Mr. Mark Carlin:

It is a very fair question, and I would like to explain. At that stage, in the summer of 2022, the principals of the fund, in terms of ISFF, Coillte and Gresham House, were moving towards setting up a fund that would involve many different things such as setting up a fund name, trying to get investors on board, and also trying to create an early pipeline. When the Castle Waller deal opportunity came up - it was a very significant deal, and very rare that 500 ha would be in the marketplace - Gresham House made the decision to acquire it, and did so with the intent of folding it into the fund, if and when it was finalised. If the fund had not been established, then it would have taken that into existing portfolio. It was done with the intent of getting off to a good start, if and when the fund was finalised.