i'd like to go into a little more  the composition of the net debt which again is something that er interests some of you  we have er a reduction both on gross debt and equally an increase in cash as you would expect as a result of the elsivir sale  the increases are not fixed  debt  fixed term fixed rate debt is a function again of the exchange rate we haven't in issued any more  the whole of the reduction of debt therefore is confined to our floating rate or variable debt and that amount's ready to the repayment of the gilder drawings we had under our  to hedge  or partially to hedge our holding in elsivir we have increased our cash holdings and they remain concentrated in sterling as part of our sterling er asset er portfolio which is managed from millbank and which we regard as our investable funds as and when needed.