Good morning. My name is [Plimpy] and I will be your conference operator today. At this time, I would like to welcome everyone to the American Financial Group 2010 First Quarter 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. (Operator instructions). Thank you. Mr. Keith Jensen, you may begin your conference.

Thank you very much. Good morning and welcome to American Financial Group's 2010 first quarter earnings results conference call. I'm joined this morning with Carl Lindner III and Craig Lindner, Co-CEO's of American Financial Group. If you are viewing the webcast from our website, you can follow along with the slide presentation if you'd like. Certain statements made during this call are not historical facts and maybe considered forward-looking statements because they are based on estimates, assumptions and projections, which management believes are reasonable by their nature but are subject to risks and uncertainties. The factors which could cause actual results and/or financial conditions to differ materially from those suggested by such forward-looking statements include, but are not limited to those discussed or identified from time to time in AFG's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. We do not promise to update such forward-looking statements to reflect actual results or changes in assumptions or other factors that could affect those statements. Core net operating earnings is a non-GAAP financial measure, which sets aside items that are generally not considered to be part of ongoing operations, such as net realized gains and losses on investments, the effects of accounting changes, discontinued operations, significant asbestos and environmental charges and other certain other non-recurring items. AFG believes this non-GAAP measure to be a useful tool for analysts and investors in analyzing the ongoing operating trends and will be discussed for various periods during this call. A reconciliation of net earnings attributable to shareholders to core net operating earnings is included in our earnings release. Now, I'm pleased to turn the call over to Carl Lindner III to discuss our results.

Good morning and thank you for joining us. We released our 2010 first quarter results yesterday afternoon even as we were faced with soft pricing, the decreased commercial demand resulting from a depressed economy and increased catastrophe activity. AFG reported strong core earnings, demonstrating that we're making solid progress towards our operational goals for 2010. It's good to see AFG return to the Fortune 500 list after an absence the past few years, especially in light of the market considerations I just mentioned. I'm assuming that the participants on today's call have reviewed our earnings release and the supplemental materials posted on our website. I'll now review a few highlights and focus today's discussion on key issues and our outlook for the remainder of 2010. Let's start by looking at our 2010 first quarter results summarized on slides three and four of the webcast. Our first quarter core net operating earnings were $103 million or $0.91 a share, about 21% below the prior year period. These results are consistent with our expectations and reflect improved results in our newly and supplemental insurance operations which were more than offset by lower property and casualty underwriting profit and lower investment income. Interest in other corporate expenses were higher during the first quarter, primarily due to increased borrowing costs associated with our $350 million debt issuance that was done in 2009. Net earnings were $0.93 per share for the 2010 first quarter, an increase of 6%. Annualized operating return on equity for 2010 was approximately 11%. One of our important strategic objectives is to deploy our excess capital in a way that enhances shareholder value. To that end, we purchased nearly $3 million shares of our common stock at an average price of $25.76 per share during the 2010 first quarter. We believe…

Thank you. (Operator Instructions). Your first question comes from line of Jay Cohen with Banc of America. Jay Cohen - Banc of America/Merrill Lynch: Yes. I missed the beginning of the call and I apologize for that. And if you already talked about this, we can do it offline, but the book value growth in the quarter obviously had to do with the accounting issue that you brought up. And you acknowledge that it would come down -- that benefit would come down over the next, it didn't say how long. That's really the question is, what is the pattern one would expect for the first quarter benefit to disappear, basically?

This Keith, let me just highlight a couple of things. If you look at book value per share all in, that did go up to 37% - 48% but what we have done in highlighting in the press release is we have highlighted the book value for share that leaves out the appropriated retained earnings that's what the 36. 46 is, because essentially the appropriated retained earnings is the amount that's required to be recorded into retained earnings on adoption of the new standard. But it is not for the benefit or it doesn't inure to the benefit of the shareholders of American Financial Group, it inures to the benefit of debt holders and so that $225 million we have excluded from the book value per share that we have reported in the press release. Jay Cohen - Banc of America/Merrill Lynch: That is helpful. Thank you. And I guess a second question -- maybe on the specialty casualty business ex the comp, are you seeing a notable degradation in the terms and conditions on the policies? Are those starting to widen out relative to last year?

This Carl, I wouldn't necessarily say that. We really didn't achieve any increase there, and there wasn't any significant decrease in rates. I think the -- seems like competition has definitely picked up and is stronger towards the end of the fourth quarter and the first quarter. But as far as any major degradation of terms and conditions I don't think we are seeing that right now. Jay Cohen - Banc of America/Merrill Lynch: Okay. And the last question, in the past you have come out with -- at least a soft quantification of your excess capital. The last statement was around $400 million. Can you update that for us, where you stand now? What do you think?

Yes at the beginning of the conference call we indicated that it was at about $460 million at the end of the first quarter. Jay Cohen - Banc of America/Merrill Lynch: Great. Sorry I missed that. That's all I have.

(Operator Instructions). There are no questions at this time.

All right. Well thank you very much for joining us this morning. We will look-forward to releasing our second quarter results. Have a good day.

This concludes today's conference call. You may now disconnect.