Mr. John Moran:

We never anticipated the global financial crisis. I would be lying if I said we did. At that time we felt that values had appreciated so significantly they were bound to have a correction at some stage. We never envisaged the adjustment that took place afterwards. A normal valuation correction that one would expect in a market that had six years of exceptional growth is between 5% and 15% for investment property, perhaps 30% for development land. We told our clients there was no way this would continue forever and if they wanted to take a profit they should get out now. By no means did we foresee what was around the corner.