Ladies and gentlemen, now I'll be calling out the committee members' names one by one, and the committee members have seven minutes to ask you questions. During that seven minutes, you have time to answer them. When that time is up, we go on to somebody else, so everybody gets a chance.
This is a very important time because people can hardly wait to ask you questions. We'll do that until 12 o'clock. Then at 12 o'clock I'll suspend the committee. Then you will leave your seat, but you can stay and listen while another panel comes and speaks to us.
We begin with Mr. Kellway.