Six months ago, a company entered into a 2-year, £10 million pay-fixed, receive-equity swap with the FTSE 250 as the reference index. The company's analyst gathers the following information:

• Fixed swap rate: 1.5%
• Swap reset frequency: Semiannual
• FTSE 250 Index price at swap initiation: 7,250
• Current FTSE 250 Index price: 7,500
• 0.5-year spot rate: 1.2%
• 1.0-year spot rate: 1.4%
• 1.5-year spot rate: 1.7%

The current fair value of this swap to the company is closest to: