Thank you, Operator, and good morning ladies and gentlemen. Thanks 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 a review, I’d like to remind you, 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 and 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 security’s regulatory authorities available at SEDAR.com. One of the non-IFRS measures we’ll refer to in this call is adjusted EBITDA, which is EBITDA modified to exclude only non-cash items such as unrealized foreign-exchange gains and losses.

For simplicity, we’ll just refer to it as EBITDA as opposed to adjusted EBITDA, but both of these terms are fully defined in our MD&A. One other preliminary comment, we took steps to strengthen our capital structure during the quarter by issuing $144 million of convertible debentures.

This provided us with longer term money than our bank debt and increased our ability to incur additional bank debt for purposes such as potential acquisitions. The proceeds from the Canadian dollar debenture were used to repay US dollar bank debt resulting in a foreign exchange loss of $20.3 million.

For the purposes of discussing our third quarter operating results, we’ll exclude the effect of this foreign-exchange loss on EBITDA and distributable cash. Turning now to the quarter, Chemtrade’s core businesses delivered essentially the same results for this quarter as they did third quarter of last year.

Excluding the foreign-exchange loss I just mentioned, we generated EBITDA of $62 million in distributable cash after maintenance capital expenditures of $36.2 million of $0.52 per quarter. This was comfortably ahead of our distributions of $0.30 per unit for the quarter.

Our two major segments, sulfur products and performance chemicals or SPPC, and water solutions and specialty chemicals or WSSC both generated stable EBITDA year-over-year. Both segments generated EBITDA relatively similar to last year due to the diversity and strength of the underlying businesses despite facing some operational issues.

The SPPC segment’s EBITDA was slightly higher this quarter than the third quarter last year. SPPC achieved this result despite the reduction in contribution from our acid plant in Augusta, Georgia that we referred to last quarter.

We also encountered some weakness in merchant acid selling prices, but because of our risk shared contracts, the effect on margin was not significant. Further, strength in our other products in SPPC helped offset these negatives.

Due to our origins as a merchant acid marketer and the volume of merchant acid we market, we tend to spend a lot of time and attention on this business. However, our acquisitions have helped us diversify away from being solely a merchant acid market supplier.

While all of our acid businesses, merchants, regen, and Ultra Pure are interdependent, merchant acid markets now represent only about a third of the aggregate margin we realize in the acid business. Our water solutions business, part of the WSSC segment continues to shows signs of stability.

We’re pleased with the traction we’re seeing on our strategy of expanding the product range in that business. Our second polyaluminum chlorate of PAC plant in our new aluminum chlorohydrate or ACH plant are scheduled to come on stream towards the ends of the first quarter of 2017.

Expansion of our specialty chemical business is also on track. The new adjuvants facility in Berkeley Heights, New Jersey is on schedule for completion late next year.

I’ll have an update on the expansion of our potassium chloride plants in Midlothian, Texas in my closing remarks. So, to summarize our two significant segments had steady performances in the third quarter of 2016.

Demand for most of our products was steady. Merchant acid pricing did move lower in the quarter, but our risk sharing business model, diversity of sources of earnings, and broad customer base helped mitigate any adverse effect.

Our international segment generated lower EBITDA than it has in recent quarters. This is partly due to weaker conditions for sulfuric acid in certain international markets.

More importantly, one key acid customer built its own acid plant and therefore bought a lot less acid. On a go forward basis, we’ll generate some income by supplying sulfur to this customer, but it will not replace the loss acid margin.

Rohit will now provide you with some additional comments on the third quarter financial results.

Thank you, Mark. And I wish all of you a good morning.

In general, both our SPPC and WSSC segments operated well in the third quarter. Our international segment did not perform as well which I’ll address in a minute.

Revenue for the third quarter of 2016 was $308.3 million, a decrease of $56.2 million in 2015. About $24.5 million of this decrease came in the international segment due to lower volumes in prices of sulfuric acid and lower prices for sulfur.

The balance came primarily from SPPC due to lower prices for sulfuric acid and for sulfur. For the three months ended September 30, 2016 distributable cash after maintenance CAPEX and before the foreign-exchange loss on the debt repayment was $36.2 million or $0.52 per unit compared to $45.1 million or $0.65 per unit in 2015.

Aggregate EBITDA for the third quarter of 2016 before the foreign-exchange loss was $62 million compared with $68.5 million in the third quarter of 2015. As a general statement SPPC and WSSC were both similar to last year and the decrease is attributable to the international and corporate segments.

Turning to segmented results for the quarter SPPC generated revenue of $146.4 million compared with $172.4 million last year. The main reasons for decreased revenue year-over-year was lower selling prices for sulfuric acid and sulfur.

Despite the revenue decrease EBITDA this year was $39.7 million compared with $38.9 million in 2015. As Mark mentioned, lower selling prices did not have a significant impact on EBITDA due to our risk shared contracts.

These results were achieved despite the lower profitability of our Augusta, Georgia plant. As we discussed last quarter, the customer supplied by our sulfuric acid plant is winding down its operations and in early November they ceased operations and therefore we stopped production as well.

We will incur some costs in the fourth quarter to safely shut down and moth ball the plant in hope of repurposing this asset in the future. As mentioned previously, we have arrangements with this customer through 2021 which provide with some mitigations for the loss of this earning stream.

Our WSSC segment reported third quarter revenue of $126.6 million compared to $132.3 million in 2015. EBITDA was $33.5 million essentially the same as the $33.7 million generated in 2015.

The headline numbers mask underlying strength in results for alum. Alum business has stabilized, and we actually realized higher profits in alum this year than we did in the third quarter of last year.

Some of this recovery is masked by operating issues at one of back sites. We ensure that our customers are being supplied, but our cost to do so eroded some profitability.

We also had some lower production at our Midlothian site as we started to implement the expansion plan. We expect there will be further down time in the fourth quarter for the same reasons.

Finally, the lower acid pricing we mentioned in the context of SPPC earnings did benefit WSSC, as sulfuric acid is an input into alum production. Our International segment reported revenue of $35.2 million for the third quarter compared with $59.7 million in the third quarter of last year.

EBITDA for the quarter was $1 million compared with $3.2 million last year. While in aggregate, this $2 million difference may not be material, it is material to the standalone segment.

The lower revenue and EBITDA were primarily due to lower volumes of sulfuric acid and lower selling prices of sulfuric acid and sulfur. In general, international markets for sulfuric acid have been weak in 2016 relative to 2015.

Additionally, as Mark mentioned the key customer who built their own sulfuric acid plant bought less acid. This customer was a key base load for our off-shore business and represented about half of the segments historical business.

[Indiscernible] some fourth quarter costs as we exit this business and are reducing our guidance for international’s annual EBITDA to less than $10 million from the $10 million to $15 million we have indicated in the past. Business CAPEX for second quarter [indiscernible] in the quarter were $11.5 million bringing our spending on business CAPEX for the year-to-date to $21.5 million, below our anticipated annual [indiscernible] rate.

As we noted last quarter, we expect business CAPEX of 2016 to be somewhat less than $15 million. Bond maintenance or gross CAPEX in the third quarter was $2.7 million bringing our gross CAPEX for the year-to-date to $7.1 million.

The biggest difference between this quarter’s EBITDA and last year’s is found in the corporate segment. Even excluding realized and unrealized foreign-exchange gains and losses corporate costs during the third quarter of 2016 were $12.5 million compared with $7 million in the third quarter of 2015.

There are two primary reasons for this difference. First, due to an increase in our unit price, relative cost this year were $2 million higher in the third quarter of 2015.

Secondly, last year’s corporate cost benefitted by a gain of $4.1 million related to a settlement of a lawsuit associated with the [indiscernible] acquisition in 2011. Finally, a couple of comments from our balance sheet.

We strengthened our balance sheet in the third quarter of our issuing $144 million of 7-year 5% coupon unsecured convertible [indiscernible] and due to a net proceeds to pay on long-term debt. While this does not change our overall leverage, it reduces our senior leverage, which in turn reduces our senior [indiscernible] cost.

It also provides us additional term on our debt. At September 30, 2016, we had drawn down about U.S.C.

$45 million on our senior grand facility. From a senior debt to EBITDA ratio perspective, that puts us at about 2.l times.

Our term with its fully drawn what you maintain about US is $570 million of undrawn capacity, which provides us with ample liquidities. The credit facility matures in October 2020.

I’ll now hand the call back to Mark.

Thank you, Rohit. Third quarter operating results again demonstrate Chemtrade’s ability to generate distributable cash well in excess of distributions to unit holders.

The diversity of our operations and nature of our business model dampen the effect of adverse issue such as a customer closing its plant or building their own acid plant decreases in pricing or a myriad of production issues that occur when you operate over 50 facilities. Pursuing diversity of products and sources of earnings has been one our core strategies since inception, and the benefits are quite clear.

We operate our businesses for the long-term always pursuing long-term sustainable earnings. Since we don’t run our business on a quarter-by-quarter basis, we don’t usually talk about specific quarters.

However, this year our fourth quarter does deserve some comments. Ignoring the foreign-exchange loss, we generated $175.4 million of EBITDA year-to-date of distributable cash of $1.64 per unit while distributing $.90 per unit.

In general, four quarter tends to be our lowest distributable cash quarter due in a large part to our tendency to have the highest capital spending in that quarter. As you know, we don’t generally provide future financial guidance but when we see something unusual on Horizon, we proactively disclose this potential financial effect.

For example, last year we announced our third quarter results we advised on a potentially weak fourth quarter. Last year from our North American business segments, the fourth quarter represented roughly 22% of the annual adjusted EBITDA.

Similarly, this year, we expect the fourth quarter will be the weakest quarter of the year and represent roughly 20% of the annual adjusted EBITDA for our North American business segments. There are a number of reasons for this.

This year, the effect on our fourth quarter results will be exaggerated as we have plants undergoing maintenance turnarounds in the quarter. We will perform turnarounds at four of our regen plants as well as our potassium chloride or KCL facility.

Three of the regen plant shutdowns were pushed back to the fourth quarter from earlier in the year to benefit from strong regen demand. The fourth regen plant turnaround was not planned to be in the fourth quarter.

Last year, at our Richmond, California facility we replaced a major piece of equipment that has been defective since start-up. We purchased a replacement and this will be installed in the fourth quarter of this year.

This will result in a significant loss of profitability due to the downtown related to the installation. We’re in discussions with our insurer regarding coverage and are in the process of making a claim against the equipment provider.

As I said, we benefitted earlier in the year by delaying the three shutdowns, and one of the plants will further benefits by being able to forego a shutdown next year, turnaround next year, as it’s being turned around late this. However, when coupled with the planned turnaround at Richmond, we expect to generate a lower regen acid earnings during the fourth quarter as well as lower merchant acid earnings as those customers will have to be supplied from places that are less than optimal from a freight perspective.

Moreover, we will incur a capital spend related these maintenance turnarounds. We’ll also be taking some downtown at our Midlothian KCL facility.

This will allow us to implement the first phase of the expansion plans we’ve previously discussed, while major expansion costs won’t occur until later in 2017, we are implementing some modifications in the fourth quarter of this year, which will detract from fourth quarter earnings, but should deliver enhanced earnings starting in the first quarter of next year. Recall that we make high purity KCL at our Midlothian plant, which we see as a key inorganic salt for the food and pharmaceutical markets.

We’ve concluded a long-term sales contract with our key API customers that links their growth with ours, and we’re confident that we’ll add additional customers for this product. As we noted, the cost of the expansion we have approximately $30 million and we expect this project will generate a return on capital in excess of 30% and come online sometime in 2018.

So, to summarize our fourth quarter will be more challenging than most as we juggle all these activities that way we’ll passed in the turnarounds by year-end. As we’ve mentioned on recent calls, we’re pursuing a number of organic growth initiatives that will strengthen our product portfolio and also our customer relationships.

Earlier, I mentioned the second PAC plant and the ACH plant which are expected to come on stream towards the end of the first quarter of 2017 and our new adjuvants facility, which will be completed next year. We expect growth CAPEX other than the KCL expansion to be less than $10 million in 2017.

So, while they aren’t big ticket items, these expansions are significant and adds strength in our operational base and our service capabilities. Finally, I’m sure many of you are following our pursuit of Conexus.

The Conexus’ assets would fit well into our company and continue diversifying our sources of earnings with products that we believe are steady cash-flow generators. Our offer of a $1.50 per share represents a premium of over 20% of their unaffected share price before we announce our interest.

Much more of the background rationale and other matters can be found online at www.Conexusoffer.com. We thank you for your attention and support as usual and Rohit and I now will be pleased to answer any questions.

Operator.

Hey, guys. Yes, so, I wanted to follow up on the customer that started producing their own sulfuric acid.

It sounds it’s sort of going to be an ongoing thing. So, first I wanted to hear your thoughts on the international market for the sulfuric acid.

Would you be able to replace the shortfall in the near future? Is there robust demand?

And the second one, what would be the financial impact on a run rate basis for EBITDA if it is an ongoing thing. Thanks.

Yes. I guess two things is the international market is currently suffering from weak sulfuric acid prices and the customer that built was a key linchpin for us in the offshore market.

So, we’re still figuring out frankly what it all means. We’ve indicated that the run rate on that business has gone from 10 to 15 to less than 10.

As a general statement the off shore acid business represented about half of that segment’s profitability. So, that is going to decrease and we’re still actively surveying the scenery to see exactly what to, but less than 10 is the indication we’re giving.

Okay. So, just to confirm you said that this client represented almost half of international business or the offshore…

The offshore acid business, and not to actually minimize this one customer. This one customer was a key part of the off shore business.

Okay. Okay.

Cool. And then with respect to Conexus process, so we know that you’re sort of waiting until January for that expiration date.

But, you know, and then in terms of your near-term plan, would you ideally try to get Conexus to the negotiation table, wait until the offer expires, or, you know, have you been talking to shareholders. You know, can you provide some color on how you’re approaching the process?

Thanks.

Well, as you’ve seen we have a number of times asked the Conexus Board to accelerate the time line for our offer and to constructively engage with us in a transaction that we think could be mutually beneficial for both their shareholders and ours. We continue to encourage that, and hope that we’ll find a resolution that’s good for both of us.

Okay. And have you been speaking to Conexus shareholders, and, you know, having conversations with them, getting a sense of what sort of price would be reasonable potentially for them?

You know, not surprisingly, we receive a number of inbound calls. What I think is true, and what we continue to believe is the offer we have on the table is 8.4 times multiple of Conexus’ indicated midpoint of their earnings, which we think is a fair offer for a business such as this.

All right. And just one last thing, more of a housekeeping item.

With respect to the turnarounds you said that you’re still expecting to hit the maintenance CAPEX of 50 million for the year if I’m not mistaken. Is the CAPEX going to be more elevated in the next year as a result of the turnarounds, or is it going to be completely done and dealt with in Q4?

Yes. So, these will be done in Q4.

And we’re saying it’ll be somewhat less than 50. There are a few moving parts as always.

But we expect to be less than 50 for this year. Next year, we don’t see any reason for it to be up.

It should actually be a little lower than the 50 million. You know, and these were all, most of these were planned.

And as Mark said, one was unplanned. We hope to recover something on that one.

But on a general basis next year should be a bit lower.

Okay. All right.

That’ll be it for me. Thanks guys.

Thank you.

Yes. Good morning guys.

Just a couple for me. One is I think you mentioned in your prepared remarks, you’re in the process of shutting down the Augusta plant.

But I just wanted to know if there’s any update on whether the merchant opportunities might exist there on a longer-term basis.

We’re still kicking at that, right, which is, you know, again, in the prepared remarks what it says is we’re going to shut down the plant and mothball it, and hope that we could actually repurpose it. So, we have a couple of irons in the fire.

But, again, you know, we just stopped production a week ago, right? So, there’s still some, obviously, there’s still some moving parts, but we’re still hopeful we’ll find something.

But as we’ve been saying, no guarantees.

Okay. Understood.

As you evaluate this international business with the loss of the key customers, is there a size or a scale that business where it just becomes too small or - I don’t want to say not worth your time, but where it’s becoming non-core enough that you’d decide to divest?

Every business that generates cash is worth our time. Having said that, it’s run pretty autonomously out of Europe.

And we’ve always said that. The linkage is that it gives us better knowledge - market knowledge, eyes and ears on the international market, which is just good for our businesses, right?

So, you know, it’s - because of its size as you say, it’s not critical to the rest of the organization. But it’s also fair to say that we have a really confident management team over in Europe.

And the amount of time we need to spend on that business quite frankly is not a lot. So, you know, so that’s where we are.

Okay. No understood.

And just a last one, and I’ll jump back to the queue. But you mentioned I believe a couple of different issue for the quarter, but the PAC side that had some problems.

Is that something that has been addressed already or is it continuing, or are we past [inaudible]clear on our marks?

It’s continuing. Now, remember again in perspective is that as we’ve always said is our water business is primarily an alum business, right, and we are actually doing a good job of expanding into PAC and ACH.

But in our view, the prominent driver in that business for as long as we could see will still be alum. The other stuff are enhancements.

So, you know, again in the remarks what we say is some of the strength we’ve actually seen in our alum business is not as obvious as it might otherwise be, because of the operating issue we had in the PAC plant. And, you know, it’ll probably continue in the fourth quarter.

And hopefully, by the end of the year, we have it lined out. But from a 100,000-foot materiality perspective, you know, it’s actually not material.

But they’re - as we said there was a number of little operating burps in the quarter. So, you know, you add them all up, you know, they have an effect.

Any one of them is immaterial.

Understood. Just to clarify that recovery or that strength that you’re seeing in the alum business, that’s just a continuation of some of the reduced competitive pressure we’ve been talking about in past quarters.

Is that correct?

I guess three things is, I think as a few quarters ago we said we think that the pricing has stabilized, right. Secondly, is actually our volume is good.

And thirdly, again, if you think back to what we said when we bought the general assets in 2014 is the key raw material was sulfuric acid and price of acid’s gone down, which helps margins.

Understood. That makes sense.

Okay. Thanks guys.

Appreciate it.

Thanks.

Thank you everybody for your continued support and interest, and we look forward to talking to you next quarter. Thanks.