Mr. John Moran:

As I said, that is why valuations are not forward looking. It is really important to understand that. A valuation is set at the particular time. In calculating the investment yield, will we look at the prospects for the future rental growth and for the property and will we look at the duration of the receipt of income? Absolutely, we will, and we will take that yield and start to adjust that yield, but what tends to happen in real estate, in particular, is that it is a lagging indicator. Generally, what happens is that by the time one makes the projections, the transaction will have happened already, and this will have set a new benchmark. One has to take into account the evidence one has and also make judgment calls on how one believes the property will perform. However, that will relate purely to the yield one has chosen.