Louise,

Some further clarification on the HSR waiting period:

- We will receive a letter indicating when the waiting period will expire. The actual expiry is anticipated to be midnight on Thursday, Feb. 7th.
- It is possible that objections or problems could be raised during the waiting period. This we will not really know that we are cleared until sometime on Friday, Feb. 8th.

Accordingly, I will plan on a tentative launch for Monday, February 11. 

I am still waiting for UBS legal approval of the PA and ETA. Once this is received, we will be ready to start our PA marketing efforts to the Top 50 customers. I intend to do this as soon as the documents are approved. If you need me to check with you before we start contacting customers, please let me know.

Dave