 Good afternoon, Steve. Thanks very much for coming here this afternoon. First of all, let me congratulate you on becoming and being appointed the new chairman of Study Group 15. Thank you, Toby. I hesitate to call you a veteran of Study Group 15, but you're certainly very familiar with the workings of this very important group to ITUT. I was wondering if you could give us an idea of some of the highlights from the previous study period. And perhaps give us a, perhaps paint a picture of the work of Study Group 15. OK, Study Group 15, as you know, is the largest and most active of the ITU study groups. We tend to regularly draw about 370 delegates to our meetings. And Study Group 15 is responsible for really all of the major aspects of network infrastructure, starting from the core networks, the long-haul transport networks, DWDM line systems, if you will, down into metro networks, access networks, and now, in the last study period, extending that further into home networks. And really, as we know, the growth in data traffic is massive around the world. And at all levels of the network, that affects the work that we do. So some of the real accomplishments in the last period are pushing all aspects of those transmission rates in all parts of the network higher and higher. So in the core networks, we've moved to 100 gigabit per second speeds per wavelength on multiple wavelength fibers. And that works in the long-haul and in the metro networks. Down into home networking, we have a couple of technologies that we're responsible for. As you know, the DSL family of standards, bringing access into the home over copper cable infrastructure. Every time we think that that has reached the ceiling, people figure out a way to push it even higher. So the VDSL 2 with vectoring pushes up to about 250 megabit per second speeds today. And there's new initiatives pushed that even higher. We also have the fiber to the home technologies, the PON passive optical network technologies, which are a shared access technology. And those have pushed up in the last period into 10 and 40 gigabit per second shared access over a passive optical link split out into multiple premises. Let me pick up on one of the points that you made there about the transport layer. And the economist reckons that 95% of all international traffic runs over fiber optics. How much of a role do ITUT standards play in that and in facilitating that 95%? It's an enormous amount of international traffic. Well, first of all, I'm surprised it's only 95% because I think we're all aware of the undersea and the terrestrial fiber optic cable infrastructure that supports that connectivity. And I think that these days at the speeds things are running virtually all of that is fiber. And study group 15 deals with several aspects of that infrastructure. First of all, the cables themselves, the fiber optic cable installation maintenance of that cable infrastructure, a lot of that comes from study group 15. So what's actually running over that fiber infrastructure is an ITU standard or not, a lot of the fiber specifications do come from study group 15. So even Ethernet, you read the Ethernet standards, you'll find references to ITUT fiber types as what is being used by that Ethernet infrastructure. But furthermore, in the transport network itself, even if it's carrying something like Ethernet, to go any distance, generally, it's optical transport network standards, which are also under the responsibility of study group 15. So the way you manage and maintain and the way you combine traffic that goes over those fiber optic cables, a great deal of that is study group 15. Moving into the home as well, of course, a lot of the key access technologies are study group 15. You mentioned already that we're pushing the boundaries of what's possible with all of that copper that's still out there. And vectoring technologies in VDSL2 is about where we are with that now. But is it possible to squeeze more out of that copper infrastructure? Yes. In fact, there is a work item under development now, G-Fast, trying to push those speeds up to 1 gigabit per second. So yes, that work continues. And as at other levels of the network, we're pushing the speeds faster and faster. One more question that I think relates a little bit to the access technologies that we've talked about. But there's some work in study group 15 that focuses on the vertical section. This is the smart grid. And I'm wondering if that work is something that's going to progress into the next study period. And whether or not there are any other vertical areas that study group 15 standards will help to facilitate. The aspect of smart grid that we're involved in is communications for smart grid. Obviously, there are many different organizations that are involved with the whole ecosystem of how that works. And the reason that we are a natural place for the communications for smart grid is that we have the standardization both in the access network and in the home. In the home network, the transmission speeds within the home were working up into the 1 gigabit per second range. But in the area of smart grid, we have two technologies that we've been progressing so far in order to provide that connectivity and the control interface into the home. We have power line transmission modulation. And then there's also a short reach, narrow band digital radio transmission that accomplishes that that are technologies that we're providing to enable that smart grid kind of infrastructure. OK, but perhaps finally, though, are there any other areas that you'd like to highlight that you don't think that you've covered? Well, moving forward, when you push things faster, what you tend to do is to do it again. So we've moved in the last period, as I said, up to the 100 gigabit speeds per wavelength. We've done that by deployment of a lot of very exciting, advanced new modulation formats. And in the next period, together with some of the work in IEEE, we expect to be pushing that to 400 gigabits per second and beyond, essentially by evolving and refining some of the general approaches that we've done in the past. OK, well, thanks very much for your time, Steve. And good luck in your new role. Thank you.