sensitivity. So, basically we spend what $800,000 per year on a de-cash basis for every penny movement and this year I am absolutely looking at it in terms of the Canadian dollar per U.S.

dollar, so the way you are looking at it and for a rough, if you want to look at EBITDA that will be roughly double lag and like a dollar, so the average about a $1.24 in Q1. So if you say $1.24 that's a year you can kind of do the math and see what the impact would be based on that sensitivity.

Okay, a couple more for me on corporate cost, would we expect corporate cost to be flat around here or we've seen other years, directly we've seen other years will Q2 and Q3 corporate cost tend to come down?

Yes. So you know, in general what we've said is our kind of normal corporate cost should be about $45 million a year and in Q1 it was a higher run rate, but when you look at it there was a realized FX loss about $1 million.

Some of our corporate costs are denominated in U.S. dollar, so they led up the exchange impact on that too and then of course the output can fluctuate based on mark-to-market adjustments.

So you got to factor all that in, but there's no other reason why Q1 should be any higher than any other quarter.

But you're maintaining the 45 or more like 50 with U.S. dollar?

The U.S. dollar is firmly very closer to 50.

Great and finally for me, because the U.S. dollar debt, your leverage has moved up a bit here and your targets are two times you're now higher than that.

You know where are you on the leverage and what do you want to do and when could we see you being more comfortable at looking at a larger acquisition, you need to be that beyond the two times target and will not take a bit longer because of the U.S. dollar?

Thanks.

And I guess U.S. is the, I mean just going back to just the first question, I would answer is you pickup spot ForEx during the quarter right and your debt is mark-to-market on the last day of the quarter right, so there's sometimes a mismatch of that.

It is, we've said for years as, that we'd like to actually push ourselves back down to about two times debt to EBITDA. We are actually not uncomfortable where we are.

We were uncomfortable where we were post the General transaction. It's just a matter of stability of earnings and covenant room.

We just think that on a long-term basis we'd rather be closer to two than over three. So we're working in that direction.

So for the - we're always looking to grow the business and taking on some additional leverage to growth the business with the right assets with the right earnings portfolio and the right covenant package from our senior lenders is if we find that right opportunity we'll execute that.

Okay, thank you very much.

Thank you, and good morning. A few questions are already answered, but just curious, can you elaborate a bit on the Hydor-Tech acquisition, was that a positive contributor in the quarter?

And secondly, on the CapEx side, what should we expert for non-maintenance capital for the rest of the year?

Yes, I'll take Hydor and let Rohit talk to CapEx. Yes, the Hydor-Tech was a positive contributor for the quarter, but it's not a material contributor.

The purchase price was a little solid for $28 million bucks. Right?

So, yes.

Yes.

You have to assume you know, as a normal multiple, a normal return on capital and then do it on a monthly basis, it's nice for the quarter, but it is not material which is why we didn't news release it and so.

And on the CapEx side we've said that we expect to spend $10 million to $15 million, the timing of that sometimes can slip a little bit, but that's kind of what we expect to spend in 2015.

Great, thank you.

Thanks.

Good morning. Just a couple of questions on the cash flow statement.

I see your line went up, you drew your line down rather by about $86 million and the only reference I could find to that in the MD&A was the acquisitions, so I am just wondering what's the balance of what's going on in that number?

So there, there is the acquisition as you point out. Then there was the working capital movements, which I kind of described as partly to pay off the substantial CapEx that we recorded in Q4, but paid in Q1.

We also have typically all of our incentive plans payout in the first quarter, so that's a normal kind of working capital that just happens in Q1 and those things kind of add up to that $86 million dollars.

Okay, and then on the balance sheet?

I am sorry and the other think I'd mentioned was that payout of the income taxes, which were kind of the unusual ones that were related to the acquisition, so that's about $20 million of that as well.

Okay, and then the increase on the balance sheet for the long -term debt, I am assuming that's primarily just FX based?

Yes. Now keep in mind that our revolving facility is also long-term, it's not like an operating line.

It actually is part of our long-term facility. So it's a combination of the drawdown that you see on the cash flow statement plus FX.

Right, but the number increased in absolute terms by about $130 million?

Yes, sorry to interrupt, but yes the balance is FX, yes.

Okay, fine. And then just lastly Mark, on these PAC facilities that you're building, are these sort of standard cookie cutter size facilities and if we can think around in those terms, how should we think about what the annual - our contribution can be as you go about building out on the first one?

Yes, you can think of on that as cookie-cutter unless you could talk to an engineer they'll tell you that everyone hates [ph], but the majority of it is cookie-cutter and that's why we'll prove our ability to do these little projects right now. In aggregate, no one of these things cost much capital, so on aggregate no one of the earnings associated with it is actually material.

So it will be hard for you to ever see it right. If we do three or four of these things it's actually still not that material.

As we are doing these things within the $10 million to $15 million of growth CapEx that were indicated before, so we actually view it frankly as, we talk about the incremental because it is incremental. But it's really actually making the business stronger and more sustainable and providing our customers with an enhanced choice of product and necessarily driving a materially different EBITDA line.

Okay, thanks.

Thanks.

Thanks, good morning guys.

Hi Damir.

Hi Damir.

Most of the stuff has been covered, but I just wanted to confirm for the balance of the year from a P&L perspective, should we expect much seasonality quarter-to-quarter?

Yes, so we expect typically Q2 and Q3 tend to be the stronger quarters compared to Q1 and Q4 and we've said it could be as much as 10% higher if you look at Q2 and Q3 and as we get close to the other two quarters. So that's kind of the seasonality that you should expect.

Okay, and may be just a final one from me. Not to steal too much thunder from your AGM Mark, but can you talk a little bit about some of those other organic growth opportunities?

Yes, you might not be start stealing thunder just a few rumbles. Yes, there's, I talked about the PAC profitability which is one, we actually have an ability to expand what we call the pellet [ph] table in Texas, which goes into pharmaceutical industry.

Again, this is small CapEx right, but it's incremental to one of the specialty businesses we acquired with General. And the final one we talked about is and we don’t talk about it that often with you guys is, we have a business that's called an adjuvants business, which actually sells into the animal vaccine industry primarily and there is an old class [ph] that we acquired and we are looking to actually to build a new facility there which we believe will attract additional business and volume because the standards and specifications of our product are becoming increasingly stringent.

So those are really the three and again to put it in perspective is, all of that stuff is going to fit within $10 million to $15 million of CapEx per year. So these are nice things to strengthen the business, position us for long-term sustainability.

It will be an EBITDA increase, but it's not a material step change, it’s - that's a nice thing, a proper thing to do for business.

Okay, thanks for that.

Thanks.

As usual, thank you all for your attendance. We look forward to seeing some of you at the AGM in an hour and those of you on the West Coast, again thanks for calling in early.

I appreciate it.