Good day, ladies and gentlemen, and welcome to the Ashland, Inc. Fourth Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session, and instructions will follow at that time. As a reminder, this call will be recorded. I would now like to introduce your host for today's conference, Jason Thompson, Ashland's Director of Investor Relations. You may begin, sir.

Thank you, Ronnie. Good morning and welcome to Ashland's fourth quarter fiscal 2015 conference call and webcast. We released preliminary results for the quarter ended September 30, 2015, at approximately 5:00 PM, Eastern Time, yesterday, November 3, and this presentation should be viewed in conjunction with the earnings release. Additionally, we posted slides and prepared remarks to our website under the Investor Relations section and have furnished each of these documents to the SEC in a Form 8-K. On the call today are Bill Wulfsohn, Ashland's Chairman and Chief Executive Officer; Kevin Willis, Senior Vice President and Chief Financial Officer; Luis Fernandez-Moreno, Senior Vice President of Ashland and President of the Chemicals Group, which includes Ashland Specialty Ingredients and Ashland Performance Materials; and Sam Mitchell, Senior Vice President of Ashland and President of Valvoline. As shown on slide two, our remarks include forward-looking statements, as such term is defined under U.S. securities law. We believe any such statements are based on reasonable assumptions, but cannot assure that such expectations will be achieved. Please also note that we will be discussing adjusted results in this presentation. We believe this enhances understanding of our performance by more accurately reflecting our ongoing business. I will now hand the presentation over to Bill. William A. Wulfsohn - Chairman & Chief Executive Officer: Thank you, Jason, and good morning, everyone. In a few moments, Sam, Luis and Kevin will speak to our performance in the quarter, but before they do, I'd like to share some reflections regarding our fiscal year 2015, which ended in September. Upon joining the Ashland team in January, I set out four core priorities. The first was to ensure we delivered against our near and mid-term financial EBITDA margin targets. The second was to maintain disciplined capital allocation. The third was…

Thanks, Kevin. ASI reported another quarter of year-over-year margin improvement, driven by better business and product mix, good cost control and positive price over cost. Despite facing continued headwinds from currency and energy, our teams were able to execute well in driving growth within a number of our higher-margin product lines. A good example can be found within our pharmaceutical ingredient lineup, where we saw particularly strong demand for our value-added cellulosics. We also saw improved demand for Ashland's proprietary hair care products, where we have introduced a number of technological innovations over the past year. Across our portfolio of products and technologies sold into the personal care market, we are leveraging our expertise in ingredient technology, applications development and consumer science to create solutions for our customers. Also during the quarter, Ashland completed acquisition of AkzoNobel's patented Zeta Fraction technology, which will enhance our innovation capabilities in biofunctionals. On the industrial specialty side, within coatings, we are seeing good volume growth supported by our recent capacity increases. We are supporting that growth through the ongoing expansion of our manufacturing plants in Virginia and China. Our value-added products in coatings and construction adhesives are benefiting from a recovery in the U.S. housing market. We also saw growth in our additives lines as we have launched new products into the construction market. Although our teams drove another quarter of good performance, we continued to face some significant headwinds. The combined effect of currency, our exit from non-core product lines and weakness in the energy markets reduced sales by $84 million in the quarter. Gross margins were strong for the quarter, increasing 240 basis points from the prior year, as overall market and product mix remain healthy. Looking to the first quarter of fiscal 2016, we expect to see continued growth from…

Thanks, Luis. Valvoline posted record fourth quarter earnings, as our teams continued to execute at a high level. The Valvoline Instant Oil Change team had another exceptional quarter, with each of the key metrics improving from prior year. Oil changes per day were up 7%. Average ticket increased nearly 2%, and same-store sales for company-owned sites rose almost 9%. Our franchise system also delivered similarly strong results, evidence of consistent execution of our customer service model and marketing programs. During the year, we continued to expand our overall store network, adding 20 new sites. At the end of September, we had 942 systems, 42 stores system wide. Within the DIY channel, volume was essentially unchanged. In the international channel, volumes grew 15%, driven by strong execution of our channel building efforts and the effect of customer destocking in the prior-year period. This is a higher growth rate than what we would normally expect and partially reflects these destocking dynamics. At the same time, our international team is doing a good job of developing key channels and marketing strategies, which are leading to higher growth rates across the regions. Premium product sales remain strong across Valvoline and accounted for nearly 41% of total branded lubricant sales. This strong operational performance, coupled with good margin management, led to EBITDA growth of 11% from prior year. EBITDA margin rose 330 basis points to 20%. It should be noted that our profitability in fiscal 2015 was enhanced by a short-term price lag effect of approximately $20 million caused by the lag between falling raw material costs and price adjustments to customers. Looking to the first quarter, we expect continued solid performance across all channels. However, typical seasonal patterns should result in a sequential decline in sales. We expect sales to be in the range…

Thank you. And our first question comes from the line of David Begleiter from Deutsche Bank. Your line is now open. William A. Wulfsohn - Chairman & Chief Executive Officer: Good morning, David.

Thank you. Good morning, Bill. Bill, just in – and nice quarter, by the way. Just in ASI, do you and Luis think you can grow EBITDA in 2016 versus 2015?

Hi, David. This is Luis. One of the key items that we're facing, and I mentioned this in the discussion, is that we should start lapping the effects of both FX and energy by the end of the second quarter. So we should be looking at better comparisons over the year. Again, as Kevin said, we don't normally provide guidance, but my expectation is that at the end of the year and the combination of that third quarter and fourth quarter would allow us to show EBITDA growth year-on-year.

Very good. And maybe, Sam, same question for you on Valvoline, given that a lag – the benefit in 2015 on raws versus price, do you think you can grow EBITDA in Valvoline in 2016 versus 2015?

Yes, we do. Given the one-time benefit in 2015, our percentage growth rate might be a little bit smaller. But we're very confident that our business is well positioned really across the different channels that we compete in, that each of the channels is well positioned for growth in 2016.

Very good. And just, Kevin, do you have a year-end share count by chance? J. Kevin Willis - Chief Financial Officer & Senior Vice President: That's 66.5 million.

Thank you very much.

And our next question comes from the line of Brian Maguire from Goldman Sachs. Your line is now open. Brian P. Maguire - Goldman Sachs & Co.: Hi. Good morning. Thanks for taking my questions. William A. Wulfsohn - Chairman & Chief Executive Officer: Good morning, Brian. Brian P. Maguire - Goldman Sachs & Co.: If I try to parse some of the sales guidance you gave, it sounds generally like you expect to return to year-over-year sales growth in the third quarter of this year. Is that generally the expectation at this point? William A. Wulfsohn - Chairman & Chief Executive Officer: Yes. Brian P. Maguire - Goldman Sachs & Co.: Okay. Great. And then the move in raws, it seems like there was another leg lower in several key components, including base oil in the last quarter. Just thinking about how do you expect to maintain pricing in that environment? What's the kind of competitive dynamic out there today? And what kind of a drag do you expect pricing to be to sales growth in 2016?

On the Valvoline business, we do expect pricing to adjust downward, given the falling raw material costs and what we're seeing in the first quarter. So as we've shared before, some of our business is on contractual pricing with our large national accounts, certainly some of the private-label business that we do, we're going to be adjusting prices. And so, that will be a bit of a drag for us at the beginning of the year. Brian P. Maguire - Goldman Sachs & Co.: And how about on Performance Materials, any impact on pricing from lower raws there?

Yeah. Two elements there. One, when it comes to composites, actually, I mean, we've seen now both decreases and increases in Europe. So, I would say the core is very balanced, and we continue to manage pricing effectively. In Intermediates & Solvents, we have seen a much more aggressive posture in the marketplace, partially driven by a slight further slowdown in China. So, I do expect that we'll be giving up most of the raw material benefits that we had in the fourth quarter during the first quarter of the year. That's included in our expectations. Brian P. Maguire - Goldman Sachs & Co.: Yeah. Thanks very much.

And our next question comes from the line of Jeff Zekauskas from JPMorgan. Your line is now open.

Thanks. Given your revenue expectations for specialty ingredients in the first quarter, I imagine that your volumes are falling sequentially. Which categories are getting weaker, and why?

Yes. So, this is Luis. The reason why we see declining volumes sequentially is just seasonality. This is our very normal seasonal pattern that we have for ASI. We had it last year and the year before, fundamentally, in the industries like coatings where the paint season in most of the developed world just finished. And so that's fundamentally the areas. There's a little bit of other elements, like in sun care and so forth that have that impact, too. The other reason why, not sequentially, but on a year-on-year basis, we see volumes declining is for the energy headwinds that I've been talking about. That doesn't necessarily impact us sequentially, because I don't think there's a lot more that we can go down, but definitely on a year-on-year basis, that has a significant impact on our volumes. But I don't think, and I'm not concerned from the point of view of that production that we're forecasting because it's very consistent with our seasonal behaviors.

So because there have been so many changes to the segment, it's very difficult to – for an external observer to understand what your level of volume is, because in the old days, the difference between the fourth quarter and the first quarter might be 10,000 tons. So now that we're at a rate of something like 78,000 tons, what's the order of magnitude, the level of volume that you're running at in the first quarter? Or what do you expect?

So Jeff, first and foremost, I'll be honest, I don't focus on volume for the reasons that you mentioned. The volumes in products that we sell at $1 a pound versus the volumes that we sell at $150 a pound are very different. So fundamentally, what I do follow is our sales, and on a segment basis, understand that the volumes are coming down. So really, in the past, I talked about volumes mostly because of the significant changes in the energy prices, but to be honest, I mostly focus on the business – on the sales. Specifically, again, within coatings, there is significant reduction in volumes in the fourth quarter. So – but that first quarter, that's normally the case. Normally, the first quarter of the year represents about, let's say, 20% of the sales of the total year. So that's the common seasonality pattern for that business. And again, I would not be concerned on the seasonality. The other thing that it's important as we continue to drive the mix to a higher mix, volumes become less important because we're selling, again, more of those products that are priced at a much higher value point than their cost per pound. William A. Wulfsohn - Chairman & Chief Executive Officer: And Jeff, one other point which might be worth noting is that as we look at the different portions of the business, as mentioned earlier in the call, we see clear pockets where we're gaining share, and we don't really identify any areas where we're having any significant share loss. So, you do have the types of dynamics Luis was referencing, but in general, we're feeling very good about gaining share in our core target markets.

Okay. And then lastly, is there any meaningful share issuance in the first quarter? Or will your fully diluted shares not really change very much from the fourth quarter to the first quarter, exclusive of your share repurchase effort? J. Kevin Willis - Chief Financial Officer & Senior Vice President: Yeah. The December quarter is normally when we do our annual grants to the team, and so, you'll see that. But there's no – I wouldn't call that material or significant. So I don't see anything that would cause diluted shares to change all that much.

Okay. Great. Thank you so much. J. Kevin Willis - Chief Financial Officer & Senior Vice President: Thanks. William A. Wulfsohn - Chairman & Chief Executive Officer: Thank you.

And our next question comes from the line of Laurence Alexander from Jefferies. Your line is now open.

Hi. This is Dan Rizzo on for Laurence. William A. Wulfsohn - Chairman & Chief Executive Officer: Good morning, Dan.

Good morning. You indicated that you reduced SG&A in ASI. That was kind of a benefit in the quarter. Is that something that we can expect to continue? Is there more than you can take out?

At this time, we fundamentally have finished the redesign. There is no question that I personally always look at ways to further improve and make our operations more efficient. But when it comes to the effort that we undertook last year, we're done – and we're seeing very little benefit now on a year-on-year basis. Most of the reductions were done last year in the second quarter and third quarter of not 2015, but 2014. So I'll continue to look for ways to make it more efficient, but there's no further benefits coming from our global redesign.

Okay. And then you also said that you've been disciplined with M&A and the valuations were high. Is that still the case? Are valuations coming down at all? Is the dynamic changing just given the volatility in some of the markets?

We only know any time whether we participate in an auction or in a process. And so far, those where we have participated, I mean the reason we mentioned that we're disciplined is because we've fundamentally put offers that we believe would create shareholder value. And at the end of the day, there is somebody that it's willing to pay more and at significantly higher EBITDA margins – EBITDA multiples. So, we'll continue to pursue those and do the right thing for both the company and the shareholders. William A. Wulfsohn - Chairman & Chief Executive Officer: And then, this is Bill, just to reference, I mean I think what you're implying is that on some of the most attractive assets that are out there, you still continue to see very high premiums, but you are seeing in certain pockets the emergence of, we'll say, more reasonable opportunities to take action. And I'm speaking across the company in general, independent of ASI, APM or Valvoline, but just in general.

Okay. And then finally, I think you talked about Composite sales in China for the year. I was wondering just what's the outlook for 2016? Are we seeing any signs of a rebound or is there anything I mean showing upwards trends?

Yeah. When it comes to Composites in China, we had a great year last year overall, mostly because we were driving our higher-value products that go into the corrosion industry. A lot of that goes into pollution control. And with the slowdown that we're seeing in China, at this time, I would say it's a little unclear how that would evolve over the year. Definitely, we saw a slowdown in Q4 on those segments, but it's unclear to me how things will evolve. I mean the last time I was in China, there was confidence that the government will continue to stimulate the economy. And if that is the case, I would expect us to see that growth. They continue to be very aggressive when it comes to pollution control, and that should continue to help us drive the high-value portions of our business. William A. Wulfsohn - Chairman & Chief Executive Officer: Dan, again, Bill, and you've probably been reading, as we all have, that the new five-year plan seems to have a significant focus in China on controlling emissions, reducing emissions, and so that may create, not necessarily over the next few quarters, but over time a significant opportunity for us in this area. J. Kevin Willis - Chief Financial Officer & Senior Vice President: And I think to maybe add some further perspective, Asia-Pacific, easy for me to say, represents about 16% of our total sales, and about half that is China. And a good portion of the (40:34), that's an overall Ashland basis, that's not a single unit. That's on an overall basis. And we have a significant portion of that, particularly in the ASI piece of the equation, that are more consumer-related, consumer-focused. So we're going to be less impacted by the industrial issues that could exist in China, and we're continuing to see good growth on the consumer side, as we are with the Valvoline business as well. So, we actually feel pretty good about our China exposure on an overall Ashland-wide basis.

All right. Thank you. Thank you for the color guys.

And our next question comes from the line of Mike Sison from KeyBanc. Your line is now open.

Hey guys. Good morning. William A. Wulfsohn - Chairman & Chief Executive Officer: Good morning.

Kevin, I just wanted to get a couple things on your 2016 outlook, I think you suggested that your outlook for EBITDA, the way you've given us with margins is in line with Street expectations. Does that include or exclude foreign currency, based on that comment? J. Kevin Willis - Chief Financial Officer & Senior Vice President: Adjusted EBITDA, as we currently report it, on a total basis, we would expect to be in line with current Street estimates that have been published.

Okay. And then what is the FX hit this year that you're baking through? J. Kevin Willis - Chief Financial Officer & Senior Vice President: I'm sorry. What was the question?

Foreign currency, what is the impact on EBITDA this year based on your... J. Kevin Willis - Chief Financial Officer & Senior Vice President: The number I'm referencing includes the impact on currency, and again, we expect to lap that after the end of Q2. William A. Wulfsohn - Chairman & Chief Executive Officer: And essentially the levels are not much different than where we stand today in terms of our assumption going forward.

Okay. Got it. And then, Luis, in terms of growing ASI this year, can you maybe go through some of the components of what in total will get the growth? Maybe cost savings, mix, or any which way you want to sort of help us understand why the business can grow this year.

Yeah. So throughout even 2015, the one thing that has been very positive, we have continued to grow the high valuers of our (42:59) business. I mean we continue to grow in Pharma, ahead not only of GDP but ahead of the Pharma market. We continue to grow in many of the segments in personal care. Hair care, we grew 10% year-on-year. Coatings we're growing, especially on HEC side, above the market. HEC didn't grow as much because, again, it was impacted by energy. But in coatings, we're growing at 6%, our HEC volumes. So what I've been seeing is those areas that we've been focusing on have been growing and will continue to grow. It's being masked by the two impacts of FX and energy. And it's – you can imagine – somewhat frustrating. As we lap the impact of both FX and energy, those businesses should continue to grow as they have in the past. And adhesives has continued to grow. I mean one of the key things I mentioned that we had a little bit of an inventory adjustment in Q3, this was back in full force in Q4. So the segments that we're focusing on and that we normally don't pay a lot of attention, they continue to grow. And I expect those to continue to grow through the year. So, as we lap the impacts of FX and energy, assuming that FX stays at around the current rates, we should be looking to not only EBITDA growth, but sales growth.

Okay. Then just, so on a constant currency basis, adjusted EBITDA should grow, what, double-digits like it normally would?

Yeah. I don't know that I'm ready to put a number there other than what Kevin said that in general, the company is consistent with the Street estimates as they are today.

Got it. Thank you.

And our next question comes from the line of Mike Harrison from Seaport Global. Your line is now open.

Hi. Good morning. William A. Wulfsohn - Chairman & Chief Executive Officer: Good morning, Mike.

Luis, I was a little bit surprised to hear you say that you're less focused on the volume aspect within ASI. I definitely think of that business as, in the past, being fairly sensitive to utilization, and that's part of the reason that we have to pay attention to seasonality is that you do have some fixed cost absorption issues in the weaker seasonal quarters. Is that – is utilization becoming less of an issue than it had been in the past?

Well, not – I mean, I think that you have a very good point. When it comes to our cellulosic operations, yes, I mean, the more that we run our plants less than fully occupied, we're incurring significant costs. But most of those plants have been running at capacity. Let me mention that one of the impacts that we will have in Q1; we have now moved all of our maintenance shutdowns to the low end of the season to avoid any problems in terms of supplying customers. So we're having a significant higher number of days of shutdown in our cellulosic network, but that was by design. So that's having a little bit of an impact this quarter. But the vast majority of those operations are running at capacity. Definitely, HEC is running at capacity. Klucel is running at capacity. Same thing with our PBP network. It's running very close to capacity. So we do manage those. The reason I mentioned that I don't measure volume is because, again, even in our cellulosics network, there are products that sometimes we sell at $1 a kilo and others that we sell at $60 a kilo. So my focus is, as we continue to operate our assets efficiently utilized, we need to make sure that our mix continues to improve, hence our sales and our margins continue to improve. But make no mistake, we continue to pay attention and be very careful about how we utilize those large assets. Does that clarify the comment?

Definitely. Thank you. And then just curious, on some of the other pockets of weakness that you called out, you mentioned skin care and oral care. It sounds like oral care was related to a tough comp. But what's going on in skin care? What's going on in nutrition that drove volume weakness year-on-year?

Yeah. So you're right; oral care was mostly a tough comp on a great fourth quarter last year, and we continued to grow there. Skin care was mostly related to a very strong competitive environment and probably a slower sun care season than what we expected. Nutrition has been the same thing all year long. In our – nutrition exposure is fundamentally with one product. That product is also utilized heavily into the energy markets. As the energy markets collapsed, there has been a huge flow of product all over the place in nutrition. So the slowdown has been – more than the slowdown has been an overcapacity in the product line that services both oil and nutrition. Once again, as we lap those effects, we expect to get the growth back in nutrition.

All right. And then last one is on Performance Materials. Just curious, how much of the improvement you saw in Performance Materials is coming from the recent BDO turnaround and kind of better manufacturing costs? And do I understand correctly that the maleic anhydride turnaround took place during Q4 and was actually a $5 million headwind to EBITDA during Q4?

Yes. You understand correctly. The maleic shutdown happened, that happens every – the maleic anhydride – sorry – shutdown happened in the fourth quarter, that happens every four years. But it has – partially compensated by the fact that we had a huge shutdown on Marl last year. So they sort of not only eliminated each other, it was a benefit from a shutdown perspective. J. Kevin Willis - Chief Financial Officer & Senior Vice President: Yeah. The Marl shutdown last year was about an $8 million item in Q4 of the prior year.

Now, from the point of view of operations, definitely we had much better operations in the fourth quarter in Intermediates & Solvents. Our plan is to run as efficiently as they go. And when that happens, we obviously get the benefit from that. And that is partially the benefit that you have seen in the quarter. And as long as we continue to break those, and I'm confident we will, we should have that better cost position moving forward.

All right. Thanks very much.

And our next question comes from the line of John Roberts from UBS. Your line is now open.

Morning.

Good morning, John.

Sam, how much of the gallons growth was in owned stores in international? And what was the volume growth in the larger franchise in DIY gallons?

So, looking at the fourth quarter, obviously, the international business had a very strong quarter with 15% growth. And as I mentioned in the comments, roughly – probably about half of those are due to the weak quarter that was prior year due to customer destocking. So, good solid growth in the international business still when you look at the fundamentals. The DIY business, as I mentioned, is roughly flat. The quick-lube business had an outstanding quarter, but given its overall size it's not a big volume contributor to our overall 5% growth. So, the volume growth in the quarter, largely driven by the strength of the international business.

Okay. And then secondly, I believe you were investigating alternative models for your butanediol needs. Any update on any strategy progress there? J. Kevin Willis - Chief Financial Officer & Senior Vice President: We continue to look at ways to, if you will, minimize any earnings volatility related to that merchant market. And so we – that's a general objective. I think we know where we are in the overall cycle for that product line area. And so we just continue to be open to alternatives and options, and it's something we will continue to do until we find the right solution, which could be long term contracts or could be capacity management. There are a variety of different options that we have.

Thank you.

And our next question comes from the line of Jim Sheehan from SunTrust Robinson Humphrey. Your line is now open.

Good morning. In Performance Materials, you suggested that EBITDA should be down sequentially due to passing through raw material costs and having lower prices. But it seems like with 13.5% to 14.5% margins it might not be down very much. Could you just explain what the dynamics are there for the first quarter?

Could you repeat the last part of your question?

I'm sorry. Yeah. Just trying to understand, the EBITDA for Performance Materials. Is it likely to be down sequentially from the fourth quarter due to your lowering prices?

Yeah. I mean, the biggest impact there is in Intermediates and Solvents. We had, to be honest, a great quarter in the fourth quarter when it comes to managing our prices effectively and managing our volumes effectively on a lowering raw material perspective. And we just don't see that that's going to happen in Q1 and that's – that has an impact. Other than that we expect to be roughly flat.

Okay. And then for the full year... J. Kevin Willis - Chief Financial Officer & Senior Vice President: We also won't have the maleic – yeah, we won't have the maleic anhydride in there.

Right. J. Kevin Willis - Chief Financial Officer & Senior Vice President: If you take the midpoint of the range of sales and EBITDA margin, it would suggest that EBITDA dollars would be roughly flat Q1 versus Q4.

Thank you. And then just for the full year outlook on EBITDA margins of being around 12%. Could you explain what causes the compression in the margins from that point? Do we – are we continuing to see lower pricing in I&S? Or what is it?

Yeah. Definitely that's one of the reasons why we see that. I mean obviously we've been successful in managing that differently. But definitely one of the impacts that we're seeing is that we still expect to see margin compression in the I&S business. The other thing is we did have a good gap, just as Sam had, as raw materials decreased and we took our time to reduce prices. This year we had the benefit of a favorable price gap that we are not counting on for this year.

Thank you very much.

And our next question comes from the line of Mike Ritzenthaler from Piper Jaffray. Your line is now open. Mike Ritzenthaler - Piper Jaffray & Co (Broker): Yeah. Yes. Good morning. Just a couple of follow-ups...

Hi, Mike. Mike Ritzenthaler - Piper Jaffray & Co (Broker): ... on ASI, if I could. As it pertains to the economic situation in China, I guess I'm curious about how your expectations may have changed through returns from investments in Nanjing, if at all. And then I guess underneath that, what's the right way to think about growth from some of these targeted investments in things like HEC and PVP as 2016 progresses versus the benefit from lapping FX and energy and some of the other impacts that you outlined?

Sure. So let me answer the first question. I mean regarding China, Kevin, actually was very good in pointing out that the vast majority of our exposure in China is to consumer goods. The investments that we made in China are fundamentally going for paint and for hair care. And we are not seeing a significant reduction on those. Even if we were to see a reduction in paint, we continue to operate the network pretty much at capacity. And we use that plant as a center of export across the globe and rest of Asia continues to be very – a very good market for us. Places like Vietnam, India for sure, Philippines, Indonesia, continue to grow. So even if the market were to slow down somewhat in China, we have outlets for those products in the rest of Asia. So, when it comes to lapping the FX, I mean, fundamentally we expect our target to grow 1.5 times to 2 times GDP over the long-term continues to be there. And as we lap those effects and we are growing those segments, I mentioned I mean hair care 10%, HEC coating 6%, and so forth. You can see that we have a portfolio that would allow us to do that. But we need to lap those effects. And I don't know if that answer your question, but it's both the market that we're playing and we're gaining share, supported by the capacity that we're increasing. And granted in the case of HEC and Klucel the newer capacity, not the one that you just put in Nanjing, but the new capacity that we announced is going to be on stream until 2017. Mike Ritzenthaler - Piper Jaffray & Co (Broker): Great. Okay. Yeah. I was just trying to tease out…

And our next question comes from the line of John McNulty from Credit Suisse. Your line is now open. John P. McNulty - Credit Suisse Securities (USA) LLC (Broker): Yeah. Good morning. Thanks for taking my question. William A. Wulfsohn - Chairman & Chief Executive Officer: Good morning, John. John P. McNulty - Credit Suisse Securities (USA) LLC (Broker): The first one is on ASI in the first quarter. The – I guess, the margin target that you're putting out there or margin range for EBITDA seems, it seems like there's a bigger than usual seasonal dip from 4Q to 1Q. I guess, I'm wondering what's driving that and if that's something we should be kind of thinking about going forward as kind of the normal seasonality for it, or if there is kind of a one-off in the business or if you're just being conservative or what have you?

Yes, I mentioned before, John, yeah, we're having – we decided to move the vast majority of our turnarounds to the first quarter because that's the low end of the season and that allows us to not interrupt product supply. That was not the case in previous years. So when you look at the EBITDA, we're having a – compared to previous years an unusually high number of turnarounds, especially in our cellulosic network, fundamentally again because it's the lower end of the season. I would expect that pattern to continue moving forward. In other words, we'll have a slightly lower Q1, which would be, obviously, supporting higher quarters, Q2, Q3 and Q4. But that's the reason why you see a slightly higher dip than normal in the EBITDA margin for Q1 versus previous years. John P. McNulty - Credit Suisse Securities (USA) LLC (Broker): Okay. J. Kevin Willis - Chief Financial Officer & Senior Vice President: Our full year expectation for ASI is around 24%, so we do expect EBITDA margin to accelerate throughout the course of the remainder of the year and provide some improvement over fiscal 2015, which ended at about a little over 23%. So we expect to continue to see EBITDA margin improvement in 2016. John P. McNulty - Credit Suisse Securities (USA) LLC (Broker): Okay. Got it. Yeah, sorry. I missed part of that. And then I guess just a question on 2016 in total, I know, you don't give kind of explicit EPS guidance, but you've certainly indicated the EBITDA is roughly in line with kind of where the consensus is. Looks like you're buying back stock much more aggressively than the consensus in general. Are there other puts and takes we should be thinking about? Or the consensus EPS, is that kind of the right range, as best you can tell at least at this early stage, where the Street should really be for 2016? J. Kevin Willis - Chief Financial Officer & Senior Vice President: Yeah, there's still a lot of moving parts I think in that calculation. We're not really prepared to talk through that. And the EBITDA dollar number, we're comfortable that we're in line generally with Street estimates, and we'll – we're going to hold comment on the EPS piece. John P. McNulty - Credit Suisse Securities (USA) LLC (Broker): Okay. Fair enough. Thanks very much. William A. Wulfsohn - Chairman & Chief Executive Officer: Thank you.

And our next question comes from the line of Dmitry Silversteyn from Longbow. Your line is now open.

Good morning. A lot of my questions have been answered, but I'd just like to follow-up on a couple of things. First of all, from point of view of Valvoline, you saw I think you said 9% same-store sales in North America. That's quite a significant growth in what typically is a not a very fast growing market. So is this sort of share gains within Valvoline do-it-for-me store chains versus other outlets? Or is it a bunch of – the DIY market shrinking and the do-it-for-me market growing? Can you talk a little bit about the strength in volumes you're seeing in Valvoline same-store sales?

Yes, Dmitry. The strength in Valvoline Instant Oil Change is driven by very strong execution of our team in delivering great customer service in the stores. Some of our digital marketing programs are really helping to attract new customers and drive trial within our stores, but the key thing is we're – do good execution in the store. We're driving that loyalty that's really benefiting our same-store sales and driving oil changes per day growth. So, as far as the source of that growth, we believe it's primarily through share gains within both the quick-lube segment and probably attracting new customers from other DIFM outlets.

Okay. Okay. So your programs are basically delivering the results that you're hoping for and it's not the market doing better, it's you doing better within the market?

That's right. I mean, the one positive factor in the market, over the last year, just impacting overall U.S. demand is that falling gas prices have contributed to miles driven being up. And the number of cars on the road is up too. So while the overall market is very mature and in a slow long-term decline, this past year has been pretty solid.

Got it. Did you – did I hear you mention that there was a – that you got new business, and have some channel fill in international operations during the quarter in Valvoline? And is that something we should be mindful of as we look forward to the fourth quarter of 2016 to remember that you have this tough comp going up against?

Actually, the new business that we – if you break down the 15% growth, roughly half of that growth is just coming from good solid execution and channel building efforts across the different regions. So that is a focus of our business really in each one of our regions that we compete in. So we're fully expecting that to continue.

Okay. So this wasn't a one-time large customer win, this was sort of part of your continuing strategy?

Definitely not.

Okay. J. Kevin Willis - Chief Financial Officer & Senior Vice President: And Dmitry, the other piece of that, the other half of that was the impact of destocking in the same-year quarter – sorry, the prior-year quarter rather. And if you – I think, if you looked at international business over the course of time, mid to high single-digit growth has been delivered pretty consistently in Valvoline's international business.

Yeah. No, it certainly has been, once you figured out that it's a growth part of the company. One last question. In sort of looking at capital deployment between now and the proposed split-off of the company, I'm sort of curious about your decision to spend $1 billion on buying back shares versus perhaps paying down debt, which at least on gross levels is about 3.5 times EBITDA. I think, it's about 2.5 times net. But still, I'm just trying to understand, sort of, the rationale of chewing up through cash now versus perhaps letting the two companies make a decision of how they want to best invest the cash. J. Kevin Willis - Chief Financial Officer & Senior Vice President: I think, it's a couple of things. First of all, we have a lot of conviction that our shares remain significantly undervalued and as part of our strategy around capital allocation, taking advantage of that by returning capital to shareholders through share repurchase is something that we have done and we continue to do. We have a strong balance sheet today, and while we're not going to get into a lot of separation discussion on this call, at the end of the day, the strategy and the plan is at the time of separation, each of these two great companies will have a balance sheet roughly equivalent to that of Ashland today in total from the standpoint of the balance sheet structure on an overall basis, leading to our belief and intention that each of these companies will have a mid to high BB credit rating consistent with where Ashland is today. So I guess the short answer is we feel like we can do both, and so we're executing on our faith in our balance sheet and our cash flows. William A. Wulfsohn - Chairman & Chief Executive Officer: Yeah. And this is Bill. Just to emphasize a point or two, I mean, Kevin said it. We think our stock is undervalued. And while we think there's going to be a tremendous amount of value creation, both operationally and from a general shareholder perspective through the separation, we're committed to creating value for the shareholders now this year. That's our focus because we're talking about a year from now in terms of the separation, we want to create a lot of value between now and then.

Okay. So – okay. Thank you.

And I'm not showing any further questions. I would now like to turn the call back to Mr. Jason Thompson for any further remarks.

Yeah. I just wanted to say thank you. We appreciate your interest. Seth and I will be around today to take your calls, so please give us a call. Thanks.

Ladies and gentlemen, thank you for participating in today's conference. This concludes today's program. You may now all disconnect. Everyone, have a great day.