It has concluded that while the methodology applied by ICES is sound, the nature of that methodology means that the estimate of fishing mortality for the most recent year in the time series (2003) is the least certain and likely to be an overestimate compared to the values estimated for earlier years.The Scottish Executive supports the STECF interpretation and, in addition, has provided ICES with evidence that our effort reduction on cod has been much closer to achieving our 65% target reduction in fishing mortality than may be implied by the ICES advice.