Great.
To remind our witnesses as well as the committee, we have established a questioning procedure whereby each of the parties will lead off with a seven-minute question and answer period. So if the question gets a little long, I'm going to ask the witnesses to keep their answers short, because we're going to have to cut them off at seven minutes on the first round. We'll proceed with additional rounds of five minutes each.
For the first round, I'm going to begin with Mr. Bains.