Mr. Michael Doorly:

There have been no formal studies, but obviously the board and the management team would always be aware of this volatility. As a PLC we try to eliminate that volatility and de-risk. We have, we believe, achieved this by diversifying and investing abroad, which spreads the economic risk and the exposure to cycles within each economy. That is why we were in Australia, New Zealand, South Africa and the UK. Also, dependence on newspapersper se, let alone circulation sales and advertising within them, had to be reduced. Therefore, we began to invest in those businesses that had sub-businesses in radio, outdoor advertising and new media. We have always been conscious of the need to de-risk and reduce our dependence on any one income stream.