Hello, and welcome to the Fourth Quarter 2015 Cabot Earnings Conference Call. At this time, all participants are in listen-only mode. Later, we'll be facilitating a question-and-answer session. And as a reminder, this call is being recorded for replay purposes. I would now like to turn the call over to Vice President of Investor Relations, Erica McLaughlin.

Thank you. Good afternoon. I'd like to welcome you to the Cabot Corporation earnings teleconference. Last night, we released results for our fourth quarter and full fiscal year of 2015, copies of which are posted in the Investor Relations section of our website. For those on our mailing list, you received the press release by e-mail. If you're not on our mailing list and are interested in receiving this information in the future, please contact Investor Relations. The slide deck that accompanies this call is also available in the Investor Relations portion of our website and will be available in conjunction with the replay of the call. I remind you that our conversation today will include forward-looking statements, which are subject to risks and uncertainties, and Cabot's actual results may differ materially from those expressed in the forward-looking statements. A list of factors that could affect Cabot's actual results can be found in the press release we issued last night and are discussed more fully in the reports we file with the Securities and Exchange Commission, particularly in our last Annual Report on Form 10-K. These filings can be found in the Investor Relations portion of our website. Also, as we typically do each year, I would like to remind you that over the next several weeks in connection with the vesting of restricted stock awards issued under our long-term incentive equity program, officers of the company may sell shares to pay tax obligations related to their awards. I will now turn the call over to Patrick Prevost, who will discuss the key highlights of the company's performance. Eddie Cordeiro will review the business segment and corporate financial details. And following this, Patrick will provide closing comments and then open the floor to questions. Patrick? Patrick M. Prevost - President,…

Our first question comes from the line of Jim Sheehan from SunTrust.

Thanks for taking my question. You referenced the pricing increases that you've got in the spot market, mixed results there. Could you just give us a little more color on where you're seeing the price increase and where you're not? Patrick M. Prevost - President, Chief Executive Officer & Director: Yes. So, as I mentioned Jim, last quarter we were driving towards getting price increases and had implemented a price increase in Reinforcement Materials on September 1, and as you remember this was in the spot market. As you know, the contracts are set for the calendar year. We've seen some positives in this respect, but also we've seen some resistance in various places. Because we're in the midst of contract negotiations, I'm sorry I won't be able to provide you more detail than that.

Okay. And, just on the operating rates you talked about high 70%s to 80% operating rates. Is this high enough to sustain higher pricing in the next contract season or do you have to actually see higher operating rates first? Patrick M. Prevost - President, Chief Executive Officer & Director: Well, again, the utilization rates that I quoted 75% to 80% are an average across the various geographies, and depending on the geographies, we're seeing more supportive environments for price increase in certain geographies than in others. So we will be of course focusing on those geographies for price increases and then the other geographies we'll be trying to match and balance volume and price.

All right. Thanks a lot. Patrick M. Prevost - President, Chief Executive Officer & Director: Thank you.

Our next question comes from the line of Laurence Alexander from Jefferies.

Good afternoon. Couple of questions, first can you give a sense if the inventory headwind in Q1 is in line with or worse than what you normally have seen. And secondly on the cost cutting program, which looks like it's mostly targeting the reinforcement blacks, is that correct? Because if so, it looks as if your angling for about a 13% give or take run rate margin in 2017. And that would be much higher than your historical performance from the segment. So is that the right way to look at what you are trying to do? Patrick M. Prevost - President, Chief Executive Officer & Director: So Laurence, good afternoon. I'm not sure I fully understood your first question. Do you mind repeating that?

Sure. There was a quick comment in your remarks about typical seasonal inventory headwinds affecting the bridge for reinforcement blacks in Q1 in the December quarter. Just wanted to make sure that that was normal seasonality and not worse than normal seasonality? Patrick M. Prevost - President, Chief Executive Officer & Director: Yeah. That's normal seasonality, Laurence. Concerning the second question, I believe you were asking about the application of the – the restructuring program to the Reinforcement Materials segment, and we've indicated that there's, of the $50 million of cost savings that we're expecting in the restructuring program, that about $15 million would be affecting Reinforcement Materials. Again, I think it's important also to note that the impact in terms of the effect on the bottom line will only start in the second quarter of fiscal 2016.

And then just lastly on the target for EPS improvements in 2016, is any of that in your target from taxes or share counts? Patrick M. Prevost - President, Chief Executive Officer & Director: I'll ask Eddie to answer to that. Eduardo E. Cordeiro - Executive Vice President, Chief Financial Officer & President-Americas Region: Well, we have a bit of a headwind as it relates to taxes, Laurence, since we ended 2015 at an operating rate of 25% and we are forecasting 2016 to be in the 26% to 28% range. So we have a little bit of a headwind there. And then as it relates to share count, since we bought back a fair number of shares already in 2015 on an averaging basis, I think that that accounts for about $0.05 benefit in 2015 and it'll account for another $0.05 in 2016. So we have that going forward and that's before buying back any further shares in 2016.

Okay. Thank you.

Next question comes from Eugene Fedotoff from KeyBanc.

Good afternoon. And thank you for taking my question. Just to follow-up on pricing, I was wondering, what is your view of pricing in specialty blacks going forward given that raw materials have declined throughout the year? Are you seeing any pressure on pricing? And do you expect any declines in specialty pricing in 2016? Patrick M. Prevost - President, Chief Executive Officer & Director: So, we've certainly seen some benefit – in that business we've seen some benefit from the oil price decline. So, this has been certainly helping in terms of expanding our margin. In addition to that, we've been actually increasing prices and have been successful and certainly more in the specialized and differentiated part of the portfolio. Now what's important to understand is that we've got about 25% of our business in specialty carbons that's in a formula type structure more similar to what we have in Reinforcement Materials. So these businesses are kind of set in terms of ability to achieve benefits from margin through feedstock. But there is a reset on an annual basis, and we're looking right now at the possibility to increase prices into and are negotiating right now to see if we can increase prices into 2016. I'm sure we'll be getting some varied results here depending on the application and the geographical environment.

Right. Thanks. And just a follow-up on demand in China, are you expecting some recovery? I believe one of your customers also said that they're seeing strong pickup in local demand in China. So, I was just wondering if you can provide some more color on what you are seeing in the region. Patrick M. Prevost - President, Chief Executive Officer & Director: Yeah, so, we're still looking at China as an important part of the company and we're, we have a fairly bullish perspective on China in the long run. In the short term, we are however, seeing some decline in demand. We're seeing the impact of the slowdown of the economy. And that is affecting us through the businesses that are related to automotive and construction and building industry. We, however, look at the Chinese tire market as being critical for the world. We're seeing about 35% to 40% of global tires made in China. So, even though there's a slowdown, let's say that is related to local demand certainly on heavy commercial vehicles, and also a bit of a slowdown in terms of exports for personal car tires. We're still looking at – and expect to see somewhere in the range of 1% to 2% on heavy commercial vehicle growth in terms of tire production and consumption and about 5% on the personal car tire side. If you take all of that in where that leads to growth of approximately 3% to 5% for carbon black in 2016. So, let me put it this way, I think in the short term, we're seeing a slowdown, but it's all relative of course, to what we've seen in the past and also relative to what we're seeing in other countries around the world. So, still a fairly attractive long-term environment in China.

Thanks for this color. I was just wondering several of companies in the industry recently announced their exposure to Venezuela and currency devaluation impact from the region. I was wondering if you can comment on your exposure to the region. Patrick M. Prevost - President, Chief Executive Officer & Director: This – I'm sorry, I didn't totally understand. Did you talk about currency exposure or?

Yeah, in Venezuela. Patrick M. Prevost - President, Chief Executive Officer & Director: For China or... Eduardo E. Cordeiro - Executive Vice President, Chief Financial Officer & President-Americas Region: Venezuela. Patrick M. Prevost - President, Chief Executive Officer & Director: Oh, Venezuela. Patrick M. Prevost - President, Chief Executive Officer & Director: Venezuela is a very small part of the company's portfolio. We have a joint – we have a minority joint venture position there and we've been adjusting our reporting to deal with the currency situation on a regular basis but it's immaterial in terms of the impact it had.

Okay. Great. And just the last question, just a clarification on Purification Solutions, I am sorry if I missed that I thought you said that you're expecting your depreciation and amortization to be down in the segment. And then you're taking some costs out at the same time you're expecting breakeven performance, what is offsetting that? Patrick M. Prevost - President, Chief Executive Officer & Director: So, the drive in terms of what's happening there is really related to the MATS environment. And as you can imagine with the demand expected to grow very rapidly we have been building inventory to meet the customer demand there. And with the ruling a few months ago things have gone into a situation where we have uncertainty in terms of the MATS' timing, we're expecting a ruling from the court in the next couple of months. And – but we've got to manage the situation and because of that we have decided to reduce our inventory position. And as we plan forward then assuming that there is no pickup in demand for mercury removal, we expect to see approximately a $5 million a year – sorry, $5 million a quarter impact from the reduction in inventory and this is, of course, depressing the profitability of the Purification Solutions business in the near term.

Got you. Thank you. Patrick M. Prevost - President, Chief Executive Officer & Director: Thank you.

I'll now turn the call back over to Patrick Prevost for closing remarks. Patrick M. Prevost - President, Chief Executive Officer & Director: Well, thank you very much for joining us today. And we'll be looking forward to speaking to you, with you again next quarter. Thank you.