Good day, ladies and gentlemen, and welcome to the Huntsman Corporation Third Quarter 2007 Earnings Call. My name is Omega, and I will be the operator for today. At this time, all participants are in a listen-only mode. (Operator Instructions). As a reminder, this conference call is being recorded for replay purposes. At this time, I would now like to turn the call over to Mr. John Heskett, Vice President of Corporate Development and Investor Relations. Please proceed, sir.

Thank you, operator, and good morning to everyone. My name is John Heskett. Welcome to Huntsman's investor conference call for the third quarter of 2007. Joining us on the call today are Jon Huntsman, our Chairman and Founder; Peter Huntsman, our President and CEO; and Kimo Esplin, our Executive Vice President and Chief Financial Officer. Now, as a reminder, a recorded playback of this call will be available until Midnight, November 16th, 2007. The recorded playback may be accessed from the US by dialing 1-888-286-8010 and from outside the US by dialing 1-617-801-6888. The access code for both dial-in numbers is 73485711. A recording of this call may also be available through our website. Before we begin a discussion of our earnings, I would like to say a few words about forward-looking statements. Statements made during this conference call that are not historical facts are forward-looking statements. Such statements are considered to be predictions or expectations and are subject to a number of risks and uncertainties. Our actual results could differ materially based on a number of factors including but not limited to the consummation and timing of our proposed merger with Hexion, future global economic conditions, changes in the prices of our raw materials and the energy we consume in our production processes, access to capital markets, industry production capacity and operating rates, the supply/demand balance for our products and that of competing products, pricing pressures, technological developments, changes in government regulations, geopolitical events and other risk factors. Please refer to our most recent Form 10-Q and our other public filings for a more complete discussion of the risk factors applicable to our company and our announced plan to merge with Hexion. Before I walk through a summary of our earnings, I would like to briefly outline the format…

Thanks, John. Let me start off by updating you on the disposition of our US Polymers and Base Chemicals businesses to Flint Hills. As you know, we completed the sale of our North American Polymers business to Flint Hills Resources on August 1st and have received $354 million for property, plant and equipment and inventory. During the fourth quarter, we successfully completed the restart and commissioning of our Port Arthur olefins facility. As a result, we were able to complete the sale of our US Base Chemicals business to Flint Hills on November 5th, and have transfered the plant and related business across to them in exchange for $415 million, again, for property, plant and equipment and inventory, which remain subject to post-closing inventory adjustment. The Base Chemicals business will be reflected as a discontinued operation beginning in the fourth quarter, and we would expect to record a pre-tax impairment charge of approximately $150 million related to this sale. As a result of the successful restart of the Port Arthur olefins facility, we also expect to soon receive the final $70 million in proceeds from the sale of our US butadiene and MTBE to Texas Petrochemicals over a year ago. And in the fourth quarter, we would expect to record a pre-tax gain related to this business of approximately $69 million. Proceeds from these dispositions will be used to repay debt, reduce outstanding amounts under our off balance sheet, accounts receivable securitization facility and improve our liquidity. So, if you take the reported adjusted net income from continuing operations of $0.26 and adjust this to exclude the losses related to the US Base Chemicals business in the quarter up $0.05 per share and adjust the interest expense in the quarter to reflect the application of the proceeds from FHR and…

Thank you very much, Kimo, and good morning, everybody. Thank you for taking the time to join us this morning. The total adjusted EBITDA from our continuing operations was $229 million. The earnings profile of the third quarter was very consistent with that of the previous quarter and the third quarter of last year. Excluding Pigments, where margins were soft due to the weak North American residential construction market, results of our Polyurethanes, Performance Products, Advanced Materials and Textile Effects divisions recorded increases in adjusted EBITDA as compared to the third quarter of last year. In fact, the total adjusted EBITDA from the three divisions were up 19% as compared to last year. I think this very much reflects the more stable and growing earnings profile and the geographic diversity of our differentiated business portfolio. Also, you need to keep in mind that these results were in spite of generally higher raw material costs as compared to the third quarter of last year, with crude oil up 18% being the pricing driver. As many of you are aware, these negative trends in raw material costs have continued into the fourth quarter, which I expect will provide a bit of headwind on margins. Our MDI based polyurethane business performed very well in the quarter with volumes up 4%, as compared to the third quarter of last year. As expected, our volumes in the composite wood products sector were down, but we more than made up with this very strong volume increases in all of our other sectors, including insulation, our adhesives, coatings, and elastomers and our appliance businesses. Volumes into the composite wood products like OSB are somewhat tied to residential housing starts in the US. But as John mentioned, if you exclude this impact, our volumes were up 10% year-over-year.…

Thank you, Peter, and thank you everyone for joining the call today. Operator, I think that concludes the conference call.

Ladies and gentleman, this concludes the presentation. You may now disconnect. Thank you and have a good day.