[ The transcript was presubmitted by Loews Corporation. No live call was conducted for the third quarter earnings call. ] Good morning. Loews had a strong third quarter, reporting net income of $401 million or $1.82 per share, which compares favorably to net income of $253 million or $1.12 per share in the third quarter of last year. Our CFO, Jane Wang, will provide more details about the key drivers of those results in her remarks, and I will focus my section on CNA, Boardwalk and my thoughts about energy production and policy in our nation. But first, a quick comment concerning Loews Hotels and its new properties under development in Orlando, Florida. Universal has announced that its new Epic Universe theme park will open on May 22, 2025, at which point all three of our new joint-venture hotels on that campus will be welcoming guests. At the end of the second quarter of 2025, Loews Hotels will have a 50% interest in 11 hotels in Orlando, with a combined total of 11,000 rooms. More to come on our hotel company's operations in Orlando as we approach the opening dates. Moving on to CNA, with a little bit of history. Three weeks from now will mark the 50th anniversary of Loews's acquisition of a majority stake in CNA Financial. On November 26, 1974, Loews acquired a controlling interest in the company for the equivalent of $1.67 per share. Today, the stock trades at around $50 per share and the company has paid more than $7.6 billion in dividends to Loews over the past ten years. CNA is a vastly different and much improved business today compared to the one we purchased 50 years ago. In 1974 the company was a multi-line insurer that not only had a commercial property and…

Thank you, Jim, for your outstanding leadership and all your contributions to Loews. It has been a great privilege to have worked with you over the past 18 years. For the third quarter of 2024, Loews reported net income of $401 million or $1.82 per share, compared with net income of $253 million or $1.12 per share in last year's third quarter. Excluding the $37 million charge related to the termination of the parent company's pension plan in last year's third quarter, net income increased by $111 million or 38%. That increase was driven by improved results at Boardwalk and CNA, as well as higher investment income at the parent company. Book value per share increased from $70.69 at the end of 2023 to $79.28 at the end of 2024's third quarter, and book value per share excluding accumulated other comprehensive income (AOCI) increased from $81.92 at the end of 2023 to $87.22 at the end of the third quarter. These increases were driven by strong earnings during the first nine months of the year. CNA contributed net income of $259 million in the third quarter versus $235 million in last year's third quarter. The year-over-year increase was attributable to higher net investment income, partially offset by increased catastrophe losses. CNA's net investment income increased by 13% over last year's third quarter, driven mostly by limited partnership and common stock results. Fixed income results also increased, benefiting from a nearly 10-basis-point increase in pre-tax yields to 4.8%, as well as growth in the invested asset base. Investment losses were lower year-over-year due to a favorable change in the fair value of non-redeemable preferred stock and lower losses on the sale of fixed income securities. CNA's underwriting results were impacted by 5.8 points of catastrophe losses versus 4.1 points in the…

Every quarter, we encourage shareholders to send us questions in advance of earnings that they would like us to answer in our remarks. Please see below for the questions we have received, along with some additional questions we found relevant.

Jim, you mentioned that Boardwalk is seeing more opportunities for growth projects. How will those projects be funded and when do you anticipate the company incurring substantial capex for these potential opportunities?

As I mentioned in my remarks, Boardwalk is performing very well, and we anticipate that the company will be able to finance all its capital needs using its own balance sheet. In fact, Boardwalk will likely be able to maintain distributions to Loews at or near current levels while financing these prospective projects. Given the lead times involved, we expect that Boardwalk will not incur significant capital expenses for a few years.

Jane, when do you expect a final resolution of the Boardwalk shareholder litigation?

We expect the Delaware Supreme Court would likely hear the plaintiff's appeal in the spring of 2025 and issue a ruling in the summer or fall of 2025. We remain very confident in our case.