Mr. Jeremy Masding:

At a high level, there are probably six phases in every transaction. There are non-binding offers; we then create the long list; we then create the short list; we then create a preferred bidder; we then negotiate the contract; and then we do transition. We have done €9 billion of non-core deleveraging as part of our restructuring plan and no transaction followed a linear path. There is a gate through each of those six stages. It is impossible for us to give that timeline because we have to be sure at the end of each gate that we can move forward. For example, we know there is dialogue happening at the moment about the legislative environment around which investment funds work so we will have to see how that pans out. That is the best we can give the Senator this morning. I do not want to be unhelpful but I ask the committee to have a bit of patience with us. Those are the six stages. We go through each gate. At each gate, we decide whether we move to the next stage. My experience of doing them so far is that they go like this, they do not go like that.