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Prashant Juvekar (Citigroup): Comments on the chlorine complex or chlor-alkali complex?

Andrew N. Liveris: The caustic side of it is very strong and continues to exhibit strength. But when we look at all the markets that consume caustic aluminum, notably pulp and paper, they are still showing great strength.

PJ. Chlorine from a consequential point of view is showing some weakness because of housing here in the United States and pipe in particular, but of course the weak US dollars is helping US-based producers do some exporting, of course notably our partner, Shintech.

Unidentified Analyst: Where do you think the Kuwait investments are going to go?

Andrew N. Liveris: EQUATE has been working on their north gas fields and there is a possibility for a third. And then if you take out Kuwait joint venture we just announced, which is of course oriented to not just in Kuwait, but beyond Kuwait with refinery streams and feedstock liquids place.

The Kuwait expansion will come two ways. One will be onshore Kuwait with a potential further expansion based on gas, and offshore Kuwait in terms of liquids.

David Begleiter (Deutsche Bank Securities): Would you ever consider either monetizing a proportion of those ethylene assets to draw some cash out or maintain the value of integration in the company?

Andrew N. Liveris: The infrastructure aspect of the multiple streams out of our liquids crackers makes that very difficult day. How we have done it is trying to fundamentally allow that to be more of an infrastructure leverage point, but that we control how the integration occurs rather than putting it into a joint venture.

Sergey Vasnetsov (Lehman Brothers): What would be the appropriate range for Dow Chemical debt leverage in light of the new vision of the company?

Geoffery E. Merszei: With a business profile that is less cyclical, more consistent, more predictable, then of course you earn yourself the right to have a more leveraged kind of a capital structure.

Hassan Ahmed (HSBC): Is the pricing for the PIC deal fairly iron clad?

Andrew N. Liveris: Our partner is very knowledgeable on petroleum and long cycle investments that are in petrochemicals already of course through us. They understood that this was not a point-in-time valuation. This was a valuation based on returns that this new enterprise will give over the long cycle.