Mr. John Moran:

The profile of the participants in the syndicates ranged from high net worth individuals, professionals - those were generally the syndicate members. The syndicates were put together, as I said, by people who specialised in putting them together so you had specialist companies that were putting syndicates together. There were private wealth managers, the stockbroking houses and the private banking arms of the banks putting them together. The profile was people putting in relatively small - I use the word carefully - amounts of equity so they could participate in significantly larger projects. It would not have been unusual for clubs of ten to 20 people to be put together that would put a certain amount of equity into a transaction which would enable them to buy a property that was significantly larger than if they were trying to buy it themselves.