First step in building a dividend discount model is to build a two statement model for the bank. And we'll typically start by building the balance sheet first, because banks are balance sheet driven, then once we've done the balance sheet we can then build the income statement because interest income and interest expense will be driven off the balance sheet assets. This will give us net income, and then we can calculate shareholder's equity and wire that into the balance sheet. So we've got two statements there. Third, we'll need to do a regulatory capital calculation. And here what we'll do using an assumed capital ratio, we will calculate the minimum regulatory capital that we want the bank to have. This is not necessarily the absolute regulatory minimum set by the regulators, but this is a commercial minimum that the bank will want to operate at. And this will be based on a typically a tier one capital assumption, multiplied by a risk weighted assets calculation. That will give us the maximum dividends we think we can extract from the bank, and these maximum dividends will make sure that our assumption for our capital ratio is maintained during the forecast. So let's take a look at the maximum dividend payable calculation in more detail. Here we've got a little model which explains what's going on. We start by some assumptions, primarily the capital ratio, and typically this is known as the tier one capital ratio which broadly is shareholders equity excluding goodwill and other intangibles, and in this case, we're making it 12%. The next step is to calculate risk credit assets using the Basel III regulatory overlay of three pillars, credit risk, operational risk, and market risk, and then you can multiply through to get the regulatory capital minimum, which in this case is 24. Now what we'll do is compare that to the starting point of the equity of 22 plus an income of 6 which gives us the total available capital, which in this case will be 28, versus the regulatory capital we want to maintain of 24. So this means the surplus dividends that we can pout and therefore discount are going to be 4 million, which is the 22 plus 6, minus 24, giving us 4.