William G. Walter: Ag can continue to grow at the rates that it has over the last two years. But the velocity of those tail-wins is going to decrease.

Michael Judd (Greenwich Consultants): On the acquisition side, what kind of opportunities are you seeing?

William G. Walter: The universe of opportunities in the specialty space is limited, particularly given the number of properties there that did change hands here over the last two to three years. Private equity, fortunately at least for now seems to have disappeared from the scene.

There may be however one or more BioPolymer related properties that were acquired in the last two to three years, that could come back on the mark to market this year. To the extent they do, we will be bidding on them but we will continue to be conservative and ensure that we can get a reasonable return on any acquisition price we would pay.

Dmitry Silversteyn (Longbow Research): Why do you expect to take long to bring capacity given the strong export demand?

Michael D. Wilson: We are supply constrained at the moment, there are volume opportunities but as we look at opportunity there is a lot more earnings leverage in a dollar of price than there is in a ton of capacity.

Dmitry Silversteyn (Longbow Research): To the extent that you are a purchaser of lithium as well as a seller of downstream product, how are the relative price expectations going to impact your business?

Michael D. Wilson: Whatever pricing pressure that there is on carbonate has essentially no benefit to us a purchaser. It is all on the downside to us.

Unidentified Analyst: On pricing, what did you see coming out of Brazil from the standpoint on the Ag side?

William G. Walter: If the industry got the price increase in Brazil in 2007 it is difficult for us to see or to measure. Having said that, there are increasing reports from our Brazilian team, that everybody is trying to move prices forward here in the 2008 season.

Unidentified Analyst: Is there a potential that phosphoric rock prices going up will be good for you because other competitors don''t have it?

Michael D. Wilson: Phosphate rock supply conditions are very tight and in some cases buyers are being limited in terms of their quantity. We do have an advantage there from the supply standpoint and that we secured our supply for the year.

Unidentified Analyst: What are you seeing in soda ash coming out of China?

William G. Walter: It is a relatively near term and short-term effect. There has been logistical issues over the past couple of weeks but looking at it from a broader standpoint we do not see exports of soda ash from China increasing in 2008. We believe they are going to be flat with 2007 and that in part due to the supply demand balance that exists in China and the attractiveness of the Chinese domestic market for those Chinese producers.

Dmitry Silversteyn (Longbow Research): Is there an opportunity for you if you do own your or part of your fleet that does the hauling for you to take advantage of higher prices in shipping?

William G. Walter: The ANSAC situation benefited them in terms of their net realization of price and the reality is that ANSAC approaches multiyear contracts on the freight side and locks in freight. In some cases they are dedicated vessels that they have contracted, in other cases its simply freight contracts.