Thank you for that, Ms. Murdoch.
Before we go to the questioning I just want to remind the members of the committee that for the purposes of interpretation, please speak slowly and clearly. It's a great benefit as well if you identify whom you're actually asking the question of, instead of just leaving it wide open for either witness to answer. If you know who you want it to go to, please include that in your question as well.
To start off, for six minutes or less, we'll go to Mr. Arnold.