Thank you for your question.
In our presentation, we've referred to direct costs but, in our previous presentation, we talked about indirect costs. There are four very important components to research, one of them being indirect costs. You know what they are.
Like the Association of Universities and Colleges of Canada and several other organizations, we have analyzed indirect costs and have come up with the figure of 40%. This percentage is the same in other countries. It is not fixed but I can tell you with certainty that, at the present time, the level of 25% or 26% does not cover indirect costs.