 So now let's have a look and see how bonds can work to minimize risk and preserve capital in your portfolio, especially in times of volatility. I've got a chart here which shows the Commonwealth Bank. In the dark blue you have the Commonwealth Bank share price. In the light blue you have the Commonwealth Bank pearls hybrid. And in the green line you have the Commonwealth Bank fixed rate senior bond. And you can see how I've really focused around the GFC period, around the early 2009. And you can see there that during that period while you saw a significant fall in the share price and the hybrid of CBA, you actually saw the value of the bond increase. So let's have a think about what the Reserve Bank of Australia was doing at that period of time. Well, between October 2008 and March 2009 they actually lowered the official cash rate from 7.25% to 3.25% or by 4%. So what that meant was the income generated by the senior bond suddenly became much more valuable in a lower rate environment, hence the value of the bond has increased. Capital preservation I keep mentioning and it's very, very important and this chart really sets the challenge that we have as retiree investors. You can see there that as we've advanced our longevity has increased as well. Life expectancy now moving up into the early 90s. So we're fast approaching a period where the years needed to generate your retirement lifestyle are fast approaching the number of years that you're actually going to be utilizing that money in retirement. So the need to preserve capital and to generate an income from that capital over a long period of time becomes far greater importance. So let's have a look at bonds and why we're talking about bonds today and why investors have a greater demand for bonds. Well we've seen rates fall dramatically and investors are now looking to increase the return that they've suffered with term deposits now down very much around the level of inflation. We've seen changes in regulatory, the regulatory environment as well which has changed the structure of hybrid securities and also term deposits. The ability to be able to diversify your exposure across fixed floating and inflation link bonds and the liquidity that can be provided by bonds in the secondary market, a huge market here in Australia. But I think the key driver really is the improved access. You can now buy the bonds that the bond funds buy in parcel sizes of as little as $10,000 face value. So with an amount of $50,000 you can actually incorporate five different bonds, five different structures, five different income streams into your portfolio. We're also seeing a lot more demand from corporates in Australia that are issuing bonds directly to investors and this is a great move which allows investors to be able to continually support businesses that they have perhaps at the share level but now being able to also invest at that senior debt level. It opens up a range of new investors for companies in Australia and allows them to diversify away from their traditional bank funding. So great developments opening up the bond market for all investors here in Australia.