ALUN CATHCART, INTERIM EXECUTIVE CHAIRMAN, EMAP PLC: Good morning, thank you very much for coming to our half year results presentation. First I'll quickly cover the key points for our half year and where we are on the review process. I'll then handover to Ian who'll cover trading and outlook, and then of course we'll take your questions.

I think the most important message for the period is that our performance across the Group has been encouraging, and we're confidently on track to deliver against our full expectations for the year. After adjusting for the sales of Agor, Emap Australia, 50% of TV and other closures and disposals revenue is up 1% in total and down 1% underlying. Operating profit is up 6% in total and up 14% underlying, clearly showing the early benefits from the Group wide operational efficiency initiatives that we commenced last year. Earnings per share is up 7% and we're raising dividends by 7% supported by continuing strong cash flow.

We're also announcing today that we have transferred our main defined benefit pension schemes to a third party insurer, which Ian will talk about later. Now in terms of the review of Group structure, I'm encouraged by the progress we've made since we commenced the process at the end of July with good quality private equity and trade interest in all parts of the Group.

We're still going through the stages of sharing information with interested parties and are progressing the review with those who have put forward serious indications of interest. As part of the process we've asked those parties interested in B2B to consider including the acquisition of the Plc in their proposals, and as a result we're now in an offer period. This is a purely technical situation as we have not been in receipt of an offer for the whole of the Group as currently configured.

I'd remind you that the aim of the review is to maximize the value for shareholders and any decisions or actions we take will be guided by this. As we said before, we're examining all options including the sale or demerger of some or all of the parts of the Group. I point out to you that no decisions have yet been taken in relation to the outcome of the review but as I've said, I want to conduct the review as quickly as possible.

When we started this process I had in mind a target of the end of the year and we're firmly on track for that but if it takes a little longer to get the right result, so be it. Going forward we'll only make announcements in relation to the review as and when we're obliged to do so.

And I'll hand you over to Ian to take you through the trading in much more detail.

IAN GRIFFITHS, GROUP FINANCE DIRECTOR, EMAP PLC: Thanks, Alun, and good morning everyone. These results complicated by our recent M&A activity show robust revenues and decent earnings growth. In B2B there's healthy revenue growth of 4% and we're investing to ensure this momentum is maintained. In our consumer markets revenue growth has been more difficult but we're already starting to see the benefits of our recent efficiency reviews. In a period of potential uncertainty we're retaining our talent, delivering our financials, converting all of our profits to cash and reshaping the portfolio through value creating M&A.

The disposals of Emap France, the Australian consumer business, the French B2B exhibitions and 50% of our TV business have clearly impacted the headline figures. Adjusting for these transactions gives what we've called the continuing Group and from this you'll see we've delivered 1% revenue growth and 6% growth in profit.

By division the tracker shows the trends we've been talking about for the past six months. B2B continues to deliver good revenue growth driven by exhibitions, information services and our recent acquisitions. Radio continues to improve but for magazines top line growth remains hard to deliver. There's growth in the women's weeklies but the men's monthlies remain under pressure.

On the profit side all divisions have delivered year-on-year growth. Radio with profits up 26%, a combination of the revenue up side and additional cost synergies from the enlarged Big City network. In magazines profits are up 7% as the benefits of our efficiency program are coming through earlier than we expected, whilst in B2B underlying profits are up a strong 13%. The headline revenue to profit conversion is lower than normal, primarily due to increased investment in new exhibitions, festivals, digital, and driving our WGSN business harder than our original acquisition plan.

This investment in B2B has impacted our margins but they remain at around 30%. The focus on exhibitions and information services, which are now two-thirds of the overall division, should also be beneficial to our ongoing margins. 4% underlying revenue growth would have been higher if Interbuild had not moved from H1 to H2.

The tracker shows that the drivers of our B2B revenues, the acquisitions, are adding GBP5 million. The information services, primarily WGSN, are adding a similar amount and the continuing strong growth from exhibitions and conferences is clearly shown on the slide.

The decline on magazine revenues is primarily display driven. The recruitment-based weeklies in public sector have had a much stronger year, with recruitment revenues in total flat.

Interbuild moving from H1 to H2 and the disposal of our French B2B exhibitions has impacted revenues by GBP11 million. Events continue to grow strongly, up 7% on an underlying basis, 6% from the big trade shows and 10% from conferences. Glee and Autumn Fair had good events but the main growth came from Pure Womenswear with record attendance, meterage, and strong yield increases.

In the first half we ran 147 conferences, all linked to our magazine brands. And we're expecting a strong second half, especially from MEED, where we're planning 30 conferences compared to 25 last year. Cannes Lions was the main growth contributor, delivering 12% revenue growth after another record year for delegates.

Our B2B magazines with recruitment stabilized are now more robust. The 7% decline in display is worth just over GBP1 million. However, looking ahead, our current forward bookings are ahead of last year.

Finally, the information services continue to deliver double-digit growth. WGSN is up 20% and is key to this, and Cap, Glenigan and DeHavilland are all delivering near 10% growth. And as the pro forma chart shows the businesses we've acquired are all growing at least as fast as the current portfolio.

When we acquired WGSN our challenge was to double the number of subscribers over five years, keeping the renewal rate at 90%. We're well ahead of plan, and believe the size of this market is such that there's the potential to create the Bloomberg of fashion. We've taken the decision to invest in accelerating the WGSN top line. There's been a GBP2 million profit impact in the first half, GBP3 million is likely for the full year. And this investment in more sales people, improved technology, and the upcoming launch in Japan will enable WGSN to continue on its current fast growth trajectory.

There are other areas where we're investing in B2B. In fact, there's more investment both launch and in the core than has been the case historically, potentially GBP10 million on a full year basis. And we've continued to acquire B2B information services. GroundSure in the environmental market, IG Online serving the project finance market, and Planet Retail potentially the WGSN of retail, were all acquired in the year.

We're using the Cannes model to launch other festivals. First up was the World Retail Congress in March, and it was a huge success with over 1,000 delegates. The second event will be April 2008, and now the same format is being used in the architecture market. Both of these 2008 festivals have already attracted sponsorship revenues ahead of our plan.

We've also launched the Summer Fair and at 8,000 square meters it's the biggest trade show launch for years. Re-bookings of nearly 50% for the 2008 show suggest we've created a new niche in the retail market.

And finally, we've invested in a project called Big Brands, where all our big paper weeklies will have enhanced web offerings which we'll use to drive subscription and advertising yields. All of this activity at a time when we moved 1200 people from five London properties into one bespoke B2B location.

The magazine numbers have a lot of moving parts. There's the continuing growth in the women's weeklies with revenues up 6% being offset by the monthly declines of 14%. This revenue performance on the weeklies would have been better if we'd not turned away low-yielding advertising in the first quarter to support price increases for Heat, Closer and Grazia.

And the restructure of our ad teams especially in Peterborough has also impacted the first half performance. However, the benefit of high-rate cards and a lower cost base is evident in improved profitability. The reduced revenues have been offset by our normal cost mitigation but also by the cost efficiencies coming through earlier than we expected.

Our circulation revenues have been consistent at around a 3% decline. The women's weeklies up 3%, the monthlies down 12%, though this trend has improved especially following the recent re-launch of FHM. On advertising revenues they were down 10%. The women's weeklies up 12% with both volume and yield strong. And this has been offset by declines across the men's portfolio, in particular the monthlies. Advertising across all monthlies was down 19%. By category, we've seen increases in food and drink but declines in automotive and entertainment.

The tracker shows how these trends have impacted our key markets. Growth is clearly coming from the women's weeklies and within this Grazia is up 24%. And it's also coming from new businesses, the re-launched First, and our digital activities.

The men's lifestyle magazines have declined GBP6 million and the specialist portfolio by a similar amount, half of which is due to Max Power and Motorcycle News. There's also GBP4 million less revenue due to title closures, primarily Sneak and Bliss.

Against this backdrop it's no surprise that the investment positions have been focused on the women's portfolio. The re-launch of First is this year's new product. The original did not meet our objectives but the re-launch is a different proposition. It's aimed at an older demographic and it's been well received, in particular by new advertisers.

The other area of focus has been re-inventing existing brands. FHM and Arena have both been re-launched but again, most attention has been focused on the women's portfolio. More and Yours are at different ends of the age demographic but both have been re-launched with new, increased frequencies. This gives us a portfolio of high frequency female titles from 18 onwards. And the success of this approach is evident in the results of Yours. Revenues are up 28% with new advertisers such as Sky, No. 7 and L'Oreal attracted into the title.

In March the first of our specialist web businesses were launched in golfing and biking. And the revenues from these two sites remain relatively small but they're growing at 135%. The decision has been taken to accelerate the rollout of similar community-based sites across all our major specialist markets. The investment in H1 of GBP3 million has seen the launch of Fishing and Parenting. The plan is for a further six sites to be launched by March 2008.

These revenues are still primarily advertising. However, all our specialist markets have ambitions for developing user or transaction revenues.

This has been a solid first half for radio with the market and our business returning to growth. Our first quarter performance was affected by the renegotiation of the advertising price for Magic, a decision that's been reinforced by Magic's consistently strong RAJAR. We're still number one in London.

The 26% improvement in radio profit equates to about GBP4 million. It's partly revenue upside and partly additional cost benefits being extracted from the enlarged Big City network. The Irish stations are still included in these results, as our disposal to Communicorp has yet to complete.

Looking at revenue by type the improved national market is clearly evident and the main categories where we've seen increases have been telecoms, finance, health and leisure. Local revenues have been slightly softer, in particular around automotive, retail and local government. Allocating the revenue by station it's clear that the Big City business is benefiting from stronger national revenues. The Irish market remains buoyant but London took that hit in the first quarter. The last RAJARs will be good for our second half trading with a strong London position and stable Big City audiences.

The key investments in radio have been pushing the Magic price to reflect the quality of the RAJAR, launching City Talk, a speech-led Liverpool station, leveraging the radio city infrastructure, developing our national brands proposition on DAB and Freeview, with the Heat Radio re-launch with no spot advertising attracting new radio advertisers such as Sky and Diet Coke. And finally, we're investing in digital to see if there's more we can do to exploit the strength of our local positions.

Digital's important to all of our businesses, not least because it's the fastest growth area in consumer markets and at the heart of B2B. We've delivered 23% growth driven mainly by the B2B information services and our online and mobile activities, which despite being relatively small are the fastest growth revenue streams and are up 27%. The main contributors to this have been AME Info, Yospace and Health Service Journal.

Another area of focus has been rebating our costs. In B2B it was the London move. In radio it's been continuing to leverage scale opportunities. And in magazines it's the significant across the board cost savings from what we called Magazines 2010. Our target was GBP20 million of annual savings primarily from magazines by 2008/2009, and we're already seeing the benefit of this which gives us the confidence that we'll at least deliver our target and possibly more.

The savings have been driven by leveraging our scale, more joined up ways of working and sharing best practice. The total cost to unlock these benefits were expected to be around GBP40 million including GBP10 million of CapEx. We've spent GBP25 million to date with GBP7 million hitting the first half P&L but not our normalized results.

As ever, cash flow is important and it remains one of our key strengths. And for the third year in a row we've delivered over 100% profit into cash. This comes from more cash up front from B2B, tight working capital management and low CapEx. The closing net debt for the six months is GBP384 million and it includes GBP13 million of accrued bond interest.

Now historically the strong cash flow has helped fund the acquisition strategy. And in the last six months GBP79 million has been invested in acquisitions, primarily the B2B information services discussed earlier. We've also raised GBP129 million in sale proceeds from the disposals set out on this slide. The prices for these disposals were at the top end of expectations, as was the EUR200 million we've been offered for our Irish radio assets. It was fully expected that this deal would be referred for both competition and regulatory clearance and we've taken appropriate contractual steps to cover any risk to Emap and are confident that this deal will complete in due course.

Another risk that we've taken steps to mitigate is around pensions. Today we're announcing a unique deal with the insurer, Paternoster, where they're taking on all the risks relating to our defined benefit pension schemes. The two schemes have liabilities totaling around GBP180 million and we'll need to make a one-off contribution of just under GBP40 million. But this will see our two schemes fully funded and then passed across to the insurer.

This funding has been agreed with the pension trustees. This removes all risk from the company both balance sheet and future funding risk, and insures all benefits accrued in the schemes are totally protected. The accounting for this one-off contribution will see an exceptional P&L charge of around GBP30 million in the second half.

After all activity and a broadly flat interest charge we're pre-tax profits down year-on-year primarily because the prior year still included Emap France for five months. However at an EPS level we've 7% growth, which has had some help from an improved tax rate from 25% to 22.5%. This is driven by our ability to access brought forward US trading losses and use these to offset the ever growing US profits from WGSN. We expect this interim rate to be a good guide to our full year rate.

On the back of this we're increasing the interim dividend by 7% to 9.5p. As ever, all of the above was on our consistently applied normalized basis. And the main differences between that and the statutory numbers are the non-cash amortization of intangibles of GBP14 million, our profit on disposals of GBP88 million, GBP7 million of restructuring cost to deliver the savings discussed earlier and there's also GBP5 million of professional fees incurred in relation to the review of Group structure.

And finally the outlook. The B2B exhibitions look good. Spring Fair is 91% booked and the conference pipeline looks strong. Our B2B displayed forward bookings have improved and recruitment has been robust over recent weeks. There's good visibility on the information businesses as current subscription levels remain strong.

In consumer, copy sales continue to be mixed with the different year-on-year trends of the weeklies and monthlies continuing but continuing as we expect. Advertising will be down again in the second half but not at the levels seen recently with current forward bookings showing improving trends and the women's weeklies, Grazia especially, looking strong.

As ever, there's limited visibility for radio but the trend appears to be one of low single digit growth and that's continuing into our third quarter. We've started the second half with no surprises and the Board believes the business remains on track to deliver our full year expectations.

Thank you, I'll now hand you back to Alun.

ALUN CATHCART: Thank you very much, Ian. And before I hand over to your questions, let me reiterate some of the key points of both presentations. In terms of our operations and trading this half year has shown top line growth from the continuing Group, improved profitability driven by management action, continuing strong cash flows and value creating M&A. As a result we remain on track to deliver our expectations for the full year.

Now in terms of the review it too is on track with good interest from both private equity and trade in all parts of the Group. Going forward we will only provide updates on the review when any decisions have been taken as we're now in an offer period and there's nothing more we can add to what we've already said today. So I'd really appreciate it if we could confine the Q&A to the half year results.

Now if you have a question please wait for the mic to come, state your name and company please. Down here.

IAN WHITTAKER, ANALYST, UBS: Thanks, it's Ian Whittaker from UBS. Three questions, first of all just in terms of magazines, can you just tell us how the specialist magazines did in the first half because it didn't get too much mention there?

And then two questions just in terms of radio, I think you mentioned in the statement that [ex-ROI] revenues are broadly flat, but London have been down 6% in the first half. Just trying to see where actually then the gains came from because London is actually quite a big part of the market. So where actually did you manage to offset that weakness?

And then second of all and it's hopefully not directly on the bidding process, but in the Republic of Ireland [AM], you said you had competition issues and therefore you structured a deal to avoid those. With your UK radio assets, could you just tell us again if a trade buyer was to buy them what would be the regulatory review that would have to go through from your understanding? And again what are the mechanisms you could put in place to protect any deal?

ALUN CATHCART: I'm going to ask Ian to answer the radio questions. Paul would you like to deal with the specialist question, please.

PAUL KEENAN, CEO EMAP CONSUMER MEDIA, EMAP PLC: Do that now?

ALUN CATHCART: Yes please.

PAUL KEENAN: So the biggest impact on specialist, sorry who asked the question?

ALUN CATHCART: This gentlemen here.

PAUL KEENAN: Yes, the biggest impact on specialist was the decline in circulation and advertising around Max Power, although we think that's broadly wound out now. That's been a fairly significant driver of the first half. And we saw an impact on specialist advertising, which is a product of a very significant and profound change in the way that we sell advertising. And that impacted on both the first and second quarters but we think that things are improving and our forward booking roster suggests a better second half.

IAN WHITTAKER: [Thank you].

IAN GRIFFITHS: On the two radio questions, Ian, the point on the London market being down 6%, it's largely driven by that first quarter where we were turning away low yielding advertising and renegotiating the increase on the Magic price. And what we've seen, what we've managed to be able to do is to increase the Magic price by about 20% year-on-year. And that's part of the reason why the second quarter improved and part of the reason why the outlook into Q3 is stronger. But London in our portfolio [pulls] around 30%, the Big City networks about 70%. And you saw from the slide that it was Big City, in particular national revenues in Big City that have caused the good performance and us to be flat if you take Ireland out of the mix.

On the disposal or the review of structure, and you were talking about regulator issues for our UK business, our intention is for Emap not to take any regulatory risk as we go through that. We've been very open about this. We've talked to the interested parties so the risk that anyone would take on is their risk and we're not intending to leave anything with Emap.

ALUN CATHCART: Thank you. Anyone else please?

ROGAN ANGELINI-HURLL, ANALYST, CITIGROUP: I can't just leave you with one question. It's Rogan Angelini-Hurll from Citigroup. Can you maybe talk about whether you're seeing any knock-on effect from Northern Rock and all the credit crunch on your advertising? Clearly you're saying you're not in your outlook but what are the signs that you would be looking for on the basis of you're continuing business? What is it that suddenly makes you think, right I've got to take a bit more cost out, or I need to be a bit more wary of the outlook?

IAN GRIFFITHS: Yes I think the events that are going on outside of Emap in other markets, the wider financial markets, Northern Rock, the credit crunch, whichever one you want to point to, they're clearly not coming through in our trading at the moment. Our outlook in terms of advertising, forward bookings on consumer is improving, as we said. Our copy sales are remaining in line with the trends you've seen over the last six months. On the B2B business, I think I went through the list of the revenue streams and all the indicators into the second half remain really strong.

So I understand the question, Rogan, in terms of there's a lot of negative stuff happening, potentially denting confidence but we're not seeing any of that coming through in our results for performance so far.

ROGAN ANGELINI-HURLL: Thank you.

ALUN CATHCART: [I'll come back to you].

CHARLES PEACOCK, ANALYST, SEYMOUR PIERCE: Hello, good morning. It's Charles Peacock from Seymour Pierce. The tax rate in the first half was I think lower than expected due to the losses or use of losses in the US. How much remains in terms of usable tax losses in the US and over what sort of time period might they be usable?

IAN GRIFFITHS: We've got available to Emap I think $300 million of US trading losses which have on average I think about 15 years left to run. So it will take us a while to get there. But I think the key thing on the rate is, as I said, we think this is a good guide for the full year, the 22.5%.

ALUN CATHCART: [Thank you, Charles.] [Let's have] one here.

PAUL GOODEN, ANALYST, ABN AMRO: Thanks, it's Paul Gooden from ABN Amro. Two questions, firstly can you just give us a bit of color in terms of the FHM re-launch? Are you beginning to see improvements in circulation there?

And secondly, just on the Irish disposal, if you look at the Irish stock markets [scene] your sale there looks fairly smart in terms of timing. And you sound pretty comfortable in terms of the deal not sort of falling apart. I just wondered if you could give us a little bit more color there in terms of what makes you so confident?

ALUN CATHCART: We'll take the FHM re-launch first, Paul, please.

PAUL KEENAN: So the FHM re-launch now we're about three issues in. We've seen copy sales pretty robust and stable across those three, so we're pretty confident about that. And we've had a very good reception from advertisers because we've moved the title slightly older and slightly more up scale. And we think that advertisers are reacting pretty well to that. So we think FHM looks pretty good given its historic declines over the last two years.

PAUL GOODEN: So [there's stabilization] in terms of (inaudible)?

PAUL KEENAN: Yes, yes.

IAN GRIFFITHS: On the Irish disposal where we are is we have regulatory clearance for the sale of Today FM and Highland Radio, which are the bulk of the value of our Irish business in our transaction in Communicorp. What they didn't agree to was the sale of FM 104, so we're in conversations on a daily basis with Communicorp, the regulator of the competition commission in Ireland to get this sorted out. And all the indications are that we will have something done, as I said in due course, which you can take to be in the next couple of months.

ALUN CATHCART: Thank you. (inaudible)

ALEX DE GROOTE, ANALYST, PANMURE GORDON: Yes, morning chaps. It's Alex de Groote from Panmure Gordon. Just on the outlook statement and the upbeat vibes about consumer, just to recap in case I missed it, I mean to what extent are you calling the bottom of the turn? Because obviously valuations in consumer stocks have been absolutely hammered, so it would be interesting if you are calling the turn.

And then I guess a second unrelated question would be basically the B2B margin, slight compression at the interim stage, anything to be worried about there going forward or is this just a phasing thing?

IAN GRIFFITHS: Not quite sure what you mean by self help, Alex, but the outlook statement is based on what we currently see in our third quarter trading. So our advertising bookings are encouraging, the lifestyle market, as I said in particular the women's weeklies like Grazia are strong, and as Paul said, FHM in that mix is also showing encouraging signs. So the outlook statement on the consumer side is exactly what we can see coming through in the period [seven] trading and the eight and nine outlook.

As far as the B2B margins are concerned, I think I talked going through the presentation that we are making significant investments in B2B this year to continue to drive the top line revenue. There's investment in WGSN. There's investment in new launches around the festivals and the Summer Fair and we're also investing in products like Glenigan. And all of that clearly has a cost. It's largely hit the first half P&L. It's had a short term impact on the margins but we think this business can run at an increasing level of profitability and margin rate, and largely because we're focusing more on the information services and exhibitions.

ALEX DE GROOTE: (Inaudible question - microphone inaccessible) advertising market (inaudible question - microphone inaccessible).

IAN GRIFFITHS: Our trading would suggest that the UK advertising market is good.

ALUN CATHCART: [Have you got one?]

TIM NOLLEN, ANALYST, BEAR STEARNS: This is Tim Nollen from Bear Stearns. Just a quick question on B2B magazines if you could, please. You mentioned advertising revenues were soft, I think it was down 3%. I might have missed it earlier but if you could remind us on why is that actually down? I would have thought trends would have been okay for B2B magazines. Also if you could address maybe what the recent historical trend would be, what the outlook is in that particularly? And if you have a breakout of online versus print in that division that would be nice, too? Thanks.

IAN GRIFFITHS: We've introduced a new way of looking at our B2B business so you can split the revenues by activity, so you can see clearly the magazines, the events and the information services. What we used to disclose was by revenue type, so you could see recruitment and you could see display. What the slide doesn't bring home because what we see on the slide is a 7% decline on display which is worth about GBP1 million, what it doesn't show is the revenues in that context. It doesn't show the revenues we get around conferences because all of our conferences are linked to our magazine brands.

And when we used to disclose display and show 5%, 6% growth, what you saw there was strong growth on the conferences led by sponsorship. And basically on page magazine advertising on B2B has been flat or declining for three or four years and that's the sort of, the trend in B2B on page advertising. But the fact we've got 10% growth in our conferences, a large part of that is sponsorship, shows we're still getting an increasing share of the money in the markets we're operating in B2B coming into our business. And there's a switch there between conference sponsorship and display on page advertising.

TIM NOLLEN: (inaudible question - microphone inaccessible)

IAN GRIFFITHS: In the slide there's a chart on digital, which is slide 21, which shows that in B2B the online display revenues are GBP4 million in B2B.

ALUN CATHCART: Okay. Anyone else like to ask a question?

PATRICK WELLINGTON, ANALYST, MORGAN STANLEY: It's Patrick Wellington from Morgan Stanley. I know you're not going to talk any more about the sale process but when I looked at my Bloomberg screen this morning it said a number of things, firstly that the next round of bids was going to complete on December 3, that the process may run into next year and that there are other issues around as well, whether you've had any contact with David Arculus? And finally, whether this will be the last ever Emap meeting? (inaudible)

ALUN CATHCART: That last one sounds difficult. As far as December 3 is concerned, I'm really not going to talk about the timetable beyond what I've said. And what I've said earlier was that when we started the process I wanted to see if we could finish it by the end of the year. We're on track to do that. But if there are discussions that are going on, on December 16, 17, which would lead to additional value if we held them in January 3, 4, 6, 7, then we shall do so. But the current plan is to finalize the review by the end of this year.

As far as Mr. Arculus is concerned, I suppose the only comment I would make is that when we announced the review on July 27 we communicated fully with our shareholders at that time. We received their full support. We've enjoyed their full support right through to now and to the end of the process. We've had no shareholder who has raised any objection to the review process. I think the owners of the company are the people that I pay most attention to, obviously.

As to whether this is the last conference or not, it's the only question I'm not going to answer today.

ALUN CATHCART: Thank you. Back again, Ian?

IAN WHITTAKER: Just to ask a follow-up question. Just in terms of the $300 million that you mentioned in terms of operating tax losses. Presumably they sit in the Plc, and presumably if somebody was to actually acquire the Plc as part of the disposal process then they would be inherited by the buyer. Is that correct?

IAN GRIFFITHS: They don't sit at the Plc. They sit within the B2B structure. So anyone who acquired the B2B business would have access to some of those losses. It's very complicated. If there's a change of ownership the amount available for relief gets restricted. But there would be some value in those losses to an acquirer.

IAN WHITTAKER: Thanks.

ALUN CATHCART: Thank you. Anyone else? Well, before I close the meeting, apart from Patrick, I'd like to thank you for not asking me questions on the review. As you may know, as part of this process I am chaperoned and you may well think it's a bit late in my case, at least, to be chaperoned. But I'm grateful to you for that. And just for me to say thank you all very much for coming and thank you for your questions.

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