Mr. Joe Thompson:

I will try to address the Chairman's questions one at a time. The first question related to Delta Air Lines, Inc. and Virgin Atlantic. It is important to realise there are many different types of relationships between airlines. Delta Air Lines, Inc.'s relationship with Virgin Atlantic is twofold. Delta Air Lines, Inc. has a minority shareholding in Virgin Atlantic and they both have a transatlantic joint venture partnership which is applicable to flights between the UK and north America. That is a very different scenario from what is being proposed by IAG, which is the 100% acquisition of Aer Lingus. Delta Air Lines, Inc. does not have management control of Virgin Atlantic. Virgin Atlantic remains an independent carrier, governed by its board with Delta Air Lines, Inc.'s representatives forming the minority representation on that board and with control sitting with the Virgin group in the United Kingdom. In terms of my role today, I am representing Virgin Atlantic on behalf of its board.

The second question related to Ryanair and low cost carriers and self-connecting business. It is true that some customers make connections via the self-connect method, buying separate tickets on low cost carriers and connecting on to long-haul carriers. In terms of both the prevalence of the uptake of that form of travel and the customer experience, it is not comparable to the more traditional model of full service carriers interlining with each other and allowing smooth connections to be made.