All, As you will have noted, we elected not to have a meeting this week on Thursday 28 April. There are regular meetings of the Implementation Oversight group taking place and you will have seen the notes circulated by Yuko Green from the meeting of April 27. Please do look over the implementation work as reflected in the reports and discussions of the IOTF group. One developing issue is that we will need to instruct Sidley to review and comment on the formation documents of PTI i.e. Articles, Bylaws and the Conflict of Interest policy. We will use the client committee to do so and communicate with the CWG accordingly. The next meeting of the CWG is scheduled for 2 weeks from 28 April i.e. Thursday i.e. 12 March and at this stage, we expect to hold that meeting in order to bring the CWG up to speed with implementation and to discuss any relevant matters. Thank-you for your ongoing attention to the implementation work. Lise & Jonathan