Mr. Brendan McDonagh:

Yes. Post the board meeting, I asked my senior colleagues to contact Lazard to engage with Lazard and set out the board's view. Lazard produced what is known as a "pitch book", which sets out Lazard's understanding of what the board wanted. There was a meeting where Lazard came to Dublin, it sat down with my team and they went through that, there were discussions, and they came back that evening after returning to London and sent the final pitch book to NAMA. That sets out clearly Lazard's understanding of the mandate and NAMA's understanding of the mandate.