transaction. thus when goldman sachs represented to investors that ac selected the reference portfolio, that statement was absolutely correct. mr. chairman, the last week has been challenging for me and my family as i have been the target of unfounded attacks on my character and motives. i appreciate the opportunity to appear before the subcommittee to answer these false charges. i wish to repeat i did not mislead two of the most sophisticated institutional investors in these products anywhere in the world. i will be pleased to answer any questions the subcommittee may have. >> thank you very much, mr. tourre. what we will do, what we've done in previous hearings, our rounds, first round will be 20 minutes for each of us, then subsequent rounds with these panels as well. mr. sparks, would you turn to exhibit 172, please.