We think the odds are that a recovery is under way but we don't think it will be a terribly strong recovery, and our biggest issue is that valuations are not particularly attractive even now.

They have been appallingly managed, particularly regarding acquisitions. Shareholders will be asked to dip into their pockets to pay for management mistakes.

The performance of European equities corresponds closely to the strength of the dollar.

Profit forecasts for Europe are still far too high.

As for equities as a whole, we are not expecting a great performance over the next 12 months.

There's clearly some interesting potential sites that have been identified, that should be looked into with more detail. Certainly the ones where you have a big hit to the built-in environment, or a big hit to the natural environment, then that's going to weigh against further evaluation of those sites.