Good morning. My name is Jackie, and I will be your conference operator today. At this time, I would like to welcome everyone to the Loews First Quarter 2016 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. Thank you. I would now like to turn the conference over to Mary Skafidas, Vice President of Investor and Public Relations. Please go ahead. Mary Skafidas - Vice President-Investor & Public Relations: Thank you, Jackie, and welcome everyone to Lowes' first quarter 2016 earnings conference call. A copy of our earnings release, earnings snapshot, and company overview may be found on our website, loews.com. On the call this morning, we have our Chief Executive Officer, Jim Tisch; and our Chief Financial Officer, David Edelson. Following our prepared remarks this morning, we will have a question-and-answer session. Before we begin, however, I will remind you that this conference call might include statements that are forward-looking in nature. Actual results achieved by the company may differ materially from those projections made in any forward-looking statements. Forward-looking statements reflect circumstances that at the time they are made, the company expressly disclaims any obligation to update or revise any forward-looking statements. This disclaimer is only a brief summary of the company's statutory forward-looking statements disclaimer which is included in the company's filings with the SEC. During the call today, we might also discuss non-GAAP financial measures. Please refer to our security filings for reconciliation to the most comparable GAAP measures. I will now turn the call over to Loews' Chief Executive Officer, Jim Tisch. James S. Tisch - President, Chief Executive Officer & Director: Thank you, Mary, and good morning. The first quarter was my favorite type of quarter. It…

Our first question comes from the line of Josh Shanker with Deutsche Bank.

Good morning, everyone. James S. Tisch - President, Chief Executive Officer & Director: Good morning, Josh.

My first question relates to loving one of your children more than the other ones. And I look at the repurchase of CNA and I look at the repurchase of Loews, two questions. How do you decide that now is the time that you should be putting more emphasis in buying CNA? Two, to what extent are you constrained, because you don't want CNA to become a private company? And three, how do you decide whether to buy Loews' share or CNA's share? James S. Tisch - President, Chief Executive Officer & Director: So, let me just talk about the CNA purchase. It was really simple for us. The stock was trading at $28 a share. The company for the past two years has paid a $2 special dividend and paid a $0.25 quarterly dividend. The stock was yielding in excess of 10% based on historic dividends. And that just seemed to us to be too high a yield and too cheap a stock, so we decided that we'd buy some shares.

And at that time did you stop buying Loews shares to buy CNA shares? James S. Tisch - President, Chief Executive Officer & Director: I'll let our (25:37) Loews share purchases stand on their own.

And then the extent which your constraint, because of liquidity not there is a lack of liquidity, but because you want there to be CNA shares in the market, to what extent even if the best deal in the world, are you (25:57) to actually buyback those CNA shares, so you can have that tracking stock out there? James S. Tisch - President, Chief Executive Officer & Director: Well, first of all, it's not tracking stock, but it is – it does give everybody a sense of the worth or value of CNA. But we just bought like 150,000 shares. There wasn't a lot of stock to buy, so – and we're very, as you saw from our Form 4s, we were very price sensitive about those purchases. So we weren't concerned that we were going to substantially dry up liquidity in the stock.

Okay. And you would be willing to buy more even though, obviously, with the shrinking amount of shares out there in the market, if the price were right? James S. Tisch - President, Chief Executive Officer & Director: Yes. Yes.

Okay. And then my second question, in terms of – CNA just issued some new debt retires of old debt at a nice discounted coupon rate. From my guess is that, Loews has an even cheaper borrowing cost than CNA, maybe that's not correct, I'm making that assumption. Could you talk about, how CNA thinks about buying debt? Is there some value, could they borrow from Loews, because Loews has cheaper debt capacity or how can I think about that? James S. Tisch - President, Chief Executive Officer & Director: Think of them as completely separate. That CNA has the capacity to borrow on its own balance sheet. And we totally believe that CNA should borrow on the basis of its own balance sheet. If for some reason having for bid, they were in extremis (27:52), then we would consider making along to them, but only that what we consider to be attractive market rates, so that the Loews' shareholders aren't necessarily subsidizing the CNA shareholders. But we hope and expect that each one of our subsidiaries will finance themselves.

Well, that makes sense. I'm just saying from a practical standpoint, what if Loews cost of borrowing is dramatically cheaper than somebody else's, and there's no real string on the balance sheet. It's not a matter of urgency, but it just seems like there might be an arbitrage in there or maybe I'm thinking about this incorrectly. James S. Tisch - President, Chief Executive Officer & Director: Look, I guess we could do that, but that's not the way we choose to structure our investment. Loews does not want to be a creditor of CNA and earn on its cash, I don't know – 350 basis points, that's not what we're looking to do with our almost $5 billion of liquidity. We're looking to earn much higher rates of return than that.

Makes sense. All right. Well, thank you very much. James S. Tisch - President, Chief Executive Officer & Director: Thank you.

Our next question comes from the line of Bob Glasspiegel with Janney.

Good morning, Loews, and let me say thank you for the expanded commentary in the call on your 33 page timeless principle on the web, those are very helpful for us. James S. Tisch - President, Chief Executive Officer & Director: And thank you for the advertisement for our website.

Great. There was no buyback in April presumably, given there was no reference in the press release? James S. Tisch - President, Chief Executive Officer & Director: No, there wasn't. No.

Okay. This question is probably motivated by having watched Buffett over the weekend in Omaha. But are we still totally committed on the partnership hedge fund investments? And I know you think it over time, it's created value to you, but it seems like it's coming under attack from various institutions. James S. Tisch - President, Chief Executive Officer & Director: Yeah. So, we've been reducing our hedge fund investments over the past year or year-and-a-half. But I would say – I have a slightly different take on it than Buffett. I would say that the space has become very crowded and returns have been competed away. When 20-years-ago, there were one or two or 10 payers (30:52) traders, market neutral hedge funds could earn very, very attractive returns. Now that there are hundreds of them, the rate of return that those hedge funds can earn has come down rather dramatically. While Warren Buffett complained about the fees, instead we're looking at the returns. And what we've seen is that, in the past number of years and especially more recently, the returns haven't been there. So we've reduced our investment in hedge funds. What we're doing is that, we're holding those proceeds for a time when other risk assets seemed to be very attractive in the marketplace. That happened between November and February of this year with bank debt and below investment grade bonds, but the market recovered very quickly. But my anticipation is that, in the future, there will be plenty of other opportunities to invest in what we consider to be attractively priced risk assets.

So your hedge funds in partnerships are going from what to what and where do you want it to be? James S. Tisch - President, Chief Executive Officer & Director: It's going from almost $3 billion in 2014 to about $2.5 billion now. This is at CNA.

Right. And where do you want it to be? James S. Tisch - President, Chief Executive Officer & Director: We'll let you know when we get there.

That's lower (32:58)? James S. Tisch - President, Chief Executive Officer & Director: Not higher. Not higher. That's correct.

Okay. Thank you very much. James S. Tisch - President, Chief Executive Officer & Director: My pleasure.

There appear to be no further questions at this time. I'd like to turn the floor back over to Mary Skafidas for any additional or closing remarks. Mary Skafidas - Vice President-Investor & Public Relations: Great. Thank you, Jackie, and thank you all of you for your continued interest. A replay of this call will be available on our website at loews.com in approximately two hours. That concludes today's call.