Operator: Good morning. My name is Melissa and I will be your conference operator today. At this time, I would like to welcome everyone to the Canadian Pacific's First Quarter 2012 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. Ms. Weiss, you may begin your conference.
Janet Weiss - Assistant VP, IR: Thank you, Melissa. Good morning and thanks for joining us. The presenters today will be Fred Green, our President and CEO; Mike Franczak, our EVP and Chief Operations Officer; Jane O'Hagan, our EVP and Chief Marketing Officer; Kathryn McQuade, our EVP and Chief Financial Officer. Also joining us on the call today is Brian Grassby, our Senior VP, Finance and Controller. The slides accompanying today's teleconference are available on our website.
Before we get started, let me remind you that this presentation contains forward-looking information. Actual results may differ materially. The risks, uncertainties and other factors that could influence actual results are described on Slides 2 and 3 in the press release and in the MD&A filed with Canadian and U.S. Securities Regulators. Please read carefully as these assumptions could change throughout the year. All dollars quoted in the presentation are Canadian, unless otherwise stated. This presentation also contains non-GAAP measures, please read Slide 4.
Finally, when we do go to Q&A, I'd like to remind you that the primary purpose of today's call is to discuss our financial results, market performance trends and progress towards our multi-year goals and not pushing square or proxy related issues. I'd ask you to limit your questions to one and if we have time, we will circle back. In fairness to all participants, I'd again tell you that we're going to be running about 1 hour, 1.15 hours, so be thoughtful and we'll answer as many questions as we can in the time provided and we'll circle back with any unanswered questions after the call.
Here then is our President and CEO, Fred Green.
Frederic J. Green - President and CEO: Good morning, everyone. This morning Canadian Pacific reported a strong start to 2012 with EPS at the C$0.82 and an operating ratio of 80.1%. This represents an operating ratio improvement of 1,050 basis points over last year and improvement of 220 basis points over Q1 of 2010. We're executing on our plans and delivering record operating metrics.
Importantly, the records were setting or not just for the first quarter. We're setting all-time operating records for any quarter evidence that these are sustained improvements not just easy comparisons. The programs we have underway are resulting in new unparalleled level of performance. We have clear accountabilities to ensure the consistent execution of integrated operating plan, we're realizing real market growth, we're delivering on our pricing targets and we're providing a superior service to our customers. These results are being produced by the right team executing safely and responsibly on the right plan. Our multi-year plan is delivering sustainable improvements that can be directly linked to the improved financial results.