Thank you, Mr. Dechert, for that question.
To give a specific projection in terms of conversions would be impossible. Primarily, because that information is usually considered proprietary by the trusts, it's sensitive business information. For the most part, the income trusts try to make the decision to convert to a corporate status dependent on business realities at the time of conversion, taking into account the best interests of the stakeholders.
What I can tell you by way of background is that over the last two and a half years some 60 income trusts have converted. They've been acquired by private equity, by pensions funds, and by sovereign wealth funds in some cases, and that represents market capitalization of about $50 billion. What we expect will happen is that come 2011 income trusts will be subject to taxes, and those that do not convert will pay taxes to the federal government.
I would point out that unlike most of the other presentations that I'm sure this committee has heard across the country where the presenters are requesting additional money from the government, we're in a unique position where we are actually going to be paying more money to the government. By eliminating the deadline for conversion, those funds will continue to flow to the federal government and the arbitrary deadline of December 2012 will be removed. So the income trusts will make a decision based on business realities at the time and in the best interests of their stakeholders at the time.