Mr. John Corrigan:

-----into a long-term bullet deal, which would mean there would be a single capital repayment at the end, that would bring important relief in the amount of bond issuance we would have to do every year in terms of the amount of the capital payments that would be deferred.

This is where the merit arises in the transaction.

It is debatable to what extent the market has priced in a deal. It has to some extent. It is important that we are cautious on this front in our presentations to investors. Our whole approach to investors has generally been to over-deliver and under-promise rather than get it the other way around because, given where are, we have had to rebuild trust with investors. In our investor presentations we have not included any credit, so to speak, for a promissory note. The profile of re-financing required over the years that we use with investors as of now still includes an element for the promissory notes.