Mr. Sorley McCaughey:

The Chairman's second question is a difficult one to answer definitively. What we have said is that companies ultimately should pay the correct amount of tax reflective of where their substantive activity is. Reflecting that most of the purchases may be done globally makes it more complicated but we are still formulating a position around that. That said, we need to see a system introduced that is reflective of the particular concerns of developing countries and which enables them to factor in and be a part of that system. Unfortunately, the OECD BEPS process is not doing that. I am unable to give the Chairman a definitive position on that, which is a complex and difficult question, as Mr. Keegan noted. Whatever is agreed needs to be reflective of the particular needs of developing countries.