Thank you. Good morning ladies and gentlemen.

Thank you for joining us for our conference call and web cast today. As usual, joining me is Rohit Bhardwaj, our Chief Financial Officer.

Before we commence with the review, I'd like to 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. Further information identifying risks, uncertainties, 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.

One non-IFRS measure we will refer to in this conference call is adjusted EBITDA, which is EBITDA modified to exclude only non-cash items such as unrealized foreign exchange gains and losses and gains and losses on disposable assets. For simplicity on this call, rather than calling it adjusted EBITDA, we will just refer to it as EBITDA, both of these terms are fully defined in our MD&A.

Turning to business conditions, business conditions were generally stable in the second quarter. The diversity of our product portfolio and the industries we supply served us well.

While a few of our products experienced some weakness compared to last year, the majority of our products performed well. Certain products in particular, regenerated sulfuric acid, which serves refineries producing gasoline had a strong quarter.

So in aggregate, Chemtrade had a solid second quarter and continued to benefit from the strength of the U.S. Dollar.

As a reminder, the second quarter last year was a first full quarter of contribution from the general chemical business, so year-over-year operating results are fully comparable for that perspective. For the second quarter of 2015, we generated EBITDA for the quarter of C$58.7 million, which is an improvement of C$4 million over the second quarter of last year.

Distributable cash after maintenance capital expenditures was C$38.8 million or C$0.56 per unit, compared with C$37.3 million or C$0.62 per unit for the same period last year. The per unit amount is lower, because there were approximately 8.7 million additional units outstanding for the second quarter of this year, compared with the second quarter of last year.

The sulfuric acid market continued to be strong, and this produced solid second quarter results for our SPPC segment. Our WSSC segment produced results that were slightly lower than last year.

Turning to the first half of the year, EBITDA was C$116.8 million and our distributable cash after maintenance CapEx was C$80.5 million or C$1.17 per unit. To summarize, we had a solid first half of the year.

In certain geographies during the first half of 2015, we continue to face the competitive pressures we previously mentioned for our aluminum sulfate or alum product line. However, we have been successful in maintaining our market share and leadership position in the inorganic coagulant market.

We feel that the competitive pressures on our alum business is now starting to moderate, and our strategy to expand our product portfolio beyond alum is well underway. The first new polyaluminum chloride or PAC facility at our East St.

Louis site in Illinois commenced operations at the end of June. We do get a number of questions about how we are affected by the slump in the oil and gas industry.

The short answer is that our products are not widely used in the oil and gas extraction sector. Our primary exposure to this industry is through our regen business, which serves refineries.

Because refineries produce gasoline, they are actually benefiting from the low cost per crude, and are running at very high utilization rates. So the low cost of oil is a benefit to our regen acid products.

We are also asked often about how we are affected by rising costs or downtime in the sodium chlorate industry. As a reminder, we have risk sharing contracts with a large portion of our sodium contract business, which protects us when key import costs are rising.

Further, our exposure to the market is relatively narrow, focusing on Western Canada, and our customer base operated at normal rates during the last quarter. I have some more comments on our overall business after Rohit provides you with some additional details on the second quarter financial results.

Rohit?

Thanks Mark. Good morning everyone.

In general, conditions were stable in the second quarter of 2015 and our businesses performed well. Comparisons with last year are no longer skewed by the acquisition of General Chemicals, which occurred in January 2014, since both Q2 of 2014 and 2015 include a full quarter of results from the acquired business.

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.

Distributable cash in the second quarter of 2014, included C$4.4 million with respect to this business. Revenue for the second quarter of 2015 was C$338.8 million, an increase of C$28.7 million over 2014.

The primary reason for the increase was the positive impact of the stronger U.S. dollar on U.S.

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

For the three months ended June 30, 2015, distributable cash after maintenance CapEx was C$38.8 million or C$0.56 per unit compared with C$37.3 million or C$0.62 per unit in 2014. Please note that the per unit amount is based on the weighted average number of units outstanding of 68.9 million units in the second quarter of this year, versus 60.1 million units outstanding last year.

Aggregate EBITDA for the second quarter of 2015 was C$58.7 million compared with C$54.7 million in the second quarter of 2014. Looking at segmented results for the quarter, SPPC generated revenue of C$158.4 million and EBITDA of C$38 million compared with C$143.1 million and C$29.4 million respectively in 2014.

The main reason for the increased revenue was the positive impact of a stronger U.S. dollar and higher volumes of sulfuric acid in the second quarter of 2015.

The positive impact of a stronger U.S. dollar in this segment's EBITDA was approximately C$3.3 million.

Our WSSC segment reported second quarter revenue of C$117.8 million compared with C$116.2 million in 2014. EBITDA was C$30.8 million compared with C$33.2 million in 2014.

Relative to the second quarter of 2014, EBITDA during the second quarter of 2015, benefited by C$2.4 million as a result of the stronger U.S. dollar.

However, this benefit was more than offset by lower volumes and margins for certain products in their segment. In particular, the volume of alum in Western Canada was lower than historical rates, as the spring run-off, which typically consumes a significant volume of product, was lower than usual.

We also had one significant customer, who did not purchase one of our specialty products this quarter, as the facility did not operate in the quarter, following a serious incident at its site. Our international segment reported revenue of C$62.5 million for the second quarter compared with C$50.7 million in the second quarter of last year.

The higher level of revenue reflects the impact of the stronger U.S. dollar, as well as higher volumes of sulfuric acid in international markets.

EBITDA for the quarter was C$3.5 million compared with C$4.4 million last year, when we had an exceptionally strong quarter. Maintenance CapEx for the second quarter was C$8.2 million, which was about C$1 million higher than the second quarter last year, and C$4.5 million higher than the first quarter this year.

For the first half of 2015, our maintenance CapEx had been below our expected annual run rate, and we expect to catch up in the second half of this year. We expect our 2015 maintenance CapEx to be in the range of C$45 million to C$50 million and we have spent C$11.9 million on a year-to-date basis.

Looking at corporate costs, excluding unrealized foreign exchange gains and losses, costs net income the second quarter of 2015 was C$13.6 million, which was C$1.3 million higher than the second quarter of 2014, when we had a realized foreign exchange gain of C$1.7 million. Our balance sheet at June 30, 2015 was in sound shape.

We had drawn down about $486.5 million on our senior credit facility. Our term loan is fully drawn, and we maintain about $426 million of undrawn capacity on our U.S.

$0.5 billion revolving credit facility, which provides us with ample liquidity. I will now hand the call back to Mark.

Thank you, Rohit. Our focus today has been on the second quarter.

Our first half results continue to show the benefits of size, scale and diversity of earnings. Due to the decline in pricing for oil and gas and certain other commodities, I wanted to say a few more words about our products and business portfolio.

Strategically, we have often talked about the ability of our business model to deliver relatively stable earnings, through differing economic conditions. In response to a number of recent questions, I wanted to take a minute to outline this attribute again.

Chemtrade seeks to generate stable earnings by mitigating many of the factors that would typically create earnings volatility in an industrial chemical company. From an aggregate perspective, we view that diversity of industries or end markets we serve, as a prudent dispersion of risk.

Furthermore, we serve a number of these industries with different products. Even our largest product by volume, sulfuric acid, which represents about a third of our revenue, is sold into a variety of different industries, as it is one of the most widely used chemicals in the world.

We believe this diversity of end markets and products reduces the possibility of any one product or industry having a significant adverse effect on our earnings. The other key aspect of this risk mitigating business model is the structure of our contracts.

In many of our contracts, the effective changes in market pricing or raw material input costs is shared between Chemtrade and our customer or supplier. This contractual structure, which represents most of the revenue of our SPPC segment is another key support in generating stable earnings.

As I mentioned in the opening, Chemtrade is not significantly involved in the oil and gas extraction industries. We are extensively involved with refineries, and their increased operating rates have been of incremental value to us, and we see that continuing.

Taken as a whole, Chemtrade generates from general North American economic activity. We benefit incrementally when economic activity increases, and similarly, there are some of the downside risks in economic downturns.

While we are certainly not immune from typical commodity risks, our structure and business model do mitigate their severity, and we believe, allows us to perform well through most economic conditions. The diversity of our markets and products coupled with our risk mitigating contracts, makes a significant difference to the reliability and sustainability of our distributions to unitholders.

So in summary, we are pleased with the first half of the year. The second quarter was a good example of our business model and action.

While certain of our products, such as western alum and certain specialty chemicals faced unique adverse circumstances in the quarter, others, such as regen in particular, mitigated this weakness. Our strategy of diversifying our sources of earnings continue to work as intended.

We remain confident that our portfolio of businesses, business model and strong balance sheet will allow us to sustain our distribution to the unitholders and continue to strengthen the business. We thank you for your attention, and operator, Rohit, and I will be pleased now to answer any questions.

Good morning.

Hey Jacob.

I was hoping you could provide a little more color on some of the competitive pressure that you're seeing in -- I know you talked a little bit about the western alum. Can you just talk a little bit about what was driving the lower sales volume?

Is that going to continue on the second half, and are you seeing any pricing pressure as well?

Yeah. A couple of other statements together is, we have said we have maintained our alum market share, which means that -- we are really not losing volume to competitors.

The volume down is almost exclusively this quarter, driven by a different than historical spring run-off need our Western Canada business. So from a competitive perspective, volume isn't the issue, and from a going forward position, the volume downturn in the second quarter was unique to Western Canada run off rates.

From a broader competitive concept, which we have talked about before is, alum, as we described is a regional business, and you actually have regional competitors and we have always viewed some of these regional competitors see Chemtrade as the new guy on the alum block, we are going to take a run at individual customers and individual geographies. Some of that has happened.

They have learned, as we said that, we are basic in the key raw material, which is sulfuric acid, and we see those pressures actually now stabilizing and being what they are. But so -- no longer increasing.

Maybe a question on the PAC coagulants; maybe talk about any environmental pushback that you're seeing in that in North America?

We have seen none in North America. Don't anticipate to see any in fact.

And how big of a growth prospect is that for you?

It’s a nice growth prospect, but its not a step change magnitude. If you go back to what we said at our annual meeting and before is, we are going to roll out two, three or four alternative PAC KCH technologies over the next number of years, aggregate capital spend on those is $15 million to $20 million over that time period.

So if you assume a normal return on $15 million to $20 million, its nice to have -- its not a step change there.

And then my last question here is just on your debt. Maybe you can talk a little bit about your covenants and where you stand?

Sure Jacob. So firstly I think I'd like to point out that, our debt-to-EBITDA does get affected by FX volatility; because our debt has to be -- for covenant purposes or for accounting purposes for that matter, gets conflated at the closing rate at the end of any given quarter.

EBITDA of course is at a historic exchange rate for the trailing 12 months. So over time, in the constant [ph] term, everything evens out.

But in the short term, you get these spikes up and down. So having said that, our senior debt-to-EBITDA was about 2.7-ish and the covenant is at 3.5.

So we obviously have lots of room there.

Thank you.

Thanks.

Hi, thanks. Good morning.

Hi Joel.

Maybe going back to WSSC. Should we expect Q3 then to be kind of the strongest quarter for that business this year, as you get a seasonally strong quarter, and then some of the one-offs that were hurting in Q2?

Maybe you get a bit of catchup, or how should we think about it?

Sorry, I am not going -- I think its going to be at least as strong as Q2. So the one-offs should be gone.

What I don't remember actually is, whether or not the seasonality that hurt us in Q2, I don't remember how much seasonality there is in Q3, but Q3 should be at least as strong as Q2.

Typically Q2 is the stronger quarter for that business, so that's why I think -- because of the issues, Q3 should be similar.

Okay. That's helpful.

Maybe give an update on Copper Cliff? I know there was an accident this morning.

I don't think it was that material, but maybe you could talk about that. And also, do you have an update on what you see if Vale is going to move to a single furnace smelter some time next year, and maybe an update on where you think that could impact earnings materially or not?

Thanks.

Yeah. I didn't see what you're referring to on Copper Cliff this morning.

But what we do know is that, there should be no effect on the byproduct acid out of there, for this year and next. What we have said before is, when they move to one furnace, which would be 2017 now, is there will be a reduction of acid is the amount of reduction is that we aren't sure about, so it depends on the feedstock and all that kind of stuff.

But as we have disclosed previously, as long as that reduction is 25% or so, is what we are thinking it would be, is it won't have a material effect on our earnings, since the -- we have to take all the tons out of there, and the last number of tons that we sell are the lowest margin tons. First of all, we don't think they go to what furnace until 2017, and secondly, is we don't see it as a material financial effect.

And to put it in perspective, we market about 2 million tons of sulfuric acid and Vale is about 30-35% of that. So even if you take 25 of that, its really -- I mean, its important, but its not as significant as it would have been in the past.

That was helpful. Looking at the international business, I mean the margins were lowest in a couple of years.

Is that just FX?

Well its not just FX. What happened in that business is, they have kind of a steady business levels that we get, and often, we may get opportunities to do incremental volume.

But on that incremental volume, the margin [indiscernible] is not that high. Having said that, I think one thing is important to remind people is, we have consistently over the last few years said, that the normal kind of EBITDA in that business should range between $10 million to $15 million on an annual basis.

So last year, Q2 was exceptionally strong there, due to a few spot sales that occurred, that you kind of always count on getting. In fact this quarter was right in line in the middle of kind of our range.

So we actually think it was a pretty decent quarter.

And just my final question, I mean do you have a view on second half year kind of gasoline refinery demand? Do you think it will be somewhat similar to first half?

Do you think there is any chance or growth for your sulfur chloride business?

I don't know if there is chance for growth. As we think the refineries will continue operating higher.

I know there is some recent news out there, that actually said that inventories are higher than -- maybe higher than I thought. The U.S.

is also turning into a gasoline export market, so the thesis we have had for a while, and I think we have talked about it before, is that, low feedstock actually should mean that the U.S. refineries operate harder than they have recently.

We do usually point out though too, is this is of incremental benefit to us. Hard versus not hard is 95% utilization rate versus a 90% utilization rate or something like that.

So its incrementally good, and we think that should continue.

That was helpful. Thank you very much.

Thanks.

Great, thanks. Just a quick question on the overhead costs, which has benefited a little bit from the realized FX gain.

So without that gain, would that be the kind of run rate overhead costs, or were other kind of one time items there?

Actually, the realized gain was in last year Q2, so we pointed out in the comparison, that last year there is a $1.7 million gain. So this year, there wasn't any gain.

In fact, FX has actually hurt us a little bit on the corporate SG&A side, to the tune of $600,000, $700,000, because we have U.S. dollar denominated SG&A costs.

So in this quarter, if you look at it, once you move the unrealized -- so we break out unrealized and realized. Unrealized, we show you separately.

Realized was what happened last year. So if you look at this quarter, the run rate, I would say is close.

Although, the typical one that's hard to always model. So this quarter we had just over $2 million LTIP accrual which you could model it to be effectively lower in a more normal time.

But you do have the FX going the other way, so I would say, subject to those two things, there was really nothing that unusual in this year. Last year Q2 was a different story.

Okay, that's great. Thanks.

And then, Mark, you mentioned you've, I guess, provided some additional color on the oil and gas exposure. Could you comment about the -- I guess there is -- lot of the minors have faced some pressure as well.

Can you just more generally mention the exposure to the mining sector?

Yeah. Our biggest exposure to the mining sector is really the byproduct asset we get out of the smelters.

And we get about 1 million tons of byproduct asset a year, the vast majority of that out of Vale and Sudbury and then the rest of it from two or three other smelters in the States. Despite, I guess metals pricing, we have no indication at all that Vale plants do slow down its production and Sudbury, nor they have any indication that the other miners, that their smelters that we serve, plan any kind of slowdown.

So I think although metals pricing is certainly not making the industry happy, is when you have these big fixed cost smelters, they tend to run them, and the rest of our exposure into the metals industry is really non-material.

Okay. That's good to hear.

And then, Mark, you also mentioned that your sodium chlorate business was doing fine, and you didn't see any, I guess, extended outages from your customers in BC. What proportion of your water treatment business serves the pulp and paper sector in the U.S.?

Not very much, right. We are 60% municipalities, 40% industrial and of the industrial, I can't quantify what percentage is pulp and paper, but it would not be a lot.

Okay. So any slowdown in the U.S.

pulp and paper sector, wouldn’t have had a material impact at all?

No.

Okay. And then just on that WSSC, you mentioned that there was a one customer that did not purchase any specialty chemicals for that quarter.

I think you said it was due to some slowdown?

There is a number of specialties in that segment. Two of them actually didn't make as much money as they would have hoped that quarter.

One of them was the business we have, which is sodium nitrite. And one of our large customers had a serious safety incident at their site, so that they didn't purchase, I think it was for a month and a half during the quarter.

So its nothing to do with our plant or our site, it was one of our customers had a safety issue, and they didn't run for a month and a half.

Okay. So in Q3, everything has resumed?

That's right. And we talked about actually all these diversity of earnings we have.

They are this thing that we mentioned. So yes, they will run in the next quarter.

The other thing is that, one of our facilities that makes KCL, as we had a centrifuge issue, which actually reduced our production for three or four weeks there, so we would have made a little bit more there too. They are now back up and running in full.

So there is a number of these little that -- the individual non-material issues in that segment, that are all actually -- one way this quarter, and they all seem to be fixed now.

Okay, thanks. And then, just one last question in relation to -- you mentioning that there was, I guess weakness in Western Canada.

I presume, the drought had an impact as well in BC, or just --

This was just Western Canada alum, and we actually don't talk about it in the alum business in the states, because it is a different factor. But in western Canada, depending on snow cap and the amount of run off and how severe it is, the water picks up more junk, and one of the ways to get the junk out of the water, is with alum.

So the only real slowdown we are talking about in Western Canada was the spring run-off was not as robust, from our perspective, which is the perspective of needing more of our product, than it actually has historically been. So this isn't an industrial slowdown that's affecting our results, we actually -- we hate saying it, to be honest, but its weather related extent of the spring run off of water in western Canada.

And then this does happen every year, so it is a question of how severe its going to be, and this year it was less than expected. So [indiscernible], there was a slowdown for that 60 or whatever it is, the volume wasn't there that we would typically get or that much.

But the rest of the business is normal.

Okay. So you generally see this as a more of a Q2 impact for WSSC and things kind of go back to normal in Q3?

Yes.

Okay. Thanks.

Those are my questions.

Hi guys, its Steve here. I am not sure how Ben got into the mix.

Just very quickly into the CapEx spend on the back half of the year, clearly back-end weighted. Being a large CapEx portion, should we expect any production issues or sort of pressure [ph]] downtime as it relates to that, because it’s a very large chunky spend coming along the [indiscernible] production I guess, so I am asking.

We have had this -- actually, two-three years now we have got us -- catching out spending in the second half. So typically, the way these things are done, they don't want [indiscernible] production.

Either they are -- some of them are done, when there is already a scheduled downtime, or they actually happen in parallel and get hooked up. We don't expect any extended outages thereof.

I think the bigger thing that's actually related to that question, and I will look Rohit as I say it too, is that one of our refinery customers has significant downtime in the fourth quarter. So we will obviously tie in our turnaround in capital with them.

So one of our customers out there has a once every five year major turnaround and it happens to be in the fourth quarter of this year.

Okay, that's actually helpful. And then just on the PAC facility rollout.

Can you just refresh us on the timing there, now that you have got this first site largely complete?

Yeah, so its largely complete and producing product and getting lined out and we expected to start contributing something in the third quarter, and more in the fourth quarter and more going forward. I will also caution everyone, we run two streets on this thing, one is actually, we are very optimistic about our strategy of actually adding additional coagulant technologies to our portfolio.

I mean, this is $4 million or $5 million PAC facility, and you could assume that the additional contribution is relative to its capital. So this is a long term good thing to do for the sustainability of our business and for incremental earnings.

People should not be looking for us to double our earnings out of water, by actually adding to our portfolio.

Okay, understood. And maybe just one last one on the same strategy then, you made a couple of almost non-material acquisitions in this space [indiscernible].

Is there anything else in the pipeline that you're looking to add, that would sort of complement that portfolio?

You know what I am going to say Steve. We are always looking to add to our business and make it stronger, both in the products that we have and to increase diversity of earnings.

So the theory has always been actually -- now that we are actually in the water business and a significant way is, if we could find other products that actually add to our portfolio and make that business stronger, broader and more sustainable, as we are going to look to do that.

Okay. Very helpful.

Thanks guys.

Thanks.

Good morning guys. Actually most of my questions have been answered here.

So we are all good.

Nice talking to you.

Good morning. Just one remaining question.

What you estimate your non-maintenance CapEx to be, on a full year basis?

What we said is, between $10 million and $15 million of what we think on the maintenance part.

All right. Thank you.

Welcome.

Thank you all for your continued attention and support, and we look forward to talking to you in the third quarter.