Mr. Paul Maloney:

Absolutely. As my iterative valuations were increasing I realised we were no longer able to fund a 50% take and I proposed 26%. Why? We actually meant 25%, but in company law 26% gives one certain rights in the company; therefore, we settled on 26%. Our joint venture partners were not happy, but they accepted it ultimately. Then I was able to report to the board that we had mitigated the risk in 21 days down to 26%. That is why it is in the board paper of the 20th. Now board members were clear on two things. First, we had mitigated the risk of valuation by sticking to our valuation, which was €375 million - anything above it was their risk. Second, the mitigation rate was 26%. There was a third mitigation - the cap of €35 million, to which I referred in my presentation, was now being placed on the guarantee or recourse loans. Now we are coming to the fact that we do not want to have recourse to the full €290 million in borrowings and we brought it back to €100 million. All of these risk factors with the team I had with me were coming into play. They were not all my ideas - they were coming from everybody on the team - to mitigate our risk.