Mr. Stephen Kavanagh:

To repeat, Aer Lingus is successful by many measures. This is testament to the efforts of many people over a long period. What is under consideration here is an accelerated opportunity, an opportunity that may never be achievable on a stand alone basis. That opportunity and valuation was part of the analysis and consideration of the proposal from IAG and we believe it fairly reflects the valuation and future potential of the business.

On why we would sell off Aer Lingus, I do not see it as a sell-off. We are a plc. What we are recommending is an ability to accelerate the value creation. That is where not just shareholders, but stakeholders, employees and Ireland maintains a benefit. The world does not stop to allow Aer Lingus to grow. We carried 11 million customers in 2014, more than any time in our history, yet we do not make the top 50 carriers worldwide. That is the nature of the business we compete in. Increasingly, the airline business will consolidate. There are significant economies of scale and significant cost benefits from having major fleets and significant revenue benefits from having global reach and partnership. This is something we simply cannot ignore, albeit that - not waving a white flag - we have a solid business based on good fundamentals. What is up for consideration here is the incremental opportunity.

In regard to the comparison or contrast with Iberia, first, I believe IAG sees the value inherent in the Aer Lingus strategy in terms of the opportunity to grow Ireland as a natural hub for transatlantic traffic. Aer Lingus is a profitable business that has gone through many restructurings. When British Airways and Iberia combined, Iberia was a deeply troubled business that needed to be restructured. It is not comparable in any way to what IAG would be investing in if it was to secure Aer Lingus. Aer Lingus is a growth vehicle for IAG. It is a €1.4 billion investment from British Airways and IAG. This is not an investment that will be recouped by redirecting passengers through Heathrow. It is an investment that will be recovered and grown by exploiting the opportunity that exists for Aer Lingus, Dublin, Shannon and Cork to have a larger share of the Europe to North America market.

The inevitability of some back office support functions being lost is indisputable. This is one of the rationales and is why consolidation is such a feature of the industry. However, the opportunity here is the amount of direct employment that will be delivered from the growth, particularly of transatlantic capable aircraft, but also because of the support activities and because of the services provided not only by the airport but the businesses based on it and the spin-off. Simply, having more access to the island generates more inbound tourism. This has a significant indirect positive impact on levels of employment.

We have taken the time to consider deeply the implications of this offer. The board and the executive management team are very conscious of the implications and the interests of stakeholders. We have no hesitation in recommending the offer because we intuitively believe it is positive.