 I'm going to take advantage of the fact that we've had such distinguished speakers on the topic of ETS to take a slightly broader perspective in terms of the industry, an airport's perspective because I come from an airport but hopefully a broader industry experience. Hopefully I don't need to introduce the AA at any great length to the audience here, but suffice to say that we operate the three main airports in Ireland, just a little under 23 million passengers. And in addition to that, we operate airport retail activities in 20 countries worldwide. So we've got a broad perspective on the industry and in fact, a lot of our operations worldwide are outside of the EU. So 96% of the traffic into and out of Ireland and 74% from on the island of Ireland covered within our airports. And just to give an idea of the importance of aviation in a small country like Ireland, we have the 14th largest airport in Europe for international traffic, the 24th worldwide. Dublin to London is still, it has been for many years the busiest route, international route in Europe and the fourth busiest in the world. We have extensive long haul connectivity, not just from Dublin, but when you take somewhere like Shannon Airport, Shannon Airport has more transatlantic passengers than capital cities in Europe like Warsaw, Lisbon, and Athens. And the Cork Airport in the South carried five times the county's population through its doors last year. Economic growth, economic activity, and aviation are inextricably linked. I think from an airport's perspective, we probably feel the link is primarily economic activity. First drives passengers, but clearly it's a two-way relationship. And that's recognized by industry players generally, the aircraft manufacturers, the regulators. Again, it's borne out over a very long period of time in terms of the very strong correlation between worldwide economic activity and traffic activity. So anything that impacts economics, economic activity in the world impacts passenger numbers and propensity to travel. More close to home, that correlation, again, is strikingly borne out. Somewhat happily in the years of the boom period, the elasticity of traffic to economic activity in Ireland meant that we had a very strong growth in passenger numbers. Slightly more painfully in recent years, that elasticity has borne a drop in passenger numbers relative to economic activity. But as you can see across all of the markets, there's an uncanny correlation between passenger growth and economic activity. Tends to be a little bit more or less elasticity in very mature markets like the US and the UK. So if you take an index going back, in this case, to 1995, again, just bearing out the symbiotic relationship between world passenger traffic and economic growth. And I think we all live in an environment where we are expecting, and indeed, our lifestyles are anticipating continued economic development and economic growth over the next 10, 15, 20 years. In the case of Ireland, even more pronounced. Notwithstanding the peak and subsequent fall in traffic, Irish traffic has grown on a compound average over the last 20 years by 6.3%, which is double the rate of growth worldwide. And just really looking at an Irish traffic comparison over the last 10 years, again, notwithstanding, what you can see there in terms of a peak on the green bar, well above the level of growth in the rest of the European markets, where we have positioned and where we've ended in 2011, is bang on the European average. And in excess, again, of where some of the more mature economies would have ended up. So apart from economics, what are the other issues that drive aviation traffic or drive the demand? Well, fuel is certainly one. And I think, depending on the airline, the proportion of their cost base that is borne by fuel, and you can see there are just three comparisons which show quite a wide range. Ryan and Erlan that we're all familiar with in this market, a very high proportion of their cost base is related to their fuel costs. And that is both a function of the fact that they have such a tight control of the remainder of the cost base. But it is also a reason why, when fuel prices are high or when other factors are driving up, the costs of operating their aircraft, they can simply take aircraft out of their fleet and out of activity, as they've done this year. Similarly for other airlines, the fuel costs are the single biggest factor in their P&L. I added this year of just recently forecast a 62% drop in airline profits for this year because of the current fuel prices. There are, of course, other issues, regional instability. We saw, just on a localized level, some destinations in southern Europe had a very good year last year because of the fact that Middle East and North African territories were not desirable places to travel for a period of time. Weather, we, of course, saw the volcanic ash impact, which had an enormous cost for the industry as a whole. And destination specific issues. When we come to destinations, this is a chart that Airbus have used, again showing the propensity to travel relative to, in this case, per capita income. The world starts with fairly undeveloped countries, which are traveling at a rate of 0.01 per capita. The world average is up here a little bit between 0.1 and 1, so about a half a trip per person, per country. And then the developed countries, but particularly those above the line, our small island economies, or economies which are far from their trading partners, are very open economies like Singapore and Ireland here, Iceland, I'd say they had an impact in 2010 during the volcanic crash. But the importance of aviation to countries like Ireland, to other countries on the map, even when they're less developed, is not to be understated. What else is happening in the market? I mean, one of the reasons I think that the territoriality issue is becoming a bigger issue for the industry is because the growth is outside of the EU and the US. These are the short-term 20 current short-term rates of growth that are forecast. So still reasonably healthy growth rates of 2% and 3% in the mature markets like the US and Europe. These are obviously average rates, and they'll vary from market to market. But 7% in the Far East, 7% in the Middle East, 6% in Latin America. And these are continuation of trends that we've seen over the last number of years. Bring that forward to 2030. And the landscape of aviation has changed completely. From being roughly comparable to the US and Europe today, the Far East will have more than double the amount of traffic in either of those markets and, in fact, has almost as much as the rest of the world combined. And you can also see markets like Latin America and Africa have outstripped the growth rate of the mature markets by a considerable degree during that period. Another factor that's happening in the market, not necessarily being driven by ETS, but certainly something that can be accelerated, is the degree to which Europe is becoming bypassed. Those markets, those demographics are not the history of air travel for people traveled to and from the mature markets to developed markets. Now the travel is happening between developing markets. These are a selection of major new routes started between developing markets, which are bypassing Europe, bypassing North America, and indeed, in many cases, bypassing the Middle East. Direct connections from China into Africa, direct connections from Moscow into Latin America. Aviation is a big industry in and of itself. Airports are big industries in and of themselves. Just in terms of looking at that, some of the statistics here surprised me. Munich Airport being Bavaria's second largest employer. There are a lot of big companies that we're very familiar with in Bavaria. But yet the Munich Airport is the second biggest employer. Amsterdam Airport representing 2% of GDP for the Netherlands. So the scale of the industry and the scale of the impact means that any of these innovations or any of the changes in the market dynamics are something that we need to be conscious of. Similarly, in Ireland, taken all told, about 120,000 people whose jobs are reliant on the aviation industry and about 1.35 billion to the public finances. It's not just here. Economic development, this is the ad that if you travel on the tube in London at the moment, you'll see quite prominently. Clearly it is British Airport's authority, again raising the issue of the need for additional runway capacity in London. But emphasizing the importance and the linkage between economic growth for the UK and the necessary airport capacity. Something that is recognized in planning terms internationally, where you take some of the examples in the Far East where really radical airport development approaches have been made, airports and runways essentially built on man-made islands. And even in the US, despite the fact that the growth has been less there, a recent study showing that public support for airport expansion in their local area would be overwhelmingly positive. So just really turning back to the environmental debate, I suppose one of the issues, this is a little bit of research that we did, but it bears out a lot of other industry, more widespread industry studies, to say what makes people travel? Well, the primary reason that people travel is because they need to get there. It's the destination, it's the reason for traveling. So things like times and meetings of flights, the way you travel, the connections, those are all important things for business travelers, a bit less so for leisure travelers. And somewhere in the middle or a little bit closer to the top for leisure is price. And of course, that's the dimension that ETS and any of the other initiatives may well impact. In terms of the direct charges to date, Ryanair have a well-publicized 25 cents per passenger levy that they have included. Delta have maintained that they've increased fuel surges by three euros. Other airlines are understood to have done so. And I think the general comment that has been made is that in the overall scheme of things, that those do not look like they are particularly market distorting changes, particularly given the relativity of price in the decision-making process. But the expectation that these prices can simply be passed through implies that the market has been underpricing to date. If any change in price isn't going to impact demand. The industry recognizes absolutely the need to place the environment to the forefront of planning to safeguard its own future. And there are a range of issues that have been mentioned already in presentations. I add his own industry-wide goals for carbon reduction, the technology changes, the single European skies initiatives which essentially will try and allow flights to operate in more direct flight paths and reduce fuel burn, particularly on approach and takeoff. And the introduction of biofuels. Lufthansa have recently generated the first transatlantic biofuel flight on a commercial jet. If we take the example of Dublin Airport, people will be familiar with the new Terminal 2 that we have introduced in the last year. Again, the principle there was to design a facility that was efficient, that the design incorporated environmental features like glazing and cladding, which reduced emissions and the building has been designed to achieve a 20% lower rate of energy consumption than comparable terminal buildings or then building regulations generally. At an industry level, there is the airport carbon accreditation scheme, ACI sponsored. It has got membership now of 55 airports, which represent over half the traffic in Europe and contains four carbon accreditation levels. Our airports in Ireland are Shannon Airport at level one and Dublin and Cork Airport at level two. And just again to give a context for the reduction in carbon in a year, Irish airports combined reduced carbon emissions by 3,500 tons last year, which is the equivalent of taking 1,100 cars off the road. Now, these may seem like relatively small numbers in an overall industry, but these are the sort of technology changes I think that the overall industry across the world are going to need to meet the emissions targets. So from an airport's perspective, the title of this seminar includes the term trade war. And I suppose the biggest concern that airports have is that we become the battleground for the trade war. Airports in Europe become the ones where quite logically political constituents and the public expect us to be the source of tourists, to be the part of the growth engine for the economy. And we would be concerned that within the EU context that European airports, that European aviation will be disadvantaged, that if there is a trade war, that European airports will be the ones that will be seen to lose traffic. And finally, that any reduction in the ability to travel will have a consequent impact on European economic growth, which I think the consequences at the moment are unforeseen. So thank you.