Thank you very much, Mr. Swedlove. I thank all of you for those very substantive presentations.
We will now to go questions from members. I just want to indicate to the witnesses that each member for the first round will have six minutes. For the second round they will have five minutes. Members are limited in their time, so please be brief in your responses. If a question is not directed to you but you wish to respond, please indicate to me and I will ensure you have an opportunity to address the question as well.
We'll start with Mr. McTeague for six minutes.