Thank you very much, and thank you for staying up a little later. We apologize for running a little late with the committee but parliamentary procedure took precedence for an hour or so. We are here now, so as per the normal process of this committee, each group will have up to 10 minutes to make an opening statement, should they wish to, and then after that, we will go to Q and A.
Mr. Tod, we'll start with you. You have the floor, sir.