Dear Partners:

In order that we can share our thinking on the current situation in Ukraine with all partners, we have put together a brief note that summarizes trends we see, their implications, and how we intend to act.  I hope you find it useful.

A caveat.  The situation is evolving and we typically see first order effects at present, but there will be second and third order effects which only become clearer with time.   Hence,  this note is “work in process”.
We will share a more detailed note in April as our thinking evolves.  Questions will be welcome as they will help us think more clearly.