Correct.
The third one would be your ability to transfer that risk to the private sector. Sometimes there's a lot of risk but you can't transfer it to the private sector. What would be inefficient things to transfer to the private sector? Often permitting risk is a difficult risk to transfer because it's with the public sector. There can be risk of external change. That's why I mentioned the IT example. The private sector will do anything for you, but they will price that risk. Is it a price of risk that you think is actually better, or is it a risk that you should take yourself? It's really a question of how to partition risk.