Thank you very much.
What we're going to do is hear from all the witnesses, and then we'll open it up to questions.
For those who are in the room, I have some helpful tools. When you have about a minute left, I'll put up the yellow card. It just gives you a sense of where you're at. When I put up the red card, it means you are out of time, so just wrap up your thoughts as quickly as you can, please.
Thank you.
Who would like to go next?
Ms. Hoyt, the floor is yours.