Mr. Conor Fahy:

We have been engaged over the past six months or so in research on Iran as a market. As mentioned, many countries have been looking at the re-opening of the Iranian market. In January, my colleague, Mr. John McNamara, who is our regional director in the region and my colleague from Dubai held a series of meetings in Iran as part of a preliminary assessment phase. In this regard, we are looking at how we can match the opportunity with companies who have the capability to develop a market and customers in Iran. This will be undertaken in conjunction with our clients who are experienced in this area. The key aspect of any company selling into an emerging market like Iran is whether its offer is compelling, whether it has the capability to service it and whether it has the commitment to develop the necessary relationships to see the business contracts through. We are actively monitoring Iran as a prospective market for us in terms of our activities across the Middle East.