Mr. Alan Merriman:

No. I mean, I would say - and again I say it in my witness statement - July 2005 for me, leaving PwC, going to EBS, what was the market like right then? Well, it was full employment, as we all understand what we mean by full employment. The economy was booming. House completions were going up. We had a lot of immigration into the country because of the job flow here. PwC were literally scouring the world, trying to find people to come into this market, to service the business and the business that we had at that point in time. It was a very, very strong economy and the immediate outlook in 2005 continued to be good. I would articulate that it was late '06-early '07 before there were strong indicators that there could be trouble ahead and, again, I'll be very clear that, even post the crisis, in late 2009 and 2010, many commentators believed that the worst was over and the truth was things got substantially worse in 2010 and 2011.