Michael Mason – Allen & Caron, Inc. Michael J. Smith – Chairman of the Board, President, Chief Executive Officer & Interim Chief Financial Officer

Joe Pratt – Wells Fargo

Welcome to the MFC Industrial conference call. All participants will be in a listen only mode. (Operator Instructions) After today’s presentation there will be an opportunity to ask questions. Please note that this event is being recorded. I would now like to turn the conference over to Michael Mason. Please go ahead sir.

Good morning and welcome to the MFC Industrial Limited investor conference call to discuss the results for the third quarter of 2012. I’m Mike Mason of Allen & Caron investor relations. Before we start the call there are a couple of items I need to recover. Many of you received a copy of the press release. It was released this morning at 7:30 AM. If you did not receive a copy of the release it is posted on the MFC website and in the client section of our website at www.AllenCaron.com. You may call our office in New York at 212-691-8087 and we will email it to you right away. It is also posted on Yahoo Finance and numerous other Internet sites. A replay of the call will be available through November 22nd and may be accessed from North America by calling 877-344-7529 and entering conference number 10020544. International callers should dial 412-317-0088. This call is also being broadcast live over the Internet and may be accessed on the company’s website at www.MFCIndustrial.com. A replay of the webcast will be available immediately following the call and will continue for seven days. Certain statements in this conference call will be forward-looking statements which reflects managements’ expectations regarding future growth, results of operation, performance and business prospects and opportunities. For detailed information about risks and uncertainties that could cause our actual results to differ materially from those expressed or implied, please refer to the disclaimer for forward-looking information contained in today’s press release on file with the Canadian Securities regulators and on Form 6K with the SEC. The company will make a brief presentation on the results announced this morning and then open the call to questions. I would now like to turn the call over to Mr. Michael Smith, Chairman and CEO of MFC Industrial.

First of all this morning I would like to touch very much on the results for the nine months and the balance sheet I’ll review next. I think that’s very important, the balance sheet has changed substantially and plus we have some plans for the balance sheet to change even more so I think we should discuss that a little bit. I’d like to also touch on the businesses going forward, how we’ve seen the year-to-date, but also discuss some of the opportunities which we see with the change of business or the entering of ourselves into what we call the energy area of the commodity business. But first all on the results for the first nine months, the most major item really is the gain on the negative goodwill which arose as the fair value of the net assets we acquired exceeded the consideration we paid under the transaction for Compton and which we had booked under IFRS 3. Our cost of the Compton acquisition was $32 million and our gain was $230 million for the period. The operating results are irrelevant as we did not consolidate them into our accounts until the 7th of September. Of course, that $230 million had no tax effect so that went right to the bottom line as far as book value is concerned. Earnings for the nine months were just about the same this period as they were for the same period in 2011, $0.46 a share, revenues slightly less than $373 million. The increase in the revenues is really just a matter of the commodity prices and our change of not emphasizing so much in the area of plastics which is a commodity which hasn’t been very stable for us for all of this year and I think we’re still trying…