We are currently forecasting the NTA to trough at 50p at the end of this year. Overall, a good set of results, in our view. At the asset level we are beginning to get more positive; yields have stabilised and there is a positive spread versus risk free rates and funding costs, and rents have now re-based to levels that are affordable for retailers, with new leasing deals generating uplifts versus previous passing. However, we still remain cautious on the corporate wrapper, given relatively high leverage, complex ownership structure, and minority holdings, and would like to see further disposals in H2; however we acknowledge the good progress that has already been made.