Ms Ann Campbell:

Absolutely, it is valid. We are aware, because of our work in the market over the years, of what the going rate is, if one likes. Generally speaking, the agents charge between 20% and 25% for students recruited into first year. They have different arrangements with different providers all over the world. In some countries, they may also pay a fee for students going into second year. We have been able to hold it at a fee for the first year. Our strategy is that we get students who will stay for the entire degree and the only outlay is in the commission paid to the agent for the students in the first year.