Good morning, and welcome to CIT's First Quarter 2015 Earnings Conference Call. My name is Kate, and I will be your operator today. At this time, all participants are in a listen-only mode. There will be a question-and-answer session later in the call. As a reminder, this conference call is being recorded. I would now like to turn the call over to Barbara Callahan, Head of Investor Relations. Please proceed, ma'am. Barbara A. Callahan - Senior Vice President & Head-Investor Relations: Thank you, Kate. Good morning, and welcome to CIT's first quarter 2015 earnings conference call. Our call today will be hosted by John Thain, our Chairman and CEO; and Scott Parker, our CFO. After John and Scott's prepared remarks, we will have a question-and-answer session. As a courtesy to others on the call, we ask that you limit yourself to one question and a follow-up, and then return to the call queue if you have additional questions. We will do our best to answer as many questions as possible in the time we have this morning. Elements of this call are forward-looking in nature, and may involve risks, uncertainties and contingencies that may cause actual results to differ materially from those anticipated. Any forward-looking statements relate only to the time and date of this call. We disclaim any duty to update these statements based on new information, future events or otherwise. For information about risk factors relating to the business, please refer to our 2014 Form 10-K. Any references to non-GAAP financial measures are meant to provide meaningful insights and are reconciled with GAAP in our press release. Also, as part of the call this morning, we will be referencing a presentation that is available in the Investor Relations section of our website at www.cit.com. Now, I'll turn the…

We will now begin the question-and-answer session. The first question comes from Sameer Gokhale of Janney Montgomery. Please go ahead.

Hi. Thank you for taking my questions. The first question I just had was about your buyback authorization, the $200 million. And I'm just trying to get a sense for whether you would be inclined to use that buyback on top of any potential asset purchases from GE Capital or should we assume that if you purchase assets from GE Capital that you wouldn't be pursuing the buyback. I'm just trying to find out if the two are mutually exclusive or do you think you have the capacity to do both together? Scott T. Parker - Chief Financial Officer & Executive Vice President: Well, one I think Sameer the buyback is really consistent with what we've been doing. We have some asset sales that we've done both in the UK portfolio and the Hibernia sales that generated cash and capital that we wanted to return to shareholders. In regards to any potential on the GE Capital that would be bought in the bank or that would be our expectation is buy in the bank. And as you can see with our financials, we have liquidity and capital depending again on the size and magnitude. But I don't think they're linked together.

Okay. That's very helpful. Thanks for clarifying that. And then the other question I had was, Scott, I thought I heard you say in terms of the private equity yields that somehow volumes being negatively affected by the higher cost of second-lien debt, maybe I didn't get that correct. But if that's true, it seems to me a little bit strange given all the spread compression, all the competition which you've seen in the market, so if you can help us reconcile that commentary around the higher cost of second-lien debt, whether it's all the competitive forces we are seeing elsewhere on the market? Scott T. Parker - Chief Financial Officer & Executive Vice President: Sameer, it's a good point. I think part of it is, given the – we are five years from the last cycle and I think a lot of the losses as you remember kind of happen in that part of the capital structure, and I think that given the current environment that the expectations around pricing are for a little bit longer period of time than some of this pressure you see in some of the other asset classes in the market. So, there is a little bit of stability there given the experiences of five years, six years ago.

Okay. That's helpful. And just my last question is on the yield side, it was just a little bit lighter than we had anticipated, you gave some color on the aircraft side, it seemed like there were some three carriers and that affected your utilization rate. And the railcar, sequentially there were some trends that negatively affected yields. But it still sounds like overall when you look at your leasing portfolio, you're still pretty comfortable in terms of the yield dynamic going forward. It doesn't sound like you were anticipating a significant amount of margin – yield compression going forward because of any sort of market forces. So is that fair to say, that it just looked like there were more idiosyncratic things going on this quarter and you're fairly comfortable in kind of the yield trends going forward? Scott T. Parker - Chief Financial Officer & Executive Vice President: Yeah. So, I guess I'll answer. If we take rail for specifically, there is a seasonal process of true-ups in the fourth quarter. So, yes, our yield, and we called that out in the margin, was elevated on a sequential basis. If you look at the trend of the rail leasing over the last five quarters, if you take that out, it's been as we've talked about an upward trend. And as I mentioned, we see the differential between expiring rents and new rents kind of narrowing. And so, at some point in time, that trend will kind of slow down and plateau off on the rail side. Then it's really the utilization that we talked about. On the aircraft, we've talked about that we had some above market yields on some of our aircraft from many years ago, and that we've had that re-pricing happening. So, absent the aircraft we took back, there is still some pressure on those yields to get back to market norms, but most of that has taken place as you mentioned.

Okay. Perfect. Thank you.

The next question comes from Eric Wasserstrom of Guggenheim. Please go ahead.

Sorry. Excuse me. Thanks very much. John A. Thain - Chairman & Chief Executive Officer: Good morning, Eric.

Yeah, good morning. Good morning. I've learned to use my mute button. John, can you just remind us what is left to accomplish in terms of platform exits or portfolio sales beyond the Brazil and Mexico equipment leasing exits and what is the timeframe for those remaining exits? Scott T. Parker - Chief Financial Officer & Executive Vice President: Eric, this is Scott. So, Brazil and Mexico, we were hoping that Mexico would've been done on the second quarter, and I mentioned we have a little bit of delay in the process. So, we say second half, but I'd like it to be probably in the third quarter. Brazil is subject to a much more rigorous because of the bank acquisition process similar to what we go through here in the U.S. So as we we've said, it'd probably be later in the – in 2014 (sic) [2015?] (19:51). And then the other business that's in process is our UK leasing business, equipment leasing business, and as I mentioned previously in the call that we're making very good progress on that and we hope to get a signed agreement this quarter and hope to close in the second half. Earlier is better, but I'd say second half is a good expectation.

All right. And that represents the entirety of the remaining portfolio exits? Scott T. Parker - Chief Financial Officer & Executive Vice President: Yeah. That's the extent of it, yes.

Okay. And then finally, can you just give us some sense of sort of your confidence interval around the timing of the OneWest closing, it's good to hear that you're reiterating the same timeframe, but I think the recent experience has been that these deals always take longer than even your longest expectation. So how do we frame what would be sort of a worst case regulatory scenario in terms of the closing of that transaction? John A. Thain - Chairman & Chief Executive Officer: Well, given the only other example that's out there which is M&T, I guess I can't give you a worst case scenario. But all I can tell you is we're continuing to target mid-year.

Okay. Thanks very much.

The next question comes from Mark DeVries of Barclays. Please go ahead.

Thanks. Yeah, first question on the OneWest acquisition. Can you give us any kind of update on how they're doing with their balance sheet runoff and particularly with kind of their higher yielding assets and what that may mean for your accretion expectations post close? Scott T. Parker - Chief Financial Officer & Executive Vice President: Well, Mark I would say that they published a call report and if you look at some of the trends there, their new asset origination is exceeding the run-off of the legacy portfolio. I think as mentioned in the past is the legacy portfolio has a fairly high coupon and the new business that they are putting is not at that same level. But from a perspective of the overall business dynamics of the businesses transforming and doing a very good job and growing their commercial franchise. And as we've talked about in the past, we've factored in the difference between the legacy book run-off and new business as part of our pro forma.

Okay, great. And just a follow up, I just wanted to ask a question about capital deployment a slightly different way. Is there any way you can give a sense of how much dry powder you would have for GE Capital acquisitions, I mean given what you have today and what you expect to deploy around the OneWest acquisition? Scott T. Parker - Chief Financial Officer & Executive Vice President: I think I prefer not to kind of get into the specifics of the deal, the one company itself. But I think overall as we talked about our focus is on OneWest. When we did the OneWest transaction, we talked about the debt got us down to our target capital ratio based on where we were at that point in time. And I think we have to focus on closing that deal, integrating that deal well. In regards to speculating about how big of an asset we could buy, I think it's probably premature at this time.

Okay. Fair enough. Thanks.

The next question is from David Hochstim of Buckingham Research. Please go ahead.

Yeah. Hi, thanks. I'm wondering could you give us an update on what's happening with Nacco and talk about the railcars you bought this quarter? And then also talk about what's – apologize for the construction noise here. If you could talk about the railcars you bought in the U.S. and kind of the portfolio mix, now it's shifting away from oil to oil again? Scott T. Parker - Chief Financial Officer & Executive Vice President: I'd say on Nacco, it's performing well, kind of in line with what we kind of expected when we underwrote the transaction a year ago. The order that John mentioned was really to expand our market presence. We thought it was a very good opportunity to put some earning assets on the books with customers that wanted those assets. So we think it's performing well. We're kind of being prudent in regards to the growth of the platform given kind of building the right infrastructure to scale it, but you'll see continued growth in our Nacco business from where we originally purchased it. In regards to the cars we ordered in the U.S., it's a continuation of, as we have been is to continue to order product that our customers are looking for the future, not just for the next couple of years. So a lot of these purchases we make in railcars are as you know, we keep the assets for 20 years, 30 years. And so that's more of an overall kind of sense of where customers are requesting product from us. As you see in the back of the decks, yes, over the last couple of years, the proportion of tank cars in our portfolio has increased, but it's still a very diversified fleet that we have that caters to many segments and many industries outside of just the oil sector.

And what's happening with the upgrades, the improvements to the tank cars? John A. Thain - Chairman & Chief Executive Officer: Well, as you probably know, Canada has come out with its proposed regulations, the U.S. has not done that yet, we are expecting the U.S. to come out with its regs soon. We're anticipating that they are likely to be similar to Canada, but we don't know that until they actually come out.

Okay. Thanks.

The next question is from Henry Coffey of Sterne Agee. Please go ahead. Henry J. Coffey - Sterne, Agee & Leach, Inc.: Yeah. Good morning everyone. When I look at your slide deck, obviously in the end, we can get a sense of the drag from the non-strategic portfolios. If we roll forward, call it 6 months or 12 months, does that drag go to zero? And I guess we could also assume that we get back to more like 98%, 99% utilization rate, maybe you can give me a sense of what some of those numbers might look like? Scott T. Parker - Chief Financial Officer & Executive Vice President: Yeah, Henry. So at least in the non-strategic side, when we close those activities, there might be a little bit of tail – the assets may go, there might be a little bit of tail on the operating expense, but the majority of the P&L will be gone – with the CTA going through the charges as part of that. And then on the UK business, again that's part of Jeff's business. So you all will see is we'll have some reduction in assets, and for the quarter that it happens there will be a decline because those are higher yielding assets, but the performance of the business is a negative. So it actually will improve Jeff's profitability. Henry J. Coffey - Sterne, Agee & Leach, Inc.: And then the impact of – I know it's only a couple of 100 basis points, but what would the impact of getting back to a more robust utilization rate be on the air and leasing – the air and rail business? Scott T. Parker - Chief Financial Officer & Executive Vice President: Well, as we've said, I think at least in…

The next question comes from Eric Beardsley of Goldman Sachs. Please go ahead. Eric Beardsley - Goldman Sachs & Co.: Hi, thank you. I was just wondering if you could expand a little bit more on what you're seeing in terms of competition in loan yields. Are you seeing more pressure in the cash flow or asset base and are there any signs of stabilization? Scott T. Parker - Chief Financial Officer & Executive Vice President: Yeah. So, I think I've mentioned the cash flow in the middle market has stabilized for the last few quarters. So, that piece is beneficial. There is still very much a lot of competition in the ABL side especially as you get into the we call more rate retail ABL, and some of that's actually drifted up into the capital equipment financing side of the house as people are trying to find ways to deploy liquidity. But overall, as I mentioned, we see the stabilization in pricing which is good for where we are in the cycle. From a perspective of competitors outside of the banks given the other non-bank enterprises, this is a area where a lot of people want to get into and we have to focus on our underwriting expertise and our industry expertise and our longevity in the marketplace, because that does play a role in decisions that are made by our customers, not just kind of liquidity. Eric Beardsley - Goldman Sachs & Co.: Got it. In terms of your outlook for the 5% asset growth, is that a net of the disposition, so I think the comparable number you might have had in last quarter's presentation was 5% to 10%? Scott T. Parker - Chief Financial Officer & Executive Vice President: Yes, what I said on the fourth…

The next question comes from Chris Kotowski of Oppenheimer. Please go ahead. Chris M. Kotowski - Oppenheimer & Co., Inc. (Broker): Yes. Good morning. On the aircraft that you took back, I'm wondering is there a geographic pattern to it and/or is there a risk in a given region or softness? And can you give us a size of the pool of aircraft that are at risk for this kind – for take back? Scott T. Parker - Chief Financial Officer & Executive Vice President: Yes, Chris, it's clearly not a regional. Though, as I mentioned in my remarks that the overall trends in the marketplace are doing fine. We have a lot of customers, and I would say that these are discrete items. There is no trend or linkage about any change in that outlook. It's just part of our business model. We're an asset manager, and so we'll redeploy those aircraft. Jeff and the team have done a great job over time. This one just happens to be multiple in one quarter, where usually it's one or two customers. Chris M. Kotowski - Oppenheimer & Co., Inc. (Broker): Okay. But it's not like they're all in one region of the world? Scott T. Parker - Chief Financial Officer & Executive Vice President: No, no. Chris M. Kotowski - Oppenheimer & Co., Inc. (Broker): Okay. John A. Thain - Chairman & Chief Executive Officer: As a matter of fact they are in fact spread around the world. Scott T. Parker - Chief Financial Officer & Executive Vice President: Yes. Chris M. Kotowski - Oppenheimer & Co., Inc. (Broker): Okay. Scott T. Parker - Chief Financial Officer & Executive Vice President: It's more that the customer itself, the nature of the customer itself, not that it has any inclination on…

The next question comes from Chris Brendler of Stifel. Please go ahead. Chris C. Brendler - Stifel, Nicolaus & Co., Inc.: Hi, thanks. Good morning. Can we talk a little more? I guess some of the asset growth weakness this quarter looked to me though that the prepayment activity actually slowed a little bit sequentially. Can you just talk about the level of prepayment activity and then I have a follow up? Scott T. Parker - Chief Financial Officer & Executive Vice President: Yes, Chris, so I'd say most of the prepayment pressure we'd been under for the last few quarters really was on the Corporate Finance. And so that's why there was a lot of refinancing volume. And so that was the one where we were getting most of the pressure. That has kind of subsided. As we said, we had a soft first quarter. So asset growth was muted, but it didn't decline. So the area that we had some re-pricing now is really in the Real Estate business because that was new business we originated over the last couple years, and some of that activity is now refinancing given one of the prior questions around liquidity in the marketplace, a lot of people are coming back into the real estate market that had exited when Matt and team built a very good portfolio. So we still see growth in the Real Estate business. It just won't be at the rate that we've experienced for the last couple years. So that's really where the – what I'll call the re-pricing pressures had moved from really the Corporate Finance business into the Real Estate business based on the shift in liquidity. Chris C. Brendler - Stifel, Nicolaus & Co., Inc.: Yes, great. I guess the only true follow-up there…

The next question comes from Vincent Caintic of Macquarie. Please go ahead. Vincent Albert Caintic - Macquarie Capital (USA), Inc.: Hey, thanks so much. Good morning, guys. I'm going to piggy-back on that last question with one question with the near-term focus and then one with a more philosophical one. For GE, has GE announcing its exit from commercial lending, has that had a more immediate impact or been beneficial to any of your business organically like, for example, if your sales folks have gotten more calls from current GE customers? I just want to get a perspective there? Scott T. Parker - Chief Financial Officer & Executive Vice President: Since I guess it happened a couple weeks ago, so I think – are we getting phone calls? Sure, based on the size and magnitude of a transaction, clearly people would like us to come visit them and talk to them about what we bring to the table. But I don't think that's any different than any other transaction would happen, but it is something clearly we're focused on. If there is something we can do to help support the customers, we will focus on that for them. Vincent Albert Caintic - Macquarie Capital (USA), Inc.: Got it. And then the longer-term question, and this is assuming OneWest or after OneWest is complete, but how do you envision CIT looking like going forward? Do you think about it as a – it will be half transportation and then half the commercial lending business with a small personnel lending side? Would you see it as a full service regional bank with transportation being a smaller contribution? Just trying to get a sense of you have a lot of moving parts here and what you strategically envision CIT being like going forward?…

There are no other questions at this time. This concludes our question and answer session. I would now like to turn the conference back over to Barbara Callahan for any closing remarks. Barbara A. Callahan - Senior Vice President & Head-Investor Relations: Great. Thank you, Kate. And thank you, everyone, for joining this morning. If you have any follow-up questions, please feel free to contact me or any member of the Investor Relations team. You can find our contact information along with other information on CIT in the Investor Relations section of our website at www.cit.com. Thanks again for your time today and have a great day.

That concludes today's call. Thank you for participating.