Evercore reviewed the assets that could potentially fit within the definition of “qualified income,” the relative positioning of a Calgon Carbon MLP, the valuation of a Calgon Carbon MLP, and the value implications to Calgon Carbon Corporation. The Evercore review was just completed and presented to our Board. Based on their analysis and conclusions, and after careful consideration, our Board determined that the MLP concept is not accretive to shareholder value due to rules on qualifying income, the structural support needed, and the additional costs of creating and operating an MLP. This confirms the Morgan Stanley findings as well.We strongly believe shareholders will be better served in 2014 and beyond by our pursuing our successful transformation initiatives, which have already delivered excellent financial results and a meaningful improvement in share performance year to date. Commitment to Enhanced Return of Capital: Additional $100 Million Stock Repurchase Authorization At the same time, we are now able to move forward with our commitment to continuing to return capital to shareholders. As you know, we have been consistent in our capital allocation philosophy: balancing investment in growth opportunities with additional and more immediate shareholder return. The Board and management have been open minded as to the form that capital return can take, provided that it also allows for continued value creation through the Company’s ongoing investment in the resources it needs to maintain a strong competitive profile. The Board has determined that expanding the share repurchase we initiated at the end of 2012 is the best approach, and has chosen to authorize up to an additional $100 million of stock repurchases. This authorization reinforces the strength of Calgon Carbon’s balance sheet, balances immediate return with future opportunities, and brings the total amount authorized since last November for share repurchases to $200 million of which $150 million is now available for repurchases. The Board’s authorization will permit the Company to complete repurchases on the open market or otherwise, including through an accelerated share repurchase, under the terms of a Rule 10b5-1 plan, in privately negotiated transactions and in round lot or block transactions.