Thank you very much, Mr. Mendel.
We are going to have a very good discussion at the table this morning, I think. Those were three excellent presentations, giving us lots to think about.
We're going to proceed to the first round of questions, allowing folks to have seven minutes to have their questions delivered and answered. I would encourage members and respondents to keep their questions and answers concise.
We're going to start with Mr. Lightbound.