Thank you very much for your presentation.
Perhaps I'll explain, in response to Professor Lee, that we did combine the two panels this morning. We felt it would be better to have a larger discussion over a two-hour period. I hope everyone can stay for the full two hours.
I'll remind everyone that members have a very short time for questions and answers. I'll ask members to direct their questions, and witnesses to be as brief as possible in their responses.
Ms. Nash, please.