Mr. Jeremy Masding:

I am clear in my mind that, as used elsewhere, trade-down at expiry is a legitimate request and the best use of shareholder capital. Consequently, I would prefer not to extend post-retirement because to be frank, in my experience one then begins to get into inheritance issues. I would rather have certainty for the customer at expiry and in the situation as described by the Chairman, our default position at expiry is that we would use a trade-down as the method to create a win-win. Mr. O'Sullivan may wish to add to that.