Colleagues, we'll start again.
Panellists, welcome. I'm not sure if all of you were in the room for the previous presentations or not, but I'll just briefly explain the process, which is quite simple.
I understand that we'll have two opening statements and we'll ask for those statements to be five minutes or less. That will be followed by a round of questions and answers from all of our committee members. Should you go over the five minutes, I'll very gently—I hope—encourage you to wrap it up quickly. We've found that most of the information that's transferred from you to the committee members is contained in the questions and answers. That seems to be the most valuable time that we have, so I'll try to make sure that we have as much time as possible for that.
With those brief words, I will ask Mr. Newell please to begin with five minutes or less. The floor is yours, sir.