Mr. Fred Barry:

Certainly. On our two schemes that involve risk sharing, the down-side is heavily shared by the PPP companies. Their loss of revenue as against their tendered forecasts is well in excess of the amount that the State is paying through the guarantee payments. In the other PPP projects where revenue risk is being carried in its entirety by the companies, different schemes are doing differently. Some are doing okay, some are doing poorly. In the round, however, the traffic volumes on those schemes are, as we would all expect, well below the levels forecasted by the PPP companies. Consequently, the revenues to those companies are well below what they expected, as are the returns on their investments. In some cases, the PPP sponsor companies have needed to inject further equity into schemes because their original equity has been burned by the lack of revenue coming through.