Who are the stakeholders in project finance? I name them here. Clearly the first stakeholder in project finance, is sponsors. The people that put the project together. The people who want to see the project successful. The people who had the idea to bring it to fruition. The sponsors are the key component of project finance. But project financing are big contractual arrangements and there's a lot of contract parties in project financing and they're the second biggest set of stakeholders. The government is always involved in project financing whether it's directly by the direct legal agreement with the project, or they provide the overall legal environment. For the project to occur but there will always be a government, involvement either directly or indirectly in every project. Some projects have regulators to specifically regulate the industry and others are just dealing with regulators that deal with commerce overall. One should not overlook the stakeholders that some of these are ancillary to. The good project finances are certainly aware of other stakeholders and project financing. So these would be things like, people like local populations. Project are always within an environment and it's important that the local population is considered as one of the stakeholders in project financing. Non government organizations are a key component in project financing. Some of these have official roles other of them have unofficial roles, but non government organizations, environmental organizations are very key in stakeholder in many projects. We all in the project finance industry are very clever but we certainly don't know everything about everything and there aren't a large amount of consultants involved in project financing. Some of these consultants and advisors are very industry specific and some of them are a more project financial in general. So you would have expect if you had a an oil or gas project you would have a consultant that would apply what those reasonable and oil and gas prices. If you have a mining project, some would have to apply the price of the mineral or the value of the mineral would like. Need to be over time. And there are some of these advisers and consultants that are much broader than that. If you have a, and every project does, have a model that models the cash flows in project finance you will very often have a model auditor and they of course are across all different industries. But they review the model, the cash flow model, which is used as a basis and I'll talk about this later on but the cash flow model to be able to, have all the interested parties know exactly how the project's going to work. Project financing are a collection of documents at the end of the day the lawyers other people who draft the project financing. It's they are choosing and having a good lawyer representing each of the individual parties as a key [INAUDIBLE] project financing and there is a [INAUDIBLE] skill that goes with this and there's such a firms and law firms and individuals that specialize in both project financing and sometimes specific industry in project financing. And having those good and competent people on your team are certainly one of the great, marking points of whether you're going to be successful in project. Or not. And of course this is project finance so there are clearly financiers. We'll talk more about these people later on but the major project financiers are banks. This has been a banking industry product for a very long period of time although now capital markets and institutional investors are beginning to take a much bigger and more dominant role in some of this segments going forth. I never expect to see the banks replaced in this industry because, they have the ability to manage a project develop over a period of time. But certainly institutions, investors, insurance companies and pension plans are becoming bigger players in this industry [INAUDIBLE] often there are trustees, especially when there's public debt or institutional debt. Somebody has to manage the cash flows and represent lenders, so there are often trustees in projects and finally especially in projects that have a wide distribution. There are Rating Agencies. Rating Agencies, Publish and Project Finance Criteria and a Publish Regular Project finance [INAUDIBLE] to the market helping people design and manage their projects and also pointing out to project financiers what an assailant issues that they should be thinking about as they develop future projects. So every project financing has multiple stakeholders. And a good project financier is somebody who is probably going to represent one of those stakeholders, but is aware that all of those other stakeholders are involved in the project. And at the end of the day, project financing is about producing a tractable form of documents and contractual arrangements, where all of the counterparties. Happy and satisfied. And it's all about making the trade off so that all the counter parties can be satisfied and the casual and the projects are successful.