Thank you very much, Mr. Davidson.
I will give committee members the start-up list for the round of questioning. We will go to Ms. Dancho first. It's your first finance committee meeting, Raquel, and we put you up first. Then we'll go to Mr. Fraser, Mr. Ste-Marie and Mr. Julian.
With that, we will turn to the University of British Columbia, Professor Kevin Milligan.
Kevin, the floor is yours.