We are going to take the opportunity this morning to address three topics:

•  Chemtrade's 2008 performance;

•  Q1 2009 performance; and

Starting first with our 2008 fiscal year. Last year can be summarized in four areas, namely:

•  Excellent financial results;

•  The Beaumont plant August incident;

•  Initiatives strengthening the business; and

Financially, 2008 was the most successful year ever for Chemtrade. All of our businesses performed well.

Each business benefited from important initiatives we have taken over the past few years to strengthen our business, improve our physical plant and extend our strategic relationships. These initiatives allowed us to capitalize on the favorable market conditions that prevailed for most of the year and generate record levels of distributable cash.

Unfortunately, our enjoyment of this financial performance was dampened by the serious injury to two employees following an August explosion at our Beaumont , Texas plant. Both employees are recovering, and one has returned to work. The Beaumont plant is again operating, but this incident was a serious setback for us.

Following extensive repairs, we restarted the plant in the first quarter of this year. Not surprisingly, after not running for over five months, we encountered a number of issues that needed to be resolved before the plant was operating smoothly at full rates. In addition to the costs of not operating at full rates until late in the first quarter, there were numerous other costs that are attributable to Beaumont being offline for this time period. To ensure that our customers were served we incurred third party costs to process, handle and store our customers' product until Beaumont was able to process it. These costs are working their way through the system as we reoptimize our supply chain into its normal mode of a fully operating Beaumont plant.

From a profitability perspective, Chemtrade benefited from strong demand and pricing for all of its products for most of the year. Demand for our products declined substantially in the fourth quarter (and this lower demand continued into the first quarter this year) but in aggregate 2008 was a very good year for Chemtrade. I'll comment more on demand outlook at the end of this presentation.

Despite the setback from the Beaumont incident and the late year fall-off in demand, Chemtrade generated distributable cash after maintenance capex of $2.50 per unit for the year. This was our best year ever and a significant increase over the $1.41 that we recorded in 2007. Although the cash generated was more than two times the distributable cash necessary to fund our annual distributions, we maintained our distribution rate and used the excess cash to continue improving both our business and our balance sheet.

The solid cash flow we generated in 2008 enabled us to push ahead with our strategy of continually enhancing reliability through improvements to our capital assets and processes. As you will see in Rohit's presentation, we invested maintenance capex at a higher rate than in previous years to upgrade the quality and reliability of our assets. We will continue investing to further upgrade our assets.

Our objective continues to be the creation of long-term sustainable cash flow to benefit our unitholders. We continue following a path that will deliver this result, whether the economic environment is buoyant as it was for most of last year, or whether it is tough and challenging, as it is now.

We successfully pursued many initiatives to strengthen our business in the year but perhaps the most important was the attention paid to the relationships with our customers and suppliers.

First, on the supplier side. In March we announced the renewal of our long-term contract with Vale Inco. The renewal is for 10 years and continues a relationship that has been in place for more than 75 years. Vale Inco is key to our acid supply mix and business model. We obtain the majority of acid we sell to the merchant market under our Vale Inco agreement. Most importantly, the agreement incorporates risk sharing terms which mitigate the effects of typical commodity risks such as price movements. This structure has been the foundation of our business model since our IPO in 2001 and we are very pleased to see the relationship and business model strengthened and extended.

Our relationships with the customers to whom we sell merchant acid are equally important. As many of you know, pricing for certain of our products, especially sulphuric acid escalated rapidly for most of 2008. While we benefitted from increased pricing, we also made a conscious decision to provide certainty of supply and support for our long-term customers, rather than merely pursuing short-term spot sale opportunities. We are confident that this support of our long-term customer base will continue to serve us well during times of lower than usual demand.

Last year's strong cash flow generation also enabled us to strengthen our balance sheet. We chose to use excess cash we generated during 2008 to significantly improve our debt position. As shown in our financial statements, our operating line of credit was fully paid off by the end of 2008, a reduction of US$41 million. A portion of the decrease in the operating line of credit is a temporary movement in working capital, but we expect at least US$25 million of the decrease in our operating lines of credit to be sustained throughout 2009.

This reduction of debt means that we are in very good shape for these challenging financial times. Our net debt to EBITDA ratio for bank purposes was approximately 1.5 times at the end of 2008, less than half of the Credit Agreement covenant limit. We also have no debt outstanding on our operating credit line, which leaves us about US$65 million of room.

All of which means that we created financial flexibility and strength last year, and are well positioned for 2009.

As you have heard, the primary reason for the unprecedented financial results in 2008 was the very strong market for sulphuric acid in both North America and in the international markets serviced by our international business. These conditions lasted for most of the year and more than offset the impact of the sudden drop off in demand that occurred in the fourth quarter.

Distributable cash after maintenance capital expenditures for 2008 was $83.5 million, or $2.50 per unit, compared with $47.5 million, or $1.41 per unit in 2007. This is an increase of 76%.

Consolidated revenue for 2008 was $1.2 billion versus $547 million in 2007. In addition to the high prices for acid and sulphur, we also achieved higher selling prices and margins for most of our other products.

Net earnings for the full year were $40.3 million compared with $20.6 million in 2007. Operating results were actually stronger, as the 2008 results also included an unrealized foreign exchange loss of $16.7 million, most of it due to the sharp decline of the Canadian dollar in the fourth quarter. This compared to a gain of approximately $0.8 million in 2007. In 2008, there was also a correspondingly large unrealized foreign exchange gain on US$ denominated assets, but as per accounting rules that does not flow through the income statement, but rather Other Comprehensive Income.

Looking at the segmented results , SPPC generated revenue of $539 million in 2008, compared with $309 million in 2007, an increase of approximately 74%. This reflected primarily higher prices for merchant acid and sulphur, although higher prices were achieved for all products. The increase in revenues was moderated by the lower volume of acid due to the Beaumont plant being offline for the last one-third of the year.

EBITDA for 2008 was $86.5 million compared with $52 million in 2007. The strong results from the acid business more than offset the negative impact of the Beaumont incident and volume and cost pressures on SHS which were only partially offset by higher selling prices. Although, clearly, the reduced production from Beaumont and increased costs associated with it being offline were significant reasons why EBITDA wasn't even higher. On that note, I would point out that we have made claims under our business interruption insurance but no amounts have been included in the 2008 results for possible recoveries.

Pulp Chemicals posted revenue of $53 million in 2008, down from $58 million in 2007. The main reason for the lower revenue was a reduction in demand for sodium chlorate towards the end of the fourth quarter, including Canfor's decision to take downtime in December. As you know, Canfor accounts for approximately 65% of Pulp's sodium chlorate volume and is therefore key to profitability for that business.

Higher selling prices achieved during the year were not enough to offset the effect of the lower sales volume in the fourth quarter which resulted in the segment recording slightly lower earnings for the full year, posting EBITDA for the year of $18.6 million compared with $19.5 million in 2007.

International had an excellent year, a reflection of the significantly higher prices for sulphuric acid and sulphur that prevailed for most of the year. Although global demand and prices for sulphur and acid started to decline towards year end, we were still able to generate extremely high margins on small volume of product that was not already committed to specific customers.

Total capital expenditures for 2008 were $19.8 million compared with $9.1 million in 2007. Of this, $15.6 million was for maintenance capex, compared with $6.9 million in 2007. As we have said on numerous occasions in the past, we intend to continue to upgrade our assets to ensure optimum efficiency and reliability. As a result, we expect our maintenance capex in 2009 to be higher than our total capex spending in 2008 of approximately $20 million.

The greatest impact on the quarter was the volume we lost at Beaumont and the associated costs we incurred as a result of the plant not returning to full production until late in the quarter.

EBITDA for the first quarter was $18.3 million compared with $22.8 million in 2008 generated from revenues of $162 million and $218 million respectively. Most of the revenue decline, $54 million, was attributable to International, which last year was a huge beneficiary of the strong prices and demand for sulphuric acid and sulphur on international markets.

Distributable cash after maintenance capital expenditures for the quarter was $9.6 million, or $0.31 per unit compared with $17.9 million, or $0.53 per unit last year. We estimate that if Beaumont had been operating for the full quarter, the extraordinary costs associated with alternative product handling that would have been avoided amounts to about $6 million in the first quarter, or about 19 cents per unit.

Finally, during 2009, under our normal course issuer bid, we bought 1 million units at an average price of $8.02. This brings our total purchases to 2.9 million units at an average price of $8.92 since September 2008 when we commenced our NCIB.

I'll now hand the presentation back to Mark.

The economic environment in the first quarter was difficult. Our business and business model are structured to generate sustainable distributable cash in good times and bad. This was not apparent in our first quarter results, due primarily to our largest plant not operating for most of the quarter. We set our $1.20 distribution rate in early 2007, long before the 2008 run up in commodity pricing on the basis that this rate was sustainable long term. While I admit that in 2007 we didn't foresee an economy as bad as it has been recently, we remain confident of our ability to generate more than sufficient funds to maintain our distribution rate even at current product demand levels.

Looking ahead to the balance of this year, demand has still not recovered, but for certain of our key products demand and pricing seem to have stabilized. We are, of course, watching this very closely and reacting quickly to market information.

Irrespective of the market dynamics, our business model gives us added confidence that we can sustain our distribution rate. I mentioned earlier the long-term contract with Vale Inco that mitigates certain commodity risks. In Pulp Chemicals, our long-term supply contract with Canfor accounts for up to 70% of sodium chlorate production at our Prince George plant and the selling price is adjusted for changes in virtually all variable costs. This limits our exposure to changes in the market price of sodium chlorate. Likewise, our agreements with our regen customers adjust pricing with changes in the largest input cost.

With this solid business model and our strategy of continuously improving our plants for long-term reliable operations, we continue to be confident about the future for Chemtrade.

Thank you for your attention.