Mr. Alan Merriman:

At the time that was taken it was probably early '08 and I'd also put it in the context of, as I explained in my opening statement, I was recruited, courted into EBS, I clearly had been a partner in PwC. I was on a very good package. I was leaving a very, very secure job. In making the move to EBS I would have been very minded to have some protection about my income at that point in time. I had obligations, I had loans and therefore it was important that I had visibility over what type of income I would have. And I would have needed that money at that point in time to cover my own obligations.