Ms. McPherson, thank you very much.
Colleagues, I'm going to correct myself. We do have time for a brief second round, albeit compressed. I would propose that we do three-minute and one-and-a-half-minute rotations. That way, we'll sneak in just past 12 o'clock, I believe.
If that's okay with colleagues, Mr. Morantz will be leading us off for three minutes.
Please go ahead.