Mr. Steven Burgess:

Within the PPP structure we engage with the special project vehicle or the special project company, as it has been termed, that has been set up. It is a ring-fenced company into which the risks of the project go. It engages with a delivery partner, or generally two delivery partners, one to deliver the works, which is through a design-build formal contract, and another to deliver the services. Our PPPs are not only about delivering a school on day one, they are also about maintaining it, making sure it maintains its life value over the term and delivering soft services. The PPP company looks for strong partners because this is a long-term relationship. These are long-term deliveries and the PPP company seeks to pass the risks we pass across the table to it back down its supply chain because it wants to hold as little risk within its own entity as possible. It will look for a strong contracting partner who can absorb those risks and that is the reason for it.