I'll call the committee to order now.
Pursuant to Standing Order 108(2), we meet today for our study on income trusts. We have several witnesses to present their points with respect to the income trust issue.
To the witnesses, welcome. Thank you for taking the time to be here and to prepare your reports and whatever work you've submitted to the committee members. I understand that some of that work is being distributed as we speak.
I believe you've been apprised of the fact that you have five minutes to make your remarks. I will indicate when you have one minute remaining. Unfortunately we'll have to unceremoniously cut you off at the end of your five minutes. I hope you understand in advance the reason for that, which is to allow for an exchange with committee members so that they can pick your brains on the issues you're speaking to today.
Again, thank you for being here. We appreciate your time.
To committee members, we should have approximately 30 to 35 minutes for questions, so I encourage your focused attention.
We'll begin with a representative from HDR/HLB Decision Economics, Mr. Dennis Bruce, vice-president.
Welcome, Mr. Bruce. Five minutes to you.