Mr. Fergus Murphy:

Personally, from my point of view, I would say March-April 2008, I would have started to get informal updates, get a sense, in terms of my own perspective, that the growth of the decade before that, particularly ... particularly these two organisations, was strange. I wouldn't have been conclusive in my own view in terms of what was going to happen next. I wish I had a crystal ball. But, that there were ... it was ... it wasn't ... it didn't seem very conventional and that these two organisations, in particular, seemed to be outliers.