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In addition to the cash reserves just noted, we have AUD2.3 billion of undrawn facilities, taking total liquidity to AUD3.3 billion. Gearing declined to 5.1% and the interest cover ratio has risen to 10.8 times. The tenure of our debt is at an average maturity of 4.9 years. All of our debt is now fixed rate. In terms of capital deployment, we currently have AUD4.1 billion in property development inventories, an increase from AUD3.7 billion at full year 2016. Future movement and development inventories will depend on our reinvestment program as we continue to target large urbanization projects, but we will only proceed where our risk and return hurdles are met. We have AUD3.3 billion in investments, split between AUD1.5 billion in co-investments, AUD 1.7 billion in retirement ownership, with the remaining AUD100 million in infrastructure. We are in a very strong financial position with a resilient balance sheet. This gives us flexibility to fund our existing and future development pipeline alongside third party capital partners. Turning now to our portfolio management framework on slide 13.