I think we had an excellent performance in 2009. If you look at our volume, it grew by 1 per cent. Our Global Drive Brands grew by over 4 per cent. Revenue was up 17 per cent. And our earnings per share and dividends are up 19 per cent, which is not bad in a recession year.

You're right, Q3 was disappointing. We were down 6 per cent, which wasn't representative of the year; the year was down organically 3 per cent. Now in Q4, our decline was 2.4 per cent. So we came back in Q4. Our revenue was up and our profit was up. And share looked pretty good, stable to slightly up in Q4.

Share buybacks remain very much on our agenda. We like returning cash to shareholders. In fact, we returned as much cash to shareholders in 2009, with the dividends, as we did in 2008 with the dividends and the £400m share buyback that year. So we do return cash to shareholders and, with a 19 per cent increase in dividends this year, there's still more cash returned to shareholders.

We understand the importance of dividends to our shareholders, and particularly dividend growth. We think a 65 per cent payout is the right level. But that is not a constraint and it's not a ceiling. If we have to go above it to maintain dividend growth, then we will.

Overall, global volumes fell by around 2.0 - 2.5 per cent last year, which is almost double the rate that it's been declining in previous years. So, yes, some big markets have been declining.

You have to stay up with the basket of goods in inflation terms. And there are certain markets, for example, Russia, where cigarette prices over the last five years have not really kept up with disposable income. So, you're right, we have to be very careful about taking price increases in markets where the economies are stressed. But, at the same time, I think that if you've got a 10 per cent increase in revenues, as we did in constant currency last year, we're getting that balance between volume and price increase pretty well right.

Yes. We've talked about this before. Certainly, there's down-trading, as one might imagine in a recession. But it's not just a simple case of everyone just down-trading to the next price point below where they were. We're seeing lots of different sort of movements. And, in some markets, you're actually seeing the premium segment growing. For example, in Brazil and Venezuela and Turkey.

I think the big uncertainty is still around market sizes. What's going to happen to industry volumes in some of these big markets? And until we get a good read on what's going to happen to unemployment and what that means in terms of purchasing and also excise, I think those uncertainties are still going to remain.

Yes, there's been a number of markets where governments have ratcheted up excise quite considerably. We've seen that in Romania, the Ukraine, Greece, Turkey and Brazil, for example. But, generally speaking, I think governments have been quite rational and sensible about it. And hopefully - fingers crossed - that will continue.

I think we would support any legislation that's based on sound science and proportionality; in other words, if it's reasonable and sensible legislation. I think we would not classify some of the examples that you've given as either reasonable or sensible. For example, the display ban, there's no credible evidence for that. Or vending machines, where there are other options than just banning vending machines.

Smoking bans are already in Eastern Europe, and as smoking bans are rolling out around the world, I think that's mostly been done now. There are relatively few markets where smoking restrictions of one kind or another aren't there.

I don't think the middle of a recession is the best time to actually recalibrate your mid- to long-term targets. So, no, we're not going to do that.

As I've said, I think there's still some uncertainty around out there in terms of market sizes, because of the uncertainty around excise increases, excise shocks and unemployment. But, generally speaking, I think the worst is over in terms of volume declines and down-trading.