Mr. John Moran:

In terms of commercial property investment values, as measured by our index, which goes back to 1973, the market peaked on 30 September 2007. I did say values tend to lag in the market, so activity levels had started to fall off. That is why I said there were two reasons for looking at the property market. We look at the property market in terms of value appreciation, but we also look at the depth of and activity in bidding. I contend that the depth of and activity in bidding had started to wane towards the end of 2006, but that is a matter of opinion.