<html><head></head><body style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space; color: rgb(0, 0, 0); font-size: 14px; font-family: Calibri, sans-serif;"><div>Dear Client Committee, </div><div><br></div><div>Here is the latest version of the Principles document (as of 23 March). There is a clean version and a redline. </div><div><br></div><div>Best, </div><div>Grace </div></body></html>