I don't have much more to say beyond what Mr. Poschmann said.
As indicated before, we take in our estimates—we're doing budgetary estimates. When you're looking at a full life cycle, you have to do the kind of calculation that Finn Poschmann raised.
The other aspect you have to assume is that tax exempts are holding the shares when there's a conversion, because that's normally when there's a bump in value of the business.