My first questions go to the representatives from Canada's Venture Capital and Private Equity Association.
I would like to make a comment first. I am not sure how you will see it. On page 6 of your brief, you protest too much, methinks. Let us leave the histrionics to the lawyers. You say that the number of funded companies has dropped by 38% from 2005 to 2009. That seems to me to be a little coy for finance people. I feel that you should be talking about amounts of venture capital and providing annual averages or annual composite averages. Whatever, you get the right result anyway.
When we look at the figures, we see that they go from $1.7 billion to $1.35 billion in the two years you have chosen. That is right, because it comes to 39% over four years, but let's say that we might hope for more financial rigour.
I would like to highlight another point, the $300 million fund that you propose on page 8 of your brief. Would this $300 million be leveraged to get other investments? The amount seems much too small.