Good day, ladies and gentlemen, and welcome to the Huntsman Corporation's Second Quarter 2016 Earnings Conference Call. My name is Sheila and I'm your operator for today. I would like to turn the call over to Mr. Kurt Ogden, Vice President, Investor Relations and Finance. Please proceed.

Thank you, Sheila, and welcome, everyone this morning. Joining us on the call today are Jon Huntsman, our founder and Executive Chairman; Peter Huntsman, our President and CEO; and Kimo Esplin, Executive Vice President and CFO. This morning before the market opened, we released our earnings for the second quarter 2016 via press release and posted it on our website, huntsman.com. We also posted a set of slides on our website, which we intend to use on the call this morning in the discussion of our results. During this call, we may make statements about our projections or expectations for the future. All such statements are forward-looking statements and while they reflect our current expectations they involve risks and uncertainties and are not guarantees of future performance. You should review our filings with the Securities and Exchange Commission for more information regarding the factors that could cause actual results to differ materially from these projections or expectations. We do not plan on publicly updating or revising any forward-looking statements during the quarter. In addition, we will also refer to non-GAAP financial measures such as EBITDA, adjusted EBITDA, adjusted net income or loss, and free cash flow. You can find reconciliations to the most directly comparable GAAP financial measures in our earnings release, which has been posted on our website at huntsman.com. In our earnings release this morning, we reported second quarter 2016 revenue of $2.544 billion, adjusted EBITDA of $325 million and adjusted earnings per share of $0.53 per diluted share. I will now turn the call over to Peter Huntsman, our President and CEO. Peter R. Huntsman - President, Chief Executive Officer & Director: Thank you, Kurt. Good morning, everyone. And thank you for taking the time to join us this morning. Let's turn to slide number three. Adjusted…

Thank you, Peter. Sheila, will you explain the procedure for questions-and-answers and then open the line for questions?

Thank you. And your first question comes from the line of Bob Koort with Goldman Sachs. Please proceed. Robert Andrew Koort - Goldman Sachs & Co.: Thanks very much. Peter, I was wondering if you could comment on your EO expansion, given the economics in the markets today do you think that still adds $35 million on an annualized basis to your EBITDA rates? Peter R. Huntsman - President, Chief Executive Officer & Director: Yes, it does. The vast majority of that EO going into EG, Bob, has been sold on a long-term polling basis. So I believe that again in that expansion we want to get the incremental ethylene oxide for our own downstream consumption in amines and in surfactants. On the ethylene glycol side, which is where the lion's share of the new EO will be going, we didn't want to be exposed to the market cyclicality of ethylene glycol. So the vast majority of that will be sold on a longer-term basis, at fairly consistent margins. Robert Andrew Koort - Goldman Sachs & Co.: Thanks for that. And on Advanced Materials, seems to be a continued trend here where you're leveraging your higher-margin Aerospace business, but I was a little struck by your comments of weak markets in Coatings and Construction, which seem to be end markets globally that are still hanging in there. So is there something specific to your product line, or are there regions where you sell are competitive intensity that made those tougher markets? Peter R. Huntsman - President, Chief Executive Officer & Director: No, I think we're certainly not losing customers. I think that there is a little bit of softness that we are seeing in the Asian markets, specifically around wind and some of the general coatings areas around infrastructure and so forth. But longer term, Bob, I think it's going to be a very consistent, growing end of business and an improving end of the business. But there will be some lumpiness quarter to quarter, but no, I don't see any trend that would raise any alarms. J. Kimo Esplin - Chief Financial Officer & Executive Vice President: Bob, when you think about our end markets in Advanced Materials, Coatings and Construction is the most commoditized market we have. Robert Andrew Koort - Goldman Sachs & Co.: Got it. Thanks, guys.

Thank you. And your next question comes from the line of Hassan Ahmed of Alembic Global.

Peter, much appreciated the additional color that you guys gave on SpinCo and the potential spin of TiO2. My question basically is twofold. One is associated with the spin. I mean, how are you thinking about the tradeoff between a potential spin and sort of a strategic combination, so that's part one? Part two is, if at all you do go via the route of a spin, do you believe that there is enough investor appetite for full publicly traded TiO2 companies in the U.S. domain? I mean, what are your bankers sort of telling right now? Peter R. Huntsman - President, Chief Executive Officer & Director: Well, on the first one, as far as the strategic combination, one thing that this board is very focused on, the management of the company, is that we have certainty, and that we're able to deliver to the market, as soon as we are able to, a successful spin. And I think that if we look at a combination, while they may look attractive some of the times, and believe me, we have currycombed the countryside looking and exploring various combinations with various partners around the world. I think that a spin allows us to have a process that we control, a process that we believe that we will be able to reap a good portion of the upside as a corporation going forward, and our shareholders will be able to reap that benefit as well going forward. And this is something that has a greater certainty behind it. I don't think that our shareholder base, and I'm speaking for myself in that base, has a great deal of appetite. At the risk of perhaps going through yet another TiO2 cycle. And so I think that it is of paramount importance that we…

Very fair. Now as a follow-up, just sort of switching to TiO2 fundamentals for a second, obviously some of the price hikes for Q2 stuck. It seems that you guys sound quite positive in terms of prospects for Q3 price hikes sticking. Could you just comment a bit about trade flows? Because one of the price dampers, at least over the last year, was incremental product arriving from Europe into the U.S. Primarily, I would imagine, because of the sort of dollar strength or euro weakness or the like. In terms of trade flows, are you seeing sort of normalized trade flows? Anything sort of suspicious going on over there? Peter R. Huntsman - President, Chief Executive Officer & Director: I – we're not seeing any – when you look at it over the last quarter or so, we're not seeing anything unusual that would give us any belief that there is a great deal of an over-balance that is going from one region to another region or a great deal of volume moving around the world at this point, out of what we would normally be seeing.

Perfect. Thank you so much, Peter. Peter R. Huntsman - President, Chief Executive Officer & Director: Thank you.

And the next question comes from the line of Jim Sheehan of SunTrust Robinson Humphrey. Please proceed.

Good morning. Peter, are you still expecting your 2016 EBITDA to be basically consistent with 2015 levels? Peter R. Huntsman - President, Chief Executive Officer & Director: Well, as we look out over the next year, we really haven't seen a position where we – we gave some first quarter guidance and I think that there might be some lumpiness in some of those numbers like MTB and so forth that are volatile, but I am not aware of any 2016 guidance that we've given in comparison to 2015 of late.

Okay. So then on TiO2 pricing, you got some pricing in the second quarter, could you comment on what your realization was relative to the nominated pricing and how much realization do you expect in the third quarter as well? Peter R. Huntsman - President, Chief Executive Officer & Director: Taken together with both of those increases, I would say that it's safe to assume that we'll get half, perhaps slightly over half of the announced increases between those two quarters. That would be spread out over second quarter and third quarter.

Okay. And on your free cash flow, it looks like that really would change from this normal seasonal pattern you've had over the last few years, and you talked about the inventory changes you made. Do you think that type of benefit from inventory is sustainable in the second half? And relative to that, what do you think that the free cash flow would look like if you sustain that type of performance? Peter R. Huntsman - President, Chief Executive Officer & Director: Well, so I think we brought our inventories down to what they needed to be from a normalized standpoint. Now from here on out, second half, you'll see the normal seasonal trends. So you will see benefits in working capital in the second half of the year, primarily in the fourth quarter, as we usually do. This was a very focused effort, using outside help in some cases to really systematically bring our inventories down from a supply chain process standpoint, in three of our five divisions. And you heard specifically kind of the efforts we've made in our Pigments business, but also in Polyurethanes and in Performance Products. So we believe, again, second half of the year, you'll see normal seasonal trends as our fourth quarter tends to be softer and you see working capital come off. But this is a sustained improvement from a relative days perspective that we should be able to hold onto in the years to come.

Kimo, how confident are you, you can exceed the $350 million of free cash flow this year? J. Kimo Esplin - Chief Financial Officer & Executive Vice President: We're confident. Peter R. Huntsman - President, Chief Executive Officer & Director: I'd say we're very confident on that. J. Kimo Esplin - Chief Financial Officer & Executive Vice President: Yeah.

Thank you.

Thank you. And your next question comes from the line of Frank Mitsch of Fargo Securities. Please proceed.

Yes, hey, good morning. I want to start with an unrelated comment. I know John is there. Hey, John, my wife and I had a chance to visit Huntsman Springs in Driggs, and we're extremely impressed. Congratulations on a terrific community you set up there.

That certainly would be an area of great focus, and I would encourage anybody and everybody to take advantage of it.

I tell you, it is something else. Peter, you talked about trying to bring some of the self-help that you did in Advanced Materials over to Performance Products and improved the profitability there. Any sort of metric you might be able to give to us in terms of the size and the timing of those efforts there? Peter R. Huntsman - President, Chief Executive Officer & Director: I think that as we continue on through the remainder of this year, I'm not sure that from a market perspective we're going to see a great deal of market improvement, but we think that the self-help should be about a run rate of around $80 million improvement in 2016. Now some of that I think we might lose that as we see margins compress as we've seen in the first half of the year. But as I said my comments, we are expecting in the second half of the year, margins to be flat and/or improve in the various businesses is there. So the margin improvement that we see between now and the end of the year, a 100% plus of that will come about through self-help exercises. J. Kimo Esplin - Chief Financial Officer & Executive Vice President: So that's run rate $80 million by end of year.

All right, that's helpful. And then obviously on the polyurethane side, you have a yin and a yang; MDI doing a bit better, MTBE not so much. Can you give us your take on MDI supply demand balance for the balance of the year and into 2017? Peter R. Huntsman - President, Chief Executive Officer & Director: Well, I think that we're at that kind of that tipping point of being somewhere in the high – globally being somewhere in the high 80% to pushing that 90% capacity utilization. And again, that's globally. Obviously in China and Asia, you're going to be below that, and in the U.S., in Europe, you're going to be right in that area. In the U.S., I think, you're going to be a little bit tighter than that. So I think that you're going to have opportunities to expand further margins, and so forth as we go throughout the year. You will see some seasonality in demand and so forth. But right now we're seeing global capacity somewhere in the mid-86%, 87% capacity utilization, with Europe and Americas in the mid-90%s and China substantially below that, probably even below 80%.

All right, that's helpful. Thank you. Peter R. Huntsman - President, Chief Executive Officer & Director: Thank you.

Your next question comes from the line of John Roberts of UBS. Please proceed.

Good morning, guys. Peter R. Huntsman - President, Chief Executive Officer & Director: Hey, John.

On the original separation idea way back when, I think there were going to be two classes of stock and I think there was a 30% IPO initially, but with the super voting stock, you could maintain cash flow consolidation. Are you thinking about that or something more simple this time? J. Kimo Esplin - Chief Financial Officer & Executive Vice President: Well, you're talking about two years ago, three years ago when we announced the transaction, we were thinking about an IPO and the ability to spin post IPO. We are moved off the IPO idea. This is a straight spin with a retained portion on the backend. As you know, the IRS rules are 50% economic, 80% control or vote, and so we are working within those parameters in terms of thinking through the spin.

Okay. And then once you deal with the spin, maybe one of the next problems you're going to deal – have to deal with at some point might be MTBE since that seems to be a big part of the volatility for new Huntsman, post spin. Is there any option there to have a tolling arrangement like you just talked about you do with ethylene oxide? Peter R. Huntsman - President, Chief Executive Officer & Director: I'm not sure that that's – I mean, yes, we've looked at those sort of things, but while MTBE does have some volatility with it, I think that when you look at the cash generation of that business and when you look at the overall margins of that business, I said in my comments this last quarter, our propylene oxide MTBE business had a combined margin in the mid-20%s. That's a very healthy business. And it's a business that's generating quite a bit of cash out of that. So as we look at the possibility of perhaps looking at some means or mechanism of controlling some of that volatility, I certainly would be remiss to do it if it's going to come at the expense of margin or cash generation.

Okay, thank you. Peter R. Huntsman - President, Chief Executive Officer & Director: Thank you.

And your next question comes from the line of Aleksey Yefremov of Nomura Securities. Please proceed.

Good morning. Thank you. Peter, I just wanted to confirm, did I hear you right that Performance Products will trough in the second quarter and will improve in each subsequent quarter this year? Peter R. Huntsman - President, Chief Executive Officer & Director: Yeah, at the present time, as we look at market demands, pricing, and the improvements we're making the business; that would be our forecast at this time. I would remind you that our Performance Products is made up of our amines business, our maleic anhydride business, our upstream business of ethylene, ethylene oxide, ethylene glycol, and our surfactants business. And so within that portfolio you've got businesses that range, that are pushing the 20% margin, more of a specialty oriented application down to a very commoditized sort of an ethylene. I think on an integrated basis, it all fits together quite nicely, but it does have a bit of lumpiness in there. So as we look at market conditions right now in the second half of the year, we are expecting the business to have troughed. The capacity that has come on in the amines sector, that has kind of weighed some of the margins back to what I would call more normalized levels, has fully hit the market and has been absorbed in the market. And I think that certainly market conditions from here on out certainly ought to be looking better and in the coming quarters than it has in the past couple of quarters.

Thank you. And then turning to TiO2, I guess, if you take the second quarter price increase, and what you could realistically get in the third quarter, and then fast forward to eliminate the effect of all the lags, where would it put your EBIT – annual EBITDA run rate for Pigments and Additives? Peter R. Huntsman - President, Chief Executive Officer & Director: I think, it puts it right in that range of around $100 million run rate, which is kind of where we told the market we think you need to have it be for a spin. Now as we look into the third quarter, I think that we are going to see the benefit of price increases. You're also going to see seasonality; last year we saw a fall off of high single digit percentage of demand, which is, again, that's seasonal for the entire industry in the third quarter. So you'll see the balance of both of those two coming into the third quarter, and we're a few weeks into the third quarter, so it's a little bit early to speculate as to exactly where we think the outcome of the third quarter is, but all of the trends that we see in TiO2, from demand to pricing to inventory levels and so forth, lead us to believe that we are certainly going into an improving market condition in the Pigments business.

Thank you. And final question, if I may, for Kimo, how big is sort of this one time working capital benefit that you experienced in the first half that we may sort of not get next year? J. Kimo Esplin - Chief Financial Officer & Executive Vice President: Well, I think, we broke it out in the release, it's – our inventories improved by about $100 million. And that's sort of what we typically don't see in the second quarter.

Okay. Thank you very much.

And your next question comes from the line of Ivan Marcuse of KeyBanc. Please proceed.

Hi, thanks for taking my questions. My one question would be on the new Huntsman. What would the free cash flow profile look like? Meaning, how much CapEx of the $450 million goes with the spin, and how much of the inventory benefit that you've had this year would be related to the Pigment and Textile businesses versus the NewCo? Peter R. Huntsman - President, Chief Executive Officer & Director: So, of course, free cash flow is difficult to determine before we put the capital structure together in terms of interest and so forth, but I can comment on CapEx. We typically will spend roughly $80 million of CapEx in our Pigments and Additives business, and $20 million in our Textile Effects business. There's probably an additional $20 million of pension needs in those businesses, fundamentally. And then, of course, you've got interest and so forth. The Pigments and Additives business from an inventory standpoint had good improvement. Their inventory improved, I think, in the order of $60 million.

Okay, great, thanks. And then last a follow-up. How would you – I know, so maybe a little too early, but what would you expect for the dividend, do you expect that the stores stay with the NewCo, or we'd just put that sort of evenly, or what's how do you envision that? Thank you. Peter R. Huntsman - President, Chief Executive Officer & Director: I think for the time being the plan would be that that would remain with the existing Huntsman Corporation and as we get closer to a spin, our Board of Directors will be addressing any change that may be taking place there. But at this time it would be plan that would remain with the existing company.

Okay. And your next question comes from the line of P.J. Juvekar of Citigroup. Please proceed.

Thank you. Good morning. Peter R. Huntsman - President, Chief Executive Officer & Director: Good morning, P.J.

Peter, can you talk about the ore market? Ilmenite, slag versus rutiles, it seems like the sufate ores are a bit more advantage – advantageous right now. So can you talk about your mix today and what you're seeing in terms of ore pricing? Peter R. Huntsman - President, Chief Executive Officer & Director: Yeah, I think that the mix that we have today is really the same mix that we've had for the last year. We've been saying for the last year that we think longer term just because of the number of players and the number of mines and so forth, that sulfate mines and supplies of slag are going to be advantaged to others slags, and our capital investments over the last year or so in this business have been – some of them have been focused on how do we take further and better advantage of those economics? And everything that I'm seeing in the ore markets would lead me to believe that that's exactly what's happening. And we're continuing to see the advantage for sulfate ores and that's where the preponderance of our raw material sourcing is coming from. J. Kimo Esplin - Chief Financial Officer & Executive Vice President: Yeah. I mean ilmenite prices are low; they're very low. I think call it about $120, $130 a ton, and if you look at rutile's, you are at $1,500 a ton, and chlorides slags in the $500, $600 a ton. So those ilmenite prices are significantly lower than chloride ores are.

Thank you for that. Aren't these prices moving up as these guys see you raising prices in TiO2? And then what's happening to Chinese TiO2 exports? Thank you very much. Peter R. Huntsman - President, Chief Executive Officer & Director: Well, Chinese TiO2 exports are – I wouldn't say that they're giving us any concern. There has been a surprising amount of consolidation in the Chinese market and so I think the Chinese exports are probably going up a bit. EU and U.S. is pretty flat within intermarket trades and so forth. As far as increases on ores and so forth, certainly a lot of talk out there, but I think that as we look at the ilmenite ores, I think to begin, we're in an enviable position there. And we're certainly not in any position when you look at the pricing of TiO2 today to be accepting raw material price increases.

Thank you.

Thank you. And your next question comes from the line of Laurence Alexander of Jefferies. Please proceed.

Good morning. Two quick questions. One, with the spin what's the thinking around, will it be as independent – will it be a separate set of managers or will you have oversight on the SpinCo or how are you thinking about that? Peter R. Huntsman - President, Chief Executive Officer & Director: Well, as you know, Laurence, these are dictated by the IRS and they are very independent management and independent boards that will be required to get a tax-free spin done here.

And secondly, when you think longer-term about the CapEx cycle and the leverage ratios for the new Huntsman, you've had a history of some fairly capital intensive growth opportunities. How do you think about managing leverage ratios across that cycle and if you can also maybe speak to appetite for diversifying the new portfolio if you get a better currency to use for acquisitions? Peter R. Huntsman - President, Chief Executive Officer & Director: Well, I think if we get a better currency use of acquisition that's going to be something that could be very appealing to us, and something that we would expect to be seeing from the NewCo would be a higher multiple and the opportunity to use equity as cash in that sort of instance. But our priority today, Laurence, is the continued pay down and reduction of our debt and again, I think we will be reporting on the capital structure of NewCo, but I wouldn't see it being anymore leveraged than what the Huntsman Corporation is today.

Thank you. J. Kimo Esplin - Chief Financial Officer & Executive Vice President: And so, Laurence, I'm sorry, just to remind you that there will be some debt on SpinCo and so there will be a dividend back and then this retained interest will be – the reason for the retained interest frankly is just that as TiO2 recovers, Huntsman Corporation can enjoy some of that upside and use those proceeds to repay debt as well. We mentioned that of our $450 million of normalized capital, roughly depreciation, $100 million of that will be capital from SpinCo. And I think if you look at, certainly in 2016 and in the past few years, those businesses didn't generate a whole lot of cash. And so our cash flow profile and our ability to repay debt will be enhanced with the spin.

Perfect. Thanks.

And your next question comes from the line of Jeffrey Zekauskas of JPMorgan. Please proceed.

Thanks very much. What was your unadjusted EBITDA in the quarter? Was it about $280 million? J. Kimo Esplin - Chief Financial Officer & Executive Vice President: If you look on page eight of the earnings release...

Uh-huh. It's a good (50:40) presentation. J. Kimo Esplin - Chief Financial Officer & Executive Vice President: Sorry. Give me a minute and I'll calculate it for you.

Okay. Maybe while you're looking I can ask another question? In bringing down your inventories quite a lot, did you liquidate any LIFO layers? And was there a benefit or a harm to earnings per share from that? J. Kimo Esplin - Chief Financial Officer & Executive Vice President: There was a significant fixed cost movement in stock, and LIFO noise in the quarter, and it was significant. It was in the order of $30 million, $40 million, Jeff.

$30 million, $40 million. Forgive me. Is that in addition to earnings, to the income statement? J. Kimo Esplin - Chief Financial Officer & Executive Vice President: It's headwind. Peter R. Huntsman - President, Chief Executive Officer & Director: Headwind on EBITDA basis.

Headwind on EBITDA. J. Kimo Esplin - Chief Financial Officer & Executive Vice President: And unadjusted EBITDA is $278 million.

$278 million. Okay. Good. Did you say what your China MDI growth was or China MDI market growth in the quarter? J. Kimo Esplin - Chief Financial Officer & Executive Vice President: China – well, Asia was flat, which is mostly China.

Asia was flat. Okay. And in your Pigments and Additives business, if your TiO2 prices were up 5% sequentially, but for the division as a whole you were up 2% sequentially, then I guess the performance additives prices must have been down? My guess is about 7%? Is that true? And what's happening in performance additives? J. Kimo Esplin - Chief Financial Officer & Executive Vice President: No, I think we had a pretty good quarter. So walk me through, Jeff, again, the numbers you are using?

I thought you said that TiO2 prices went up 5% sequentially, and in your slide, it said that your sequential price increase for the division was up 2%. And TiO2 was a much bigger operation than performance additives. So if TiO2 is up 5%, you need a large decrement to get that up to sequentially for the whole division. J. Kimo Esplin - Chief Financial Officer & Executive Vice President: Right. Sorry, I'm looking at year-over-year. So sequentially the way I think of it is, TiO2 price gave us roughly $12 million. There was some benefits from insurance in the quarter from our explosion at Uerdingen that gave us really the rest of it. So we're going from $15 million to $31 million, there was a couple of million bucks from the Uerdingen insurance proceeds, but it was almost all price.

Okay, excellent. So what's happening in price in performance additives? And, forgive me, did you start up your new capacity in that area? Is it producing? Sort of what are conditions like there? J. Kimo Esplin - Chief Financial Officer & Executive Vice President: Yes, we are. We're not really seeing the benefit. The benefit really comes from shutting down smaller facilities throughout the US and consolidating. And so while it's up and going and we're producing on spec material, it's not running at capacity and we have not yet seen the real EBITDA benefits from the Augusta, Georgia, facility.

Okay, great. Thank you so much. Peter R. Huntsman - President, Chief Executive Officer & Director: And just also as a reminder, part of that is going to be with the construction season and so forth, you do have grade variation and all that as well. So I wouldn't say that they're long-term macro trends here, Jeff, that we're focused on as much as you're going to have a variability and mix of product.

Okay. Great. Thank you so much.

And your next question comes from the line of Roger Spitz of Bank of America. Please proceed. Chris Ryan - Merrill Lynch, Pierce, Fenner & Smith, Inc.: Yes, this is Chris Ryan on for Roger. In the performance products, which amine saw increased competition, and for that increased competition, what was driving that? Was that all new capacity? Or was that lower-demand as well? Peter R. Huntsman - President, Chief Executive Officer & Director: I think that it was mostly the polyetheramines and it was a bit of combination of debottleneck projects that were started a year, year and a half ago when markets were exceptionally tight. Most all of that was coming from Asia where there was a large demand pull-through on infrastructure, wind projects, and so forth. And so yes, it's really in those two areas. Chris Ryan - Merrill Lynch, Pierce, Fenner & Smith, Inc.: Okay. Thank you. That's all my questions. Peter R. Huntsman - President, Chief Executive Officer & Director: Thank you.

And the next question comes from the line of David Wang of Morningstar. Please proceed.

Hi, thank you for taking my question. I just had one on polyurethanes business. So I think you made a comment that MDI margins are expanding, and on the slide it shows that quarter-on-quarter pricing, at least in local terms, was flat. So I was wondering if you could walk us through what's driven the improvement in margins? Is it lower costs? And is the margin impacted by a mix shift between your components and differentiated businesses? Or are they expanding in both segments? Peter R. Huntsman - President, Chief Executive Officer & Director: Well, we are seeing an expansion, as I said, in the comments of 6% in our downstream differentiated basis. We're also seeing a 20% drop in benzene raw material costs and so forth. So I think it's a combination both of raw material benefits and also moving further downstream and improving margins there. J. Kimo Esplin - Chief Financial Officer & Executive Vice President: And remember, we saw some growth, so 4% global growth on our volumes is greater than $10 million of EBITDA as well on a year-over-year basis.

Right. And presumably your competitors would also benefit from the drop in benzene raw material costs. So would you expect to see greater pressure, at least on the component side for margins going forward? Peter R. Huntsman - President, Chief Executive Officer & Director: Not really. We're looking at capacities in Europe and the Americas in the mid-90%s. I don't see that the market is sloppy enough to be giving away raw material fluctuations and so forth. So, no, I don't see that at this point.

Okay. Thank you.

And the last question comes from the line of Edlain Rodriguez of UBS. Please proceed.

Thank you. Good morning. Two quick questions, Peter. One just on TiO2. One is a clarification. Of the two price increases, 158, so almost like $300 per ton. Like how much did you say you expect to be implemented by the end of the year? And, two, looking into 2017, what's going to keep the pricing momentum going? Peter R. Huntsman - President, Chief Executive Officer & Director: Well, I think that as we look between now and the end of the year, I'll only speak between now and the end of the third quarter because we haven't announced any pricing initiatives or anything in the fourth quarter. But as we look at that $300 a ton, I would expect that we should get slightly more over the second and third quarter. We should get slightly more than half of that spread out over the two quarters. And I think that as we look at 2017 going forward, with just some of the macroeconomics that I see, I don't the people formulating away from TiO2 as we've seen in the past years. I think there have been a number of closures that have taken place in China. There have been some that have been taking place outside of China in 2017. I don't see any new capacity anywhere coming into the market that isn't being correspondingly offset by capacities that are being restrained. And I think that with the low margins in TiO2 that manufacturers of TiO2 frankly have to generate more money for shareholders in these areas. So I see greater pricing discipline taking place in TiO2. So I see a lot more positives than negatives in TiO2. I think it's going to be an ideal time to be spinning this to shareholders. I think the business is going to be on a strong footing on a standalone basis, and it's going to provide some significant upside in the next couple of years as you look at the TiO2 pricing and margin expansion will be taking place. This is a business that on a normalized basis would normally be kicking out $400 million plus of EBITDA. And you don't have to go back very far in the past where the business was doing double that on an adjusted basis when you take into account the cost cutting, the combination of assets and so forth. So I get a sense of a lot more optimism than negativism in TiO2. The timing of our spin and the execution of our spin. So I think it's the right time and I think that we've got the right combination of assets doing this going forward.

Okay. Thank you very much. Peter R. Huntsman - President, Chief Executive Officer & Director: Thank you.

Okay. I would now like to turn the call over to Kurt Ogden for closing remarks.

Thank you, Sheila. We want to thank everybody for joining us on the call today. To the extent that you have additional questions, please feel free to reach out to the Investor Relations team. We're happy to engage further with you. Thanks again for joining us.

Thank you for your participation in today's conference. This concludes the presentation. You may now disconnect and have a great day.