M&A is not the magic circle. But it is important, and the focus is more and more on equity than on credit quality.

Cash flow is resilient, and has been some years. There's scope for operators to reduce shareholder returns if they need to, although we don't think they will do that. It's not like 2001 when credit measures were so tight it could only mean distressed asset sales and rights issues. It's not like that now.

This is a big amount of cash to be giving back. The figures will be even higher in 2006, when the increases in dividend work through.

We are looking for protection. We try to work out how well-equipped a company is to protect the business model and the market position it has now.

The trend is clearly on the negative side.

We recognize the fact that Project Green is an important initiative, but that being the case, we want to focus in on let's recognize that [carbon dioxide is] not a greenhouse gas and it's not toxic, ... But we are continuing to look at technological improvements, such as capturing and storing CO2 in a positive way.