But with that, let me turn it over to Mark, to start us up from Greenbrier Companies.Mark Rittenbaum Thank you Ken. It’s great to be here on a beautiful day with such a gloomy group of market investors. We’re going to draw a lot and each of us give each other’s presentation and see if it might have a better outcome than how the market is treating the rail supply marketplace. As always there is a forward-looking statements that I will remind you of and refer you to our public filings in that regard. As Ken said, we are a leading provider of transportation equipment and services to the railroad marketplace in North America. We build new railroad freight cars, repair and refurbish freight cars and provide rail services. In addition, we provide leasing and management services for railroad and freight cars. We also build marine barges in North America and railroad freight cars in Europe. I do – I want to comment briefly on the industry fundamentals. Chicken Little was wrong. The sky is not falling in the rail marketplace. We believe the fundamentals are solid, driven by all the things that you hear many people and wealthy investors in the marketplace speak to, as well we believe that Greenbrier is unique in the marketplace and how we participate with our integrated model. I think all of you are aware of this but some of the dynamics that are favoring rail today are an aging fleet what’s going on in energy transformation in North America. You were all familiar with natural gas and fracking in natural gas and oil boom, but I also want to speak to that we believe that the recovery is much more broad based than just what is that being energy driven. We’re all familiar with the benefits of rail over a highway, less highway congestion, favorable on gas and environmental concerns. And then I think many of you have heard about the strengths of the rails themselves and how they are reinvesting and doing well even in a less than robust environment.
This just speaks to the broad based nature that over 88% of demand over the next five years will be in non-coal related products and Greenbrier participates in all of these markets including intermodal where we are the leading provider with over 50% market share, and indeed again the outlook in this market is also very favorable. While our marine business is softer today, we are seeing increases in inquiries and demand there and we would expect this to be a significant provider of an uptick for Greenbrier when that business does recover.I’ll just touch briefly on the benefits of our integrated business model. Again we believe we are unique in this regard and what it does is it allows us to participate across the spectrum of a life of a railcar from in essence cradle the grave and provide a unique value proposition to our customer base. And in that regard, we also believe that it generates a way of diversification and to take a less of a shock out of the cycle on the downswing. And in essence that becomes our value proposition to our investors is that by offering freight car solutions that combine all of the skill sets across the life of a railcar that we can create a superior value proposition to our customers that in turn will create a superior value proposition to our shareholders. And I will turn it over to – I’ll leave it to Ken. Ken Hoexter – Bank of America Merrill Lynch Okay, hold on. Bob Lyons Good afternoon. My name is Bob Lyons. I am the Chief Financial Officer for GATX. In total I have four minutes for summaries and I thought I had eight. So settle in, we are going to go very fast. So GATX Corporation, we are one of the largest railcar leasing companies in the world and that’s where we’re focused on as railcar leasing. We do participate in a few other transportation markets, but rail is central to what we do. Read the rest of this transcript for free on seekingalpha.com