Mr. Seamus McCarthy:

On the specific point about the valuation, based on the paper, in January we asked what the basis was for using the figure of 5.5% in the calculation. The board gave us the June 2013 paper, which basically had been presented to it to endorse the use of that value in evaluating transactions, for example, whether to hold on or to sell an asset. There were very extensive comments on all of the report. There were contentions and board members were challenging us to produce additional evidence. For instance, in relation to the sale process, we could see and conclude that a number of aspects of the board's standard procedure had not been operated and its members were challenging us, if one likes, to back up the conclusions we were drawing in the report. I added in additional material effectively to demonstrate why I had come to my conclusions.