Good day, everyone, and welcome to the Eastman Chemical Company Third Quarter 2011 Earnings Conference Call. Today's conference is being recorded. This call is being broadcast live on Eastman's website, www.eastman.com. We'll now turn the call over to Mr. Greg Riddle of Eastman Chemical Company, Investor Relations. Please go ahead, sir.

Okay. Thank you, Tricia, and good morning, everyone, and thanks for joining us. On the call with me today are Jim Rogers, Chairman and CEO; Curt Espeland, Senior Vice President and Chief Financial Officer; and Fernando Subijana, our new Manager of Investor Relations. Before we begin, I'll cover 3 items. First, during this call, you will hear certain forward-looking statements concerning our plans and expectations for fourth quarter 2011 and full year 2012. Actual results could differ materially from our plans and expectations. Certain factors related to future expectations are or will be detailed in the company's third quarter 2011 financial results news release on our website and in our filings with the Securities and Exchange Commission, including the Form 10-Q filed for the second quarter 2011 and the Form 10-Q to be filed for third quarter 2011. Second, except where otherwise indicated, all financial measures referenced in the call and in the slides accompanying the call will be non-GAAP financial measures, including earnings per share and operating earnings that exclude asset impairments or restructuring charges and gains. A reconciliation to the most directly comparable GAAP financial measure and other associated disclosures, including a description of the restructuring related items are available in our second quarter 2011 financial results news release and the tables accompanying the news release. Third, earlier this month, we completed a two-for-one stock split. All per share amounts in this presentation have been adjusted for the split. Lastly, we have posted the slides that accompany our remarks for this morning's call on our website at www.investors.eastman.com in the Presentations & Events (sic) [Events & Presentation] section. With that, I'll turn the call over to Jim.

Thanks, Greg, and good morning, everyone. Thanks for joining us. I'm on Slide 3 and as is my normal practice, I'll begin with a review of our 2011 outlook statements that we made back in July. For third quarter, we said we expected to be above third quarter 2010 EPS of $1.11 and we delivered with EPS of $1.19. For the year, we said we expected to be slightly above $4.62 and our current full year guidance is about the same, and I'll talk more about that in a few minutes. We said we expected free cash flow for the year to be approximately $200 million and we made some decisions that may bring us a little below that number, but still very healthy, and Curt will take you through the details on that. And lastly, we said we would continue to be disciplined in how we put cash to work and we have been. During the quarter, stockholders received almost $150 million through the combination of dividends and share repurchases. We completed 3 acquisitions in the quarter, Sterling Chemicals, Scandiflex and Dynaloy. And we expect Sterling and Scandiflex to be slightly accretive to earnings this year, accretive above our cost of capital next year and both support growth in non-phthalate plasticizers, and Scandiflex gives us a manufacturing presence in Brazil. And Dynaloy will support our growth efforts for electronic materials within CASPI. And we remain on schedule for a number of capacity additions throughout the company. So I think Eastman is well-positioned with solid core businesses and a strong balance sheet to demonstrate the resilience of our earnings and what is definitely an uncertain economic environment. Turning to Slide 4 and our corporate results for the quarter. Revenue increased by 20% primarily driven by higher selling prices. Volume was…

Okay. Thanks, Jim, and good morning, everyone. I'll begin on Slide 14. We generated solid cash flow in the third quarter at over $200 million. Net earnings continue to be strong. We did make a tax payment of $28 million for the gain on the PET divestiture and expect to make another $27 million payment in the fourth quarter, for a total $110 million for the year. In addition, we built inventories in the third quarter in preparation for plan manufacturing maintenance in the fourth quarter that Jim just mentioned. Our free cash flow in the third quarter was $80 million and through 9 months, free cash is negative $77 million. We are on track for a strong free cash flow in the fourth quarter resulting in an expected free cash flow for the year of between $175 million and $200 million. This has changed from our last guidance, primarily due to the increase in capital expenditures likely to be around $475 million for the year, as growth projects are progressing well some infact ahead of schedule. We still expect strong cash generation in the fourth quarter, due to normal seasonal patterns and working capital and as we work those inventories back down. We ended the quarter with about $650 million of cash on our balance sheet and we continue to have a healthy level of debt capacity available to pursue targeted growth projects, all within the parameters of a strong investment-grade credit rating. On Slide 15, you can see how we've been allocating capital year-to-date in 2011. And this is very consistent with how we've told you, we would be allocating our capital: a mixture of supporting growth and returning cash to stockholders. We talked about the capital expenditures and acquisitions already this morning. Combined, they represent about 50%…

Okay, thanks, Curt and this concludes our prepared remarks. Tricia, we are ready for questions.

[Operator Instructions] We'll take our first question from David Begleiter with Deutsche Bank.

Jim, could you quantify the impact of the propane-propylene spread for us this in Q2 and what your expectation is for Q4?

Yes, let me do it this way because there's obviously been a little written about it, a little talk about it. So far, year-to-date it's probably worth about $130 million to us, so that green bar you see on 2011 and realize this is an approximation because we haven't gone through the year is close to the $140 million, so we would expect the fourth quarter is going to be $10 million. And obviously the biggest quarter of the year for us was probably the second quarter.

And just on the turnaround cost in Q4, can you quantify those costs and what they were a year ago?

Well, just on a comparison quarter-over-quarter, I think it's about another $10 million.

Yes. Well, Dave, the way to think about it is on a sequential basis it's about $15 million higher, $10 million of that just primarily related to that acetyl coal gasification plant turnaround that Jim mentioned on a year-over-year basis, so I think it's about $10 million.

And just lastly, Jim, if paraxylene prices stay where they are, what's the impact on Specialty Plastics as a structural profitability here?

Right. Well, it's not just one part. I mean, you've got the other raw materials as well. So as we look at it, we think paraxylene could be high for as much as 1 or 2 more years then probably falls back in the lightness [ph] as more capacity comes on. So you've already seen some of the pain from having a higher raw than your competitors have. There easily could be more pain on the other hand, most of what you're seeing on Specialty Plastics is, I would say, at least as we think about it in normal seasonal decline, as well as above average destocking. The switching from our products to other products, I think it had to be a pretty big gap in price for that to finally happen because of functionality and how well our products work. They just do a better job. But at one point, at a tipping point, people will flip over. Some of them will if they can. So the higher end applications where we moved a lot of the products due in the past 2 or 3 years were Specialty Plastics. And a big part of the reason why you're seeing such a different level of performance out of them, those I don't worry about. But when you get down to applications that need less functionality, that's where you're exposed. But I would also think that that's not a long-term issue. The other thing I'd say things like Tritan, I think, are going to continue to be very strong.

We'll move on to P.J. Juvekar with Citi.

I wanted to get your view on the propane market. Some of the midstream companies are building capacity to export more propylene from the Gulf Coast, so you could be competing with them with the exports. How do you see that playing out?

Yes. I mean, I don't know if anyone's been real good at guessing this. Frankly, I was surprised propane didn't come off more in the summer and it didn't really. On the other hand, maybe it's going to smooth out and and not quite as seasonal as it's been. I don't expect propane to come sharply offer anything like that because I think the trend that you talk about is real. On the other hand, on the propylene side, if we look out and try and make our best estimates, we're probably in, our humble opinion, bottoming here in the fourth quarter, maybe carrying it over into the first quarter and then I think, expectations are propylene will probably start picking up again early next year. But we'll see. I mean, we never would have guessed the second quarter had this kind of spread it did, and we think this is a bit of an overreaction here at year end in the propane-propylene spread.

Okay. And the second [indiscernible] you got the $8 million in licenses -- license fees. As your licenses build-out this new plans, how do you see the supply/demand in acetyl playing out?

Well, I mean, we look at it little differently than some of the other big acetyl players. We're more of a big and high-drive player, very much big presence in North America, and the asset isn't quite as important to us. So on several levels, I'm not really concerned for Eastman in terms of overcapacity in the asset yields. I think our markets in the niches we play in are very strong. Just in terms of licensing, I look back and I think we said, we probably had the licensing. Well, we've had licensing income in every year but big enough to call out was what, Greg?

4 in the last 7 years.

Yes, 4 out of the last 7 years. So I think there is definitely demand that continue selling these licenses, and we're working on things now. But they'll always come in. The longer term, you probably should expect those like every other year.

We'll take our next question from Nils Wallin from CLSA. Nils-Bertil Wallin - Credit Agricole Securities (USA) Inc., Research Division: Question on wood pulp cost. I saw that they -- there are some increase in the quarter and typically I thought you bought these on annual contracts. And so given that pulp prices are already coming down in the fourth quarter and could come down double digits next year, how do you think that will affect your overall profitability in Fibers?

Well, first, please go and talk to our wood pulp suppliers and tell them that's exactly what we should all expect. Look, it is an annual negotiation. We do, by the way, have a little bit of business under contract that adjust based on raw materials during the year. But overall, the market is still an annual kind of market. I try not to talk too much about spread in the of Fibers business over raw materials, we compete on so many other things in terms of service, and keeping our customers' plants running. So frankly, if raw materials come off, I would expect we would not get as much pricing as we thought. All I can say is year in and year out, Fiber seems to have very good margin, very consistent profitability and I'm proud the fact they've been able to grow for 8 years in a row. Nils-Bertil Wallin - Credit Agricole Securities (USA) Inc., Research Division: All right. Then on the copolyester. Obviously, you highlighted the -- some shifts there and people shifting out because of the high paraxylene cost. Could you give us a sense of how permanent those shifts are and how quickly they move back and forth, certainly if there's requalifications that are needed. And I would assume this is more of a commodity end of the business because it -- this one used to think copolyester fit in a position between cost and property.

Yes, it's a good question and I don't want to pretend like I can analyze every piece of what's moving. I can tell you, you can compete on price at that lower end of the market, not something we're always trying to make sure we're on top of, are we making the right call? Price versus volume. These special applications, the higher-end things where people just really need our product. We think we've been very disciplined and very responsible in our pricing and we haven't seen much shifting or moving there. On the lower commodity end, we will review, again, how we want to handle pricing. Do I think I can get that business back with price? Absolutely, because we have a better product, and the issue is, is it the smart and right thing to do. Longer term, I have every confidence that our copolyester product line has good growth characteristics. And it's funny, we had -- it's almost like we spoiled the market with some strong performance earlier in the year but this third quarter for Specialty Plastics is still a fantastic quarter.

We'll take our next question from Manav Gupta with Goldman Sachs.

I had a few questions. On the Fibers front, how is the demand holding up? I mean, you're seeing inventory destocking in plastics, but are you seeing robust demand in Fibers?

Demand in Fibers?

Yes.

Yes, I think it has held up. I mean, the business is going stronger. Greg, it looks like he wants to say something. Go ahead, Greg, what is it?

No. I mean, acetate tow demand is doing just fine within Fibers. Maybe there'll be some seasonality and destocking as you go into the fourth quarter. If you think about acetate yarn, we have seen some -- a little bit of softness there, and that's probably more indicative of what's happening with textiles generally in the market.

And if I could, I mean just on the acetate yarn, So it's not a super big deal for us, but it's probably a good indicator for you in terms of consumers around the world and that has softened up, the demand.

Okay. And on the second thought, I mean, as propylene prices rose, there were some demand destruction and again, product substitution. Now that they have bottomed out, do you think propylene derivatives will gain back some of the markets they had lost to other plastics and in the process there will be an equilibrium reached where propylene prices move up and help you guys?

Yes, absolutely. I mean, guys, there's still a cycle out there for different products and things that are commodities still move back and forth. There's a little bit of friction on the supply side where people don't move their refineries around every month. But when you have these big swings, people overreact. And they overreact not only on the supply side but also on the demand side. So, yes, we see it coming back our way from what we're experiencing here in the fourth quarter.

And lastly, one more. Paraxylene prices were primarily higher because of unplanned outages and a whole bunch of outages in Asia and Middle East, which are now subsiding. So do you see that market coming in quickly and paraxylene prices collapsing in near term, or will it take more time?

Yes, I wish, but that's not what my guys are telling me. They're saying that they could -- I don't know if they stay quite this high. They are coming down. But collapse I haven't heard anyone said so I would think para will come off -- be coming off by year and. But long term, we probably got 1 year or 2 before you get the additional capacity online, assuming that demand stays the way it is for the polyester fabrics. And we also try and pay attention to cotton. Again, that's a hard one to call. But I would think, Curt or Greg, isn't that what we're saying? We think paras probably going to be coming off by year end?

Right, slightly off.

Yes.

And when can we expect the 2012 guidance, guys?

Well, we'll do it more than likely on the next conference call. The one thing I threw out there is -- I've said, jeez, for the 2.5 years or so I've been CEO. We're working on year-over-year earnings growth. And so we're right now thinking about what makes '14 better than '13. What do you put in place? You got to have a long lead time on some of the things we do in terms of building things. So the one thing I take quite a bit of comfort in, I don't know how you all should look at it, but you look at our balance sheet, you look at the cash. Our, debt capacity. I mean, unless we have a severe recession or real downturn, we ought to be able to put cash to work, drive our core businesses, such that we have higher earnings next year than this year

We'll take our next question from Duffy Fischer with Barclays Capital.

Wanted to just go to that Slide 11. So the bars you showed, the earnings impact from the spread. Is that the true economic impact to Eastman, so like when we think about you maybe bringing back online that fourth propane cracker in Texas, these are the kind of numbers that you would look at against the capital cost to get your return?

Yes, this is the spread just from making versus buying propylene and ethylene. So that cracker coming back online. If you look at that $70 million in 2010 to $140 million in 2011, maybe $30 million of that improvement is probably new crackers coming back online, just to give you a ballpark.

Okay, perfect. And then if we jump into oxo alcohols a little bit, can you talk about what you're seeing in that end market in profitability trends there?

It's getting more competitive. You're talking like butanol and 2-EH et cetera?

Yes, 2-EH in particular, yes.

Yes, that's getting more competitive. Obviously, we're also a big user of 2-EH because we use that for our plasticizer business and other products. But I guess, I can't give you any more color than that, Greg, have you heard -- I haven't heard the guys overly complain about that. The one thing I'll say is in things like solvents and CASPI and some of the more commodity end products, I do see people getting more competitive out there. I do see him chasing some volume. I don't -- I wouldn't call it lack of discipline, but they're certainly less discipline out there in the marketplace on the lower end commodities stuff, than there has been.

Okay. And then just the last one, where do you sit now kind of with capacity utilization and tow, particularly in the Asia region. Do we have enough capacity to continue to grow the next couple of years or do we need to put some capital in, in the next couple of years?

Well, we do have enough capacity to grow and of course, we are putting some capital in. Maybe I'll just turn it over to Curt.

Right. I mean, we feel good about our premium [ph] facility that is performing well. We do have some capacity here back in Kingsport still, and then we're doing that joint venture with our customer CNTC, China National Tobacco Corporation, that will be online in 2013. We are reporting capital work to grow.

Okay. But we're not constrained at least until the CNTC stuff comes on?

No, we're not.

We'll take our next question from Jeff Zekauskas with JPMorgan. Jeffrey J. Zekauskas - JP Morgan Chase & Co, Research Division: In your release, you said that the PCI business was hurt by an olefin cracking unit outage by about $8 million, and CASPI by an olefin packing outage by about $3 million. So how does that work? Are there particular crackers assigned to the particular units or is it ratably by feedstock?

Yes, Jeff. It's the same cracker and it's the issue we had in the second quarter, and it's just the fact that CASPI -- it does not just affect PCI because CASPI sells derivatives from propylene as well, obviously. And so we're just giving you kind of the ratio and it's allocated by pounds used. Jeffrey J. Zekauskas - JP Morgan Chase & Co, Research Division: So the ratio looks like one is of 3 11 and the other is 8 11. So it looks like 75% of the cracker output goes to PCI and 25% to CASPI. Is that the conclusion that one should draw?

No, I think that's probably little -- it really depends on the derivative pull at that time. I think in the past, what we've talked about is more of a 60-40 kind of sharing of that.

Or 2/3, 1/3 and it can bounce around.

It can bounce around. Jeffrey J. Zekauskas - JP Morgan Chase & Co, Research Division: Okay. And then lastly, the propylene inventories these days are really high. It's like do you think that, that can really be worked down over a 3 or a 6-month period, or do you think it will take longer than that?

Yes. I don't know. I agree with you that they are quite high. I know that there was destocking. In fact just on the sense of destocking. if I think about it, the time I've seen the most destocking was the end of '08. This is probably the second highest that I've heard people talk about destocking at least since I've been here in '99. So I think there's been -- now this is just me, but I think there's been considerable destocking across a number of lines. And certainly with people expecting lower propylene, if it was in your tank, you use that first before you went out and bought it. So yes, there's ton of inventory out there. I don't know how long it'll take to eat through, but just in terms of the flip on the spread, we're thinking probably as you're coming out of the first quarter, you're starting to head north again.

We'll take our next question from Kevin McCarthy with Bank of America Merrill Lynch.

You have a fairly sizable turnaround of your coal gasification unit at Kingsport. Can you talk a little bit about the expected financial impact of it, duration of the outage and how the impact would be spread among your segments?

The outage of the coal gasification is roughly 3 weeks. In fact, they're almost coming out of it as we speak so -- we're doing very well against the planned turnaround. The financial impact is roughly what we described, it's that $10 million, and it's spread across all of our businesses and asset yield. So it's not going to be predominantly in one particular business.

Okay. Then, Jim, you talked about the $154 million of bolt-on acquisitions that you've done year-to-date. I guess, in recent weeks, Eastman has been connected with a more sizable potential deal by the European press. Curt, I thought you made a comment that the M&A market had slowed down some. So I'm trying to read these tea leaves and kind of ascertain what your appetite might be -- appetite or lack thereof for more significant acquisitions in this climate?

We're not going to comment on anything specific. But let me say this, I mean, we do have a strong balance sheet, we have a nice cash position, I think, in general valuations have come off despite yesterday or things move back up fairly substantially. What I want people to hear is this, we've been prudent, you can see we've been, I would say even conservative, cautious whatever words you want to use. But if we see the right transaction, we're ready to pull the trigger and do it. My confidence is up that we know how to integrate an acquisition, we know how to get one done. I can tell you if we do one, number one, you're going to see it as a smart financial transaction. So you, our shareholders will see it as a smart financial transaction. By that, I mean, you'll understand the returns above our cost of capital and you'll be able to see the accretion to our earnings. You'll also see a tie-in to our businesses. There should be synergy if we're going to do something certainly anything bigger than some of the smaller things we've done. There should be some good synergy, it should have a play to sustainability or to emerging markets. So we've got a checklist of things that we think would makes sense. The reason we're still sitting on a lot of cash is we're not just going to jump at anything. So it has to be the kind of transaction where the world will look at it and say, "Ah, I understand why Eastman is the highest and best owner of that asset."

Okay. That's helpful. And final question, if I may. Curt, can you give as a preliminary notion of how large the pension expense headwind might be for Eastman in 2012?

As you know, Kevin, that's kind of hard to nail down right now because there's moving parts between now and the end of the year. And it all depends if the last business day of the year is a risk-on or risk-off trade on higher returns. But it is a headwind. The headwind we faced coming in to 2011 is around $10 million. I'd say it's going to be sitting here today I know it's going to be a little over that.

We'll take our next question from Frank Mitsch with Wells Fargo Securities.

For what it's worth, there's a certain Michigan-based company that is very bullish on the outlook for oxo, so hopefully that spreads to Tennessee as well. Jim, I was -- I wanted to try and size the raw material impact year-over-year for you guys. It looks like pricing helped you buy about $240 million. What was the impact -- negative impact of raw materials?

Let me just give you some round numbers if I can, Frank. So raw materials and energy were probably over $200 million. Selling price and exchange was a little more than what you said. But then -- and so my spread over raws and energy year-over-year was still positive, as well as -- I had some positive from volume. But distribution costs were up, so it depends on where you want to put that. But distribution costs were up, and my other charges were up from like the outage of the cracker, how we took the hit there. So overall, we did a good job on pricing in terms of the movement in raws, energy and distribution rate, and we picked up just a tad on volumes.

Okay, great. And I appreciate the Slide 11. And I'm just curious with the pricing coming off on the propylene side, at what point do you think your derivative prices will be reflecting that? How should we think about that?

Well, you've already seen some in this quarter. We already -- in some places, you already started to move down. You always try and be sticky, you're trying to be stickier moving down than moving up. But it's that trade off, Frank, I'd almost have to go product line by product line in terms of your product attributes when you get to derivatives versus others, and what you got to do to be competitive on price. Just looking back on how the quarter closed, I'd say, we obviously traded a little volume to hold on to margins. But, we always have the ability to switch that the other way, if we need to.

Yes, I guess, the difficult thing is you are heading into a weak volume quarter. So the stickiness is not going to benefit you as much as perhaps it would in another quarter.

Yes, that's correct. And Frank, that's why we put in the guidance that we did. That's our expectation that it is going to be a lower volume because not only you got the seasonal, but I think you still got more inventory destocking to go not just for us but across the industry.

All right, great. And I guess, along those lines, you did mention that the visibility has declined in some of your businesses. Care to be a bit more specific?

Now, let me...

I'd characterize it. Frank, we're -- in some of those businesses, we used to say 3 to 8 week, it's probably more towards 3.

We'll take our next question from Paul Leming with Ticonderoga Securities.

I was on and off the call, so if you talked about this during your comments and I missed it, I apologize. Could you discuss what you think capital spending is going to be for 2012? And as you're looking at all the variability in the world today, do you think the risks to that CapEx number are more to the upside or the downside?

When you look at our capital expenditures, we're formulating those plans right now. We tend to give that as part of our overall guidance at the next call because you have to come in line with what's the economic environment you're anticipating, what your free cash flow goals and how those tie into it. But what we'll be doing is we'll develop our plans with a mild growth environment. We'll be also looking at what Jim talked about our -- all purpose of growing earnings in '13, growing earnings in '14. So we'll make -- bring all those factors together and make an assessment where our capital plans will be. And then we'll also have a case if we have a tough economic environment then we can adjust that capital back down. But we're looking at a capital that's still looking at how we grow our earnings '12, '13, '14 and beyond. But we'll give you more specifics in the next call.

We'll take our next question from Thomas McGannon with Whetstone Capital.

Could you maybe offer a comment, I don't know what comment needs to be made, but perhaps just a comment on the joint venture between Mitsubishi Rayon and Daiso and the acetate tow business. Is that going to impact your competitive market at all?

Well, not that I've heard about. I mean, when I think about who we compete with and our group of customers -- it's a small group on both ends, so we have some long established relationships. You can see that, for example, with CNTC that we're doing a joint venture there where we're going to have 45% equity interest. And I've been around this industry now for about 12 years, so I'm not a lifer in it like many people. But I like the seat at the table that Eastman has. I like the relationship we have with the multinationals, I like the relationship we have with China National Tobacco specifically and I like where our assets are that we have a producing asset in Europe, we're producing asset in Asia and then, of course, we have the big asset in Kingsport. So I'm not really too worried about competitor moves when it comes to the Fibers business.

And we'll take our next question from Lee Bressler with Cobalt Capital Management.

I wanted to ask you 2 questions, really. And one, what environment would you see growth next year? What sort of demand environment would you need to see in order for there to be growth in your business next year?

I think we just have talk to -- in the core business, I think it just have to be non-recessionary. In other words, I need positive GDP. Recession, I think, is tough. But I also think that one of the advantages I have is the balance sheet I have. So if I was out there as a single B right now, I'd be pretty much stuck with whatever I had today. But it's a nice BBB. I feel like I got some flexibility to continue to drive earnings through acquisitions, share buybacks, et cetera.

Do you think that would be an environment in which propylene prices would come back up or it would they stay flat to current levels?

Well, I think right now, the reason -- one of the reasons we think propylene prices have to come back up on the chemical side is because it's even cheaper than just putting it into the gasoline pool. So that does seem like there's an imbalance there that's just not going to last. So obviously, the stronger the demand, the faster you work through some of those inventories that one of the other callers was talking about. I never want to predict that I can call a turn or a high or low in a marketplace. But you can kind of see when things overshoot like they did in the second quarter of this year, and that's what fourth quarter, first quarter of -- fourth quarter of this year, first quarter feels like on the flip side.

And my other question is, based on the current propylene price deck, do you expect that you would see growth in your numbers in 2012?

That is part of the reason for showing you the chart is that when I look at the change in earnings from '10 to '11. The propylene spread, the increased there only explains about 1/4 of the increase. If you figure just adding a cracker was another piece of the increase, and then another half of that, $70 million or so, I'm sorry, of the increase from $8.91 to what we think we are going to do this year. Another half of that is just completely outside of the spread. It's a growth in our other businesses, plus I think about the capacity we're bringing online in some of the places where we believe we need it. So yes, I don't think we're going to get hung up just on that spread. I think we can grow our business around it.

That will conclude today's question-and-answer session. I'd like to turn the conference back over to Mr. Greg Riddle for any additional or closing remarks.

Okay, thanks, again, for joining us, everyone. A web replay of this conference call, a replay and downloadable MP3 format and the accompanying slides for the conference call will be available on our website at 11 a.m. this morning. So thanks again. Have a great day.

Again, ladies and gentlemen, thank you for your participation. This will conclude today's conference call.