Mr. Frank Daly:

We said that the PIMCO bid was fatally flawed. That is on page 117. There is, therefore, no doubt about the board view. That was conveyed to PIMCO that day, outlining the board reaction to the PIMCO disclosure that it was a very serious issue. Two days later, PIMCO came back and confirmed to us that it had withdrawn. We can argue the semantics here. We were in no doubt, and I my colleagues here were at the board meeting, that PIMCO was going out of this.