Mr. Phillip L'Estrange:

This note is generally required to be consistent with what is called Financial Reporting Standard 17, which is a generally accepted accounting principle, and we are following that accounting discipline.

In terms of the 3.5%, this is an actuarial-type calculation to forecast what the pension charge should be noted as in the accounts and what the ultimate liabilities might be in the long term. In summary, the actuaries build some assumptions into their long-term forecasting model around what the pension charges ultimately will be for the NTA and what is appropriate to recognise in the current year. These are more modelling assumptions for longer-term pension liabilities as opposed to indications of what we expect salary increases to be.