We are pleased to inform you of the next Joint Venture that the Royal Burger Group has formed. Last Friday in Paris we signed an agreement with the CSAV Group to form CSAV France SAS. This Joint Venture will cover all three brands of the CSAV Group (CSAV, CSAV Norasia and Libra) for the whole of France. The Joint Venture will be a partnership between CSAV and two of its former agents in France. In addition to the Royal Burger Group, Currie SAS will also be a shareholder in the Joint Venture. CSAV will have a majority in the new company, and the Royal Burger Group will be the largest minority shareholder. CSAV France will have two offices in France, both housed in the current offices of our Navitainer subsidiary. The head office will be in Le Havre, and the other office will be in Paris. There will be a sub-agency in Marseille that will be run by Currie.