BMO: Adding a Rook to the CHE-ssboard Bottom Line: We appreciate CHE adding fresh eyes to its executive team, hiring
seasoned chemicals professional Scott Rook as COO. This is a newly created role to
oversee all P&L and drive incremental operational improvement to build upon the
stabilized operations and rebounding margins achieved in recent quarters. We believe
the worst is behind Chemtrade, and expect CHE to continue to trade up to a yield below
10% with its strong FCF and safe ($1.20/yr) dividend.